Big leap by Revolut: Hungarians can land their paycheck on their account by the end of the year
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Revolut plans to enable Hungarian customers to receive their salaries, scholarships, or pensions directly into Hungarian accounts by the end of the year.
We may be able to choose Revolut as our main bank
Currently, Hungarian users hold accounts issued under a Lithuanian banking licence, but following the transition to a branch, Revolut will be able to offer accounts with Hungarian IBAN codes. This change could increase the number of customers using Revolut as their primary banking relationship in Hungary.
The company’s goal is for customers to bank with them on a daily basis, even if the initial payment arrives in a Hungarian account, then the money is transferred to a Revolut account to carry out transactions, writes Telex.
First it needs stricter regulations
However, becoming a branch entails stricter Hungarian regulatory requirements for Revolut, such as transaction taxes, ATM deployment obligations, and the need for Hungarian-language customer service and complaint handling.
As a result, the company is expanding its Hungarian team, planning to hire over 40 employees in its Budapest office, while also searching for a new country manager.