Cost of living in Hungary: Your guide

Hungary is a perfect mix of incredible nature and the urban European spirit. Whether you’d like to enjoy its crystal clear lakes, admire Budapest’s architecture or blend in with the friendly locals, you’re bound to be amazed. It’s located right in the center of the continent, but its uniqueness is what makes it stand out from all surrounding countries.

If you’re thinking about relocating temporarily or moving there for good, you’re probably curious about the cost of living in Hungary. Some of the most common questions are - how much will my rent cost? How expensive is Hungary? Can I get good healthcare? We will answer all of those doubts and then some in our guide for life in Hungary.

The currency in Hungary

To learn the ropes of money in Hungary, you should first know that the official currency is the Hungarian forint. It’s written as either HUF or Ft. Here’s a comparison of the value of the forint to some major world currencies:

$1000 = 309,117 Ft

£1000 = 402,497 Ft

€1000 = 365,085 Ft

A$1000 = 220,138 Ft

These are the present values, but they change all the time. Online currency converters can help you know the exact current worth of the forint whenever you need it. They can also be useful if you want to calculate the price of something and compare it to other currencies.

If you want to exchange British pounds or any other currency to the local Hungarian forint, you can avoid the unfair exchange rates with Wise. Wise uses the mid-market exchange rate, while banks and money exchange services often add a hefty markup.

Say goodbye to expensive fees. Get Hungarian bank details with Wise for free.

Banks themselves use the mid-market rate when they’re buying currencies. But, they include hidden fees for customers. Wise helps you save money by giving you the fairest deal possible. Also, all costs are completely transparent, so you know there aren’t any secret markups.

Wise’s Borderless multi-currency account makes sending money across the world incredibly easy and cheap. You can manage dozens of currencies at the same time, from the same account and with zero monthly fees.

Now you can also get Hungarian bank details for free. You can spend forints, keep them in your account or if you need to, convert them to another currency. The process is simple and can be done in a few clicks.

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Cost of living in Hungary compared to the UK

If you plan on relocating to Hungary, you’re bound to feel a huge difference in living costs. The cost of living in Hungary compared to the UK is rather low. In fact, the price of living in Budapest puts it on the 170th spot of Mercer’s Cost of living rankings.¹

Here’s a comparison of some average prices between the UK and Hungary:

Major cities in Hungary

The most famous city in Hungary is its capital. Budapest is one of the most beautiful cities in central Europe, both architecturally and naturally. It sits at the Danube, while its magnificent buildings and castles create a stunning skyline. It’s known for its café culture, delicious food and buzzing nightlife.

Debrecen’s streets and squares are jam-packed with history and fascinating stories. It’s home to the oldest university in the country, so it’s a place Hungarians are particularly proud of. Each year Debrecen hosts an abundance of festivals which light up the city and attract both tourists and Hungarian residents.

If you need as many hours in the sun as possible, maybe the Hungarian ‘city of sunshine’ is right for you. Szeged is the sunniest place in the country and it’s great for those who prefer a smaller city charm. Its famous university gives it just the right amount of liveliness and spark it needs.

What are general living expenses like in Hungary?

The cost of living in Budapest and your overall standard depend on your income, although it’s safe to say it’s not too expensive of a city. Excluding rent, an average person would probably spend around 180,000 Ft per month.⁵ That number can go up or down, depending on how much you spend on vacations, restaurants, going out etc.

What are the average salaries in Hungary?

Although at first you’ll compare the cost of living in Hungary to the UK, eventually you’ll have to change your perspective. Comparing the prices in Hungary to Hungarian salaries is the only way to measure the quality of life. Here are the average salaries for some positions in Hungary:

How expensive is housing and accommodation in Hungary?

Is Hungary expensive rent-wise? No, not at all. Even Budapest prices are reasonable, especially since we’re talking about the biggest city in the country. Find out more in our guide for the cost of living in Budapest. And here are the rental costs for some other major cities in Hungary:

What about healthcare and dental costs in Hungary?

The Hungarian healthcare system is financed by the state and it’s free of charge or low cost. Its quality resembles the one in most Western countries and there’s both a public and a private sector.

EU citizens who are temporarily staying in Hungary can rely on their European Health Insurance Card (EHIC)

If you’re making social security contributions in Hungary, you’re eligible for Hungarian health insurance. You’ll be able to apply for a health insurance card called a TAJ card and receive free medical services. Either your employer will take the social security contributions out of your salary, or you’ll have to register at a tax office yourself.¹¹

How much are travel and transportation costs in Hungary?

The transportation system in Hungary is very efficient and well connected. Even smaller towns have a good transportation network, although they can be navigated on foot or bike. For example, over 60% of people in Szeged ride their bike to work or school.¹²

Travelling between cities is easy, since you can choose between trains, buses and even boats. The intercity buses are covered by Volánbusz, while MÁV is the main Hungarian train operator. When it comes to boats, during a certain time of the year, there are ferries on the Danube and lake Balaton.

Budapest has a great metro system, with 4 well functioning lines: M1 (the Yellow Line), M2 (the Red Line), M3 (the Blue Line) and M4 (the Green Line). The Yellow Line is actually the oldest one in mainland Europe.¹³ All public transportation services in Budapest are integrated under BKK. The monthly transportation pass costs 9,500 Ft.⁵ Students get a discount, while those over 65 ride for free.

Study costs in Hungary

According to the Shanghai Academic Ranking of World Universities, five Hungarian universities are among 1000 best in the world. The highest-ranked are the Eötvös Loránd University in Budapest and the University of Szeged.¹⁴

There are plenty of English programs and tuition prices vary based on the field. For instance, tuition fees are between 1,490€ and 3,500€ per semester at Eötvös Loránd.¹⁵ The programs at the University of Szeged start at 1,500€, but they go up to 6,000€-7,000€ for Dental Medicine and General Medicine programs.¹⁶

The most famous scholarship is Stipendium Hungaricum. Around 5,000 students per year get it. If you come from one of the partner countries, you have a chance of studying free of charge in Hungary.¹⁷

Send money to and from Hungary with the real, mid-market exchange rate

Although life in Hungary most likely won’t break the bank, you should always try to avoid unnecessary fees. Wise’s multi-currency account can be of great use both before your move and once you arrive there. With over 50 available currencies and the guaranteed mid-market exchange rate, it’s all you need to manage your finances with no hidden markups.

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Sources:

All sources checked on October 31, 2020