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Where should I setup a bank account in Hungary?

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

"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," explained one expat living in Budapest, Hungary.

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"Expats considering retiring in Hungary should be aware of the cost of living, which is generally lower than in other European countries. It is important to research the healthcare system and the availability of medical services in the area they plan to live in. Expats should also familiarize themselves with the local language, as English is not widely spoken in Hungary. Additionally, it is important to understand the tax system and the regulations for obtaining a residence permit. Finally, expats should research the cultural norms and customs of Hungary to ensure a smooth transition into their new home," said another expat in Hungary.

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Where should I setup a bank account in Hungary?

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About the Author

Betsy Burlingame Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

Liberty Bridge in Budapest

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