A list of the top banks in Hungary

Planning a move to Hungary? Whether you’re heading there for work, study, to start a business or simply to visit family, you might find it handy to have a local bank account.

To open a bank account in Hungary, you’ll first need to know what your options are. This is why we’ve put together a useful list of the top banks in Hungary, plus a little info on their main accounts and services.

So read on to start your search for a new Hungarian bank account.

Banking in Hungary (an overview)

The banking sector in Hungary is well-developed, with a decent number of banks to choose from. The market consists of major banks, many owned by foreign financial groups in neighbouring European countries, along with several smaller and specialist banks.

The requirements to open a bank account vary between banks, but you’ll nearly always be asked for the following:¹

• Proof of ID, such as your passport.

• Proof of address, such as a recent utility bill.

Some Hungarian banks will even let you open an account online, or at least start the process.

It’s important to be aware that banking in Hungary can be a little expensive, depending which bank and account you go with. Accounts often come with a monthly maintenance fee, and you may also encounter charges for transfers, direct debits and cash withdrawals.

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Top 10 banks in Hungary

So, what are your options for a new bank account in Hungary? Let’s run through a list of the top banks in the country, with more detail on each below.

Bank name	Operational HQ
OTP Bank	Budapest
MBH Bank	Budapest
K&H Bank	Budapest
UniCredit Bank Hungary	Budapest
Erste Bank	Budapest
Raiffeisen Bank	Budapest
CIB Bank	Budapest
MFB Magyar Fejlesztési Bank	Budapest
Gránit Bank	Budapest
Citibank Europe	Budapest

OTP Bank

The largest bank in Hungary in terms of assets is OTP Bank. Established in 1949 as the state-owned National Savings Bank, OTP today operates as a universal bank. It provides a full range of services and products to both personal and business customers.

This includes Forint Account Packages, where a number of useful everyday banking services and products are bundled together. The cheapest option is the Base Account, which features a current account, debit card, online and mobile banking.²

OTP’s corporate banking arm provides services such as account and cash management, investments, business cards and financing.

MBH Bank

Another of the country’s leading financial institutions, MBH Bank has a large nationwide branch network. It was established in 1950, gaining a full banking licence in 1987. It’s now a universal bank offering retail and business banking.

Like OTP Bank, MBH has a range of banking packages available. For example, there’s the MBH Jóljáró package, which includes a residential payment account, overdraft, credit card and savings, along with other extras.³

The bank also offers tailored financial solutions for small businesses, companies, agricultural enterprises and investors.

K&H Bank

Kereskedelmi és Hitelbank (Trade and Credit Bank), or K&H Bank, has been operating in Hungary since 1987. It is now part of the KBC Group based in Belgium.

K&H has a number of packages available for everyday money management. This includes the K&H Minimum Plus account package, which comes with a debit card, low maintenance fees, online/mobile banking and a limited number of free transfers.⁴

For businesses, there are daily banking services such as accounts, cards and savings available, along with financing solutions.

UniCredit Bank Hungary

Part of the Italian-owned UniCredit Group, a major financial services group, UniCredit Bank Hungary is a universal commercial bank. It serves all customer categories, including personal, corporate, private and international clients.

For everyday banking, there are three main packages to choose from - Basic Account, Mobil Aktív Plusz and Ikon Plusz. Each gives you a bundle of products and features, including accounts, debit cards and a number of free withdrawals and transfers.

For small businesses, UniCredit Bank Hungary has a wide range of accounts, debit cards, PoS payment solutions, loans and overdrafts available.

Erste Bank

Erste Bank is another foreign-owned major bank in Hungary. It is part of the Erste Group headquartered in neighbouring Austria. It offers a full range of banking products for retail, SME, public sector, non-profit and corporate organisations.

A popular option for personal customers at Erste Bank Hungary is its George account. This gives you a digital bank account, debit card and electronic transfers for a set monthly fee - and you can open it online.⁵

The bank also has a full selection of solutions for businesses. This includes start-up banking packages for entrepreneurs and new companies.

Raiffeisen Bank

The second Austrian-owned bank on our list, Raiffeisen Bank is a subsidiary of Raiffeisen Bank International. It’s a universal bank, offering retail, corporate, SME and investment banking services.

To manage your money day-to-day, the Raiffeisen Online Bank Account could be worth a look. It comes with a debit card, ATM withdrawals, online and mobile banking.

For small businesses, products include accounts, cards, credit, financing and investments. Raiffeisen Bank Hungary also has payment services, export and trade financing available for medium and large companies.

CIB Bank

CIB Közép-Európai Nemzetközi Bank, commonly known as CIB Bank, started life in 1979 as an offshore-like bank. It became part of Italy’s Intesa Sanpaolo Group in 2003.

Today, CIB Bank offers a broad selection of products for personal and business customers. This includes its ECO Bank Account, a fully digital account which comes with a debit card.

If you run a small business, you can access accounts, cards, financing and digital tools at CIB Bank.

MFB Magyar Fejlesztési Bank

The Hungarian Development Bank or Magyar Fejlesztési Bank was set up in 1991 to provide financing solutions to businesses. A key focus of the bank is domestic and agricultural enterprises, as well as Hungarian municipalities.

Today, the state-owned bank has expanded its services to offer a small number of financial solutions for private individuals. However, it isn’t clear whether there is a current account available, or whether you can apply online. You’ll need to contact MFB for more information.

Gránit Bank

Launched in 1985 as a specialised financial institution, Gránit Bank today is a digital universal bank. It serves retail customers and corporate clients, operating through both direct channels and a network of partners.

If you’re looking for an everyday account, the Gránit Digital bank account is a solid choice. It’s a fairly basic account managed through online and mobile banking, which comes with a debit card.

For companies, the bank offers accounts, cards, financing and savings products.

Citibank Europe

The last major foreign-owned bank on our list, Citibank Europe is of course a part of the American Citigroup financial services corporation. In Hungary, the bank primarily offers corporate and investment banking. It operates as a branch of Citibank Europe, headquartered in Ireland.

This means that unfortunately, the bank doesn’t have any current accounts available for personal customers.

Best online bank accounts and money management alternatives in Hungary

Alongside high-street banks, there are also a number of alternative ways to manage your money in Hungary.

Here are some of the most popular:

• Revolut - an all-in-one finance app with a debit card and banking services.

• Bunq - a mobile-first bank licensed in the Netherlands offering personal and business accounts.

• Vivid Money - a German mobile banking platform available across the EU. It offers accounts and cards for personal and business customers.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Hungary. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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And that’s it - a full list of the top banks in Hungary, along with info on the main everyday banking accounts and services on offer. This should help you compare all the options out there and choose the right bank for you. Good luck!

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Sources used for this article:

1. Monito - How To Open a Bank Account in Hungary Online (Even Without Proof of Residency)

2. OTP Bank - Forint Account Packages

3. MBH Bank - MBH Jóljáró package

4. K&H - Bank Accounts

5. Erste Bank - George

Sources last checked on 03-Apr-2024.