Peter_in_Hungary

Who are people using to transfer money to Hungary now. The firm I have used in the past are now giving worse rates than a bank to bank transfer.

Dickyb

Transferwise for me.

scrubbedexpat142

World First.

Jack_Russells4ever

+1 Transferwise....They Rock!

FenTiger

I get a daily email alert from Transferwise for the Hungarian Forint to Sterling exchange rate. When I originally looked into various exchange bureaus Transferwise always had the best rate. Mind you I have yet to use them! How good are their rates? Well back in August the post office currency echange rate was 350 HF to £1. No idea what Transferwise rate was at the time but probably alot better than 350 HF. Yesterday Transferwise was 400.258 to £1. Difference between August 2019 (350HF) and May 2020 (400HF) = £1,200 better off.

Basically it means if I bought a £100,000 house in Hungary today it would cost me around £10,000 less than if I bought it in August 2019!

Peter_in_Hungary

If you bought a £100,000 house outside of Budapest it would be more of a mansion than a house - especially if you are looking in villages !!

scrubbedexpat142

Or a small village!

FenTiger

In Malyi where my wife's family live there are some new houses being built costing 37.5M HF. That's around £93k. They don't look like mansions at all. According to the blurb they will have all the bells and trimmings, including additional insulation, etc. Most of the plots are around 500 sq.m. Some of the houses are semi-detached but both of different designs! The plot of land surrounding the houses doesn't look suitable especially as the ground slopes quite steeply on one or two sides you'd have to have the agility of a mountain goat to keep upright! My wife, her family and friends who live in the local village all say properties in the area are overpriced! Miskolc is just up the road so probably explains the higher prices. Summer houses near Malyi-To are around 20M HF. Only a few years ago you could buy a small summer house for 6M HF. Ah well, will have to see what happens. Sorry for going off point!

Benny Kovacs

We use Transferwise as well. We also have 3 bank accounts with Metro Bank (2 individual, 1 joint), we then take cash out in HUF and can take £300/day same as in UK and there are no charges for foreign ATM usage and the exchange rate is at Master Card rate (pretty much mid-rate). Never had any issues with using all 3 cards every day even for a whole week. We always take HUF amount at ATM and never convert to GBP, depending on bank GBP conversion can cost an extra £20. Same at Tesco, they will ask if we want to convert but we always decline.

FenTiger

Now that's a thought ... I could rename the village 'Little England' or 'Little Britain'!

FenTiger

With all those bank accounts you'd need one of these. ;-)

Peter_in_Hungary

OK - so I used Transferwise, they were quick, efficient and with a minimum of (money laundering) hassle. Job done and a happy customer !

FenTiger

jetsam1

I used Transferwise today. Going to the UK though. I cried at the exchange rate...................... Just a stubborn credit card that refuses to shift much, the only debt I have outside student debt so should consider myself somewhat lucky. Getting ripped off by builders and a few appalling years of bee keeping will do that.

They do a good service though. Minimal hassle and the costs are reasonable.

Petemack1

Quick question on this.. What it the best method I am purchasing a property for around £60k / 27m Huf. I am a cash buyer but worried I will lose a lot of money on the transfer.. What is the best method to do this.. Look forward to your replies.