Opening a Bank Account in Hungary
Once you’ve decided to make the permanent move to Hungary, you should consider settling in properly. Apart from finding the correct schools for your children or finding the residential area most suited to your lifestyle and needs, you will also have to consider opening a bank account in Hungary to easily facilitate all money related aspects and more.
How to go about opening a Hungarian bank account
Some requirements for opening a bank account in Hungary may differ from bank to bank such as details/documentation needed by the applicant and banking hours but the following is just some essentials pertaining to safe securing payments, acquiring loans and more by means of an Hungarian bank account.
In order to open a bank account in Hungary you may require the following:
• Valid residence permit and address card
• Presentation of passport (where applicable)
• Fees are charged for the bank card, services and bank account opening fee
Furthermore before opening an account at the bank of your choice, it will be a good idea to check whether the bank you want to go with has accessible ATMs throughout the country and whether the local banks staff speak English as well (if you cannot efficiently communicate in the languages spoken in Hungary).
Types of bank accounts in Hungary as well as services
Hungary offers convenient banking services for account holders to choose from, the following are just to name a few:
• General account
• Loans and mortgages
• SMS services
• ATM’s
• Internet banking
• Insurance
• Saving accounts
• Current accounts
• Deposit accounts
Debit and credit cards are simple to use and makes paying for services or items easy whilst not having to carry cash all the time. In some instances certain banks may offer a form of insurance service on the debit/credit card with purchases made on card. If you are opening a business in Hungary, this may be essential to you.
Some banks still exchange traveller’s cheques but the service is becoming scarce and costs higher. Post office services include the use of “yellow postal cheques” the cheque must include the name and bank account number of the recipient. Individuals can also withdraw money at the post office with their debit/credit card.
It goes without saying that being as it is a foreign country and language differences will occur, it thus means that banking terminology may also differ so it’s also a good idea to become familiarised with the jargon used. Yet from Budapest to Pecs, hngary.com can assist you in obtaining both a business registration and bank account.