Currency in Hungary – Hungarian forint HUF
A practical foreign exchange and currency guide to Hungary
What’s in this Hungary currency guide:
What currency is used in Hungary?
The official currency of Hungary 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.
Impact of the Russian invasion of Ukraine on the Hungarian forint
Governments in Eastern Europe may need to intervene more heavily in their currencies and also raise interest rates more aggressively to tame the markets’ wild reaction due to the war in Ukraine.
In response to the invasion, Hungary’s central bank raised their key interest rate by three-quarters of a percentage point. This is larger than expected and is the largest change since 2008.
The forint hit a record low of almost 354 to the US dollar in early March.
What the Hungarian forint looks like?
Hungarian forint – Markets & Rates
| Date | USD/HUF | Change | Period |
|---|---|---|---|
06 May 2022 | 362.15 | 0.5% ▲ | 2 Week |
19 Feb 2022 | 315.24 | 15.5% ▲ | 3 Month |
20 May 2021 | 285.75 | 27.4% ▲ | 1 Year |
21 May 2017 | 275.39 | 32.2% ▲ | 5 Year |
22 May 2012 | 233.77 | 55.7% ▲ | 10 Year |
25 May 2002 | 263.77 | 38% ▲ | 20 Year |
Compare Hungarian forint Exchange Rates & Fees
The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Hungarian forint.
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Travelling to Hungary
Hungary is still considered to be a really good value travel destination. You can still get by on a shoestring budget staying in a dorm, having a meal, and doing an excursion each day. That doesn’t mean to say there’s nothing there for the more well-heeled traveller, Budapest has boutique hotels, fine dining restaurants, cafes and bars, plus the famous thermal baths sprinkled around the city.
The official currency is the Forint (Ft), and its still possible to get by on daily budget of 12,000ft, which is significantly less than one could get by on in western Europe.
Credit cards are widely accepted in the capital but as always, carry some cash or a travel card especially if you are travelling outside of Budapest. Euros are generally accepted but stay aware of the exchange rate as it is unlikely that you will be getting a good rate when you spend Euros.
At present, you can not preload hungarian forint onto a travel card, but you can pre-load with Euros and spend Euros. Be aware, dynamic currency conversion will occur when you make a purchase or withdrawal in Euros, and often this will cost more. The upside is you will know exactly what you will be paying at the time of purchase.
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