Whether you’re planning to live, work, or invest in Hungary, understanding the banking landscape is essential. The top banks in Hungary offer a mix of well-established local banks and prominent international institutions, each providing a range of services to meet all your banking needs.
In this guide you will learn about:
Top 10 Banks in Hungary
1. OTP Bank
As one of the most established and largest banks in Hungary, OTP Bank provides a wide array of services, including personal and corporate banking, wealth management, and digital banking. Whether you need a simple savings account or advanced investment banking services, OTP Bank has you covered with strong customer service and an expansive branch network across the country, with cash management services.
2. K&H Bank
One of the major players in Hungary, K&H Bank (Kereskedelmi és Hitelbank) specializes in personal, retail and business banking. It offers a range of personal banking services, including loans, savings, and insurance. With its focus on technology, K&H is also a leader in digital banking services.
3. UniCredit Bank
A subsidiary of the international UniCredit Group, UniCredit Bank offers comprehensive banking services for both individuals and businesses in Hungary. It’s well-known for its global reach and for offering competitive rates on mortgages, savings, and business financing.
4. Raiffeisen Bank
Raiffeisen Bank is an international, Austrian-owned bank, with a strong presence in Hungary, offering a variety of services from personal banking products to business solutions. Known for its personalized customer service, Raiffeisen Bank Hungary is a solid choice for those seeking long-term banking relationships.
5. MBH Bank
One of the leading banks in Hungary, MBH Bank is a universal bank with branches nationwide. Ideal for retail and business banking, MBH offers financial solutions tailored to companies, investors, and small businesses in Hungary.
6. CIB Bank
CIB Bank is a member of the Intesa Sanpaolo Group, one of Italy’s largest banking groups. It provides services for individuals and businesses alike, including savings and current accounts, mortgages, and investment products. The CIB Bank operating in Hungary is renowned for its strong digital banking options.
7. Erste Bank
Erste Bank is one of the largest financial institutions in Hungary and a subsidiary of the Austrian Erste Group Bank AG, which operates across Central and Eastern Europe. Established in Hungary in 1997, Erste Bank provides a comprehensive range of financial services, including personal banking, corporate and investment banking, and digital banking solutions.
8. Gránit Bank
Founded in 2010, Gránit Bank is a wholly Hungarian-owned digital bank and one of Hungary’s fastest-growing financial institutions. It was the first bank in the country to fully adopt a digital banking model, allowing it to operate with high cost-efficiency and offer affordable, innovative financial services.
9. Deutsche Bank
Deutsche Bank is a global financial powerhouse with a significant presence in Hungary. It caters mainly to high-net-worth individuals and businesses, providing specialized services in investment banking, wealth management, and corporate finance.
10. MFB: Magyar Fejlesztési Bank (Hungarian Development Bank)
Magyar Fejlesztési Bank (MFB) is Hungary’s state-owned development bank, established to support the country’s economic growth through financing infrastructure, innovation, and business projects. Unlike commercial banks, MFB focuses on strategic investments rather than traditional banking services like personal accounts or daily banking.
Are there international banks in Hungary?
Yes, Hungary is home to several international banks, including, UniCredit Bank, Raiffeisen Bank, and Deutsche Bank, which are part of larger, global banking networks. These international banks offer an array of services ranging from personal banking to corporate clients’ solutions and wealth management, often with English-language support.
Local vs International Banks in Hungary
Choosing between a local Hungarian bank and an international bank depends on your personal or business banking needs. Local banks such as OTP Bank and K&H Bank offer tailored services with deep insights into the Hungarian market, making them ideal for those looking to settle down long-term.
On the other hand, international banks like UniCredit Bank or Raiffeisen Bank are beneficial if you have cross-border financial needs or plan to expand your business internationally.
For instance, if you are considering investing in the country through the Hungary Golden Visa, or considering applying for Hungary citizenship by descent, working with a local bank may provide more relevant financial products and expertise. Additionally, Hungarian banks often have more in-depth knowledge of local tax regulations and investment opportunities.
How to Choose a Bank in Hungary
There are a few important things to consider banking in Hungary, including:
- Fees: It’s essential to understand the fees and costs for each bank to make essential financial decisions.
- Required services: Ensure that the banks in Hungary you consider offer the specific services you require.
- Banking features: Choose a bank that offers the features you value most, whether it’s a convenient branch location, mobile banking options, or a user-friendly online platform.
- Customer service: Look for Hungarian banks that are well known for their customer service. You want a bank that is there when you need it.
- Language support: If you are not Hungarian, finding a bank that has the language services you need is essential.
- Location: Ensure that the bank has branches or ATM machines for cash withdrawals near you, or that they offer easy access to online services.
How To Open a Bank Account in Hungary
Opening a bank account in Hungary is a straightforward process. Here’s a step-by-step guide:
- Step one: Select your bank in Hungary
- Step two: Gather the required documents for opening a bank account in Hungary, this may include:
- Valid passport or Hungarian ID card
- Proof of address (e.g., utility bill, rental agreement)
- Proof of income (for some accounts or loan applications)
- Proof of Hungarian residency (if you don’t have a Hungary passport)
- Step three: Apply online or in-person: Some banks may allow you to open a bank account online, particularly for simple cheque or savings accounts. Loans and credit card accounts generally require you to apply in-person.
- Step four: Set up digital banking: Once you have applied and your account is active, set up your digital banking account to ensure you can manage your finances efficiently.
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