Comparing Cheap Currency Exchange Options in Budapest: Revolut vs. Hungarian Banks

Published: November 27 2023

When it comes to currency exchange in Budapest, there are two popular options: Revolut and Hungarian banks. Both offer competitive rates and convenient services for exchanging currencies. In this article, we will compare the features and conditions of these two options to help you make an informed decision on where to exchange your currency.

Revolut is a fintech service that has gained popularity in Hungary due to its cheap currency exchange options. With Revolut, you can easily set up an account and exchange currencies at a favorable rate. The service supports a wide range of currencies, making it convenient for international transactions.

In response to Revolut's popularity, Hungarian banks have started offering their own competitive currency exchange services. Banks such as OTP Bank, Erste Bank, and Gránit Bank now provide favorable rates and even fee-free currency exchanges for their customers. Each bank has its own conditions and requirements for accessing these services.

Revolut offers a simple and user-friendly process for currency exchange through its mobile application. You can choose the currency you want to hold and complete the transaction with just a few taps. On the other hand, Hungarian banks have their own online platforms or mobile apps for currency exchange, and the conditions may vary between banks. It is important to compare these processes and requirements before making a decision.

Both Revolut and Hungarian banks have monthly limits for currency exchange at favorable rates. Revolut, for example, offers a limit of 350,000 forints per month with its Standard or Plus packages, beyond which a small fee is charged. The premium packages have higher limits or unlimited currency exchange without additional fees. Hungarian banks also have their own limits and fees, which may differ from Revolut. It is important to consider these limits when choosing a currency exchange provider.

When it comes to currency exchange in Budapest, Revolut and Hungarian banks are the main options to consider. Revolut offers a cheap and convenient service with a wide range of supported currencies. Hungarian banks, on the other hand, have started competing with Revolut by offering favorable rates and even fee-free currency exchanges. Before making a decision, it is important to compare the features, conditions, and limits of these options to find the best solution for your currency exchange needs.

What is Revolut? Revolut is a fintech company that offers various financial services, including cheap currency exchange options and international money transfers.

What are the advantages of using Revolut for currency exchange? One of the main advantages of using Revolut for currency exchange is the possibility of cheap and fee-free exchanges in multiple currencies. They offer a wide range of currency options for exchange.

Are Hungarian banks also offering competitive currency exchange options like Revolut? Yes, Hungarian banks have started offering competitive currency exchange options in response to the popularity of Revolut's services. They aim to provide favorable exchange rates and even free currency exchanges for their customers.

What is the OTP Bank offering for currency exchange? The OTP Bank offers a discounted currency exchange service called "Árfolyam+" for their retail account holders. With this service, customers can electronically transfer foreign currency or make card payments abroad. The bank currently waives the monthly fee of 113 Hungarian forints until February 29, 2024. The discounted service is available for four currencies: euro, British pound, US dollar, and Swiss franc.

What currency exchange options are available at the Erste Bank? At the Erste Bank, customers can open a foreign currency account and make instant exchanges between the Hungarian forint and the foreign currency account. The exchange is carried out through the George App or George Web platforms at the bank's highlighted exchange rate. Five currencies are available for exchange: euro, US dollar, Canadian dollar, Swiss franc, and British pound.

What currency exchange options are available at the Gránit Bank? The Gránit Bank also offers the option to open a separate foreign currency account in euro, US dollar, Swiss franc, or British pound. The bank does not charge fees for managing euro and US dollar accounts until December 31, 2023. However, there are fees for managing Swiss franc and British pound accounts.

Is there a limit on the amount of currency that can be exchanged with Revolut? Yes, Revolut has a monthly limit for currency exchange within their free or discounted packages. For the Standard or Plus packages, the limit is 350,000 Hungarian forints per month. Exceeding this limit will incur a fee of 1% for Standard and 0.5% for Plus. The Premium, Metal, and Ultra packages have higher fees but no limit on currency exchange. Additional fees apply for weekend exchanges regardless of the chosen package.

What are the technical requirements for currency exchange with Revolut? Currency exchange with Revolut is facilitated through their mobile application. Users can select their desired currency and initiate the transaction with a few taps on the app. No additional features or payments are required to access the service.

What are the technical requirements for currency exchange at Hungarian banks? The process of currency exchange and the technical requirements vary among Hungarian banks. The OTP Bank requires a separate service called "Árfolyam+" for currency exchange, which is available to customers with a residential forint account. The Erste Bank enables exchange between the forint and the foreign currency account through their George App or George Web platforms. The Gránit Bank also requires customers to open a separate foreign currency account.