Practical Life in Budapest

Bank services in Budapest

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Currency in Hungary

The official currency of Hungary is the Forint. The currency code for the Forint is HUF and the abbreviation is Ft. Hungary has Forint notes of 500 Ft, 1000 Ft, 2000 Ft, 5000 Ft, 10000 Ft, and 20000 Ft. Hungary has coins of 5Ft, 10Ft, 20 Ft, 50 Ft, and 100 Ft.

Euros, Dollars, and even Sterling may be accepted in some businesses.

ATM and Credit Cards in Hungary

MasterCard and VISA are accepted in Hungary. ATMs are available throughout the country and do charge a fee. The fee is quite small and charges 1% or less of the amount being taken out of the ATM.

Most ATMs do not limit on an amount of money taken out or the amount of transactions during the day. This does vary from machine to machine.

Open a Bank Account in Hungary

Opening a local bank account is a convenient way to keep track of your account and withdraw cash. It is relatively easy to open a basic checking or savings account at the local banks. A source of ID and proof of residency is required for a foreigner to open an account.

Each bank varies with the annual or monthly fees that they charge as well as if they supply check books or debit cards to their bank users. Check for services and fees before signing a contract.

Banks in Budapest

Major banks in Budapest include:

  • Budapest Bank
  • CIB Bank
  • Citibank
  • Commerzbank
  • Deutsche Bank
  • Dresdner Bank
  • Erste Bank
  • HVB
  • K&H
  • OTP
  • Raiffeisenbank
  • Volksbank
  • WestLB

Exchanging Money in Hungary

There are many exchange bureaus throughout Hungary. They are all very competitive with each other, but the exchange rates will be displayed on each bureaus website. Legitimate places with fair prices will post a buy and sell rate for each currency on a sign in the street.

Be advised not to exchange money on the street or at a café. The better the deal you have, the more you should be skeptical of the offer. Make sure the person has a legitimate bureau before exchanging.

Electronic Transfers

Western Union and Moneygram are located throughout the country and in Budapest. This is the easiest way to transfer money from Hungary to other bank accounts.

It is possible to transfer money at banks and through PayPal as well.

Update 25/08/2015


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