Hungary – Banking

What are the main banks in Hungary?

Hungary operates a stable, two-tier banking structure under the supervision of the National Bank of Hungary (MNB). It is home to well-capitalised commercial and specialised banks, including prominent institutions such as OTP, K&H, Erste, and Raiffeisen. As of 2025, the banks listed below are classified as systemically important within Hungary. Always confirm current branch locations, contact information, and account details directly with each institution or through the MNB’s official website.

• OTP Bank (otpbank.hu) — OTP Bank holds the position of Hungary’s largest bank by total managed assets and has been in operation since 1949. It caters to both private individuals and businesses, delivering personal banking, corporate solutions, and private banking services. OTP also distinguishes itself through advanced digital offerings, a sophisticated mobile application, and one of the country’s most extensive ATM networks.
• MBH Bank (mbhbank.hu) — Ranking as Hungary’s second-largest bank by managed assets, MBH Bank serves upwards of two million individual and business clients. Its portfolio spans personal and corporate banking, covering current accounts, lending, and private banking. The bank is recognised for its accessible mobile application and competitive fee structure.
• K&H Bank (Kereskedelmi és Hitelbank) (khbank.hu) — K&H Bank is Hungary’s third-largest bank by total managed assets. Established in 1986 and subsequently acquired by the Belgium-based KBC Group in 1999, it maintains over 200 branches across the country. Its service range is comprehensive, encompassing accounts, loans, savings, investments, leasing, insurance, securities trading, and private banking.
• UniCredit Bank Hungary (unicreditbank.hu) — Founded in 1990, UniCredit Bank Hungary forms part of the pan-European UniCredit Group, which has a footprint spanning Italy, Germany, Austria, and Central and Eastern Europe. The bank places emphasis on digital innovation alongside its personal banking, business services, lending, and investment offerings.
• Erste Bank Hungary (erstebank.hu) — Erste Bank (Hungary) stands among the country’s leading banks and has been part of Austria’s Erste Group since 1997. It functions as a universal bank serving individuals, small, medium, and large enterprises, municipalities, and the public sector. Its retail customers have access to a broad suite of financial products, including mortgage loans, personal loans, current accounts, payment cards, and electronic banking services.
• Raiffeisen Bank Hungary (raiffeisen.hu) — Established in 1986, Raiffeisen Bank Hungary is a subsidiary of Raiffeisen Bank International AG, a prominent Austrian financial group with a strong regional presence in Central and Eastern Europe. With assets exceeding €11,000 million, it delivers a broad array of modern financial services to individuals and businesses alike, earning recognition for competitive pricing, service diversity, and an extensive ATM network.
• CIB Bank (cib.hu) — CIB Bank was founded in 1979 and operates as part of the Italian Intesa Sanpaolo Group. With approximately €8,290 million in assets and close to half a million clients, it offers a wide spectrum of products for personal and business customers. The bank is valued for its solid standing, low fee levels, innovative solutions, and mobile platform.
• Gránit Bank (granitbank.hu) — Established in 2010, Gránit Bank is an entirely Hungarian-owned digital bank and one of the country’s fastest-expanding financial institutions. It became the first Hungarian bank to fully embrace a digital-only model, enabling high operational efficiency and the delivery of affordable, forward-looking financial services.

For a comprehensive and current list of all banks licensed to operate in Hungary, consult the Magyar Nemzeti Bank (MNB), which maintains the official register of supervised credit institutions.

Do any major international banks operate in Hungary?

Hungary’s financial sector blends homegrown institutions with a number of major international names. Prominent players such as Erste Bank, Raiffeisen, UniCredit, and Citi are well established, and additional foreign banks including the Bank of China also have a presence in the country. Most institutions maintain their headquarters or principal offices in Budapest.

Citibank (Citi Hungary) — Operating in Hungary since 1985, Citi Hungary functions as a global bank offering a wide range of services to large domestic corporations, SMEs, multinational clients, financial institutions, and the public sector. Within Hungary, Citi’s focus is corporate and investment banking. It operates as a branch of Citibank Europe, headquartered in Ireland, which means personal current accounts are not available to individual customers. Citi Hungary can be reached through citibank.com/hungary.

Deutsche Bank — Deutsche Bank maintains a notable presence in Hungary, primarily targeting high-net-worth individuals and corporate clients with specialised services in investment banking, wealth management, and corporate finance.

HSBC and Barclays — Neither HSBC nor Barclays currently runs retail banking branches in Hungary. HSBC has been progressively scaling back its European retail operations in recent years. Anyone considering cross-border or private banking arrangements with these institutions should verify the current position directly with them, as international presences are subject to change.

Hungary’s membership of the European single market means it is more accessible to cross-border banking than countries outside the EU. EU-passported banks may provide services in Hungary without establishing a full local subsidiary. Always verify a bank’s current authorisation status with the MNB before proceeding to open an account.

Do banks in Hungary offer accounts or services specifically for expats?

Banks in Hungary are generally open to working with foreign clients, including non-residents, offering account opening, card issuance, and a range of other services. Among the most popular choices for foreigners are OTP Bank, K&H Bank, Erste Bank, and Raiffeisen Bank. Although banks do not typically market dedicated “expat accounts” in the manner of some offshore or international banking providers, several characteristics make the system highly welcoming to newcomers.

Multi-currency accounts: Hungarian banks provide services across a variety of currencies. Customers can hold balances in the local forint as well as in euros, US dollars, and numerous other currencies. At OTP Bank, for example, foreign currency accounts are available in 12 currencies including EUR, USD, GBP, JPY, SEK, and TRY, and can be opened at no initial cost or minimum deposit requirement.

English-language support: The websites and mobile applications of Hungary’s leading banks are available in English. Customer service representatives and support staff also communicate in English, making it considerably easier for foreign residents to navigate banking services.

Non-resident account access: Foreigners in Hungary can open an account and receive a bank card even without holding resident status. Compared to many other EU countries, becoming a bank customer in Hungary is relatively straightforward for foreign nationals, with a passport and proof of accommodation frequently sufficient. Non-residents face slightly more stringent requirements and may be asked to demonstrate a genuine connection to Hungary, such as evidence of regular visits.

Typical fees (as of 2024): The average charge for opening a private bank account in Hungary is around €12. Monthly maintenance fees generally fall in the €5 to €8 range. The cost of issuing a payment card is approximately €8, though some banks provide cards at no charge. Always verify the current fee schedule directly with each bank, as these are subject to change. The MNB also provides a bank account comparison tool at bankszamlavalaszto.mnb.hu.

What are typical bank opening hours in Hungary?

Bank branches in Hungary predominantly operate during standard weekday business hours. Most open their doors between 8:00 and 9:00 in the morning and close between 17:00 and 18:00, Monday through Friday. Certain branches, particularly those situated in shopping centres in larger cities, may offer Saturday morning hours, commonly from 9:00 to 13:00. Banks remain closed on Sundays and on Hungarian public holidays. Hours can differ between branches and institutions, so it is always worthwhile confirming times with the specific branch before making a visit.

Online and mobile banking is well advanced in Hungary, with all major banks offering comprehensive digital platforms and applications. Through these services, customers can oversee their accounts and cards, make payments, and carry out transfers without ever needing to visit a branch in person once the account is up and running. Telephone banking is also broadly available at larger banks, frequently with multilingual support options.

For the most reliable and current branch hours, use the branch locator tools on the official websites of individual banks or reach out to their customer service teams directly. OTP Bank, K&H Bank, Erste Bank, and Raiffeisen Bank all provide branch finders and live chat functionality on their respective websites.

What do expats need to know about the banking system in Hungary?

Hungary’s financial system has been in place for more than three decades, with a two-tier banking structure introduced in 1987. Today it is regarded as one of the most developed and stable in Eastern Europe. Nevertheless, expats arriving from countries with different banking traditions should familiarise themselves with several key characteristics.

Currency: Hungary is a member of the European Union but has not adopted the euro as its currency. The Hungarian National Bank (MNB), or Magyar Nemzeti Bank, is responsible for managing the country’s monetary policy, safeguarding financial stability, and issuing the forint. All everyday transactions take place in Hungarian Forints (HUF), and fluctuations in the exchange rate affect the real worth of any savings held in forints relative to other currencies.

Account fees: Banking costs in Hungary can be somewhat higher than in certain other markets, depending on the institution and account type selected. Monthly maintenance charges are standard, and customers may also encounter fees for transfers, direct debits, and cash withdrawals. This stands in contrast to the fee-free current accounts common in some countries. In Hungary, the primary instrument for everyday cashless transactions is the current or checking account.

Deposit protection: All major banks in Hungary are enrolled in the country’s deposit guarantee scheme, which protects balances up to €100,000 per depositor per bank (as of 2025). This level of protection aligns with the EU Deposit Guarantee Schemes Directive and is broadly comparable to schemes such as the FSCS in the UK (£85,000 / approximately €100,000) or the FDIC in the US ($250,000). Balances exceeding €100,000 fall outside the scheme’s coverage, so those holding larger sums may wish to spread deposits across multiple institutions. Always confirm the latest guarantee details with the MNB or the Országos Betétbiztosítási Alap (OBA), Hungary’s National Deposit Insurance Fund.

Cash and card payments: Cash remains the dominant means of payment in rural parts of Hungary, but the volume of card transactions has grown considerably in recent years. In urban areas particularly, consumers routinely pay by debit or bank card at shopping centres, hypermarkets, petrol stations, and restaurants. According to Mastercard’s Digital Payment Index, card-to-cash volume penetration reached 62% in 2024. One notable feature of Hungary’s payment culture is the complete absence of cheques — a significant departure for expats from the US or Canada, where paper cheques are still widely used.

Language barriers: The major banks in Budapest and other cities typically provide English-language services, but expats living in smaller towns may find that staff communicate primarily in Hungarian. Account documentation, including statements and terms and conditions, may initially be available only in Hungarian, though most leading banks can arrange English-language versions upon request.

Digital banking reliability: Hungary’s banking sector fully meets EU standards and offers a comprehensive, highly digitised range of services. While some aspects of the market are locally driven, international banks continue to operate successfully within it. For current regulatory guidance, consult the Magyar Nemzeti Bank (MNB).

Salary payments: If you intend to work in Hungary, be aware that some employers do not accept online-only bank accounts for payroll purposes. This is a practical reason to establish a traditional bank account with a full Hungarian IBAN, even if you already rely on a fintech solution for day-to-day needs.

How Do I Open a Bank Account in Hungary as an Expat?

The majority of Hungarian banks expect applicants to attend a branch in person to begin or finalise the account opening process. That said, the approach varies from bank to bank, and some larger institutions do permit online applications for those who are not yet in the country — typically at the cost of additional paperwork. OTP Bank is one prominent example of a bank that allows expats to initiate an account opening from abroad. The steps below outline the typical in-branch procedure:

1. Choose your bank. Take time to compare the main banks and identify one that fits your circumstances — weigh up factors such as branch accessibility, English-language assistance, multi-currency functionality, and fee structures. The MNB’s bank account comparison tool provides a useful side-by-side overview of available packages.
2. Gather your documents. The vast majority of expats will find that a passport, proof of address, and a work visa are sufficient to open an account. However, some banks may additionally require evidence of employment or income, or proof of student enrolment if you are applying for a student account. Certain institutions may also request your Hungarian tax identification number (adóazonosító jel).
3. Make copies of all documents. Before heading to the bank, prepare several copies of everything you plan to bring. Given how quickly paperwork can accumulate, keeping duplicates for your own records is a sensible precaution in case any originals are misplaced.
4. Visit a branch in person. Where possible, book an appointment in advance — many banks facilitate this through their websites. Arrive with all original documents. Branches in city-centre locations in Budapest and major regional towns are most likely to have English-speaking staff on hand.
5. Select an account package. Forint account packages at major banks such as OTP are designed for individual customers and differ in their features, rates, and associated charges. If you need to hold euros or other currencies alongside forints, enquire about multi-currency add-ons at the time of opening.
6. Complete the application and sign the agreement. Account paperwork will typically be presented in Hungarian. Ask for an English translation or a plain-language summary of the principal terms. The bank will also conduct identity checks as required under EU anti-money laundering (AML) regulations.
7. Receive your account details and card. Many banks allow customers to open a no-deposit account at no charge, with a linked bank card included. Your debit card and online banking credentials are generally issued within a few days of your application being approved. Some banks will activate a virtual card through their app right away.
8. Set up online and mobile banking. Digital banking is well developed in Hungary, with all major banks offering feature-rich apps and online platforms that allow customers to manage accounts, control cards, make payments, and process transfers from anywhere.

Non-resident applicants should be aware that foreigners holding a Hungarian residence permit can open an account with a minimal set of documents — typically a passport and residence permit card. Those without Hungarian residence may face somewhat stricter requirements and could be asked to provide evidence of a genuine connection to Hungary, such as regular visits. Always check the specific requirements with your chosen bank or consult the MNB for the most current guidance.

What banking and payment apps are widely used in Hungary?

As increasing numbers of customers gravitate towards digital channels, Hungary’s banking industry is advancing rapidly in terms of online and mobile services. All of the country’s major banks — OTP, K&H, Erste, Raiffeisen, MBH, and CIB — offer fully equipped mobile applications covering account management, fund transfers, and payments. K&H’s digital banking platform and app rank among the most widely adopted in Hungary.

Revolut: Revolut holds a specialised banking licence in Hungary and is the most internationally recognised online bank available there. Opening a current account requires no Hungarian proof of residence. Revolut is popular for everyday spending, currency exchange, and peer-to-peer payments.

Wise (formerly TransferWise): For those who want Hungarian bank details without going through a formal bank account application, Wise provides local HUF account details suitable for domestic payments, along with a multi-currency account and card. Wise is a widely favoured tool among expats for handling funds across multiple currencies and sending money internationally at transparent, competitive rates.

Other fintech options: Revolut functions as an all-in-one finance app with a debit card and broader banking features. Bunq is a mobile-first bank licensed in the Netherlands that offers personal and business accounts. Vivid Money is a German mobile banking platform available throughout the EU, providing personal and business accounts and cards.

Important caveats for fintech apps: Revolut, Wise, and comparable services are convenient and usable throughout Hungary. However, if you plan to work locally, your employer may not accept an online-only account for salary transfers. Digital-only platforms are not always suitable for major transactions and can occasionally experience declined payments even when balances are adequate. For this reason, many expats choose to keep a traditional Hungarian bank account running in parallel with any fintech service they use.

All fintech providers operating in Hungary under a banking licence are regulated either by the MNB directly or, under EU passporting arrangements, by their home-country authority. Check the MNB’s register of supervised institutions to confirm a provider’s authorisation.

How can expats manage money between Hungary and their home country?

Hungary is a member of both the EU and the SEPA (Single Euro Payments Area) zone, making euro transfers to and from other SEPA countries straightforward and generally low-cost. That said, because Hungary uses the forint (HUF) rather than the euro, currency conversion is a factor in the majority of international transfers.

SEPA transfers: For SEPA transfers from Hungary to other EU countries, fees are approximately 0.7% of the transaction amount (as of 2024). These transfers are processed swiftly — usually within one business day — and represent the standard route for euro-denominated payments within the EU. Always confirm the latest fee rates with your bank, as these can differ by provider and account type.

SWIFT / international transfers: For payments to destinations outside the SEPA zone, banks rely on the SWIFT network. Citi Hungary, for instance, supports SWIFT Transfers, SEPA Credit Transfers, SEPA Instant Transfers, and SEPA Direct Debits for international clients. Major retail banks including OTP, Erste, and Raiffeisen also facilitate international transfers, though charges and processing times vary. Before initiating a large payment, always request a full breakdown of all applicable fees and the exchange rate that will be applied.

Alternative transfer services: Providers such as Wise and Revolut generally offer more favourable exchange rates and lower fees than traditional bank wire transfers. Wise converts at the mid-market rate and applies a modest, clearly disclosed percentage fee. These services are frequently used by expats in Hungary for remittances home and for managing finances across multiple currencies.

Reporting requirements: As an EU member, Hungary implements EU anti-money laundering directives, meaning that large cash transactions and certain international transfers may require documentation of the source and purpose of funds. If you are moving substantial sums — typically above the equivalent of €10,000 — be prepared to provide supporting evidence. Hungary also participates in the Common Reporting Standard (CRS) and, for US-citizen account holders, complies with FATCA. For authoritative guidance on financial reporting and tax obligations, refer to the National Tax and Customs Administration of Hungary (NAV) and the MNB.

Taking time to compare banks in Hungary is worthwhile for expats seeking the best fit for their financial situation. Key considerations include transaction charges — especially on international transfers — interest rates on savings products, and the availability of premium banking services. The MNB’s comparison tool at bankszamlavalaszto.mnb.hu enables convenient side-by-side package comparisons.

Frequently Asked Questions

Can I open a bank account in Hungary as a non-resident?

Hungarian banks are quite welcoming to expats and non-residents: most offer services in English and allow foreigners who do not hold permanent Hungarian residence to open an account by presenting a valid identity document and proof of their overseas address. Requirements differ from one institution to another, so it is advisable to contact your preferred bank beforehand to clarify exactly what documentation will be needed.

Does Hungary use the euro?

No. Although Hungary is a member of the EU, it has retained its own currency, the Hungarian Forint (HUF). The MNB oversees monetary policy and issues the forint. There is currently no confirmed schedule for Hungary to transition to the euro. Local bank accounts are primarily denominated in forints, though multi-currency accounts in EUR, USD, and other currencies are widely offered by major banks.

How much of my money is protected if a bank in Hungary fails?

All major banks in Hungary are participants in the country’s deposit guarantee scheme, which provides protection of up to €100,000 per depositor per bank (as of 2025). This safeguard is administered by the Országos Betétbiztosítási Alap (OBA) and corresponds to the EU-wide standard. Any amounts held above this threshold are not covered. If your deposits exceed €100,000, spreading funds across more than one institution is a prudent approach.

What documents do I typically need to open a bank account in Hungary?

For most expats, a passport, proof of address, and a work visa will be sufficient to open a bank account. Depending on the bank, additional documentation such as evidence of employment or income may be requested, as may proof of student status for a student account. Some institutions also ask for a Hungarian tax identification number. Non-residents may need to provide proof of a genuine connection to Hungary, such as a rental agreement or evidence of regular visits.

Can I use Revolut or Wise instead of a traditional Hungarian bank account?

Yes — Revolut holds a banking licence and operates in Hungary, while Wise offers local HUF account details. Both services are widely used for everyday purchases and international transfers. However, Hungarian employers may not accept online-only accounts for salary payments, making it strongly advisable to hold a conventional local bank account alongside any fintech solution you use.

Are bank account fees common in Hungary?

Banking costs in Hungary can be somewhat elevated depending on the institution and account selected. Monthly maintenance fees are standard, and additional charges may apply for transfers, direct debits, and cash withdrawals. As of 2024, monthly fees typically fall between €5 and €8, with a one-off account opening charge of around €12. Use the MNB’s official bank account selection tool to compare packages before making a decision.

Is digital banking reliable in Hungary?

Hungary’s banking sector conforms to EU standards and is highly digitised. All major banks provide fully featured mobile applications supporting transfers, payments, and account management. ATM coverage is extensive — a dependable network of 5,140 cash machines operates across the country as of end 2024.

Who regulates banks in Hungary and where can I make a complaint?

The Magyar Nemzeti Bank (MNB) serves as Hungary’s banking regulator and supervisor. Should you have a dispute with your bank that cannot be resolved through direct communication, you may escalate the matter to the MNB’s Financial Consumer Protection division, or submit your case to the Financial Arbitration Board (Pénzügyi Békéltető Testület — PBT), which provides an out-of-court resolution mechanism for disagreements between financial service providers and their customers.