Positive change coming to Hungarian shops concerning cash

According to a draft of the Ministry of Economic Development (GFM), it will be possible to withdraw a maximum of HUF 40,000 in cash twice a month in Hungarian shops.

According to a draft of the Ministry of Economic Development (GFM) submitted for public consultation, it will be possible to withdraw a maximum of HUF 40,000 (EUR 107.51) in cash twice a month in shops, Portfolio has found.

The new cash withdrawal would be possible with the so-called cash-back system. Cash-back is a cash withdrawal linked to a purchase. It should be understood as a payment by credit card, where you do not simply pay, but tell the cashier that you also want to withdraw cash.

The trader will then block your payment account behind your credit card for an amount equal to the amount of cash you would have withdrawn, and the cashier will pay you the difference. In other words, we would not have to go to an ATM if we needed cash, but could withdraw cash at the same time as we make a purchase in the shop. We would be able to do this up to a maximum of HUF 40,000 twice a month, free of charge – up to this amount, the payment service provider would not be able to charge any fees or costs.

According to the draft, from July 2023, it would be possible to supplement free ATM cash withdrawals of up to HUF 150,000 (EUR 403.18) twice a month with free cash-back withdrawals of up to HUF 40,000 twice a month in shops.