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Hungarian bank account

Hungarian bank account

Old Jan 7th 2016, 11:56 am
  #1  
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Default Hungarian bank account

Ive had a quick look around on google and cant find much information on interest rates. I am looking to buy some properties to rent out very soon and i think it would be easier to manage if i had a Hungarian account that i can use online banking with as im still in the UK (waiting to sell my house before i move over myself).

I know i can open one with my driving licence and passport but obviously i want the best rate.Does anyone know which bank has the best rates?
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Old Jan 15th 2016, 6:57 pm
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Default Re: Hungarian bank account

I'm in the same boat! The banks here all seem to have fees for everything (unless you have a high enough balance). My husband found AXA which I will check out as soon as I have more time.
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Old Jan 15th 2016, 9:44 pm
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Default Re: Hungarian bank account

Just had a look and it seems to be pretty decent, im just worried with how accessible the accounts will be.
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Old Jan 16th 2016, 4:27 am
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Hungarian banks are all expensive imho, I went to OTP 18 years ago because they have the biggest net.
AXA seems to be in trouble, I'm not sure if it's a good idea to go there - they might close operations in Hungary.
PORTFOLIO.HU | OTP eyes Axa Bank mortgages in Hungary
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Old Jan 16th 2016, 7:46 pm
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Default Re: Hungarian bank account

OTP are probably the best bet. They are the biggest of the Hungarian banks and seem fine for a foreigner to set up an account. If you do it in the center of Budapest you should find an English speaker too. I just use my account for simple things, I kept the UK account too.

It's probably worth keeping it local as if you are conducting business you will have to deal with the tax office etc and a second issue is whether potential tenants would rather pay cash than direct debit? Things like direct debit are unusual here and most people pay bills etc for example at the post offices. Worth checking up on as you could have issues with the estate agents over tax payments and actually receiving the correct amounts for yourself. I don't trust estate agents at all! I haven;t looked into property that much but be aware it could be complicated and expensive for taxes and fees as even for experts Hungarian buearocracy can be an absolute nightmare. (We have found paperwork not done by offices and the first we knew about it was through trying to do something with another office!).

Setting up the account only took about 30-40 minutes, it's not big problem as long as you have all your paperwork.
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Old Feb 23rd 2016, 7:34 am
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Default Re: Hungarian bank account

I use Magyar Kelkul Bank, MKB. By far the best for foreigners available in English, German and Hungarian online. Heve a super login system and an enviable online order signing using a one-time password texted to your registered mobile within seconds of asking for something to be done.

OPT's online is clunky by comparison and not all OTP cash machines give you the option for English when you pop yout OTP card in them. (I have an OTP bank account too.)
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Old Feb 23rd 2016, 7:44 am
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Default Re: Hungarian bank account

I will be going over in 2 weeks time to get an account setup and sort out my properties. I will take a look at OTP and MKB to see which has the best rates. As a side note, if anyone wants to meet up for a few drinks whilst im there youre more than welcome.
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Old Feb 23rd 2016, 6:09 pm
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Default Re: Hungarian bank account

Originally Posted by Alcogod
Ive had a quick look around on google and cant find much information on interest rates. I am looking to buy some properties to rent out very soon and i think it would be easier to manage if i had a Hungarian account that i can use online banking with as im still in the UK (waiting to sell my house before i move over myself).

I know i can open one with my driving licence and passport but obviously i want the best rate.Does anyone know which bank has the best rates?
If you are thinking of moving quantities of money over to Hungary, don't use the banks! All are notoriously expensive. We at Tonick use TTglobal or UKforex. Both are excellent, personal service and give really good exchange rates.

A couple of years ago we borrowed £10K off a friend in Australia. The banks would have cost us £500 if we had used them.

If you have to buy Forints, do it soon. The damn pound is going down and down thanks to Brexit worries.
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Old Feb 23rd 2016, 6:19 pm
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Default Re: Hungarian bank account

Thanks for the information, i already have set up an online account to exchange money which does not involve the banks directly so i can work around the fees. I may use one of the ones you have mentioned in the future if i ever have issues with the current one.
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Old Feb 23rd 2016, 10:47 pm
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Default Re: Hungarian bank account

Hi Alcogod, what kind of online account do you have? Thanks in advance!
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Old Feb 23rd 2016, 10:48 pm
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Default Re: Hungarian bank account

Tonidilihaz, does MKB charge any fees for having an account or doing anything online?
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Old Feb 23rd 2016, 11:04 pm
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Default Re: Hungarian bank account

Originally Posted by Vandy
Tonidilihaz, does MKB charge any fees for having an account or doing anything online?
yes, they do. an account keeping fee and a few forints if you do an online payment. It's not much really.

I have 3 accounts with them. GBP, EUR and HUF

I send money in Euros if its a small amount £100-300 as my UK bank can only charge £4. If I send in GBP they charge £25-£30 AND someone takes a dip en-route, the robbers!

Moving money between accounts is very efficient, but takes +1 day as they loan my money overnight!!!

If you can find a bank that doesn't do all this, let me know!!!
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Old Feb 23rd 2016, 11:13 pm
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Default Re: Hungarian bank account

Oh, I heard recently some collective nouns. A pod of Whales, a school of dolphins and a murder of crows. Weird where these names come from. I also head the collective noun for a group of bankers is a wunch.
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Old Feb 23rd 2016, 11:14 pm
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Default Re: Hungarian bank account

So moving money between accounts is free then? The search continues... I'll let you know what I find!
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Old Feb 23rd 2016, 11:17 pm
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Default Re: Hungarian bank account

We are with the OPT and when we send money to our kids (we are waiting for the day it comes the other way!!!) the money is with them almost immediately, the same when we transfer money between our accounts. (The kids are also with the OTP).
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