Opening a Bank Account in Hungary

If you are thinking about a Hungarian company formation or you want to apply for a job in Hungary, you have to open a bank account for yourself or for the company. But before choosing the right bank you have to consider some aspects.

What documents are required to open a bank account in Hungary?

To open a bank account in Hungary as an EU citizen, you need an ID card or, in the case of a third country resident, a passport. However, banks sometimes require a residence permit or an employment permit as well. But don’t worry, opening a bank account in Hungary is very fast and easy.

If you want to open a Hungarian business bank account for a company, you will also need the company registration documents, such as the company agreement, a copy of the specimen signature and the file containing the registration.

How to choose the right bank?

The first step in opening a bank account in Hungary is to choose the right bank. Banks offer a number of start-up entrepreneurial packages and business packages, but before opening a bank account in Hungary,

it is worth considering how many transfers per month are expected from the account, because in case of higher turnover, it is advisable to choose a higher monthly fee, lower transaction fee combination.

The following aspects should be considered when making a decision:

• bank account costs: transfer fee, monthly fee, card annual fee,
• does the bank provide internet banking access to the account,
• does the bank provide a credit card or debit card for the account (e.g. VISA, MasterCard),
• if opening a bank account online or in person is possible,
• whether the bank has a website in English,
• what additional services the bank offers,
• what discounts the bank offers (for example, new customer discount, discount based on the number of transfers or account turnover, discount based on account balance, etc.)

Many banking services are available in Hungary, including:

• Bank of China,
• Budapest Bank,
• CIB Bank,
• Erste Bank,
• FHB Bank,
• K&H Bank,
• MagNet Bank,
• MFB,
• OTP,
• Raiffeisen Bank,
• Sberbank,
• UniCredit Bank.