Bank Account opening in Hungary

If you’re considering company formation in Hungary or planning to work in Hungary, opening a bank account is an essential step for both personal and business needs. Before you decide which bank to choose, there are several important factors to consider.

What documents you will need for the bank account opening process in Hungary?

To open a bank account in Hungary as an EU citizen, you need an ID card or, in the case of a third country resident, a passport. However, banks sometimes require a residence permit or an employment permit as well. But don’t worry, opening a bank account in Hungary is very fast and easy.

When opening a business account in Hungary for a company, you will need to provide the company’s registration documents, such as the company’s articles of association, a specimen signature document, and the registration certificate.

Selecting the right bank for your needs:

It is not easy to chose the right bank that fits your needs, as there are several banks in Hungary as OTP, CIB, K&H, Unicredit, Erste and Raiffeisen and many banks offer tailored packages for startups and entrepreneurs.

Before deciding, it’s important to think about how often you expect to make transfers. For businesses with higher transaction volumes, it may be beneficial to opt for an account with a higher monthly fee but lower transaction costs.

Important factors to consider when choosing a bank:

Here are some aspects to keep in mind when selecting a bank for your personal or business needs in Hungary:

• Account fees: Look at the monthly fees, transfer charges, and annual fees for cards

• Online banking access: Ensure that the bank provides internet banking services for easy account management.

• Credit or debit cards: Check whether the bank offers Visa, MasterCard, or other types of cards linked to your account.

• Account opening methods: Find out if you can open your account online or if an in-person visit is required.

• Language options: See if the bank has an English version of its website for easier navigation.

• Additional services: Consider what extra services the bank offers, such as business loans or investment opportunities.

• Bank discounts: Look for promotional offers like new customer discounts, reduced fees based on transaction volumes, or benefits linked to maintaining a higher account balance.