Where should I setup a bank account in Budapest?
We asked expats in Budapest what banks they use and there advice about banking. They advised...
"Before retiring in Budapest, expats should familiarize themselves with the local language, Hungarian, as it is the official language of the country. Expats should also research the cost of living in Budapest, as it is generally lower than in other European cities. Additionally, expats should research the healthcare system in Hungary, as it is a public system and may require additional private insurance. Finally, expats should research the visa requirements for retirement in Hungary, as there are specific requirements for those wishing to retire in the country," remarked another expat who made the move to Budapest, Hungary.
"Banking in Hungary is quite different from other places in the world. But, if you check carefully, you can mitigate some of those charges which makes it a bit more tolerable. I use OTP Bank, which is one of the largest banks in Hungary. And, as a previous reply indicated, they (along with all other banks here) charge you for almost everything. The bank recommends using a debit card for all purchases because withdrawing cash costs you money. If you have a resident permit with address card you are entitled to withdraw 150,000 forint (about $400 USD) in cash a month from the ATM machines for free, but anything over that will cost you. And withdrawing from the branch will cost you even more. If you have a regular deposit, like a paycheck or retirement payment coming in, you can get premium service which offers some savings. But overall, my average cost of banking in Hungary is less than $10 a month, which is really not all that bad. One important thing to remember, whenever you go into a bank here in Hungary, if you are a foreigner, alwasy bring your passport, no matter what you are doing. I have on several occasions not had it with me and was denied service for certain things," explained one expat living in Hungary.
CitizenMLearn More
It's impossible to confuse citizenM with any other hotel. We don't look or sound like anyone else. Bold, vibrant, and artistic - that's us. Our rooms cater to modern travelers - enormous ultra-comfortable beds, unlimited free Wi-Fi and 24/7 food and drinks always waiting at canteenM. And best of all, our ambassadors are every guest's best friend.
CitizenMIt's impossible to confuse citizenM with any other hotel. We don't look or sound like anyone else. Bold, vibrant, and artistic - that's us. Our rooms cater to modern travelers - enormous ultra-comfortable beds, unlimited free Wi-Fi and 24/7 food and drinks always waiting at canteenM. And best of all, our ambassadors are every guest's best friend.
Learn More
Other Questions:
- What should I pack when moving to Budapest?
- Where should I setup a bank account in Budapest?
- Will I be able to find a job in Budapest?
- What is life like in Budapest?
- What do expats in Budapest appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Budapest?
- Is there a lot of diversity? Are people in Budapest accepting of differences?
- What are the schools in Budapest like?
- What are healthcare services like in Budapest?
- What are medical services in Budapest like?
- Are healthcare and health insurance expensive in Budapest?
- What are emergency services like in Budapest?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Budapest?
- How are local medical facilities in Budapest?
- As a foreigner living in Budapest, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?
Where should I setup a bank account in Budapest?
If you live in Budapest, newcomers to Budapest would love to hear your answer to this question.
