Revolut introduces major upgrade in Hungary, but services may become pricier: this affects everyone

The fintech company is rolling out a significant innovation in Hungary: customers will soon be able to receive their salaries directly into their Revolut accounts and initiate instant payments.

2.3 million customers to transfer to Hungarian branch

As reported by Telex, the Lithuania-founded fintech company is poised to open a branch in Hungary, granting Hungarian customers their own local Revolut accounts. These accounts will include Hungarian IBAN numbers, enabling salary deposits and instant payments. At present, Hungarian customers receive Lithuanian IBANs tied to the company’s headquarters, despite their accounts being denominated in forint.

Importantly, once the Hungarian branch launches and local accounts are issued, customers’ existing Lithuanian account numbers will persist—but solely for legacy incoming transfers, such as active direct debit mandates. Outgoing payments from Lithuanian IBAN accounts will no longer be possible.

The company states that customers will be migrated to Hungarian account numbers gradually, with the earliest transfers occurring in two months’ time.

Customers must take action too

In light of these changes, the company urges all customers to share their new Hungarian account details with paying partners immediately upon receipt, and to update personal data and documents to comply with Hungary’s regulatory framework.

Local service fees will also change, impacting bank transfers, international wires, and card transactions. On a positive note:

• Transfers between users remain free;
• Outgoing transfers to external accounts under 50,000 forint will stay free;
• For new customers joining via the Hungarian branch, it will cover transaction fees until the existing customer base completes migration;
• New transaction fees apply only post-migration.

Will Revolut grow more expensive in Hungary?

According to an article in Portfólió, Revolut’s services are likely to become costlier due to Hungary’s regulatory demands, including bank levy, windfall profits tax, and transaction duty.

The Hungarian branch promises tangible benefits: local customer support and complaints handling, Hungarian bank account numbers, and future support for instant payments, payment requests, and QR code payments. Indeed, accounts could serve as primary bank accounts, simplifying loan applications—a key objective for as many Hungarian customers as possible.

Deposit insurance, however, will not extend to Revolut investments; in case of issues, customers must still turn to Lithuanian regulators, which protect up to €100,000. Revolut operates in 30 EEA countries under an European Central Bank licence and Lithuanian National Bank oversight, Portfólió notes.

The fintech boasts over 2.3 million customers in Hungary alone. Beyond Hungary, it has opened branches in nine other countries: France, Ireland, Italy, the Netherlands, Romania, Spain, Germany, Portugal, and Belgium.

If you missed our previous articles concerning Revolut:

• Revolut no longer provides popular service due to strict regulation
• Revolut terminates another service in Hungary