Community Matters: Best Expat-Friendly Banks In Budapest

  • 31 Mar 2020 8:59 AM
Community Matters: Best Expat-Friendly Banks In Budapest
Recently a member of the local expat community asked about good banks in Budapest to open an account and getting a debit card at reasonable fees. Here below are a few of the experiences shared by Xpats in the loop via XpatLoop's group on Facebook.

Tímár Máté: 

 I'm at Magnet but Gránit is also cheap. Few branches but good online support.

Kristóf Jánosi:

Raiffeisen. Used to work there. It's a big bank with OK fees. Gratis € account if you have HUF. Been there since 2001.

Craig Dorward:

I opened an account with Raiffeisen a few weeks ago. I went to the office near the parliament. They were very good. Bring with you your residence card and passport. If you had 10,000 HUF to put in on the day you open then that doesn't hurt either.

Ladislas Maurice:

Non Hungarian banks are more annoying when it comes to compliance. So if you plan on doing transactions that are not typical, go for Hungarian.

Dan First:

Better use "Transferwise".

Artur Domański:

Or Revolut, avoid Hungarian banking at any cost if possible, it stopped in the middle 90s of last era.

Ákos Radványi:

Revolut is nice but not a real bank. It’s good to extend an existing bank account, but they have some reliability issues. I had more times problems paying with the card due to some maintenance or other issues. (I use my HUF credit cards in Hungary, but as i travel a lot abroad Revolut is my main card).

With Gránit you get a platinum Mastercard cheap with lots of extras, and there is no monthly fee for the account. Also they offer video chat based account opening!

Peter Ndi:

Unicredit Bank, IKON account.

Franck Hebert:

I am using the free version of Revolut. You can also choose 2 other levels with a lot of services included. I am very satisfied of currencies switch and withdrawal for free.

Kit Jen:

Raiffeisen, the package is quite good if you have balance movement over 400k HUF monthly. You don't have to pay for any account up keep fees. Up to 4 times withdraw with Raiffeisen ATM without and extra charge. Only con I found is that their customers service is very bad.

Bart Schot:

Good morning. I see we're all over the place with recommendations with Magnet, Revolt and Transferwise being shouted without explanation. In general banking is expensive in Hungary.

So you need to think what is best. If you go to a traditional bank lots depends on the money you receive monthly. Banks give you bigger discounts the more money you receive.

I guess Raiffeissen and Unicredit would be my favorites, but do a price compare. They also provide credit cards etc, it might just take a couple of months before they issue one. Debit cards are available in pretty much all packages. Especially in these times it's the preferred payment method.

You can always add a new style bank for additional services. Transferwise is great for transferring foreign currency and Revolut is great for paying foreign currency abroad.

Humberto Manzana: 

Cib bank Eco Számla



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XpatLoop readers include both valuable expats and high-level locals in decision making positions. We refer to this inclusive and cosmopolitan group of internationally-minded folks as the Xpat Community.

We believe that any advice given above, and so this Community Matters content, is given in good faith and is accurate at the time of publication yet of curse we cannot offer any guarantees nor accept any liability - it's always wise to consider that changes do happen in Hungary, as everywhere. 

This content is intended to support the community at large, as well as the person asking the question, based on publicly viewable posts on XpatLoop's open group on Facebook. So of course the opinions above do not necessarily represent the views of or the publisher.

Please note that readers need to use common sense when acting on any advice provided online. (and publisher) cannot be held liable in any way related to advice here from Facebook user posts nor elsewhere on any of our social media platforms.

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