Where should I setup a bank account in Hungary?

"I switched to the K&H bank here in Hungary, however after 2 years I quickly returned to my old bank in the UK. The charges became unbearable, you pay for literally everything here. The bank gives you nothing at all. Even an introductory letter costs," remarked another expat in Tarnazsadany, Hungary.

"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," said a member in Budapest, Hungary.

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William Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
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