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Opening a bank account in Hungary: What you need to know
Moving to the country involves plenty of paperwork, and one of the first practical steps for many newcomers is opening a bank account in Hungary. Whether you are relocating for work, studying, or planning to stay long term, having a local account makes everyday life in Hungary much easier.
From receiving your salary to paying rent or utility bills, most financial transactions are simpler with a Hungarian bank account. Here is what expats and foreign residents should know before starting the process.
Contents of the article
Why is opening a bank account in Hungary a good step?
Although international bank cards are widely accepted, relying solely on a foreign account can become inconvenient and sometimes costly. Currency conversion fees, ATM charges and international transfer costs can add up quickly.
A local account allows you to:
- receive your salary from Hungarian employers
- pay rent and utilities easily
- transfer money domestically with lower fees
- set up mobile banking and local payment apps
- withdraw cash without foreign transaction costs
Many landlords and service providers also prefer local bank transfers, which are common for monthly payments.
Which banks are popular among expats?
Hungary has several major banks offering services in English and mobile banking options. Expats often choose well-known institutions such as OTP Bank, K&H Bank, and Erste Bank Hungary.
These banks provide various account packages, debit cards and online banking services suitable for foreign customers. Some branches in Budapest also have English-speaking staff, which can simplify the process.
Before choosing a bank, it is worth comparing monthly account fees, ATM charges and international transfer costs.
Documents usually required
To open a bank account in Hungary, you typically need several documents confirming your identity and residency status. Requirements may vary slightly depending on the bank, but most institutions ask for:
- a valid passport or national ID
- proof of address in Hungary
- residence permit or registration certificate (for non-EU citizens)
- tax identification number (sometimes required)
If you have recently arrived in the country, you may need to provide temporary address documentation or a rental agreement.
The application process
Opening a bank account in Hungary usually involves visiting a branch in person. The process typically takes between 30 minutes and one hour. During the appointment, a bank representative will review your documents, help you select an account package and ask you to sign the necessary paperwork.
You can get by in Hungary without a Hungarian bank account if you’re not employed.
Example: DKB Bank (if you’re German or Austrian)
DKB Bank is a subsidiary of Bayerische Landesbank in Germany and operates exclusively online. With a DKB debit card, you can withdraw cash free of charge in Hungary and use it to make payments in stores and online (no foreign currency fees). You manage your DKB account online via internet banking.
Cash withdrawals: Free of charge, but not at OTP or Erste Bank, as they charge their own additional fees.
Card purchases: Payments in Hungarian stores are free of charge.
DKB’s exchange rate is significantly better than that of Hungarian and other German banks, and much better than exchanging cash. They use the ECB exchange rate, which is unbeatable, especially since they don’t charge any additional fees like Visa and Mastercard. The exchange rates offered by Hungarian banks are even worse than those of Visa and Mastercard. This doesn’t refer to the foreign currency fees that are typically charged by most German banks (not DKB).
DKB’s exchange rate is significantly better than that of Hungarian and other German banks, and also much better than exchanging cash directly. The entire account and the debit card are free. Since DKB doesn’t charge any fees, you save a significant amount of money each year.
The requirements are a minimum monthly deposit of €700 or being a student (up to age 28). You must also be a German citizen. Alternatively, Revolut is an option. However, the exchange rate is considerably less favorable than DKB’s, but still much better than the rates offered by Hungarian banks. If the monthly deposit is less than €700, you only pay a small fee of €4.50.
Paying bills with postal checks (e.g., electricity, gas, etc.)
Like many Hungarians, you can pay bills by postal check. There’s even an app that allows you to make postal check transfers from home using your mobile phone. This app and its use are free, and the amount is debited from your debit card without fees, based on DKB’s exchange rate. The app is called iCsekk and can be downloaded from the Google Play Store.
Transfers in Forint
If you need to make a transfer in Forint, simply use Revolut. The account is free, the transfer fees are lower, and the exchange rate is significantly better than at Hungarian banks (no foreign currency fees on purchases). If you are not German, Revolut is a good alternative.
Registration and Requirements
Registration with DKB (and also with Revolut) is done online. Your monthly income is used to determine the overdraft limit on your current account.