Currency in Budapest
Hungarian Forint: everything you need to know about Budapest money
- travel tips
- November 28, 2023
What's the currency in Budapest?
The Hungarian Forint (HUF) has been Hungary’s official currency since August 1946, and it’s the currency you’ll use in Budapest.
Money in Budapest: Banknotes are available in various denominations, including 500, 1000, 2000, 5000, 10,000, and 20,000 forints. Each banknote features intricate security measures such as watermarks and an embedded vertical security strip made of thin metal, ensuring their authenticity. Furthermore, these banknotes are designed with accessibility in mind, making them user-friendly for visually impaired individuals.
→ The name “Forint” traces its origins to the city of Florence, where golden coins had been crafted since the year 1252.
Hungary also offers a convenient option for foreigners to open a bank account. The non-residential account service caters specifically to foreign nationals and requires only a valid passport as documentation. You have the flexibility to open an account in Hungarian Forints (HUF) or in other currencies of your choice.
What is the best currency to take to Budapest?
When visiting Budapest, it’s important to note that while some tourist-oriented establishments may accept Euros, the conversion rates often work against you. Hence, you should have Hungarian Forints on hand for your transactions, or a travel card that can pay in the local currency.
Need to exchange money?
Check how and where to exchange money in Budapest.
Essentials in Budapest:
- Language: Hungarian
- Currency: Hungarian Forint (HUF)
- Country code: +36
- Time Zone: GMT +1
- Power sockets: types C and F
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• Funicular (72h-plus option)
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ATMs in Budapest: withdrawing your money
In Budapest, you’ll find many ATMs scattered around the city, not only in bank branches but also at various other places.
There are two common ways of withdrawing money in Budapest:
• You have the normal banks’ ATMs available in Hungary, like in OTP, Raiffeisen, Magnet Bank, UniCredit, Erste, etc. Just keep an eye out because some of them might give you a heads up about ATM fees.
• There’s also the Euronet network, with many ATMs in the city, sometimes inside commercial establishments. Expect an extra charge with those, as they profit from currency exchange.
How to withdraw money in Budapest
When you’re withdrawing cash, don’t fall for the ATM’s offer to convert your money. Instead, choose to withdraw in Hungarian Forints. This way, you’ll get a better exchange rate from your own bank. ATMs often jack up their currency conversion rates, making it more expensive for you.
How to pay in Budapest
In recent years, Hungary has modernized its payment methods. Now, it’s common to use cards or your phone for transactions. But it’s a good idea to keep some Hungarian Forints with you too, just in case. In smaller places, they might still prefer cash instead of cards, making it easier for everyone.
Pro tip: when paying by card, sometimes the terminal will ask if you want to pay in your currency or in the local currency. You should choose Hungarian Forint, because this way you only get charged by your bank.
How to avoid high exchange rates in Budapest
Problem: Banks and other providers often charge a fee on currency exchange rates. Even when they say that they don’t charge for money conversion, there are hidden fees in the exchange rate, therefore making currency exchange more expensive.
Tip 1: Always choose HUF. Whenever you’re paying or withdrawing money, always choose the local currency – Hungarian Forint (HUF).
Tip 2: Use the Wise card. To ensure you’re not overcharged while in Budapest, consider a multicurrency card like Wise. You can hold, spend, send, receive, and convert money in various currencies, including HUF, EUR, USD, GBP, and many more. What sets Wise apart is their transparent fee for currency conversion, which only incurs a small, easily understandable charge. They utilize the mid-market exchange rate, allowing you to maximize the value of your money. And you can order a physical card or swiftly generate an instant virtual card online.
How much is 1 euro in Budapest?
How much is $100 in Budapest?
As of the time this article is being written, on Nov 28, 2023, 100 USD is approximately 35,000 HUF. However, for a more up-to-date exchange rate, check this converter tool:
Shopping in Budapest
Here’s a quick and straightforward guide to shopping in Budapest:
Most stores are open from Monday to Friday, typically from 10:00 AM to 6:00 PM or 7:00 PM, and on Saturdays from 10:00 AM to 2:00 PM. only shopping centers have more extended hours, welcoming shoppers from Monday to Sunday, usually between 10:00 AM and 8:00 PM.
When it comes to food shops, most operate from Monday to Saturday, while larger ones like supermarkets and hypermarkets may also open on Sundays with shorter hours.
Budapest offers a variety of markets, with the Central Market Hall at Fővám tér being a notable option. On the upper floor, you’ll find diverse food stalls serving everything from Chinese spring rolls to German sausages.