Hungary (HU)
Hungary is a landlocked Central European nation in the heart of the Carpathian Basin — home to one of Europe's most beautiful capital cities (Budapest), one of the oldest parliaments in continuous operation, a notoriously complex but unique language, Europe's largest thermal spring lake (Lake Hévíz), and a culture that blends Magyar warrior heritage, Ottoman influence, Habsburg elegance, and post-communist resilience into something entirely its own.
Banking in Hungary
Recommended banks, payment culture and credit score basics.
Hungary's banking system is dominated by OTP Bank (Országos Takarékpénztár és Kereskedelmi Bank) — the largest bank by far and the most accessible for new arrivals. International banks (Erste, Raiffeisen, K&H, CIB, MKB) also have strong presences. The Hungarian banking system is modern and digital, with good mobile banking apps and online services — though primarily in Hungarian. Opening a bank account requires a lakcímkártya and adóazonosító jel at minimum. Hungary is not in the Eurozone, so all accounts are in HUF — foreign currency accounts (euro, USD) are available but transactions in HUF are standard for everyday life. The HUF is a freely convertible but volatile currency — significant exchange rate swings have occurred in recent years. International transfers are standard SEPA within the EU.
Recommended banks
OTP Bank
Monthly fee: HUF 0–2,000/month depending on package
Requirements: Lakcímkártya (address card), valid ID/passport, adóazonosító jel (tax ID), TAJ card (health card). In-person branch visit required. Some packages require minimum salary or minimum balance.
- + Hungary's largest bank — branch and ATM network unrivalled (1,000+ branches)
- + Good OTPdirekt online banking (improving English, but primarily Hungarian)
- + Widest ATM network means lowest fees for cash withdrawal
- + Established, stable, government-backed institution
- + SZÉP card (government leisure subsidy) administration
- + Foreign currency accounts available
- - Limited English-language support in branches
- - Interface primarily in Hungarian
- - Traditional banking culture — not as digital-first as neobanks such as Revolut
- - Can be slower for account opening
Revolut
EnglishMonthly fee: HUF 0 (standard) to HUF 5,000+/month (premium)
Requirements: Passport/ID only. No Hungarian address required. Open instantly via app.
- + Opens instantly before you have a Hungarian address
- + Excellent HUF–EUR and multi-currency exchange rates
- + English-language app
- + Free international transfers
- + Virtual card for online shopping
- + Hungarian IBAN (HU format) rolling out from May 2026 as Revolut opens its Hungarian branch — new and migrating customers will receive HU IBAN
- - Cannot always receive Hungarian payroll directly (check current status)
- - Not all employers accept Revolut as salary destination
- - No physical branches
- - Customer support via chat only
Wise
EnglishMonthly fee: HUF 0 (account free, transaction fees apply)
Requirements: Passport/ID. No Hungarian address required.
- + Best rates for international transfers (HUF ↔ EUR, GBP, USD etc.)
- + Multi-currency account — hold and manage HUF, EUR, GBP simultaneously
- + Debit card for international spending
- + Essential for receiving/sending money internationally
- + English language throughout
- - Not a full bank account — limited for salary receipt
- - Transaction fees for transfers
- - No physical presence in Hungary
- - Cannot pay Hungarian bills directly from Wise in all cases
Erste Bank
EnglishMonthly fee: HUF 200–2,500/month depending on package
Requirements: Lakcímkártya, ID/passport, adóazonosító jel. In-person or digital application available.
- + Austrian ownership — more international culture and English language support
- + George app (well-designed modern banking app, available in English)
- + Business banking strong for small companies and freelancers
- + Good foreign currency account options
- + SEPA international transfers at competitive rates
- - Monthly fees of HUF 200–2,500/month apply on most packages
- - Fewer branches than OTP — limited in smaller cities and rural Hungary
- - English support varies significantly by branch staff — not guaranteed outside Budapest
- - International SWIFT fees: HUF 3,000–8,000 per outbound wire outside SEPA — Wise is cheaper
K&H Bank
Monthly fee: HUF 0–1,800/month
Requirements: Standard — lakcímkártya, ID, adóazonosító jel. In-person.
- + Belgian KBC ownership — solid international banking culture
- + Good digital banking platform
- + Competitive fees
- + Good business banking for SMEs
- - Limited English-language staff at branches — mainly Hungarian service outside premium Budapest locations
- - App primarily in Hungarian — no full English-language interface available
- - Fewer ATMs than OTP — rely on partner ATM networks for wider cash access
- - International SWIFT fees: HUF 3,000–8,000 per outbound wire outside SEPA — Wise is significantly cheaper
Raiffeisen Bank Hungary
EnglishMonthly fee: HUF 500–3,000/month
Requirements: Standard documents. In-person appointment.
- + Austrian ownership — good international banking culture
- + English-language banking available
- + Strong expat package banking historically
- + Private banking services for higher-income clients
- - Higher fees than OTP or K&H — HUF 500–3,000/month on most standard account packages
- - Fewer branches — mainly Budapest and major regional cities; limited in rural Hungary
- - Premium positioning — better suited for higher-income expats and corporate banking clients
- - International SWIFT fees: HUF 3,000–8,000 per outbound wire outside SEPA — Wise is cheaper for regular remittances
Payment culture
Card payments are standard in Budapest — contactless payment by card or mobile phone is accepted in virtually all shops, restaurants, and public services. Cash remains more widely used in Hungary than in Northern Europe, particularly in rural areas, smaller shops, markets, and older businesses. Markets (piac) are often cash only. Always carry some HUF cash (HUF 10,000–20,000) for these situations. Mobile payment: Apple Pay and Google Pay are supported by most Hungarian banks. The SZÉP card (Széchenyi Pihenő Kártya) is a government-subsidised employer benefit card used for accommodation, leisure, and catering — widely accepted and very common in the workplace. International credit cards (Mastercard, Visa) work everywhere. IBAN format: HU followed by 26 digits.
Cash access
OTP Bank ATMs are the most widespread. Free cash withdrawal at your own bank's ATMs. Withdrawal from other bank ATMs: typically HUF 200–500 fee. Standalone ATMs in tourist areas and airports charge higher fees — use bank-branded ATMs. International withdrawal fees (Revolut free tier): limited free withdrawals per month. Always select "charge in local currency (HUF)" to avoid dynamic currency conversion (DCC) fees — always refuse the DCC conversion.
KHR (Központi Hitelinformációs Rendszer) — Central Credit Information System
Check your KHR status at any Hungarian bank or via the BISZ Központi Hitelinformációs Zrt. website. Free annual check available. You can request your own KHR record at any bank that is a KHR member.
Free annual check: Free — request at any member bank or online at bisz.hu.
The KHR (formerly BAR — Banki Adóslista) records both negative payment history (bad debts — KHR-negatív) and positive credit history for everyone with banking relationships. Being in "KHR negative" means you are blacklisted from bank loans, credit cards, and many rental agreements. New arrivals in Hungary have no KHR history — not the same as negative. Build credit history by using a bank account, maintaining utilities in your name, and requesting a secured credit card after 6 months.
International transfers
SEPA transfers within EU/EEA are standard and relatively low cost (HUF 300–1,000 per transfer at most banks). For non-SEPA international transfers, use Wise for excellent rates — Hungarian banks charge HUF 3,000–10,000+ for non-SEPA international wires. Revolut is excellent for regular currency exchange. Hungary's banking system is fully integrated in the SEPA zone despite not being in the Eurozone. Swift/BIC transfers to non-EU countries are available at all major banks.