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Open a Bank Account in Hungary

How to Open a Bank Account in Hungary as a Non-Resident

Those who plan to move to Hungary and start a business in this country should open a bank account. Local financial institutions are loyal to new clients, offering a wide range of services and affordable service fees, as well as:

  • You can open a bank account in Hungary in any foreign currency.
  • The financial sector and economy as a whole in this country are highly stable.
  • Most institutions are ready to provide Russian-speaking staff for cooperation.
  • It is possible to open a bank account in Hungary online, and further account management is carried out via internet banking.

Steps

01

Choosing a Bank in Hungary

First, you need to choose a suitable bank. Factors to consider include the bank’s reliability, service fees, and client segment preferences. It is best to submit applications to several banks at once to increase the chances of account approval.

02

Preparing Documents

You need to prepare the company’s incorporation documents, considering issuance dates and certification requirements, as well as personal documents of company participants, and fill out the bank’s forms. Proper completion of forms and presentation of information play an important role.

03

Submitting the Application

After preparing all the documents, they must be sent to the bank. During the review process, the bank may send additional questions or request further documents. It is necessary to respond correctly and promptly. Application review may be subject to a fee, payable upon submission.

04

Undergoing Verification

Banks usually require a visit to their branch for verification of company representatives.

05

Receiving Access and Account Details

If the account is successfully opened, the bank assigns account details and provides access credentials. To fully activate the account, an initial deposit may be required, from which account opening fees may be deducted (if applicable).

Procedure for Opening a Bank Account in Hungary

Some Hungarian banks are fairly liberal toward non-residents, requiring only a passport. However, in most cases, opening a bank account in Hungary as a non-resident requires a set of documents according to the bank’s individual requirements. These may include:

  • Documents confirming the identity of directors, beneficiaries, and shareholders.
  • Corporate documents — certificate of registration, articles of association, director appointment order. Depending on the bank, recommendations from other financial institutions, partner information, or additional documents may be required.

To open an account in Hungary as a non-resident, you must also complete questionnaires, applications, and other bank forms in the approved manner. All submitted documents must be translated into the state language and apostilled. If the applicant represents a company, a notarized power of attorney is required. Failure to comply with the institution’s requirements may result in refusal without explanation.

Where to Apply for Opening a Bank Account in Hungary

Some banks accept applications offline, requiring an in-person meeting between the client (or their authorized representative) and a bank employee. All conditions for opening a Hungarian bank account should be clarified with the chosen institution. In most cases, the procedure takes about 14 business days, and an initial deposit is not always required. More than 10 banks operate in the country, ready to cooperate with non-residents and foreign companies. The following are known for their stability and range of services:

  • Sberbank – A large bank offering all types of financial services, loyal to corporate and long-term clients, with more than 50 branches in Hungary.
  • MKB Bank – Notable for offering online account opening for non-residents, with service available via internet banking and by phone.
  • Budapest Bank – A state-owned bank guaranteeing deposit protection.
  • KINIZSI Bank – Provides a wide range of services for small and medium-sized businesses.
  • VirPay – An independent financial institution operating exclusively online without a physical address.

Professional Assistance in Opening Bank Accounts in Hungary

Opening accounts in Hungary requires full awareness of the current situation in the banking sector. To avoid refusal and establish successful cooperation with the best banks, contact the experts at Incluence Limited. Submit an online request to our specialists, and we will get in touch with you shortly.

Free initial consultation on legal issues, related to the daily activities of the business

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Frequently Asked Questions:

For successful account opening, the company must be registered in a country supported by Hungarian banks and have a good reputation. Its participants must not appear on sanction lists. The company’s activities must not conflict with the bank’s policy. Hungarian banks often prefer companies with Hungarian participants.
We select banks based on the company’s country of registration, residency of beneficiaries and directors, expected turnover, required currencies, and payment regions. The bank’s reputation and fees are also considered. To choose the most suitable option for your company, please contact our specialists.
To open an account in Hungarian banks, it is necessary to complete and submit KYC and AML forms, company incorporation documents, and personal documents of directors and beneficiaries. The bank may additionally request partner contracts and other information. For successful account opening, key persons must pass verification.
Opening an account in Hungarian banks requires an in-person visit.

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