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Liberty Bridge in Budapest

Where should I setup a bank account in Budapest?

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We asked expats in Budapest what banks they use and there advice about banking. They advised...

"Before retiring in Budapest, expats should familiarize themselves with the local language, Hungarian, as it is the official language of the country. Expats should also research the cost of living in Budapest, as it is generally lower than in other European cities. Additionally, expats should research the healthcare system in Hungary, as it is a public system and may require additional private insurance. Finally, expats should research the visa requirements for retirement in Hungary, as there are specific requirements for those wishing to retire in the country," said another expat in Budapest, Hungary.

"Banking in Hungary is quite different from other places in the world. But, if you check carefully, you can mitigate some of those charges which makes it a bit more tolerable. I use OTP Bank, which is one of the largest banks in Hungary. And, as a previous reply indicated, they (along with all other banks here) charge you for almost everything. The bank recommends using a debit card for all purchases because withdrawing cash costs you money. If you have a resident permit with address card you are entitled to withdraw 150,000 forint (about $400 USD) in cash a month from the ATM machines for free, but anything over that will cost you. And withdrawing from the branch will cost you even more. If you have a regular deposit, like a paycheck or retirement payment coming in, you can get premium service which offers some savings. But overall, my average cost of banking in Hungary is less than $10 a month, which is really not all that bad. One important thing to remember, whenever you go into a bank here in Hungary, if you are a foreigner, alwasy bring your passport, no matter what you are doing. I have on several occasions not had it with me and was denied service for certain things," wrote a member who made the move to Hungary.

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Traveling Mailbox serves thousands of travelers, expats, digital nomads, businesses, individuals and others in over 47 Countries by scanning their postal mail so they can view it online anywhere in the world. They provide customer service 7 days a week so if you need assistance, it is just a phone call away. Traveling Mailbox works with Evernote, Bill.com and Dropbox. And, there are Traveling Mailbox apps available for iOS and Android devices.
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Other Questions:

Where should I setup a bank account in Budapest?

If you live in Budapest, newcomers to Budapest would love to hear your answer to this question.


Liberty Bridge in Budapest

Traveling Mailbox
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Traveling Mailbox lets you view your postal mail online anywhere and it's is affordable, simple, and flexible.
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Traveling MailboxTraveling Mailbox

Traveling Mailbox lets you view your postal mail online anywhere and it's is affordable, simple, and flexible.
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William Russell
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