Bank Account in Hungary

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

Those who are going 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 in general in this country are very stable.
• Most institutions are ready to provide Russian-speaking personnel for cooperation.
• It is possible to open an account in Hungary for a non-resident online, further management of the account is carried out through Internet banking.

Procedure for Opening a Bank Account in Hungary

Some banks in Hungary are quite liberal towards non-residents and offer 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 the appointment of the director. Depending on the operating procedure, recommendations from other financial institutions, information about partners or other additions may be required.

Besides, opening an account in Hungary for a non-resident provides filling out questionnaires, an application, and other forms according to the bank’s form in the approved manner. The documents provided for should be translated into the state language and apostilled. If the applicant is a representative of the company, it is required to attach the notarized power of attorney. In case the requirements of the institution are not followed, it has every right to refuse cooperation without explanation.

Where to apply to open an account in Hungary

Some banks provide the possibility to apply offline, which means a personal meeting of the client or his official representative with a bank employee is needed in order to begin cooperation. All conditions of 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 and the initial payment is not required everywhere. More than 10 banks operate on the territory of this state and are ready to cooperate with non-residents privately and foreign companies. 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 for 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 a self-contained financial organization that has been in the market for a few years, but only as an online participant without a real address.

What Documents Are Required to Open an Account in Hungarian Banks

An individual should submit 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;
• Business plan: the purpose of opening an account, 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. But 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

Full range of modern means is at disposal of MKB Bank clients for account management and the management of funds on the account. It is possible to deposit money to the account or to withdraw it using Internet banking or a Visa or MasterCard bank card linked to the account. The manufactured card, if necessary, will be mailed to any address specified by the client, either in Hungary or in any other country of the world.

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

Refusal reasons

As a rule, in case of detecting some error in the text of the submitted documents or the method of their submitting, MKB Bank refuses to open an account. Such refusal is not a problem, because you can submit documents again by having eliminated the original error. However, there also are some constant reasons on the grounds of which the bank will not open an account on principle because of taking care of its 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 want to open a business bank account in Hungary, our team here at RUE will be glad to help. We have eight years of experience opening bank accounts in Europe for our customers. By using our extensive network of trusted partners within the European financial services industry, we provide the best and most cost-effective solutions that will improve how the businesses we deal with function.

Opening a Corporate Bank Account in Hungary

If your business growth plans involve international expansion, opening a corporate bank account in Hungary will be of paramount importance to achieve these goals. Hungary is an important member of the European Union and offers an open banking environment with a wide range of financial products and services. We shall look closer at some of the key points and other advantages that can be enjoyed when opening a corporate bank account in Hungary.

Advantages of Opening a Corporate Bank Account in Hungary

• Access to the European Market: Hungary joined the European Union and opens the great domestic market that favours extension of business and international cooperation.
• Favorable Tax Climate: Hungary offers very attractive tax rates and incentives for corporate clients, thus it’s really appealing for conducting business and opening bank accounts.
• Diversity of Banking Services: Banks in Hungary offer a more and more diversified range of financial products and services: corporate loans, various types of deposits, debit and credit cards, and Internet banking, among others.
• Efficient Financial Management: Opening a corporate bank account in Hungary will definitely provide comfort and efficiency in conducting business, as modern technology and a high level of service are developed.

Steps of Opening a Corporate Bank Account in Hungary

Opening a corporate bank account in Hungary provides companies with a wide range of financial services and enables them to effectively manage their finances within a stable and business-friendly environment. Based on reputation, terms of service, and financial products offered, select a bank that will be most favorable for your business.

Personal Bank Account in Hungary

In Hungary, everyone is obliged to open a personal bank account. It has a stable banking system and thus offers various financial services with a high service level, making it attractive to bank here. In this article, we look into the key aspects and benefits of opening a personal bank account in Hungary.

Advantages of Opening a Personal Bank Account in Hungary

• Stable Banking System: Hungarian banking is well known for its reliability and stability, and precludes any kind of insecurity regarding financial transactions.
• Wide Choice of Financial Services: The banks offer a lot of financial products and services, such as debit and credit cards, savings accounts, deposits, internet banking, etc.
• Convenience and Efficiency: Generally, opening a personal bank account in Hungary is an easy and comfortable process due to the professionalism of bank employees and modern technologies alike.
• Accessibility of Banking Services: Many services are offered by banks in Hungary for both residents and foreigners alike, which makes banking services easy and accessible for everyone.

Steps of Opening a Personal Bank Account in Hungary

It can be said that the opening of a private bank account in this country allows for immediate access to extensive financial services and provides an opportunity to effectively manage your finances within a stable and business-friendly environment. When choosing a bank, you should look at the bank’s reputation, terms of service, and financial products on offer to make the most favorable choice for yourself.