Although Hungary has not yet adopted the euro for domestic transactions and continues to use the forint, the country is part of the European Union. This makes it quite attractive for those who want to do business in Europe or live here. To open a bank account in Hungary, you need to know some simple rules for preparing documents and the specifics of the country's financial system.
Reasons to Open an Account in the Country
One of the main advantages of the Hungarian banking system is that accounts can be opened in different currencies. For example, in euros, dollars, and others.
There is no currency control in the country, and banking secrecy is strictly observed. Neither the police nor government authorities can obtain information about who owns an account or the amount held in it.
There has never been a case in Hungary where an account belonging to a foreigner was confiscated. Deposit security is guaranteed by the state.
Many foreigners want to open an account in Hungary for the following reasons:
- The national debt is steadily decreasing, the budget deficit is under control, and the balance of payments is in surplus.
- Until 2020, the country's GDP growth rate was 4.9% per year.
- The tax system is one of the most favorable in Europe.
- There are no capital movement restrictions within the European Union.
- There is widespread work with foreigners and non-residents, as well as different jurisdictions.
Banks in Hungary
There are more than 70 financial institutions in the country, some of which are branches of foreign banks.
The most sought-after organizations in the country are:
- OTP Bank Group. This bank is part of an international financial institution and holds about 25% of the country's financial market.
- K&H BANK (full name Kereskedelmi és Hitelbank). This bank is owned by the Belgian KBC Bank. It is chosen by both retail and corporate clients.
- Erste Bank (fully named Erste Bank der oesterreichischen Sparkassen AG). One of the oldest banks in Europe. Clients are attracted by its developed network of branches, ATMs, and terminals.
Other popular banks include: Budapest Bank, CIB Bank, and MKB Bank.
The cost of opening an account in Hungary ranges from 450 to 1,690 euros. If you decide that a payment system is a more convenient solution, an account will cost around 650 euros.
Conditions for Opening an Account in a Hungarian Bank
To open an account, bank employees most often want to meet the client in person. However, you may request an exception and opt for online communication. In that case, the list of required documents may expand.
Document Package for Individuals
The main document needed to open an account is a passport. You will need both your internal document and the one used for traveling abroad. In addition, you will need to provide:
- a work visa or valid residence permit in Hungary;
- proof of residence: a utility bill paid by you at the address where you live, or if renting, a lease agreement;
- a certificate showing your salary amount if you are officially employed in the country.
Document Package for Legal Entities
Here, one of the most important documents is the certificate of commercial registration. A copy is sufficient. The following will also be needed:
- a copy of the company’s articles of association, translated into Hungarian and notarized;
- information about shareholders and beneficiaries (this may be a CV or a statement from a bank account);
- data on the movement of your business’s financial assets;
- a description of the company's goods or services;
- contracts with partners and counterparties.
Our Services
Our specialists support your business at every stage of the account opening process.
First, during the free consultation, we discuss the reasons why entrepreneurs want to open an account in Hungary. We also clarify the details of your business. Only after this do we select concrete solutions:
- which bank is most suitable for opening an account;
- whether it makes sense to prefer an EMI;
- which financial institution offers the best service terms.
Once it is clear where the business account will be opened, we launch the process itself. We will tell you what documents are required and help you collect the full package. Filling out application forms and passing verification will be much easier with our help. This is especially important considering that Hungarian is quite a complex language, and communicating with managers can sometimes be a challenge.
This way, you are guaranteed to open an account in Hungary in the shortest possible time. And if in the future you need advice on making payments, you can use our Financial Transaction Support service.
To receive a free initial consultation, write to us by email or submit a request using the form below.
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