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Old Sep 17th 2017, 8:18 pm   #1
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Default Financial query

Hi I am hoping to pick your brains again.

This time it is in relation to banking. Is it better for interest purposes & access to have all or the majority of our money in a Hungarian or British bank.

I have read that interest is better in Hungary but am also aware there are charges. Keeping a UK account & transferring is also an option.

We are currently looking at just a current account .

Am weighing up options & trying to minimise charges etc.
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Old Sep 18th 2017, 7:51 am   #2
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Default Re: Financial query

IMO its a personal choice. If you have interests in the UK e.g. a property or income from the UK e.g. a private pension then a UK account is probably useful as it allows easier payments within the UK and bulk transfer of funds at a cheaper rate. (UK state pension is transferred 4 weekly without charge). But of course any funds in the UK are subject to exchange rates which can be (very) variable. Also if you dump your UK account and you are not a UK resident then it is the devils own job to get another later should circumstances change.
Hungarian banks charge fees but if you live in Hungary then you will need a Hungarian bank account anyway (IMO) and once you have this the fees are event related but you get a once a month free 150,000HUF cash withdrawal.
Interest is dependant upon the currency, HUF has higher rate than GBP. There is no advantage in holding GBP in a Hungarian bank over a UK bank other than it is here if you need the GBP here.
On-line purchases from the UK can be made if you have a UK credit card, which will need a UK bank, without exchange rate losses - unless you use paypal which only allows cards from the country of your systems IP address.
Both UK banks and Hungarian banks have a deposit protection scheme to guard against bank failure but I can't remember the limit of either.
And then of course there is Brexit....................

Health warning - the above is just IMO
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Old Sep 18th 2017, 2:38 pm   #3
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Default Re: Financial query

Why does my pension always seem to pay just before the exchange rate rises!:-)

But as Peter said, it is best to maintain both to give yourself the best options.
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Old Sep 22nd 2017, 9:03 pm   #4
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Default Re: Financial query

Thank you both, guessed that would be the best option, but always good to get facts from those with practical experience.
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