Free cash withdrawals in Hungary: Rule changes ahead in 2025
Hungarian cash withdrawal rules are set to undergo significant changes in 2025, introducing stricter conditions and potential new fees. While the two free monthly withdrawals up to HUF 150,000 (EUR 364) remain, additional requirements and tighter regulations aim to promote digital banking and curb cash usage.
Hungarians will face stricter regulations and possible fee adjustments for cash withdrawals starting in 2025. The current system, which allows two fee-free withdrawals per month up to HUF 150,000, will remain in place, but banks will intensify enforcement of the eligibility criteria, Sonline reports. Customers must submit a declaration to their bank—either in person or online—specifying the account they wish to use for this benefit. Failure to meet these criteria may result in the loss of fee exemptions.
Bank fees on the rise
Several banks may introduce fees for in-branch cash withdrawals unless they are preceded by specific requests or declarations. This is part of an effort to encourage ATM usage, which is seen as more cost-efficient for financial institutions. Additionally, starting 1 January 2025, banks will be allowed to pass on the increased financial transaction levy—rising from 0.6% to 0.9%—to customers. This will result in higher costs for various banking services, including transfers and withdrawals.
Impact on businesses and individuals
The rising costs are expected to hit both private individuals and businesses, Sonline writes. Companies, especially those managing high transaction volumes, will likely face significant financial burdens. For example, Sándor Butor, CEO of Atád Coop Plc., estimated nearly HUF 1 million (EUR 2,430) in additional yearly expenses due to increased transaction fees. Similarly, Deseda Pékség owner Tamás Tóth projected an annual rise in banking costs of over HUF 300,000 (EUR 730), potentially forcing a shift toward cash payments for some transactions.
Encouraging digital banking
These changes align with the government’s broader goal of reducing cash usage and promoting digital financial solutions. However, critics highlight the strain on businesses, particularly smaller enterprises, which may struggle to absorb the additional costs.
With these updates, banking in Hungary is set to become more expensive, prompting consumers and businesses alike to adapt to the evolving financial landscape.
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I really have trouble believing this fact of life in Hungary where you have to pay a bank to withdraw your money. Paying 0.9% to make a transaction is robbery. Do they charge you to deposit your money as well? Hopefully not. In Canada most banks give seniors fee free banking as well as discounted fees for students. Banks will charge customers $9 a month for unlimited transactions.
Look, Hungary is a CUNTry where the post-communist leftovers do whatever they want. The vast majority is just happy to survive, while the “elite” slowly but surely kills them.
The pattern just a bit different but luckily from justin castro’s Canadians take the same servilely.