Gránit Bank Joins the Competition for Currency Exchange in Budapest

Published: November 16 2023

Gránit Bank has entered into the competition for currency exchange services in Budapest, offering favorable rates for immediate currency conversion through its mobile banking application. This new service allows customers to easily exchange currencies such as euros and dollars, and is complemented by a digital currency card. In addition to currency conversion, Gránit Bank also offers attractive foreign currency deposit rates and low currency transfer fees.

Customers of Gránit Bank can now exchange currencies at mid-market rates without any fees or additional costs through the bank's mobile application. The currency conversion service is available during weekdays between 9 AM and 5 PM, and supports currencies such as euros, dollars, Swiss francs, and British pounds. The mobile application provides real-time currency exchange rates and a calculator to determine the amount after conversion. Customers can exchange currencies up to a monthly limit of 550,000 HUF at the mid-market rates during working hours. Outside of working hours and for amounts exceeding the limit, currency conversions are made at the current account conversion rates, also without any fees.

Gránit Bank offers a convenient and digital process for opening foreign currency accounts. Existing customers with Hungarian forint accounts can open foreign currency accounts with just three clicks through the mobile application. New customers can open both forint and foreign currency accounts by providing a selfie or through video banking. As a bonus, new customers can also request a fee-free digital currency card that is immediately available for use.

Gránit Bank is the third bank to join the competition for currency exchange services in Budapest, following the lead of OTP and Erste. With the increasing popularity of services like Revolut, banks are offering more favorable rates and easier currency conversion options to attract customers. It is advisable to compare the different offerings from these banks before deciding on a new account or currency conversion, as the options and rates may vary significantly.

Gránit Bank's entry into the currency exchange competition in Budapest brings additional convenience and cost savings to customers. With its favorable rates and user-friendly mobile application, customers can easily convert currencies and manage their foreign currency accounts.

What is the Gránit Bank? Gránit Bank is a Hungarian bank that offers various banking services, including currency exchange.

What service has Gránit Bank recently introduced? Gránit Bank has recently introduced an immediate currency exchange service in its mobile banking application.

Which currencies can be exchanged through Gránit Bank's mobile banking application? Through Gránit Bank's mobile banking application, currencies such as euro, dollar, Swiss franc, and British pound can be exchanged.

Are there any fees or costs associated with currency exchange through Gránit Bank's mobile banking application? No, there are no fees or costs for currency exchange through Gránit Bank's mobile banking application. The exchange is done at the mid-market exchange rate.

What are the operating hours for currency exchange through Gránit Bank's mobile banking application? Currency exchange through Gránit Bank's mobile banking application can be done during business hours, from 9 am to 5 pm on weekdays.

What is the maximum amount of currency that can be exchanged during business hours? During business hours, up to 550,000 Hungarian forints can be exchanged through Gránit Bank's mobile banking application.

Are there any restrictions or fees for currency exchange outside of business hours or exceeding the maximum amount? Currency exchange outside of business hours or exceeding the maximum amount will be done at the current exchange rate and will also be free of charge.

What other services does Gránit Bank offer besides currency exchange? Gránit Bank offers attractive foreign currency deposit rates and favorable foreign currency transfer fees.

Why did Gránit Bank introduce this currency exchange service? The competition from services like Revolut, which offers favorable exchange rates and easy currency exchange, prompted Gránit Bank to introduce its own immediate currency exchange service.

How does Gránit Bank's currency exchange service compare to other banks in Hungary? Different banks offer different promotions and conditions for currency exchange, so it's worth comparing these before deciding to switch or open an account for currency exchange purposes. Gránit Bank is the third bank, after OTP and Erste, to compete in this area with Revolut.