Opening a Business Bank Account in Hungary

A business (corporate) account is a type of financial account specifically designed to meet the needs of businesses. It is opened in the name of the company and is typically used for corporate transactions with partners, suppliers, and customers. With a corporate account, businesses can:

• Make payments (SEPA and SWIFT);
• Implement salary projects with payment cards (plastic and virtual);
• Get a variety of additional benefits, such as simplified reporting, auditing, and bookkeeping, etc.

Modern business bank accounts offer features such as online and mobile banking, allowing users to open an online bank account with no paperwork.

Opening a corporate bank account in Hungary is straightforward.

You have two choices: traditional banks or neobanks/EMIs like Satchel. The accounts available in both options offer the same functionality, as they provide a unique IBAN for conducting essential financial operations for your business.

The main difference between the two is the speed, convenience, and ease of account opening. With an EMI, the entire process is done online, from submitting the form to scanning documents and completing the onboarding.

At Satchel, corporate account options are available to both EU and non-EU residents, so you won’t need to make a trip abroad to open an account in person.

You will need to provide the following documents to open a business bank account with Satchel:

1. The online application form.
2. Copy of the business owner’s passport or ID (only for citizens or residents of the EU or the EEA).
3. Proof of address.
4. A detailed business description.
5. Corporate documents.
6. Supporting documents on clients/suppliers.
7. Documents with supporting information about initial funding.
8. Verification through the Ondato solution.

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Yes, you can open a business bank account in Hungary. Remote account opening has the following stages:

• Application form submission: Click “Open business account”, fill in the application form and upload the required documents;
• Onboarding: The time required to review your application form by our Compliance department.
• Once you submit your application, you will be emailed a link to create a password for logging into your account. This link will be valid for the next 24 hours.
• After reviewing your application, we will notify you by email of the outcome of the onboarding process.
• Unlike most of the traditional banks, we do not charge any fees for onboarding. We charge you only if your onboarding is successful according to the applicable fees.

Satchel provides digital financial solutions to customers all over the world. We welcome customers of any nationality. However, there is a list of countries that we do not onboard clients from. Please check our Blacklisted jurisdictions page to make sure your country is not listed.