Surprising: Hungarian banks introduce record low daily transfer limit in 2024

The Hungarian OTP Bank will introduce a record-low money transfer limit in 2024 because of internet fraudsters. Since that is a recommendation by the Hungarian National Bank, all Hungarian banks will do so from September.

According to Telex, the Hungarian OTP Bank informed its customers on Wednesday that they would introduce a HUF 1 million daily limit (EUR 2,579) on each money transfer initiated on the internet.

All Hungarian banks must introduce that extra safety check from September

The bank will not prevent anybody from transferring more than HUF 1 million every day, but such transfers would need an extra safety step. However, there is a bypass. You will have to raise your daily money transfer limit to initiate a transfer of more than HUF 1 million.

The bank believes that is how they can protect their customers from becoming internet or phone fraud victims. The number of such crimes is constantly increasing in Hungary. Perpetrators tend to target older people who are uncertain about how to use modern devices and the internet properly.

The extra safety step is among the recommendations of the Hungarian National Bank (MNB), and all other banks will have to set it from September in their internet bank, mobile bank and credit card.

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