How to choose a Bank in Hungary?

The Hungarian banking system consists of the OTP Bank, a group of smaller banks owned by foreign financial groups, and two or three dozens of small specialized banks. Banks work with the local currency - the Forint - the Euro and other convertible currencies. Hungarian banks are loyal to the customers from developing countries: it is much easier to open an account here than in most countries of Europe.

The largest banks of the country, such as OTP, Erste, MKB, K&H, CIB, Raiffeisen (Hungary), have offices all over the country. The OTP Bank has about 400 offices, while the others have about 100-200 offices each. The websites of all the major banks, at least their main pages, have been translated into English. But a client should be ready to see some problems in speaking foreign languages at separate offices. The K&H Bank has a special service for expats, but it is only provided in the three offices in Budapest.

A characteristic of the local banking market is the fact that almost every major bank except for OTP belongs to an international financial group. It means that a bank’s principles are the same as those of the "parent" structure. Therefore, you can choose between a "mostly German-like", a "mostly Austrian-like", a "mostly Italian-like" and even "mostly Russian-like" banks, as Sberbanks operates in Hungary, too.




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