Hungary Forum

peddington
Joined 2013
Posts: 382

10 years ago

Bank fees in Hungary!

10 years ago

If you move from the US to Hungary and open a bank account you will experience "bank fee shock" LOL! While in the US may have bounced check, minimum balance, etc. In Hungary you will have to pay a fee when you take your own money out. If you transfer betwwen accounts at the same bank there is afee, if you use your banks ATM there is a fee, when you convert there is a fee etc. Incidentally you don't get interest on your money on top of that unles you tie the money down not unlike CD or MM. But this is tricky too. Someone I know tied down 500 euros at 7% for 6 months. When he took the money out he got back 496 Euros. Go figure! Incidentally the Government in their infinite wistom passed a "transactional tax" on tha banks. What this means is that when you pay a bill you get taxed. What they didn't count on (or maybe they knew) the banks just passed on this cost to the consumer. You and me! So many Hungarians return to the "money in the mattress" saving method and 100's of millians have been taken out of banks in the last two months. I'm thinking this will have an un planned consequence on the economy this "geniuses" in parlament have not thought of! I got a US credit card with no foreign transaction fee. I use it for gasoline and food purchases etc. Then I pay my bill from my US bank account. Yes I still have a local account but that is just for emergencies.

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