Opening a Bank Account in Budapest

Are you planning on moving to Budapest for a couple of months, and you’re considering opening an account so you can peacefully enjoy your stay in the country without any troubles or worries about your finances? We have a short guide on creating a bank account in Hungary, so your transition to the country will be as smooth as possible.

There are 250 thousand registered ex-pats in Hungary. At least half of them have created their bank account to make a living in the country easier, which means a foreigner can open their bank account in the capital city. Some banks have even special accounts that do not require a work visa or permit because, without these, opening a statement might be tricky.

To open a new bank account in Hungary, you will need a valid residence permit or a work visa, a passport, and an address card or proof of address of your mid-term rental/apartment or apartment lease contract. Some banks may also require proof of income or utility bill, but most banks will need only your passport with a work visa; nevertheless, the more information you can provide about yourself, the better.

There are many banks to choose from, with the significant banks being OTP Bank, CIB Bank, Erste, and K&H Bank. All of the mentioned banks offer essential services such as savings accounts, online banking, or credit cards. When opening a bank account, you should count on a specific –not too high- fee alongside the fees attached to the new credit card.

The opening account fee is around 5 000 HUF (forints), and the account maintenance fee is about 2 000 HUF. OTP Bank is the largest bank in Hungary, with over 1 000 branches over central and Eastern Europe. With a network of thousands of ATMs and a smartphone app also 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 start 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 510 HUF. Credit card with related services as travel and overdraft protection is included.

K&H Bank, with a network of over 200 branches and hundreds of ATMs all over the country, is a good choice with a full range of financial products and account types. Monthly account fees start at about 470 HUF, and accounts come with a free contactless credit card that you can use for free both locally and abroad.

Also, they have a free call back phone service in English if you have any questions about opening an account with them, which is always an advantage for a foreigner.

In the end, it is quite an easy process to open a bank account of your own in Hungary when you provide the necessary minimum of banking requirements. As mentioned, there will be some low fees, but it is nothing to worry about, especially if you ask for a fees list when opening an account.

We also 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.