Bank Account in Hungary

How to open an account in Hungary for a non-resident

Those who plan to move to Hungary and start doing business in this country should open a bank account. Local financial institutions are loyal to new customers, offer a wide range of services and affordable service rates, as well as:

• You can open a bank account in Hungary in any foreign currency.
• The financial sector and the economy as a whole in this country are highly stable.
• Most institutions are ready to provide Russian-speaking staff for cooperation.
• It is possible to open an account in Hungary for a non-resident online, further account management is carried out through Internet banking.

Procedure for Opening a Bank Account in Hungary

Some banks in Hungary are quite liberal towards non-residents, offering to provide only a passport. However, in most cases, in order to open an account in Hungary, a non-resident needs to collect a number of documents in accordance with the individual requirements of the institution. You may need to:

Documents confirming the identity of directors, beneficiaries, shareholders.
Corporate documents — certificate of registration, charter, order of appointment of the director. Taking into account the bank’s operating procedure, recommendations from other financial institutions, information about partners or other additions may be required.
To open an account in Hungary for a non-resident, you also need to fill out questionnaires, an application and other forms according to the bank’s form in the approved manner. The submitted documents must be translated into the state language and apostilled. If the applicant is a representative of the company, a notarized power of attorney is required. In case of non-compliance with the requirements of the institution, it has the right to refuse cooperation without explanation.

Where do people apply to open an account in Hungary

Some banks accept applications offline, in this case, a personal meeting of the client or his official representative with a bank employee is required to start cooperation. All conditions for opening a bank account in Hungary should be found out from the selected institution. In most cases, the procedure takes at least 14 working days, the initial payment is not required everywhere. There are more than 10 banks operating on the territory of this state, ready to cooperate with non-residents privately and foreign companies. The stability of development and the abundance of services differ:

Sberbank. A branch of a large bank provides all types of financial services. The institution is loyal to corporate and regular customers. More than 50 branches of Sberbank have been opened in Hungary.
MKB bank. It differs in that it offers to open an account in Hungary to a non-resident online, serves via Internet banking and by phone.
Budapest bank — has the status of a state-owned bank, guarantees the protection of investments.
KINIZSI Bank — offers a wide range of services for small and medium-sized businesses.
VirPay is an independent financial institution that has existed for several years and operates only online, without having an actual physical address.

What Documents Are Required to Open an Account in Hungarian Banks

An individual must provide the following set of documents:

• Passport or Hungarian ID card. Each application is considered separately, they may additionally ask for registration at the address and documents confirming your right to reside in Hungary (temporary protection permit)

The legal entity must provide the following set of documents:

• corporate documentation for an enterprise under European law (certificate of incorporation, foundation agreement, articles of association, company status, tax number, register of beneficiaries, annual financial report);
• identification of participants and managers (copies of passports, place of registration, questionnaires and resumes);
• a business plan containing the purpose of opening an account and a detailed description of economic activity);
• recommendations from partners (optional).

Advantages of Opening a Bank Account in Hungary

• Accounts in any currency, including the ruble, are available to customers;
• Banks are quite willing to work with non-residents;
• The banking sector and the Hungarian economy as a whole demonstrate a high level of stability;
• The quality of service in Hungarian banks meets international standards;
• There are no restrictions on the import of foreign currency;
• Most banks are ready to provide Russian-speaking staff to communicate with the client;
• Geographical proximity to Russia allows you to interact with the bank online;
• The Hungarian Government welcomes the opening of investment accounts in local banks by non-residents.

An important feature of the Hungarian financial system is the presence of its own national currency — the forint. Hungary is one of the few EU countries that has retained its own currency, which has provided the local regulator with more real influence on the country’s financial system. At the same time, this situation does not create any special difficulties for business, since it is possible to open settlement and savings accounts in Hungarian banks in any currency.

Account Management

A full set of modern tools is available to MKB Bank clients to manage funds on their account. You can deposit money to the account or withdraw it using Internet banking or a Visa or MasterCard bank card linked to the account. The manufactured card, if necessary, will be sent by mail to any address specified by the client, in Hungary or any other country in the world.

If the customer does not trust the state mail, the delivery of the bank card can be arranged through a courier service. In addition, an official representative of the client can also receive the card directly from the bank in order to transfer it from hand to hand.

Reasons for refusal

As a rule, MKB Bank refuses to open an account if an error is found in the text of the submitted documents or the method of their submission. Such a refusal is not a problem, since you can submit documents again by eliminating the original error. But there are also constant reasons on the basis of which the bank will not open an account on principle in order to protect its own reputation. As a rule, refusal follows in the event that the applicant:

• was brought to criminal responsibility;
• he is a well-known political figure;
• this is a company with a complex and difficult to rationalize structure.

If you wish to open a business bank account in Hungary, our team here at RUE will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.