How to Open a Bank Account Online in Hungary
Are you considering opening a bank account in Hungary? With the convenience and accessibility of online banking, it’s now easier than ever to manage your finances from the comfort of your own home. In this article, we will guide you through the process of opening a bank account online in Hungary and provide you with some alternative options to traditional banking.
What are the major banks in Hungary?
Hungary is home to several major banks that offer a wide range of banking services. Some of the prominent banks in Hungary include OTP Bank, K&H Bank, Erste Bank, and Raiffeisen Bank. These banks have a strong presence in the country and provide various financial products and services to both individuals and businesses.
What are the alternatives for bank account opening in Hungary?
In addition to traditional banking options, there are alternative methods to open a bank account in Hungary. One popular choice is to open an account with a fintech company or a neobank. Fintech companies such as Satchel, Revolut, N26, and TransferWise offer online banking services that include payment cards, current accounts, and international money transfers. Neobanks are known for their competitive rates and fees, no minimum balance requirements, and convenient account management through smartphone apps.
What are the documents required for bank account opening?
When opening a bank account in Hungary, you will need to provide certain documents to comply with the banking regulations. The exact requirements may vary depending on the bank or fintech company you choose, but generally, you will need the following:
- Valid identification document (e.g., passport or national ID card)
- Proof of address (e.g., utility bill or rental agreement)
- Tax identification number (if applicable)
- Employment or income verification documents (if applicable)
- Business registration documents (for opening a business account)
It’s always a good idea to check with the bank or fintech company beforehand to ensure you have all the necessary documents ready to expedite the account opening process.
How long does it take to open a bank account in Hungary?
The time it takes to open a bank account in Hungary can vary depending on several factors, including the bank’s internal procedures and the completeness of your application. In general, the process can take anywhere from a few days to a couple of weeks. Some fintech companies and neobanks offer a faster and more streamlined process, allowing you to open an account online within a few business days.
How to open a bank account for foreigners in Hungary?
For foreigners who are interested in opening a bank account in Hungary, neobanks can be a viable option. Neobanks are often more accommodating when it comes to opening accounts for non-residents. Before applying online, it’s important to ensure that your country is not on the blacklist or subject to any restrictions. One advantage of some neobanks is the absence of an onboarding fee. At Satchel.eu you will only be charged if your account opening application is approved, making it a low-risk option.
In conclusion, opening a bank account online in Hungary offers convenience and flexibility for managing your finances. Whether you choose a traditional bank or explore alternative options like fintech companies and neobanks, it’s important to gather the required documents and understand the process. With the right preparation, you can start banking in Hungary hassle-free.