Hungarian banks – how they work and what accounts they offer

Hungary has a universal, EU-regulated banking sector where large domestic groups and international banks operate side by side. Everyday customers, expats, businesses and international investors all use the same core infrastructure, but often through very different products and channels. The official currency is the forint (HUF), yet euro services and SEPA transfers are also widely available for cross-border payments.

Hungary as a banking market

The Hungarian banking system is dominated by a handful of large universal banks, led by OTP Bank as the biggest domestic lender, followed by MBH Bank, K&H Bank, UniCredit Bank Hungary, Erste Bank and Raiffeisen Bank. Together these institutions hold the majority of retail and corporate assets and provide a full range of services from basic current accounts to complex financing and investment products.

Hungary is an EU member state with its own currency. The sector is supervised by the Hungarian National Bank (MNB), which also oversees payment systems and consumer protection rules. Deposits at Hungarian banks are covered by the national deposit guarantee scheme up to the standard EU limit per person and per institution, currently the equivalent of EUR 100,000, harmonised across the European Union.

Key points about Hungary as a banking market

The system is dominated by a few large universal banks with strong nationwide branch and ATM networks.
Supervision and deposit protection follow EU rules, including the harmonised deposit guarantee limit.
The official currency is HUF, but euro-denominated services and SEPA transfers are widely available.

Types of banks and who they serve

In practice you will find three main groups of providers in Hungary. First, the large universal banks serving retail, SME, corporate and institutional clients under one roof. Second, smaller and often more specialised banks, including online-first players, that focus on certain customer segments or product niches. Third, foreign bank branches and representative offices that mainly target international corporate or wealth-management clients.

For everyday banking, individuals typically choose from the large universal or retail-oriented banks, where they get a full package of accounts, cards, online banking and lending products. Companies and freelancers can either use the business divisions of these big banks or work with smaller institutions that specialise in SMEs, trade finance or specific industries.

How to think about provider types

For daily personal banking, a universal retail bank is usually the simplest starting point.
For more complex business needs, it is worth comparing specialised SME or corporate offerings as well.
If you manage larger wealth or international assets, private banking and wealth-management divisions can be relevant.

How everyday banking works

Opening a current account in Hungary usually requires an ID document (passport or ID card), proof of address and, in many cases, proof of income or employment. EU/EEA citizens often have a relatively straightforward onboarding experience, while non-EU residents may be asked for additional documentation. Some banks allow starting the process online, but a face-to-face or video identification step is typically required.

Once the account is open, most day-to-day banking is done digitally: internet banking and mobile apps are standard, and paper-based orders play only a minor role. Branches tend to handle more complex issues – such as loans, contract amendments or larger cash-related operations – while regular transfers, standing orders and card settings are managed online.

Practical checklist for opening an account

Prepare ID, address document and, if possible, proof of employment before visiting a branch.
Check in advance whether the bank supports English-language contracts, interfaces and customer service.
Ask which services you can activate immediately (online banking, mobile app, cards) and what requires extra steps.

Main account types for individuals

The core product for private customers is the HUF current account, used for salary payments, household bills and everyday spending. This is usually offered in the form of account packages that bundle a current account, one or more debit cards, a set of electronic transfers and various digital services into a single monthly fee. Many banks also offer basic payment accounts that cover essential functions with simpler pricing.

On top of this, banks provide savings accounts and term deposits in HUF, increasingly with flexible access and online management. Euro and other foreign-currency accounts are also common in Hungary, especially for people who work abroad, receive foreign income or save in multiple currencies. Retail investment products – such as mutual funds, retirement savings or government bonds – are typically accessible through the same bank, often via the internet banking platform.

Useful points when choosing an individual account

Look at the whole package (cards, transfers, digital services), not just the monthly account fee.
Consider whether you also need euro or other foreign-currency accounts alongside your HUF account.
If you plan to save regularly, check how easily you can link savings or investment products to your main current account.

Business and freelancer accounts

Businesses – from sole traders to larger companies – usually have to open dedicated business accounts rather than using personal ones. These accounts are designed for handling invoicing, payroll, tax payments and supplier transfers, often with additional user roles so that accountants or colleagues can access them in a controlled way. Many banks offer specific packages for microbusinesses, SMEs and larger corporates with different service levels.

Typical add-ons include merchant services for card payments, online payment gateways for e-commerce, POS terminals, and various financing products (credit lines, working capital loans, leasing, factoring). Business customers may also benefit from tailored FX services if they deal with foreign currencies regularly, especially in export- or import-heavy sectors.

What to check for a business account

Verify that the tariff structure matches your transaction profile (number of transfers, cash handling, card payments).
Ask about accountant or multi-user access and how permissions can be managed.
If you sell online or internationally, check the availability of merchant, POS and FX solutions early on.

Payments, transfers and cards

Domestic HUF payments are processed primarily through the GIRO system and, since 2020, through the Hungarian instant payment system. For qualifying transfers up to a fixed HUF limit, funds must reach the recipient within a maximum of five seconds, operating 24/7, every day of the year. This instant infrastructure is mandatory for Hungarian banks and is fully integrated into online and mobile banking channels.

For cross-border euro transfers, Hungary participates in SEPA schemes, meaning that euro credit transfers and direct debits can be processed under standardised rules across the SEPA area. This significantly simplifies euro payments inside Europe, even though the domestic currency remains the forint. Card usage is very widespread, with contactless debit cards as the norm and credit cards available for customers who pass credit checks. Mobile wallets such as Apple Pay and Google Pay are also offered by many banks.

Things to know about payments and cards

Instant HUF transfers under the system’s limit arrive within seconds, 24/7, if both banks participate correctly.
SEPA makes euro transfers inside Europe more predictable and standardised, even from a non-euro country.
Check which mobile wallets and card schemes (Visa, Mastercard) your bank supports before committing.

Digital banking and security

Hungarian banks have invested heavily in digital channels in recent years. Modern mobile banking apps typically allow you to check balances, manage cards, initiate instant transfers, set up standing orders and view statements. Online account opening, electronic document signing and remote identification are becoming more common, at least for residents and existing customers.

Security is governed by EU and Hungarian regulations on strong customer authentication and data protection. Two-factor authentication, transaction signing via apps or SMS codes, and detailed notifications for account activity are standard. Open banking interfaces under PSD2 also exist, enabling licensed third-party providers to aggregate account information and initiate payments with your permission.

Security habits worth adopting

Use strong, unique passwords and biometric login where possible for online and mobile banking.
Enable real-time notifications for card transactions and transfers so you see unusual activity quickly.
Never share login codes or confirmation messages; banks in Hungary, as elsewhere in the EU, will not ask for them by email or phone.

Fee levels in an international comparison

Precise pricing always depends on the institution and the chosen package, so it is essential to consult each bank’s current tariff list. In broad terms, however, everyday retail banking fees in Hungary tend to sit somewhere around the Central European average: not among the very cheapest in Europe, but often more moderate than in some Western European markets with higher structural costs.

Account packages are designed to bundle the services most people use – cards, domestic transfers, online banking – into a more predictable monthly cost. Additional services (such as special cash operations, premium cards, or international transfers outside SEPA) can carry extra charges. For individuals and small businesses alike, the optimal choice usually comes from matching the fee structure to their actual usage pattern rather than chasing the lowest published headline price.

How to approach fees sensibly

Always check the latest tariff list and look beyond the monthly account fee to the services you use most.
Compare two or three realistic account packages using your own transaction habits (salary credits, transfers, card payments).
Revisit your choice from time to time; banks regularly update packages, and a different one may fit you better later.

Who may benefit from a Hungarian bank account?

A Hungarian bank account is practically essential if you live or work in the country, as salaries, utility bills and most everyday payments are settled in HUF. It is also useful for cross-border commuters working in or around Hungary, for students spending a semester in the country, and for retirees who have regular local expenses.

International businesses operating in Hungary often combine local HUF accounts with euro accounts to manage both domestic and cross-border cash flows efficiently. For individuals with regional ties – for example, owning property or running a small company in Hungary while living elsewhere in the EU – a Hungarian bank can act as a convenient hub for local bills, tax payments and everyday expenses.

Next steps if you are considering a Hungarian bank

Shortlist two or three major banks, then compare their account packages in terms of services, languages and digital tools.
Clarify your main use cases (salary, bills, savings, business payments) before you choose a product.
If you are an expat or non-resident, contact the bank in advance to confirm documentation and eligibility requirements.