Opening a Bank Account in Hungary

Find out how to go about opening a Hungary bank account: the documents needed and the process to expect...

Hungarian banks provide a comprehensive range of banking services, including account management, currency exchange, pension funds, insurance and mortgages.

In many cases, it is necessary to have a valid residence permit and address card in order to open a bank account. Some banks allow foreigners to open an account with just the presentation of a passport.

Usual costs of opening an account include:

  • Opening fee
  • Bank card fee
  • Account management services

For different currencies, it is necessary to open a separate account.

Current accounts

Withdrawals can be made from a current account at any time. Current accounts give a lower rate of interest that can vary from day to day. Hungarian banks charge a commission when cash is withdrawn from a bank account. The amount of the commission generally depends on the amount withdrawn.

Deposit accounts

Deposit accounts can be opened in Hungary and interest rates vary, depending on the amount deposited and the period of the deposit. Deposits which can be withdrawn without any penalty carry lower interest rates but it is advisable to check the rates and policies at different banks before opening an account or making a deposit.