| What is the local currency? |
| The official currency of Hungary is the forint (HUF). One forint is divided into 100 filler. The later is practically out of use. |
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| What denominations does it come in? |
| Common paper bills are the 20,000, 10,000, 5,000, 1,000, 500 and 200 forint bills. The coins come in 100, 50, 20, 10, 5, 2 and 1. |
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| What is the best way to exchange currency? |
Go to a bank or an exchange point. The latter generally provides a better exchange rate.
If you want to avoid the hassle of exchanging money, you can also pay with your credit or banking card. |
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| What are commonly-used forms of payment for everyday purchases (such as groceries)? |
| Cash, Visa, MasterCard and American Express are accepted in most places. Also, POS bank transfers are possible with the most common debit cards. |
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| Will I be able to use my credit card around town? If not, list when I’ll need cash. |
| In general, you will be able to use most internationally recognized credit cards at larger stores. But when you shop in smaller grocery stores and souvenir shops, you might have to pay in cash. |
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| By what method are bills (such as rent and utilities) paid? |
| Postal checks or pre-authorized bank transfers are the most common ways of paying rent and utilities in Hungary. |
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| What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? |
To open a bank account, you must present your passport and another identification document (such as driver's license, tax card, etc.).
You can open a bank account either in foreign currency or in Hungarian forints. A bank account in foreign currency can be opened with at least 100EUR.
A bank account in Hungarian forints can be opened with at least 100,000HUF (about 400EUR). This account bears interest - plus you can change your forints into other currencies at any time.
A bank account in Hungarian forints can also be opened without a minimum amount, but this kind of account bears no interest and you cannot change your forints in other currencies at any time. There is also no bank card with this kind of account. |
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| Will foreign residents be able to find banking services in their native languages? |
| For English, there are several banks that offer banking services. |
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| Are there any restrictions on services for those who are new to your country? |
| No restrictions are known. On the other hand, applying for credit can be challenging for a non-Hungarian citizen. |
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| What are typical banking hours? |
| Regular branches are usually open from 9 a.m. to 5 p.m. - Monday through Thursday. On Friday, banks close earlier - usually at 3 or 4 p.m. With the exceptions of some shopping mall bank outlets, Hungarian banks are not opened Saturday. All banks are closed on Sundays and on state holidays. |
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| Are automatic teller machines (ATMs) available around the clock? |
| ATMs are really common in Hungary and are accessible anytime. However, beware of higher services charges for using ATMs that are not affiliated with your origin bank. |
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| Is there any other money information that might help me? |
Private checking accounts are virtually non-existent in Hungary.
Traveler's checks may be cashed in banks, but are not accepted in shops. They may also be exchanged at some downtown booths (for example in Deak Ferenc u.). |
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| Useful Links |
MNB (National Bank of Hungary)
www.nb.hu
CIB Bank (IntesaBCI Group)
www.cib.hu
Citigroup
www.citibank.com
Hungarian Foreign Trade Bank
www.mkb.hu |