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Banking as a foreigner
It is advisable to open a bank account in Hungary if you stay for a longer period. Many service providers (such as telephone) prefer payments from a bank account. Normally, setting up automatic electronic payments makes life easier, for example online shopping.
As in other countries, keeping your money in the bank means it is much safer than under your pillow.
What will you need to open an account?
Most banks require your passport, a valid residence permit and address card to open a bank account.
You will be charged a fee to open the account, to get your bank card and for account management services. You will be able to keep your money as Hungarian Forints (HUF) and/or in other currencies such as Euros or US Dollars based on your individual agreement with your bank.
Choosing a bank
Before choosing your bank please consider these and discuss with your parents:
- Will you have easy access to branches near where you live and study?
- Are there ATMs in your neighbourhood?
- What are the costs?
- It is useful to visit the bank in person and check their website. You might want to find someone on the staff who speaks English.
- What services do you get?
You can pay with credit cards almost everywhere, except for smaller shops where usually only cash is accepted.
Postal cheques: you can pay your bills by postal cheque (yellow or white piece of paper for bills) in every post office. Post offices are open Monday to Friday between 8 a.m. until 6 p.m. More information
International bank transfer: you can transfer money at every bank in person, or if you do not have the time, you can use online banking which allows you to make transfers across the internet. Commission for domestic bank transfers is around: HUF 2,000 - 4,000. Commission for foreign transfers depends on your bank and the amount of the transaction.
For this you need the IBAN (International Bank Account Number) and BIC (Bank Identifier Code) of the beneficiary. Online banking is also available in Euros.