Opening your bank account in Hungary

Opening your bank account in Hungary is simple.

If you are moving to Hungary, you will need to open your own bank account. In this post, we will be discussing the steps and options for opening your bank account in Hungary.

The basics of opening your bank account in Hungary

You may need to open your bank account in Hungary if you plan on staying in the country for an extended period. You will also need a bank account to receive your salary if you work for a Hungarian company. Hungarian bank accounts are also required to apply for monthly services such as utilities.

What you need as to open your bank account in Hungary

Hungarian banks need to see your residence permit and proof of address to open your bank account for you. In some cases, foreigners may be able to open Hungarian bank accounts just by presenting their passports.

There are a few costs involved in opening your bank account in Hungary. These include account administration fees and fees for the issuing of your bank count. Generally speaking, you will have the option of maintaining segregated currency accounts. This means that you have the option of converting your funds to Hungarian Forints or keeping them in their original currency.

How to choose a bank in Hungary

Hungary’s central bank is the Magyar Nemzeti Bank. It is responsible for ensuring stability in Hungary’s financial system and also oversees the activities of all other banks in Hungary. Hungary has three different types of banks, which are:

• Commercial banks
• Branch offices of foreign banks
• Financial institutions

Some of the banks you can choose to use as an expatriate are:

• OTP Bank
• K&H Bank
• Erste Bank
• Budapest Bank
• CIB Bank
• MKB Bank
• Raiffeisen Bank
• UniCredit Bank
• FHB Bank
• BNP Paribas Bank

Although all of these banks do have their pros and cons, they are all reputable and reliable. Out of all of these banks, expatriates seem to have the best success scores with OTP, K&H and Erste Bank.

What are the fees involved for opening your bank account in Hungary?

The fee for opening a Hungarian bank account are roughly 5,000 HUF. Keep in mind that not all banks charge this fee and your best option would be to shop around for the best fees. Monthly account maintenance fees are roughly 2000-3000 HUF per month. Bank cards are generally issued at 1000-2000 HUF.

As far as commissions are concerned, all Hungarian banks have these fees. Every time you withdraw funds from your account, you will be charged a commission fee. This amount varies on the amount of money you withdraw, but charges are roughly 75 HUF per transaction.

How we can help you

Our expert team of immigration lawyers is here to lend you a helping hand. If you still feel unsure about the process of opening your bank account in Hungary, get in touch with us today. We will endeavour to help you find the information you need to open your bank account and start your journey of living and working in Hungary.