Free cash withdrawal, price monitoring: shopping will never be the same in Hungary

The new and unique Hungarian price monitoring system will start operation this July following the prices of 62 food products. Furthermore, you will theoretically be able to withdraw cash at each shop in Hungary from July for free. However, probably not all shops will allow that due to security reasons.

The new price monitoring system will include 62 products

According to 444.hu, the state’s price monitoring system will include the prices of 62 food products based on the latest decree concerning the issue. The government hopes the system will help reduce inflation. The scheme will follow the prices of the following goods:

• Pasteurised ESL milk with 2.8 percent fat,
• Pasteurised ESL milk with 1.5 percent fat,
• UHT milk with 2.8 percent fat,
• UHT milk with 1.5 percent fat,
• Sour cream with 20 percent fat,
• Sour cream with 12 percent fat,
• Natural yoghurt,
• Kefir,
• Cow cottage cheese,
• Trappist block cheese,
• Margarine,
• Butter,
• Buttercream,
• Egg,
• Pork leg,
• Pork cutlet,
• Whole chicken,
• Chicken breast fillet,
• Chicken legs,
• Chicken wing,
• Turkey breast,
• Pork fat,
• Sausage,
• Cold cuts,
• Hard salami,
• Turkey breast ham,
• Pork leg ham,
• Apple,
• Pear,
• Strawberries,
• Banana,
• Lemon,
• Orange,
• Tomato,
• Green pepper,
• Carrot,
• Parsley root,
• Cucumber,
• Garlic,
• Onion,
• Potato,
• Cabbage,
• Savoy cabbage,
• Cauliflower,
• White bread and loaf,
• Half-brown bread and loaf
• Wholemeal bread and loaf,
• Rye bread and loaf,
• Spaghetti pasta,
• Sunflower oil,
• Flour,
• Pastry flour,
• Sugar,
• Powdered sugar,
• Canned Sweet Corn,
• Gherkins,
• Biscuits,
• Quick-frozen peas,
• French fries,
• Orange juice,
• Apple juice.

Cash-back service kicks off in weeks

We wrote in THIS article about a positive change coming to Hungarian shops this July. In a nutshell, you will be able to withdraw a maximum of HUF 40,000 (EUR 108) in cash twice a month in the Hungarian shops. That means from July, it would be possible to supplement free ATM cash withdrawals of up to HUF 150,000 (EUR 407.35) twice a month with free cash-back withdrawals of up to HUF 40,000 (EUR 108) twice a month in shops.

Banks are preparing hard for the change, 24.hu wrote. It is good to know that the maximum amount is HUF 40,000 regardless of whether you take it out in one sum or two tranches. Currently, only the OTP Bank has a similar service in Hungary. Mastercard customers can withdraw HUF 20,000 (EUR 54) if they spend more than HUF 3,000 in a Penny shop. But other banks promised they would launch the new service when the new rule enters into effect.

The problem is whether traders will give cash to their customers or not. Small shops do not store too much cash for security reasons. Banks could not tell which retailers would introduce the new system and which not. 24.hu argues that in the small settlements, the service will be useful because of the lack of ATMs. After the COVID pandemic, banks removed hundreds of such devices countrywide. Furthermore, post offices are also close to the small settlements. There, people could withdraw cash with their bank cards.

Interestingly, most Hungarians do not need the maximum of two free cash withdrawals per month. The average takeout is only HUF 105,000 per month.