Big leap by Revolut: Hungarians can land their paycheck on their account by the end of the year
Revolut plans to enable Hungarian customers to receive their salaries, scholarships, or pensions directly into Hungarian accounts by the end of the year.
We may be able to choose Revolut as our main bank
Currently, Hungarian users hold accounts issued under a Lithuanian banking licence, but following the transition to a branch, Revolut will be able to offer accounts with Hungarian IBAN codes. This change could increase the number of customers using Revolut as their primary banking relationship in Hungary.
The company’s goal is for customers to bank with them on a daily basis, even if the initial payment arrives in a Hungarian account, then the money is transferred to a Revolut account to carry out transactions, writes Telex.
First it needs stricter regulations
However, becoming a branch entails stricter Hungarian regulatory requirements for Revolut, such as transaction taxes, ATM deployment obligations, and the need for Hungarian-language customer service and complaint handling.
As a result, the company is expanding its Hungarian team, planning to hire over 40 employees in its Budapest office, while also searching for a new country manager.
The company is still evergrowing
Globally, Revolut is experiencing rapid growth with 65 million retail customers, aiming to reach 100 million by 2027. Hungary is a key market where customer penetration exceeds the regional average.
The company is evolving into a comprehensive financial services provider, targeting not only retail but also corporate clients, and is focusing on innovations like investment products and artificial intelligence.
In Hungary, Revolut was initially known for favourable currency exchange rates and travel-related account use, but now approximately 75 per cent of transactions are domestic. The company plans to broaden its services soon, including personal lending, insurance, investments, and public transport ticket sales.
Tighter Hungarian cryptocurrency regulations have temporarily limited access to the company’s crypto services, but the company states this was due to legal compliance, not an error on their part.