A Hungarian bank account is required for anyone wishing to live in Hungary for an extended period of time. You may avoid the exorbitant fees charged by most foreign banks when withdrawing money or by using your debit card abroad this way. Furthermore, it is preferable to open a forint account instead of a foreign currency account because the latter has extremely high fees when transferring funds to a forint account. This article can assist you in setting up your first bank account and explain the banking in hungary.
Despite being a member of the European Union, Hungary is not a member of the EuroZone. The Hungarian Forint is Hungary's currency (HUF). Because the Hungarian Forint is not tied to the Euro, exchange rates fluctuate. In overseas markets, the forint is abbreviated as Ft and is known as HUF. From August 1, 1946, it has been Hungary's official currency.
Accounting, currency exchange, pension funds, insurance, and mortgages are only a few of the services offered by Hungarian banks. The banks with the most branches in Hungary are OTP, Raiffeisen, and ERSTE. It's vital to keep this in mind when making your decision because utilizing an ATM from another bank will cost you a lot more money. You might also want to see which banks have places near you so that you don't have to go too far when you need to withdraw money.
