What is the local currency?
The official currency of Hungary is the forint (HUF). One forint is divided into 100 filler. The latter is out
of use. Also, 1 and 2 Forint coins and 200 forint bills were withdrawn from circulation.
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What denominations does it come in?
Common paper bills are the 20,000, 10,000, 5,000, 1,000 and 500 forint bills. The coins come in 200, 100, 50, 20, 10 and 5.
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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)?
Commonly-used forms of payment are cash, debit cards and major credit cards. Cheques are usually not accepted for everyday purchases.
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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 direct debit from your bank account 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 minimum requirements (say 100 EUR).
A bank account in Hungarian forints can be opened with lower minimum requirements. This account bears interest and you can change your forints into other currencies at any time.
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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, without a few months of account history.
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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 any time. However, beware of higher service 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 Deák Ferenc u.)
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Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.