Currency in Hungary HUF - Things to know
Foreign exchange guide to Hungary and the Hungarian forint
What's in this Hungary currency guide?
What currency is used in Hungary?
The official currency of Hungary (country code: HU) is the Hungarian forint, with symbol Ft and currency code HUF.
Things to know about the Hungarian forint
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.
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.
Travel Ideas and Money Tips for Hungary
Describe Hungary for travelers and expats
Located in Central Europe, Hungary is a landlocked country bordered by seven other countries: Austria, Croatia, Romania, Serbia, Slovakia, Slovenia, and Ukraine. The capital city is Budapest. Hungary is a member of the European Union and the Schengen Area.
The official language is Hungarian, which is a member of the Finno-Ugric language family and is unrelated to any of the neighboring languages. English is also widely spoken.
The currency is the Hungarian forint (HUF).
Hungary is a relatively small country, with a population of just over 9.8 million people. The majority of the population is ethnic Hungarian, but there are also significant minorities of Roma, Slovaks, Croats, and Germans.
The climate in Hungary is temperate, with hot summers and cold winters.
Hungary is known for its food, wine, and culture. Popular tourist attractions include the capital city of Budapest, Lake Balaton, the Danube River, and the caves of Aggtelek National Park.
Best things to do and see in Hungary
There are many things to see and do in Hungary, including exploring the country's capital, Budapest, visiting the famous Lake Balaton, and spending time in the countryside.
Top Travel tips for Hungary
1. Don't drink the tap water
2. Pack light
3. Be aware of pickpockets
4. Use public transport
5. Visit the thermal baths
6. Eat at the local restaurants
7. Try the local food
8. Visit the markets
9. Drink palinka
10. Listen to Hungarian music
What's the best way to pay in Hungary?
The best way to pay in Hungary may be by debit or credit card, or in cash.
USD/HUF Market Data
The below interactive chart displays the USD/HUF trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Hungary?
The domestic currency in Hungary is the Hungarian forint.
What is the Hungarian forint currency code and symbol?
The three letter currency code for the Hungarian forint is HUF — symbol is Ft.
Which countries use the Hungarian forint?
It is the domestic currency in Hungary.
Is the Hungarian forint a closed currency?
No, the Hungarian forint is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and HUF?
Converted at USD/HUF interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Hungary - Best Rates
To get a good (and fair) exchange rate when sending money to Hungary you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers 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 4 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.
Use the above calculator to compare the exchange 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 and less margins and fees kept by the banks!
Expat Money & Business Guide to Hungary
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Hungary.
How is the cost of living in Hungary?
For those used to Western Europe, Hungary can be quite a shock. Prices are much lower than in Western Europe, but salaries are correspondingly lower. Rent for a one-bedroom apartment in the city center can be as low as $300, while a meal for two with wine at a midrange restaurant will cost around $30. Transportation is also very affordable, with a monthly public transport pass costing around $20.
How is the expat life in Hungary?
The expat life in Hungary is very good. There is a strong expat community, and many Hungarians are very welcoming to foreigners. There are also many things to do and see in Hungary, and the cost of living is relatively low.
Any laws in Hungary that foreigners should be aware of?
The main laws that foreigners should be aware of in Hungary are the Immigration Act, the Labor Code, and the Residential Tenancies Act.
What is doing business like in Hungary?
The business environment in Hungary is good. There are many opportunities for entrepreneurs and small businesses. The government is supportive of businesses, and there is a strong infrastructure in place. Additionally, Hungary is a member of the European Union, which provides many opportunities for businesses to expand their operations.
How is the economy in Hungary?
The economy in Hungary is in a state of transition from a planned economy to a market economy. The country has been a member of the European Union since 2004 and has experienced strong economic growth in recent years. However, the country's economy remains relatively underdeveloped compared to other EU member states, and its per capita GDP is only about two-thirds of the EU average.
Managing your finances in Hungary
Here we list some key points for expats and businesses to consider when managing financial dealings in Hungary:
Understand Hungarian forint currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the HUF exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Hungarian forint bank account: A local HUF bank account can make it easier for you to manage your finances and pay bills while you are in Hungary. It may also be more convenient to use a local HUF bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Hungary. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Hungary. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Hungary, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
