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Hungary: bank account opening guide

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The advantage of opening a bank account in Hungarian financial institutions lies in the great loyalty towards foreign, and the minimum package of documents that must be collected.

Conditions for opening a bank account

The main condition for opening an account in most Hungarian banks is the presence of the client in the country. However, there are exceptions. Some large banks provide the opportunity to open an account online if the applicant is currently abroad. In this case, more documents may be required than for opening an account with personal registration.

List of documents

Many Hungarian banks provide an opportunity to open an account for non-residents. It is better to prepare a basic package in advance to avoid delays in processing. Full list of documents for opening an account:

  • Identity card (civil and foreign passport).
  • A valid residence permit or a valid work visa.
  • Utility bills and, for tenants, proof of lease.
  • Certificate of employment with proof of income if the applicant is employed in Hungary.
  • Utility bill to verify your name and address.
  • For those who open an account for a legal entity, you will need:
  • Copies of the articles of association certified by a notary with translation into Hungarian.
  • A copy of the commercial registration certificate.
  • Information about the shareholder or beneficiary (statement or business summary).
  • Bank statements for commercial activities.
  • Documents about the goods and services of the enterprise.
  • Contracts with counterparties.

You should make copies of all originals when submitting. After you have collected the necessary documents, it is enough to come to any branch of the selected bank and contact the account manager.

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Cost and terms of opening a bank account in Hungry

Account registration is usually free. However, banks charge a fee for servicing it, and the amount varies depending on which financial institution the account is opened with. Banks will offer the client several unique service packages for accessing funds.

On average, opening an account takes 15 to 20 business days from the moment all the necessary documents are submitted to the bank’s office. In this case, the client can simultaneously open both personal and corporate accounts.

For the most part, Hungarian banks charge about 10 euros per month for service. It is also worth considering that the bank will take a commission for transferring funds abroad. It all depends on where the money is going.

If the transfer and receipt take place in euros, and the recipient lives in one of the EU countries, such a transfer is subject to the SEPA system – the Single European Payment Area. Consequently, the commission for such a service will be extremely low.

If you are sending money outside the EU or making a transfer in several currencies, it is worth considering the different international fees charged by the sending banks, recipients, and intermediaries.

Conclusion: checklist of criteria for choosing a bank in Hungary

Now, about 70 credit and financial organizations operate in Hungary, including branches of large international banks. 

The most authoritative banks are:

  • OTP;
  • K & H;
  • Erste;
  • Budapest;
  • CIB;
  • MKB;
  • Raiffeisen;
  • FHB;
  • Pannon Takarék;
  • Sberbank;
  • KDB Bank Europe.

Before choosing a bank, you should consider several questions:

  • How long will you be abroad?
  • Which bank branches are closest to the place of residence and work?
  • What is the cost of bank services?
  • Does the bank have an official website with access to a personal account?

In general, opening a bank account in Hungary is a simple and short-lived procedure that takes place without much hassle. The main thing is to provide the necessary documents and choose the right bank. 

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