Opening a Bank Account in Budapest as a Foreigner (2025 Comparison)
Updated for 2025 with the latest requirements, banks, fees, and insider expat tips.
Why Expats in Budapest Need a Local Bank Account in 2025
Budapest has become one of Central Europe’s most dynamic expat hubs. Whether you’re here for work, studies, or a longer-term stay, eventually you’ll realize life is much smoother with a Hungarian bank account.
- Employers prefer to pay salaries into a local HUF (Forint) account.
- Many landlords require a Hungarian account for rent transfers.
- Utility companies still don’t always accept foreign IBANs.
- Daily life — from mobile top-ups to online shopping — goes far easier if you bank locally.
Having a local bank account signals you’re integrated, not just passing through.
What Makes Hungarian Banking Different?
Unlike some EU countries where opening an account online takes 10 minutes, Hungary still runs on in-person, paper-heavy banking (Imigrant Hungary).
- No fully online opening for expats. You must visit a branch.
- Language barrier. Even at major banks, not every clerk speaks English.
- Fees culture. Unlike the UK (where free banking is common), nearly everything has a fee in Hungary: withdrawals, transfers, even SMS notifications.
- Two free ATM withdrawals per month. By law, residents get this benefit — but only after registering it with their bank.
Can You Open a Bank Account as a Foreigner?
Yes. But the process depends on your residency status.
- EU/EEA citizens: only need a passport and Hungarian address card.
- Non-EU citizens (US, UK, etc.): usually must show residence/work permit and proof of address (lease, utility bill).
- Non-residents: Some banks offer “foreigner” accounts with limited services, often in EUR only (Wise)
⚠️ US citizens should expect FATCA paperwork: Hungarian banks must report US account holders to the IRS (Hungary News in English). Don’t skip your Social Security Number — the bank will reject the application.
Required Documents (2025)
Most major banks require the following:
- Passport (valid + copy)
- Hungarian residence permit or work visa
- Address card (Lakcímkártya) or rental contract/utility bill
- Hungarian phone number (mandatory for SMS banking)
- Sometimes: proof of employment/student status, TIN (tax number)
👉 Pro tip: Bring 2–3 copies of each doc. Bureaucracy often means “one more copy needed.”
Best Banks in Hungary for Expats (2025)
Let’s break down the most expat-friendly choices:
OTP Bank – The Giant
- Largest branch/ATM network (1500+ branches, 2000 ATMs).
- English support available in branches and mobile app.
- Accounts in HUF/EUR/USD possible.
- Fees: 0 HUF (career starter offer) – The debit card (free-of-charge annual fee for the first year)
- Pros: Convenience, reliable, widely accepted.
- Cons: Bureaucratic, tricky customer service.
K&H Bank – Expats’ Practical Choice
- 200+ branches, very strong in Budapest.
- English call-back service (rare and valuable).
- Modern mobile app.
- Fees: From ~0 HUF/month (minimum plus account); contactless debit card included -HUF 9,058 from the second year
- Special note: Good for students and young professionals.
Erste Bank – International Friendly
- 2700 branches worldwide; 130+ in Hungary.
- Great online & app banking from personal experience! (award-winning eBanking).
- Accounts for students, SMEs, and businesses.
- Downside: Less local beaches than the 2 above-mentioned banks
CIB Bank – Solid Alternative
- Part of Intesa Sanpaolo (Italian group).
- Strong in personal accounts and students.
- Fees: 0HUF/month if the minimum wage is credited to the account via transfer within a month
- Pro: Part of big EU group → good for EUR transfers.
Granit Bank – The Digital Challenger
- “Digital-first” Hungarian bank (Hungary News in English).
- Super modern web/app experience.
- BUT: Online-only account opening available only for Hungarians → expats must still go to branch.
- Low fees, even possible bonuses (e.g. 8,000 HUF sign-up promo in 2025).
Raiffeisen & Others
- Austrian-owned, decent expat accessibility.
- Well-established, especially for business banking.
- Monthly fees usually higher than local banks.
Digital Alternatives (Wise, Revolut, B2B Pay)
- Wise (ex-TransferWise): offers HUF IBANs (Belgium-based). Works like a Hungarian bank for most daily needs.
- Revolut: once offered full HU IBANs; now via Lithuania (LT IBAN). Works fine for payments, but landlords/employers sometimes reject it.
- B2B Pay: niche product for freelancers/companies who need easy international transfers (B2B Pay).
Fee Structures by Bank (2025)
Banking in Hungary often comes with more fees than expats from fee-free environments (such as the UK or US) are used to. Here’s a breakdown of common charges (prices may vary, please check with the banks for the right package):
| Bank | Monthly Fee (HUF) | Debit Card Fee | ATM Rules | Intl. Transfers |
| OTP Bank | ~327–600 HUF (€0.90–€1.60) | Free first year on some packages | First 2 withdrawals/month free up to 150,000 HUF (law-mandated), then 0.6–1% | SEPA: low, Non-EU: high |
| K&H Bank | ~470–557 HUF (€1.20–€1.50) | Free contactless debit card | Free K&H ATMs, external ATMs ~0.6–1% | Standard SWIFT charges |
| Erste Bank | ~500–700 HUF | Small annual card fee | Full ATM network in CEE, free within Erste ATMs | SEPA free, otherwise high fees |
| CIB Bank | ~510 HUF | Debit card included | Similar to others: 0.6–1% after first 2 withdrawals | SWIFT fees apply |
| Gránit Bank(digital-first) | Free if income ≥230k HUF/mo | Free debit | Operates digitally, limited ATMs | Great for EU transfers |
Takeaway: Hungary laws allow two free ATM withdrawals per month up to 150,000 HUF total, but only on your bank’s ATMs. Anything beyond that means extra costs (Hungary News in English, 2025)
Common Pitfalls Expats Face
- Language Barriers
Many branches still have limited English-speaking staff. OTP and K&H are the safest bets for English service. - Hidden SMS Fees
By default, Hungarian banks love SMS alerts (and they charge), even for routine card transactions. Opt into app notifications instead. - International Transfers
Non-SEPA transfers (e.g., to the US) are costly. Expect €20–€50 per transfer plus poor FX. Wise/Revolut often beat banks here. - Queue Culture
Opening an account takes 30–60 minutes. Arrive early and bring all documents, plus a Hungarian-speaking friend if possible.
Strategies to Minimize Costs
Saving money on banking in Hungary isn’t just about choosing the right bank — it’s about learning the system’s quirks and playing them to your advantage. Here are strategies savvy expats use:
- Leverage Your Free Withdrawals
By law, every resident in Hungary — foreigners included — gets two free ATM withdrawals per month up to 150,000 HUF total. Always use these wisely. Take out larger amounts rather than frequent small ones to stretch them further (Wise). - Stick to Bank-Owned ATMs
Avoid independent machines like Euronet, which blanket tourist areas with sky-high fees and poor exchange rates. Instead, hunt down OTP, K&H, Erste, or CIB ATMs — you’ll get cleaner rates and lower surcharges (AceMoneyTransfer). - Dodge Dynamic Currency Conversion (DCC)
When an ATM offers to bill you in USD, GBP, or EUR instead of HUF, say no. Always choose “Pay in Forints” — otherwise you’ll pay 3–6% more for the same cash (NerdWallet). - Partner a Local Bank with a Fintech Card
Many expats keep a Hungarian account for bills and salary deposits, but use Wise or Revolut for foreign transfers and everyday card spending. This dual setup saves hundreds per year in inflated FX and SWIFT fees. - Pick Banks That Reward Income Transfers
Several Hungarian banks (OTP, K&H) waive or drastically reduce monthly fees if your salary is deposited there. If you already work in Hungary, make this arrangement from the beginning. - Consider Digital-First Accounts
Gránit Bank, for example, offers free accounts if you maintain a monthly balance or deposit income. If you’re comfortable banking by app, this can slash costs while keeping your HUF base covered.
FAQ – Bank Account for Foreigners in Hungary
Q: Can Americans open a bank account in Hungary in 2025?
Yes, but you must declare your US tax status due to FATCA. OTP, K&H, Erste, and CIB all accept US citizens with SSN disclosure (Hungary News in English, 2025).
Q: Which Hungarian bank has the lowest fees?
Gránit Bank (if digital-first suits you) or OTP Smart package (if you meet monthly income requirements).
Q: Can I open a Hungarian bank account online as a foreigner?
Mostly no, you must appear at a branch. OTP sometimes allows initiation online, but embassy-certified paperwork is required (Wise).
Q: What is the free ATM withdrawal law in Hungary?
Hungarians and expats alike receive two free withdrawals/month up to 150,000 HUF. Beyond that, expect ~0.6–1% per withdrawal across banks.
Q: Should I use Wise or Revolut instead of a local bank?
For international transfers, yes. For salary and residency documentation in Hungary, no — you’ll still need a traditional HUF account.
Conclusion: Making Your Budapest Banking Work for You (Expat Guide 2025)
Opening a bank account in Hungary may feel daunting at first — the paperwork piles, the small fees everywhere, and the language barrier at the teller’s desk. But once you learn the system, you’ll see it isn’t about chasing a “perfect” bank (spoiler: there isn’t one). It’s about matching your habits to the right mix of services.
- For convenience seekers: OTP, Hungary’s biggest bank, is hard to beat. English service, a vast branch and ATM network, plus “salary-packaged” accounts that drop the monthly fee.
- For the fee-sensitive expat: Gránit Bank or a Wise + K&H hybrid setup can cut most ongoing costs to the bare minimum.
- For EU movers: Erste Bank, with its regional presence, makes the most sense if your life bounces between Austria, Slovakia, or other CEE countries.
👉 The golden rule? Always think two steps ahead. Which ATMs dominate your neighborhood? Will you be sending money back home every month? Do you prefer online apps over live bankers? Your answers matter more than the marketing slogans on glossy posters.
Hungarian banking might look fee-heavy on the surface, but with a little forethought, you can cut most of those costs — and sleep easy knowing your salary, rent, and utilities are handled locally. Pair that with the agility of Wise or Revolut for travel and international transfers, and you’ve got the best of both worlds.
➡️ Ready to feel at home financially? Explore more insider expat strategies at BudaBestLife.com — because life in Budapest isn’t just about surviving, it’s about thriving.
