Good news for customers: Revolut elevates its presence in Hungary
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Revolut has decided to establish a branch in Hungary, bringing several benefits to its customers in the country. However, the company’s Hungarian manager has clarified that they do not intend to apply for a banking licence to operate as a subsidiary. The Hungarian National Bank has been encouraging Revolut to join the National Deposit Insurance Fund to simplify administration and provide greater security through deposit guarantees.
Revolut expands with a new branch in Hungary
In an interview with Portfolio.hu, Tamás Léder, Revolut’s country manager for Hungary, discussed the Lithuanian company’s future plans. Mr Léder revealed that they intend to launch a Hungarian branch, which will include local customer service and Hungarian bank account numbers, both of which are expected to boost Revolut’s popularity in Hungary.
The Lithuanian-based global neobank has operated in Hungary for several years. According to Mr Léder, the company already has 1.5 million users in the country, with ambitions to increase that number to 2 million by 2025. Currently, Revolut’s user penetration rate in Hungary stands at 15%, with only Romania and Ireland (at 56%) having a higher proportion of users within the European Union.
The Hungarian National Bank previously sought to persuade Revolut to establish a subsidiary in Hungary, but the company declined. Mr Léder noted that Revolut operates branches in countries such as France, Ireland, the Netherlands, and Spain, while they are currently in a pilot phase in Germany. He emphasised that the decision not to establish a Hungarian subsidiary was a strategic business choice made by Revolut’s management.
Revolut could become the primary bank for many
Mr Léder assured customers that their deposits are protected under Lithuania’s deposit insurance scheme and noted that the European Central Bank has been overseeing Revolut’s operations since 2024.
Hi, I am a Hungarian living abroad. Have problem with online authentication with former Budapest Bank – now MBH, not providing electronic banking with email identification, or sending text to a US cell for identification. Can’t log-in from the US. Would Revolut accommodate a Hungarian when traveling abroad?
I use Revolut as my principal banking services provider and can’t complain.
@Hanna F: You can use Revolut seamlessly in dozens of countries. I suggest you state your address of permanent residence when opening an account and then use the card elsewhere as needed. They offer several choices of location and currency when wiring money in (e.g. a US$ account in the U.S., an EUR account in Lithuania, a CHF account in Switzerland, etc.).