Opening a Personal Bank Account in Hungary (and Revolut or Wise vs Local)

Do you really need a Hungarian bank account?

If you are living, working or paying rent in Budapest, a Hungarian account number makes daily life far smoother, and most newcomers can open one within a single branch visit. Salaries, rent, utilities and government charges all move through domestic transfers, so a local forint (HUF) account (or at least a local account number) removes friction that a foreign card alone cannot.

You are not forced to pick just one option. A common and practical setup is a local branch account for salary and bills, paired with a multi-currency app such as Revolut or Wise for travel, online purchases and cheap currency exchange. This guide walks through the documents, how the branch banks compare, and where the app-based accounts genuinely help.

What documents do you need to open a bank account?

For most foreigners who already hold a residence status, the paperwork is short: a valid identity document and proof that you are legally in Hungary. The bank then checks your address before activating the account.

The documents a branch usually asks for are:

• A valid passport or national identity card.
• Your residence permit, or for EU and EEA citizens the registration certificate.
• Proof of a Hungarian address, most often your lakcimkartya (address card), a rental contract or a recent utility bill.
• In some cases a Hungarian tax identification number, which you can request from the tax authority (NAV).
• Occasionally proof of income, such as an employment contract or a payslip.

The lakcimkartya is the single document that unlocks most Hungarian admin, from banking to healthcare, so it is worth sorting early. Our guide to getting your address card explains how it is issued and why it matters.

Can you open an account without a residence permit?

Yes, at some banks, but expect more questions. A handful of Hungarian banks will open a basic account for a non-resident on a passport alone, while others insist on proof of a genuine connection to the country, such as a lease, a Hungarian address or evidence of income.

Requirements vary not only from bank to bank but sometimes from branch to branch, so it pays to call ahead and confirm what a specific branch expects before you travel across town. Non-residents are also more likely to face enhanced identity checks under anti-money-laundering rules, which can slow things down. If you mainly need to spend, receive transfers and exchange currency while your residence status is still being sorted, an app-based account such as Wise or Revolut is usually the faster route.

How do you open a local account, step by step?

Opening a branch account is a mostly offline process. Unlike in some countries, you generally cannot open your first Hungarian current account fully online, because the bank needs to verify your identity in person.

1. Choose a bank and, ideally, a central branch that advertises English-language service.
2. Gather your passport, residence document and proof of address, and check by phone whether a tax number is required.
3. Visit the branch, complete the application and sign the account agreement in person.
4. Set up online and mobile banking, and order your debit card if it is not issued on the spot.
5. Wait for the card to arrive by post, typically within one to two weeks.

Bring originals rather than copies, and allow extra time if any of your foreign documents may need a certified Hungarian translation, which some banks request.

Which bank should you choose?

The banks most used by foreigners are OTP, Erste, K&H and Raiffeisen, with CIB and MBH also common. OTP is the largest, with the widest branch and ATM network, and it is generally seen as approachable for foreigners thanks to English-language service and a solid app.

Monthly account maintenance fees at the branch banks typically run around €5 to €8, and several banks waive the fee when a monthly salary above a set amount is paid into the account. Erste's George platform is a favourite for its clean English app, while OTP wins on sheer coverage. Card issuance is often free or a small one-off charge of a few thousand forint.

When you compare packages, look past the headline monthly fee to transfer charges, ATM withdrawal limits and the cost of currency conversion, because those are what most newcomers actually pay over a full year.

Revolut and Wise: how do they compare to a local bank?

Revolut and Wise are the two app-based accounts nearly every Budapest expat ends up using, and in 2026 they overlap more than ever with local banking. As of 2026, Revolut issues local Hungarian account numbers, and salaries can be paid straight into a Revolut account, which removes the main reason people once needed a domestic bank.

Wise is built around a multi-currency account with local HUF details and market-rate currency exchange, and it remains the go-to for cheap international transfers. Neither is a full Hungarian retail bank: they do not offer branches, cash services, mortgages or the domestic loan products a traditional bank does, and a few employers or government systems still validate only a Hungarian-issued account. Money held with these providers is covered by an EU deposit guarantee scheme, the same principle that protects funds in a high-street bank.

For most people the honest answer is to run both: an app for spending and currency, and a local account for anything that specifically requires a Hungarian bank.

What fees and taxes should you expect?

Beyond the monthly account fee, one local quirk catches newcomers off guard: Hungary levies a financial transaction duty on many outgoing payments. Since August 2024 the rate is 0.45%, capped at HUF 20,000 per transaction, and banks pass it on to customers on transfers and cash withdrawals.

The good news is that ordinary card purchases in shops are not hit by this duty, so everyday spending is unaffected. Currency conversion can attract an additional levy at the same rate, which is one reason a market-rate app is cheaper for changing money. Cash withdrawals carry their own charge, so favour card payments and make fewer, larger ATM trips rather than many small ones.

How do you manage money day to day?

The Hungarian currency is the forint (HUF), trading at roughly 390 to 400 forint to the euro through 2026, so expect to think in thousands for everyday prices. Card payment is accepted almost everywhere in Budapest and contactless is the norm, though a small cash reserve is handy for markets and tips.

One habit saves real money: when a card terminal, an ATM abroad, or a foreign card here offers to charge you in your home currency instead of forint, always choose forint. Letting the merchant convert (a practice called dynamic currency conversion) adds a markup you avoid by paying in the local currency. For a fuller picture of what your money buys, see our Budapest cost of living breakdown, and for transit payments the BKK and BudapestGO guide. More money and daily-life topics sit in the Daily Life, Money and Culture hub.

Frequently asked questions

Can I open a Hungarian bank account online?

For your first local current account, usually not: branch banks require you to verify your identity and sign in person. The app-based providers are the exception, as Revolut and Wise are opened entirely through their apps after a remote identity check.

Do I need a Hungarian tax number to open a bank account?

Not always. A basic current account can often be opened without one, but some banks ask for a Hungarian tax identification number, especially for interest-bearing or investment accounts. You can request it from the tax authority, NAV.

Is Revolut safe and legal to use in Hungary?

Yes. Revolut operates as a licensed European bank, and as of 2026 it issues local Hungarian account numbers and can receive your salary directly. Money held there is covered by an EU deposit guarantee scheme, the same principle that protects a high-street bank account.

How long does opening a bank account take?

At a branch it is often done the same day if your documents are complete, and the debit card then arrives by post within one to two weeks. App-based accounts can be ready within minutes to a day.

Is my Hungarian bank or Wise cheaper for sending money abroad?

For international transfers and currency exchange, app-based providers such as Wise and Revolut are usually cheaper than a traditional Hungarian bank, because they convert close to the market rate. For domestic forint transfers and cash needs, a local bank is more convenient.