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Opening a Bank Account in Hungary

Opening a Bank Account in Hungary

Updated on Wednesday 24th June 2015

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Foreign business owners who own companies in Hungary and foreign employees need to consider the advantages of opening a bank account in Hungary. This gives them flexibility and the ability to control the necessary payments in this country. Most banks in Hungary require a minimum number of documents from foreigners who want to open a bank account.
Our attorneys in Hungary can help guide you through the process if you want to open a bank account for a company or for personal use.

How to open a bank account in Hungary

A number of banks in Hungary allow foreigners to open an account just by presenting a valid passport. However, some banks may require a residence permit or an employment permit. The fees for opening an account, for issuing a card and for other services generally vary depending on the chosen bank. Foreign individuals should consider certain aspects when choosing the desired bank, such as the number of available branches throughout Hungary, the number of available ATMs and other issues related to client benefits.
Credit cards are widely accepted throughout stores in Hungary, however, when shopping in small grocery stores or souvenir shops, individuals are advised to carry some cash with them. If you need help opening a bank account in Hungary or encounter other issues, please contact our Hungarian law firm.

Banking in Hungary

The official currency in Hungary is the Hungarian Forint (HUF). The denominations of the banknotes in Hungary are: 500 HUF, 1000 HUF, 2000 HUF, 5000 HUF, 10,000 HUF and 20,000 HUF. Coins are available with the following denomination: 5 HUF, 10 HUF, 20 HUF, 50 HUF, 100 HUF and 200 HUF.
Your account in Hungary will generally allow the use of the Hungarian Forint and/or other currencies, like Euros or US Dollars. Many international banks have opened branches in Hungary and foreigners have a wide range of banks to choose from, some of which also have available websites in English. OTP Bank Group is one of the largest commercial banks in Hungary.
Our law firm offers a wide range of legal services, personalized to the exact needs of your company. Our attorneys are ready to help you with any business issue you may encounter in Hungary.


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