In Hungary, Erste Bank has introduced a new fee for cash withdrawals using Revolut or Wise cards. The fee is a flat rate of HUF 1200 per transaction, regardless of the withdrawn amount or subscription package of the card.
New fee for cash withdrawals
Erste Bank in Hungary has introduced a new fee for using foreign-issued cards, including Revolut and Wise, for withdrawing cash from its ATMs. The fee is a flat rate of HUF 1200 per transaction and is charged even if the customer's card subscription package includes free cash withdrawals. This new fee is not unique to Erste Bank, as many banks and financial service providers charge fees for foreign card transactions.
Cash withdrawal limit for Revolut and Wise cards
Erste Bank has also introduced a cash withdrawal limit of HUF 150,000 per day for foreign-issued cards, including Revolut and Wise. The limit applies to all Erste Bank ATMs and is not unique to the bank. Customers are informed of the fee and withdrawal limit before approving the transaction at the ATM and have the option to cancel the process and choose a different ATM.
Dynamic Currency Conversion
Erste Bank has introduced the Dynamic Currency Conversion service for foreign-issued cards, allowing customers to convert foreign currency withdrawals to HUF at the ATM. However, this service is usually not beneficial to the customer, and it is recommended to decline the option. Most Revolut and Wise customers in Hungary withdraw HUF from their accounts, so currency conversion is not necessary. If customers do need to convert currency, it is better to let Revolut or Wise handle the conversion.
Questions & Answers
What is the new fee introduced by Erste Bank in Hungary? Erste Bank has introduced a new device usage fee of HUF 1200 for cash withdrawals using foreign cards like Revolut and Wise at its own ATMs in Hungary. This fee is applicable regardless of the amount withdrawn.
Does the fee also apply to customers with free cash withdrawal options? Yes, customers with subscriptions such as Revolut Standard or Plus that offer free cash withdrawals up to a certain limit each month will also have to pay the device usage fee of HUF 1200 whenever they withdraw cash using foreign cards at Erste Bank ATMs.
Is Erste Bank the only bank in Hungary charging fees for foreign card cash withdrawals? No, other banks and financial service providers operating ATMs also charge fees for foreign card cash withdrawals in Hungary.
Is there a limit on the amount of cash that can be withdrawn using foreign cards at Erste Bank ATMs in Hungary? Yes, Erste Bank has also limited the amount of cash that can be withdrawn in a day using foreign cards to HUF 150,000. This limit is applicable across all Erste Bank ATMs in Hungary.
What is Dynamic Currency Conversion (DCC) and how does it affect foreign card cash withdrawals at Erste Bank ATMs in Hungary? Dynamic Currency Conversion (DCC) is a service that allows customers to convert foreign currency withdrawals into the local currency at the point of withdrawal. Erste Bank has introduced DCC for foreign cards, but it is not usually advantageous for the customer to use this service. For Revolut and Wise cards that are typically used for withdrawing local currency, there is no need to use DCC and the customer is better off with the card provider handling currency conversion.
Can customers cancel the transaction if they think the fees are too high? Yes, customers are informed of the device usage fee before the transaction is completed, and they can choose to cancel the transaction and choose another ATM if they find the fee too high.
How does the new fee and withdrawal limit affect Hungarian residents with Revolut or Wise accounts? Hungarian residents with Revolut or Wise accounts who often use foreign cards to withdraw cash in Hungary will have to pay the new device usage fee of HUF 1200 per transaction and are also subject to the daily withdrawal limit of HUF 150,000 across all Erste Bank ATMs.