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ÖcsiJoe
  8/9/2014 14:14 EST

In 2016 i will be returning to my home town Ajka, Hungary. I wish to thank those who replied to my previous questions. Especially want to thank Hotjazzman for the advice on transferring US $ into HU bank.
I plan on purchasing a house or Condo; could someone recommend a reputable Bank where I could transfer a large sum of US $?
I believe before one makes a life altering move, exhaustive research should be done about others' experiences to prevent making wrong decisions.
I logged onto a website of a car dealership in Budapest, but I found that the prices significantly higher than the same vehicle in the US. How did others handle taking a vehicle into Hungary?
Thank you in advance. ---Joe---

Hotjazzman
  8/9/2014 18:56 EST

Reputable banks?

I use both OTP Bank and Erste Bank. Don't ask why, it's complicated.

I have transferred fairly large sums - nothing less than $10K and as much as $50K in one transfer. It was from a U$ to a HUF account. The bank did the conversion to HUF in HU. No problems, it showed up within 24hrs in Forints. The rate they used was one or two forints less from the official (fluctuating) exchange rate.

Don't even think about exchanging U$ to Forints in your US bank. BofA charges 5%. I asked out of curiosity; I already have been informed by my HU bank, that they automatically convert it to the account's denomination. That on my 50K would have come to $2500. (I almost fell off the chair when he told me) plus the $45 - of course.

You can keep a U$ account, a Euro account as well, should you desire to do so in any of the HU banks.

Car caveat: If you bring a car over, you must have had ownership of at least 6 mos, just to bring it into the EU; otherwise they'll nail you right at the port of arrival for duties and/or taxes. Don't bring a largish car - even a (US) standard sedan is way too big, you'll regret it - unless you want to parade it as a status symbol.

No German cars, they are the most stolen in HU and the ones sold in America are junk - especially VW. For example, the US Passat is not the same as the EU Passat, and the US PASSAT has endless problems (that's why they are so cheap in the US, compared to the EU version).
Bring the smallest car you can possibly live with and tolerate, and hatchbacks are the most practical, besides h/b versions are a few inches shorter than the sedan version, making it easier to park and pack. In BUD parking is a massive headache; too few spaces, narrow streets.

SUVs? There are idiots who drive them even in BUD - for the purpose of flaunting of status, nothing else. They make no sense in Europe's cities neither for exterior size, nor for fuel consumption.

An aside: A Canadian military guy I know very well, (serving 3yrs at NATO HQ in Belgium) bought a new Volvo SUV (factory deliv) about 11 mos before their return to Canada - to be shipped to and used in Canada.
Those 11 months in Europe with the Volvo were simply harrowing - per his account - as far as city driving went, during their tourist travels; virtually every weekend plus holiday(s).

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Hotjazzman
  8/11/2014 08:16 EST

I forgot to add, that currently gasoline is approx $7/gallon in HU.
Choose your car accordingly.

Taxes, fees are based on engine displacement; they increase steeply. I made sure for my cars to be under 2000cc (2L).
I don't think you can circumvent it with a small displacement turbo (or supercharger). Nowadays they screw around with the horsepower number also somehow, to affect (increase) the fee/tax, but I'm not familiar w/ the details.

blueber
  8/12/2014 21:51 EST

Hotjazzman,

What does OTP stand for? Can OTP and Erste banks be found in Budapest? What are the requirements to open a bank account in these banks?

Your advise will be greatly appreciated.

Hotjazzman
  8/14/2014 09:47 EST

OTP Bank is the successor of the old (Communist) regime's public savings bank. It's a legit bank in fact it's still the largest (but not the best) , with branches and ATMs everywhere. Do a Google on "OTP bank" and one of the links will show the branches in HU/BUD.

Erste is an Austrian bank, they also have many-many branches in HU; you can do the same Google search as on OTP Bank to see the branches/ATMs.
I personally prefer Erste, but for a few certain services - like phone fill-up for Vodafone - OTP is more convenient.

Their services, packages differ significantly from each other, so you have to research and decide which is best for your circumstances.

In HU, you can have bank accounts in various foreign denominations (unlike in the US), like in USD, Euro, Swiss Franc. All monies sent, deposited, wired in whatever kind of currency, will be converted to, and deposited in the account's denomination.

Hotjazzman
  8/14/2014 10:03 EST

I forgot the requirements.
To open an account, it MUST be in PERSON. No way around it.
You'll need a Passport and must be able to provide a Hungarian mailing address. It doesn't have to be an address you LIVE at, rent or own, but one for correspondence.

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