How to open a bank account in Hungary?

Foreigners intending to spend a longer period in Hungary or those who have relocated here, may wonder how to open a bank account- the first step is to determine which bank has the most appropriate services.

Although the nation's biggest banks- OTP and Postabank - are the most widespread, not everyone working there speaks English.

Retail banks, now fairly widespread and often with good reputations for handling the needs of expats, include the Russian majority-owned Általános Értékforgalmi Bank Rt (ÁÉB), the German owned Magyar Külkereskedelmi Bank Rt (MKB) and the US-owned CitiBank Rt may be worth considering.

Just as in any area of business, different banks have their own ways of doing things.

In al cases, foreigners are required to show a valid passport or some other form of identity documentation.

Officials at OTP said a valid passport would open a (forint számla) forint-based bank account, but added the client would receive no interest on their deposited money. They would receive a plastic card which could be used at automatic teller machines, but not to pay for anything at a shop or restaurant.

However foreigners could also open (deviza számla) a hard currency account. 

MKB officials said foreigners required a passport and could have their earnings transferred to their forint account. However if they opted for a forint-based credit card they must put down 80% of their spending limit as a deposit up front before using the card.

For a hard currency account and a credit card clients at MKB must place a certain deposit before being able to use the service.

However foreigners should consult their bank of choice for more details, as all banks have different interest rates which are constantly changing, as are the foreign exchange rules.