Hungary launches banking fee comparison system
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The National Bank of Hungary announced on August 13 the launch of a new system. It will allow people to compare fees for all retail banking packages in the country. The decision was made after lengthy negotiations with the Hungarian Banking Association.
Central bank governor Mihály Varga stated that the agreement will make banking costs simpler, more transparent, and cheaper. Every quarter the bank will publish a comparison table of annual fees for seven different types of customers, including regular account holders.
Banking fees in Hungary have been rising significantly without proper justification. And that’s where the government was forced to intervene. Economy Minister Márton wrote on Facebook that if the situation doesn’t improve, the state will take stricter measures.
The central bank calculated that an ordinary customer who withdraws half their income in cash and spends the rest electronically could save up to 50% on banking services by switching to the cheapest bank.
Young people and active users of digital services will benefit most from the new system. Many of them are already used to comparing prices on everything from insurance to online entertainment.
Previously, Hungarian players often chose British online casinos due to their reputation and reliability, but recently, due to changes in British regulation and banking restrictions, more and more are switching to new non-UK casinos with licenses from Malta, Curacao and other jurisdictions. For such users, banking fee transparency is especially important, as online transactions make up a portion of their expenses.
Banks are also not opposed to this idea. At least officially, they support the initiative, understanding that competition can stimulate innovation in financial services.
Every quarter, the NBH will publish data on fees for different customer profiles from pensioners who rarely use cards to active entrepreneurs with large cash flows.
The system will track seven specific customer types, including students, young professionals, families, and small business owners. Each profile considers different usage patterns. From basic account holders who mainly use ATMs to tech-savvy customers who rely heavily on mobile banking and international transfers.
Hungary is trying to keep up with its neighbors on consumer protection in financial services. Similar comparison tools already exist in Germany and France, where they’ve successfully reduced average banking costs by 30-40%.
The Hungarian Banking Association has already tried to introduce annual inflation-tracking increases in retail account charges while the new system takes effect.
Experts predict that the first results will become noticeable by autumn. Banks may start reducing fees in advance to avoid looking unfavorable. Some major Hungarian banks have already begun reviewing their fee structures in preparation.
The comparison will include monthly maintenance fees, transaction costs, ATM withdrawal charges, and international transfer fees. This gives customers a complete view of their banking expenses.
For example, a family paying 15,000 forints annually in banking fees could cut this to 7,500 forints by switching banks. The savings become more important as Hungarian families face inflation and higher living costs.
Varga hinted that this is just the beginning of reforms in the financial sector. The NBH plans to implement several more initiatives to increase competition among banks and improve conditions for consumers. The next phase may include standardized fee structures for business accounts and enhanced mobile banking requirements.
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