The comparison, compiled based on an agreement with the Hungarian Banking Association, compares annual fees for the accounts based on seven types of clients. It will be published quarterly.

The central bank and financial market regulator said a retail client who took half of their income out in cash and made electronic payments with the rest could find a banking account with annual fees as low as HUF 2,200, while a client whose spending was all electronic could pay as little as HUF 0 in fees. The NBH added that some account fees were as much as ten times higher than others.

Under the agreement with the association, banks will offer retail clients accounts with basic services free of charge as long as annualised inflation remains over 4pc, the NBH noted.

 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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