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.