Opening an account for individuals and companies

Bank account in Hungary

After incorporation, a business account is part of everyday operations from the start: payments and records remain with the company. An account may also make sense for private matters or foreign companies with genuine activity in Hungary.

When an account in Hungary may make sense

The question of an account rarely arises without a reason: after incorporation, for payments relating to property or for business activity in Hungary. If you would like to discuss your case, you can reach Norbert Péter by phone.

Kft. after incorporation
Property in Hungary
Foreign company
1

New Kft. and business payments

2

Property and private payment matters

3

Foreign company in Hungary

FOR COMPANIES AND PRIVATE MATTERS

What documents the bank will want

For companies, the basis usually includes proof of identity, current company and representation documents and, where applicable, the Hungarian tax number. For private accounts, the document list depends on the individual case.

As a rule, the appointment in Hungary takes place with the authorised representative.

Identity document and, where applicable, proof of address
Company and representation documents
Information about the activity and beneficial owners

COMPANY PAYMENTS

Business account: company payments

A business account is not a second private account. Payments must match the company’s actual activity and be documentable. Private payments do not belong in this account.

OTP Bank
K&H Bank
Raiffeisen Bank
Erste Bank
MBH Bank
5
Direct contacts at 5 banks
EXAMPLES FROM PRIVATE AND BUSINESS MATTERS

Four practical situations

These situations do not automatically mean that an account is required. They show why the question of a Hungarian bank connection may arise.

NEW KFT.

Separate business payments clearly

After incorporation, a Kft. needs its own payment basis for invoices and ongoing operating expenses. A business account separates these transactions from private payments.

LOCAL COSTS

Payments in forints

With genuine activity in Hungary, regular payments to local suppliers or service providers may arise. An account in forints may be practical for this.

FOREIGN CURRENCY

Income and expenses in one currency

When income or expenses regularly arise in euros, Swiss francs or another currency, keeping an account in that currency may be worth considering.

PROPERTY

Property sale or ongoing payments

An inherited house, a sale or ongoing costs relating to property in Hungary may create a private reason to consider an account.

Bank account in Hungary
Bank account in Hungary

AN ACCOUNT MUST FIT THE PURPOSE

For a new company, Company formation in Hungary is the starting point. The page Set up a Kft. in Hungary explains the legal form and ongoing operations. A Kft., a foreign company or property in Hungary: the question of a bank connection depends on the situation. If you would like to discuss your case, you can reach Norbert Péter by phone.

CLEAR ANSWERS

Frequently asked questions about bank accounts

Does the managing director need to travel to Hungary?
A personal appointment in Hungary is the usual case. Whether a bank decides differently in an exceptional case can only be clarified for the specific matter.
Which documents are prepared?
For companies, proof of identity, current company and representation documents and any further information requested by the bank are prepared. For individuals, the bank clarifies the documents required in the individual case.
Does HUNCONSULT also help with a private account?
Yes. An inherited house, ongoing property costs or other private payment matters in Hungary may be the reason. Requirements vary depending on the case.
Can a foreign company apply for a business account?
Registered foreign companies can generally apply for a business account. The bank reviews the company and representation documents and decides on the specific application.
Bank account in Hungary
Bank account in Hungary

Further examples of an account in Hungary

For individuals, the question of an account may arise when selling an inherited house, making ongoing property payments or covering regular expenses in Hungary. For companies, a new Kft., local suppliers, income and expenses in forints or actual activity in Hungary are often central.

An account for an Austrian company

An Austrian company can generally apply for a business account with a Hungarian bank. It is treated as a foreign company. The bank reviews the register extract, proof of representation, identity documents and, depending on the case, translations or further documents. Where there is actual business activity in Hungary, a Hungarian account may be useful for forint payments to local suppliers or service providers.

Aktuelle Informationen der Banken: OTP Bank und K&H Bank.

Discuss an account in Hungary personally