When you decide to move into Budapest, you surely want to spend and sometimes even earn money while in the country, but you need some guidance through the Hungarian banking system. For example, create a bank account in Hungary, or which banks are the most suitable for foreigners like you. In the article below, we try to answer some of your questions.
Banks and Bank accounts in Hungary
The OTP Bank, CIB Bank, Erste Bank, and K&H Bank are the central banks in Hungary, so there are several options you can choose from when it comes to creating an account, for example. All of the mentioned banks offer essential services such as savings accounts, online banking, or credit cards. It usually costs around EUR 14,29 to open an account, and the maintenance fee is about EUR 5,70.
OTP Bank is the largest bank in Hungary with over 1 000 branches all over central and Eastern Europe, with a network of thousands of ATMs and a smartphone app available in English. This type of bank could be a good option for you as an ex-pat. Plus, the bank card is free for the first year.
CIB Bank is the second-largest retail bank in Hungary and features a comprehensive network of 140 branches and over 200 ATMs. Their basic bank account has a low account management fee of about EUR 1,46. Credit card with related services as travel and overdraft protection is included of course.
Erste Bank is an established global banking force with 2 700 branches worldwide and possessing a strong network of ATMs around Europe. In Hungary, it has over 130 branches and over 450 ATMs. Their accounts come with a debit card, and they have special accounts for students and youths and professionals and businesses; however, not in English.
K&H Bank, with a network of over 200 branches and hundreds of ATMs all over the country, is another good choice with a full range of financial products and account types. Monthly account fees start at about EUR 1,34, and accounts come with a free contactless credit card that you can use locally and abroad.
Find the perfect accommodation in Budapest
Documents needed to open a Bank account in Hungary.
If you want to open your bank account in Hungary, you will need a few necessary documents. At first, need a valid residence permit or work visa, and then the bank also needs your address card or proof of address, such as a mid-term rental or apartment lease contract.
If you are renting through Flatio, you can have peace of mind that they provide lease agreements for all their rentals, from 14 days to 6 + months.
And last but not least, your valid passport. Some banks might also require a utility bill and proof of income, such as salary slips, but some will need only the documents mentioned above.
The good news is that most of the banks will only require your passport and a work visa which is excellent for ex-pats. However, the more information you can provide about yourself, the better. So the process to open a bank account in Hungary is not so tricky after all, as long as you provide the necessary minimum of banking requirements.
We’d also like to recommend that you choose your bank based on the proximity of ATMs to your mid-term rental location, so you have easier access to your bank account.
