Banking in Hungary
Hungary has a well-developed banking sector and opening accounts as a foreigner is straightforward compared to many EU countries.
Opening a Bank Account
Requirements:
- Valid passport or national ID
- Proof of address (rental contract, utility bill)
- Residence permit (for some banks/services)
What you don't need:
- Hungarian tax number (for basic accounts)
- Employment proof (for basic accounts)
- Local credit history
Best Banks for Foreigners
| Bank | Pros | Monthly Fee |
|---|---|---|
| OTP Bank | Largest network, English service, foreigner-friendly | ~€0.90 |
| K&H Bank | Good English support, modern app | ~€2-3 |
| Erste Bank | International presence, English service | ~€2-3 |
| Raiffeisen | Good for EU transfers, English support | ~€2-3 |
| Digi (CIB) | Low costs, digital-first | ~€0-1 |
Account Types
Basic Payment Account (Alapszámla)
- Available to all residents, even non-Hungarian citizens
- Basic transactions, debit card
- Low/no fees
- Good for starters
Standard Current Account
- Full features
- Internet and mobile banking
- Foreign currency options (EUR, USD, GBP)
- Typically €2-3/month
Fees Overview
| Service | Typical Cost |
|---|---|
| Account opening | 0-5,000 HUF (€0-13) |
| Monthly maintenance | 2,000-3,000 HUF (€5-8) |
| Debit card issuance | 1,000-2,000 HUF (€3-5) |
| ATM withdrawal (own bank) | Free |
| ATM withdrawal (other bank) | 200-500 HUF (€0.50-1.30) |
| SEPA transfer | Often free or €1-2 |
| International transfer | €10-30 |
Digital Banking Alternatives
Many expats use these alongside Hungarian accounts:
- Wise: Excellent for international transfers, multi-currency
- Revolut: Popular for daily spending, good exchange rates
- N26: German digital bank, SEPA payments
Foreign Currency Accounts
OTP and other major banks offer multi-currency accounts in:
- EUR, USD, GBP, CHF, JPY, and more
- Useful for freelancers paid in foreign currencies
- No deposit required for opening
Practical Tips
Getting paid:
- SEPA transfers from EU employers are fast and cheap
- International wire transfers work but cost more
- Consider Wise for receiving payments from outside EU
Daily banking:
- ATMs (bankautomata) are widespread
- Card payments accepted almost everywhere in Budapest
- Cash still useful in smaller towns and markets
Building Financial History
Hungary doesn't have a credit score system like the US, but banks track:
- Payment history on loans
- Account behavior
- Employment stability
Building a local banking history helps for:
- Mortgage applications
- Business loans
- Better credit card offers
Pro Tips
- •OTP Bank is most foreigner-friendly with extensive English support
- •Consider keeping Wise or Revolut for better exchange rates
- •Cash is still king in markets and smaller establishments
- •Most banks require in-person visit to open accounts
- •Foreign currency accounts useful if paid in EUR or USD
Have questions about banking in Hungary?