News: Open an account in Hungary

Will it be profitable to open an account in Hungary

Foreign business owners who own companies in Hungary and hire foreign employees should be aware of the advantages of opening a bank account in Hungary. The foregoing provides the company with flexibility and ability to monitor necessary payments in the indicated jurisdiction. Most banks in Hungary require minimum number of documents from foreigners who want to open a bank account.

Hungary is a convenient jurisdiction for doing business for entrepreneurs from all over the world, as it is close to everybody and has a simplified entry system. Also, the decision of entrepreneurs to establish a business and open an account in Hungary is influenced by the encouragement of foreign investment by the legislation and broad opportunities for investing capital.F

Qualified lawyers of Law&Trust International can help a client to open a bank account for the company or for personal use as soon as possible.

Currency to use

If you open a bank account in Hungary, you can conduct transactions with both national currency of the country and with other currencies, such as euro or US dollars.

Official currency in Hungary is the Hungarian Forint (HUF). Banknote denominations in Hungary are as follows: 500 forints, 1,000 forints, 2,000 forints, 5,000 forints, 10,000 forints and 20,000 forints. Coins are available in the following denominations: 5 HUF, 10 HUF, 20 HUF, 50 HUF, 100 HUF and 200 HUF.

How to open an account in Hungary for non-resident

A number of banks in Hungary allow foreigners to open an account simply by presenting a passport in the institution. However, some banks may require a non-resident client to have a residence permit or a work permit. The cost of opening an account, issuing cards and other services, as a rule, varies depending on the bank chosen. Foreigners must take into account certain aspects when choosing the desired bank, such as: number of branches available throughout Hungary, number of ATMs available and other aspects beneficial for the client.

Required documents

In order to open an account with a Hungarian bank for a company of non-resident, it is necessary to:

1. Confirm the identity by submitting originals of relevant documents (passport, international passport, document confirming permanent place of residence);
2. Provide notarized copies of the charter translated into Hungarian, as well as a copy of the company registration certificate;
3. Submit documents with data on the shareholder/beneficiary (good standing, CV, certificate from the bank).
4. Provide bank statements, invoices, contracts with counterparties.

Banks in Hungary

In total, the country has about 70 financial and credit institutions, some of which are branches of international banks. Foreigners can choose the most suitable bank based on their needs and even taking into account that there are English and other-speaking personnel in some banks. One of the largest commercial banks in Hungary is the OTP Bank Group.

Other large and popular banks in Hungary are the following:

1. K&H Bank.
2. Erste Bank.
3. Budapest Bank.
4. CIB Bank.
5. MKB Bank.
6. Raiffeisen Bank.
7. FHB Bank.
8. Pannon Takarék Bank.
9. Sberbank.
10. KDB Bank Europe.

International law firm Law&Trust International offers a wide range of legal services tailored to the specific needs of each client.