Opening and managing bank account in Hungary
You should consider opening banking or saving account in Hungary if you decide to keep your funds safe in Europe. Some international banks will allow you to open banking account without valid residence permit and a registered address in Hungary. Deposits up to 100 thousand Euros are protected by federal government deposit insurance. Large banks in Hungary will allow you to open current accounts for legal entities and even companies registered Offshore.
The procedure for opening private or business bank account can take one day, provided that you have filed all necessary papers and showed up in person. You can also open a banking account through an authorized representative with the Power of Attorney. Some banks might have a preliminary registration procedure that will require providing documentation, filling up forms and issuing a permission for opening an account. Order Resident Help and you will only need to come to the bank to sign the final papers.
Having a bank account makes life much easier in case you own property in Hungary and obligated to pay regular bills. Most banks in Hungary will allow you to set up automatic payments for mobile and Internet subscriptions, as well as television, utility bills, electricity and water. You can also order automatic payments for insurance and business activity taxes. Managing your account distantly can be easy with internet banking or smart application, provided in English. This service will save your time, otherwise be prepared to stand in lines at the post office (this is where you usually pay your bills if you live in Hungary).
In case you are planning to sign a loan or mortgage agreement with a bank, you will be obligated to have an authorized translator. As standard procedure, the bank is providing you with a draft agreement in Hungarian language, which you should work through and request modifications before final signing.
Order assistance for opening a bank account with Resident Help and you will be provided with information that will help you to choose the right bank and banking products for your purposes.
