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.
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.
When an account in Hungary may make sense
New Kft. and business payments
Property and private payment matters
Foreign company in Hungary
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.
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.
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.
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.
Frequently asked questions about bank accounts
Does the managing director need to travel to Hungary?
Which documents are prepared?
Does HUNCONSULT also help with a private account?
Can a foreign company apply for a business account?
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.