Confirmed: Major Hungarian bank announces significant fee increases
A major Hungarian bank, Raiffeisen is overhauling its account packages, introducing a new “Active Account” that comes with significantly higher fees to reflect upcoming transaction levy hikes. Existing customers can avoid these changes for now, but they may soon face similar increases as other banks in Hungary also prepare to raise their fees in 2025. With tighter conditions and higher costs, Raiffeisen’s move marks a notable shift in the Hungarian banking landscape.
According to Világgazdaság, Raiffeisen Bank is introducing a new account package with significantly higher fees. The bank is also the first in the Hungarian market to apply the levy increase by introducing a new bank account package with the new levy rate. Existing customers won’t be affected immediately, but changes are likely to come their way in the near future.
The new “Active Account” package
Starting today (21 November) at 6 PM, Raiffeisen will stop offering its current account packages and replace them with the new “Active Account”. This move allows the bank to incorporate the higher transaction levies that come into effect in January 2025. While current packages remain untouched for now, customers have until today to switch to these before they’re phased out.
The new “Active Account” comes with perks like free monthly fees under specific conditions: either receiving a net minimum wage transfer or making at least ten transactions totalling half the gross minimum wage. However, these conditions are promotional and will tighten after May 2025.
Substantial fee increases
The “Active Account” introduces fee hikes across the board:
- Transfer fees: Free for amounts up to HUF 50,000 (EUR 122) per transaction until May 2025; above this, customers will pay dual fees, up to 0.45%.
- SMS service: Monthly fees rise from HUF 171 to HUF 250 (EUR 0.42 to 0.61), with SMS charges increasing by 18%.
- Cash withdrawal: Minimum fees jump from HUF 880 to HUF 1,500 (EUR 2.14 to 3.65) at non-Raiffeisen ATMs or post offices, making smaller withdrawals more costly.
- Card services: PIN code replacement costs soar, and branch card collection fees skyrocket from HUF 3,887 to HUF 10,000 (EUR 9.45 to 24.31).
Broader impact among Hungarian banks
Although existing customers aren’t immediately affected, analysts suggest the fee increases will eventually apply to older accounts, likely by mid-January. Other major banks, including OTP, K&H, and CIB, have already announced similar adjustments starting in early 2025.
Raiffeisen’s innovative yet controversial approach could signal a shift in how Hungarian banks manage regulatory cost increases, leaving customers with few options but to absorb the rising fees.
Read also:
- BREAKING: OTP Bank shocks customers with fee increases
- Finance Minister Varga flags continued tax relief
Featured image: depositphotos.com
Could someone explain me why you need to pay a bank for withdrawing your money?
Why is there a limit let alone a fee?
In Belgium, banking services are free at Argenta, Keytrade , ING and several other banks.
No fee for withdrawing your money, not even at another bank.
Why is there a transfer fee? you do the transfer yourself online?
Banks in Hungary are scammers.
In Belgium, if you have a Keytrade bankaccount, they pay you 10eurocent/transfer on your account.
In Hungary you need to pay for a transfer? That’s so wrong
Increasing banking fees which are non-existent in most other European countries, along with the highest VAT rates and energy cost in th EU.
That’s “rezsicsökkentés” from our glorious government
I wholeheartedly agree! It never made any sense to me that I have to “pay” to access my own money. I feel it’s highway robbery. Not to mention that even after they, the bank administrators, admit that they made a mistake, the bank will not correct it, nor will they pay the difference that I got cheated by. But, if you don’t live in Hungary, there is no other way to take care of financial matters. I wish I could either find another solution!!