Head of International Corporate Law and Fintech Practice
Expert in fintech, crypto, and international corporate law with over 20 years of experience. Specializes in crypto licensing (VASP/CASP), iGaming business support, and international structuring, asset protection, and OSINT analytics for risk assessment and due diligence.
OPENING A BANK ACCOUNT IN HUNGARY
Opening a bank account in Hungary is an important step for those planning to live, work or do business in this country.
Below we will discuss in detail the procedures, requirements, list of documents, features for foreigners, as well as specific banks where it is most convenient to open accounts.

For individuals
Who can open an account?
Both Hungarian citizens and foreigners, including citizens of Ukraine, who are in the country on the basis of temporary protection, a student or work visa, or for the purpose of long-term stay, can open an account.
Which banks to choose?
The most popular banks for individuals:
- OTP Bank
- Erste Bank Hungary
- K&H Bank
- CIB Bank
- Budapest Bank
- MKB Bank
These banks have a wide network of branches, support online banking, and some even have an English-language interface and support.
Features and benefits:
- Possibility to open an account in forints, euros, US dollars and other currencies.
- Access to mobile and internet banking.
- For Ukrainians, simplified account opening procedures apply, as well as special conditions for withdrawing cash from Ukrainian cards without a commission at some banks (for example, Erste Bank).
Account opening procedure
- Bank selection – focus on the availability of English-language support and the convenience of online banking.
- Preparation of documents:
- Passport or Hungarian ID card.
- Proof of residence address in Hungary (this can be a rental agreement, utility bill, registration at the place of residence).
- Tax identification number (not always required, but desirable to have).
- Residence permit or temporary protection (for foreigners).
- Phone number, email.
- Submitting an application – most banks require you to visit a branch, although some (such as CIB or Erste’s online bank George) allow you to open an account online or via video verification.
- Signing the contract – in a branch or online.
- Getting a card – at the branch or by mail.
Opening times: from 1-2 business days to 10 days, depending on the bank and the completeness of the package of documents.
Additional tips: If you do not speak Hungarian, choose banks with English-language support (e.g. OTP, Erste, K&H). For Ukrainians, some banks have special information pages and consultations in Ukrainian. You can use the services of neobanks (PaySend, Revolut) to open foreign currency accounts online.
For legal entities
Who needs to open an account?
Any company planning to operate in Hungary must have a bank account for settlements with partners, clients, and compliance with legal requirements.
Account opening procedure
- Bank selection and consultation
- Preparation of documents:
- Founding documents (charter, memorandum of association, certificate of incorporation).
- Company registration certificate.
- Company tax number in Hungary.
- Documents about directors, owners, beneficiaries (copies of passports, confirmation of address).
- Founders’ decision to open an account.
- Business plan or description of the company’s activities.
- Licenses or permits (if required for certain activities).
- Confirmation of sources of funds (contracts, recommendations).
- All documents must be translated into Hungarian and notarized or with an apostille.
- Application and personal meeting – in most cases, the bank invites the director or authorized representative of the company for personal identification.
- Application review – the bank checks documents, transparency of activities, and absence of risks.
- Opening an account and obtaining details.
Opening times are on average 7-10 days, sometimes up to 2 weeks. The cost of opening and servicing depends on the bank, the complexity of the company’s structure, and the need for additional services (translation, legal support).
Bank requirements:
Hungarian financial institutions pay great attention to the transparency of the ownership structure and activities of the company opening the account. Banks carefully check the absence of connections with risky or prohibited types of business in accordance with European financial monitoring standards.
The relevance and legality of all documents, which must be translated into Hungarian and notarized, are of utmost importance.
Without compliance with these basic requirements, opening an account becomes impossible, even if other conditions are met.
Comparison table of popular banks
| Bank | Opening for individuals |
Opening for legal entities |
Online banking | English-language support |
Features for Ukrainians |
| OTP Bank | Yes | Yes | Yes | Part | Special conditions, info in Ukrainian |
| Erste Bank | Yes | Yes | Yes (George) | Part | Free withdrawal from Ukrainian cards |
| K&H Bank | Yes | Yes | Yes | Part | |
| CIB Bank | Yes | Yes | Yes | Yes | |
| Budapest Bank | Yes | Yes | Yes | Part | |
| MKB Bank | Yes | Yes | Yes | Part |
For individuals, it is most convenient to open accounts at OTP Bank, Erste Bank, K&H Bank, CIB Bank – these institutions have a wide range of services, support for foreigners, online banking, and some have special conditions for Ukrainians.
For legal entities, it is recommended to contact large banks (OTP, Erste, K&H, CIB), which have experience working with foreign companies, offer business packages and English-language support.
Before opening an account, prepare a full package of documents, translate them into Hungarian and have them notarized. If you do not speak Hungarian, choose banks with English-language support or contact law firms that will help with the process.

Opening a bank account in Hungary is a procedure that is quite accessible to foreigners, provided that the documents are properly prepared and the appropriate bank is chosen.
The law firm “Prikhodko and Partners” provides a full range of services to support the opening of bank accounts for individuals and legal entities in Hungary.
Our specialists have many years of experience in cooperation with leading Hungarian banking institutions and a deep understanding of local financial legislation.
The company takes on the entire range of work: consulting on the necessary documents, professional translation into Hungarian, notarization, communication with the bank, preparation of contracts and support during personal meetings with representatives of the financial institution.
Thanks to our support, the account opening process becomes transparent, fast and free from legal risks.
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