Foreign Exchange Guide to Hungary
In this guide we review :
- Hungarian forint info - general info about the Hungarian forint
- Buying Hungarian forint cash online - travel money for Hungary
- Sending money to Hungary - save on Hungarian forint bank transfers to Hungary
- Hungarian forint exchange rates - latest info & charts.
Hungarian forint (HUF) general currency information
The forint – originally florentinus, taken from the Italian city of Florence – was used in Hungary as early as the fourteenth century. It is subdivided into 100 fillér, although due to the effects of inflation one fillér is now virtually worthless and the fillér coins are no longer in circulation.
The forint was replaced as Hungary’s currency but reintroduced following World War II after hyperinflation crippled the pengő used during and prior to the war.
As a member of the European Union, Hungary should, at some point, adopt the euro as its national currency. Since Hungary has not yet joined ERM-II (a requirement for euro adoption), the single currency is unlikely to be used in Hungary prior to the 2020s. In a survey of public opinion by the European Commission in 2015, 60% of Hungarians were in favour of replacing the forint with the euro.
Hungarians are mostly concerned with the value of their currency against the euro, since nearly 80% of Hungarian exports go to the euro area. Since the euro’s introduction in 1999, the EUR/HUF exchange rate has traded between 227.29 (July 2008) and 326.64 (January 2015).
Against the world’s reserve currency, the US dollar, the forint was weakest in October 2000 when USD/HUF reached 317.56. The currency was strongest in July 2008 when USD/HUF fell to 143.39.
Hungary Trip Checklist
Travel money for Hungary
Save money and time by Ordering your Hungarian forint online from Travelex, you get better rates and can pick up the HUF cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Hungarian forint otherwise you may get much worst exchange rates.
Sending money to Hungary
When sending money to Hungary it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Hungarian forint amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted HUF amount will be transfered to the recipient account you specify in Hungary.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Hungarian forint deposited into the recipient bank account in Hungary and less margins and fees kept by the banks!