Hungarian banks are trying to take on Revolut and Wise: will they succeed?

Several banks in Hungary are attempting to rise to the challenge posed by fintech giants such as Revolut and Wise. While the competition officially centres on winning over customers, domestic banks are primarily focused on reducing the competitive advantage of these fintech firms within Hungary. Their goal is to create conditions that may allow them to grow their user base again in the future. Foreign card issuers could, in theory, respond by installing their own ATMs; however, according to reports, they have no such plans.

Hungarian banks are squeezing Revolut and Wise out of their ATM networks

Until September this year, Revolut users in Hungary had a relatively easy time withdrawing cash—whether forints or euros—from OTP ATMs. Before that date, OTP charged no additional fees for users of foreign-issued cards accessing cash at their machines.

Since OTP operates a widespread ATM network—1,839 machines according to the Hungarian National Bank—even in smaller towns, this arrangement benefited both fintech companies and their customers. It was a win–win situation, except for OTP, which was left covering the costs.

• Attention Revolut, Wise and other customers: free cash withdrawals end at Hungary’s largest bank

This was because the cost of installing, operating, maintaining, securing and refilling ATMs falls entirely on the banks, yet the benefits were being enjoyed by customers of other companies such as Revolut and Wise free of charge. This changed on 19 September, although Erste had already introduced fees in April 2023.

At Erste, cash withdrawals using a Revolut card now cost 1,200 forints, while at OTP the fee is 2,000 forints (or €5 for euro withdrawals, with a maximum amount of €100).

A push for ATMs everywhere

At present, two major banks—Erste and OTP—no longer allow customers with foreign-issued cards (such as Revolut or Wise) to withdraw cash from their ATMs without paying a fee. This marks a significant shift in the accessibility of cash for fintech users in Hungary.

• Big leap by Revolut: Hungarians can land their paycheck on their account by the end of the year

There had been earlier discussion that the government’s mandatory ATM installation programme might include foreign fintech companies, potentially leading to Revolut-branded ATMs appearing across Hungary. However, the final legislation specifies that only banks issuing Hungarian bank cards are required to install ATMs. This means the rule does not apply to foreign banks.

Domestic banks, however, face strict obligations: by 31 December this year, every settlement with more than 1,000 residents must have at least one ATM, and by the end of next year, this rule will extend to towns with more than 500 residents. The basis for this regulation is a recent amendment to Hungary’s Fundamental Law, which declares access to cash a basic right. The obligation to provide ATMs has been further detailed in Regulation 19/2025 (VI. 26.) issued by the Hungarian National Bank.

Revolut would need to install 800 ATMs

If the same rules applied to Revolut, the company would be expected to install over 800 ATMs across Hungary, based on its large user base. However, the company has no intention of doing so.

According to Telex, Revolut currently offers up to 80,000 forints of free cash withdrawals per month, while Wise allows up to 150,000 forints.

• Revolut’s significant expansion in Hungary: Local branch opening very soon?

However, the competition between traditional banks and fintechs is not limited to ATMs. As Telex reports, banks such as Erste, Gránit, MBH, OTP and Raiffeisen—and even K&H during a summer campaign—have recently reduced their margins on currency exchange in an effort to remain competitive with fintech services.