How Do I Open a Bank Account in Budapest as an International Student?

The short answer: book an appointment at a central branch of a bank such as OTP, K&H, Erste or Raiffeisen, and bring your passport, your residence permit if you're from outside the EU, proof of your Hungarian address and proof that you're a student. The account is often opened in one visit and the card follows within about two weeks. Fees and document lists change by bank and branch, so confirm with your bank before your appointment.

Your residence permit is sorted, your lease is signed, and then someone mentions you'll need a Hungarian bank account before your scholarship or salary can actually reach you. Here's what that process actually involves: which banks work best for foreigners, what to bring, and whether you can skip the whole thing with an app instead.

Why You'll Probably Need One

Cash and a foreign card get you through the first few weeks, but a few things in Budapest specifically expect a Hungarian account further down the line. Scholarship holders (Stipendium Hungaricum and similar programmes) generally need one for their monthly payments to land. Employers paying Hungarian payroll usually want a local account for salary transfers. And some landlords, utility providers and phone contracts default to expecting a Hungarian account number for recurring payments, even if they'll accept a card for the first transaction.

Good to know: under EU law, anyone legally resident in the EU has the right to open a basic payment account, and a bank can't refuse you just because you're not a local or don't live in the country where it's based. It can still refuse on money laundering grounds, so bring complete documents.

What You'll Need to Bring

• Your passport, plus a second form of ID if you have one (driving licence, national ID card)
• Your residence permit or the visa covering your stay
• Proof of address in Hungary, an address card if you have one, or your signed housing contract or a recent utility bill
• A certificate confirming your student status or enrolment, most banks will ask for this even if it's not always strictly required
• A Hungarian mobile number, several banks require this before they'll even book you an appointment, so sort a local SIM first

Bring physical copies, not just photos on your phone. Some branches still expect paper, and a translator or Hungarian-speaking friend can help if your assigned advisor's English is limited, this varies a lot by branch.

Where to Open It: The Main Options

OTP Bank, K&H, Erste and Raiffeisen are the four banks foreign students end up at most often, largely because they have the most branches in central districts and the most English-speaking staff. Branches closer to the city centre and university areas are noticeably more used to serving international students than suburban ones, worth factoring in when you pick where to book your appointment.

• OTP Bank: Hungary's biggest retail bank, with the widest branch and ATM network.
• K&H: a straightforward retail account that's popular with students.
• Erste: a solid app, and branch staff used to international clients.
• Raiffeisen: similar service to Erste, and another common pick for foreigners.

Bank Good for English service Rough cost

K&H. Straightforward retail account, Good in central branches ~HUF 550/month maintenance (roughly €1.50) popular with students

Erste Bank Solid digital app, used to Generally goodVaries by package, check current rates

Fees depend on the package rather than the bank's name, and they change, so compare each bank's fee list (called a hirdetmény) before you book, and ask whether there's a basic account with a low or no monthly fee. Ask specifically about online statements rather than postal ones, several banks charge extra for paper statements by post.

What About Revolut or Wise Instead?

Tempting, since you can set either up in minutes without an appointment. The catch is the IBAN. Revolut's euro IBAN usually starts with LT and Wise's with BE, so neither is a Hungarian IBAN. Wise can also give you Hungarian forint account details for receiving HUF transfers, which some payers accept, but not all. Some landlords and employers are flexible about this and will accept a foreign IBAN without complaint. Others, particularly Hungarian payroll systems and more traditional landlords, will ask for a Hungarian account number specifically and reject a standing order set up from a foreign one.

The practical move: ask your landlord and, if relevant, your employer or scholarship administrator directly whether they'll accept a non-Hungarian IBAN before you decide to skip opening a local account. If either says no, you'll need a Hungarian bank account regardless of how convenient the app alternative looks. Plenty of students end up running both, a Hungarian account for rent and payroll, Revolut or Wise for everyday spending and currency conversion.

The Application Process, Step by Step

• Get a Hungarian SIM card first if the bank you're targeting requires a local number to book an appointment
• Book an appointment at a central branch, walking in without one often means a long wait or being turned away
• Bring your passport, residence permit, proof of address and student certificate, plus a translator if you're not confident about the advisor's English
• Complete the application in branch, some banks now offer parts of this digitally once your identity is verified in person
• Activate online banking and order your card, this is usually done in the same appointment

Some banks require your address to be registered with the authorities before they'll open an account, which is why sorting your residence permit and address registration first, before you try to open an account, saves you a wasted trip.

Timeline: How Long It Actually Takes

If you arrive with everything in order, the account itself can often be opened in a single appointment, sometimes the same day. The card usually takes longer, anywhere from a few days to two weeks to arrive, either at the branch for collection or by post to your Hungarian address. Build in a buffer before you rely on the account for anything time sensitive, like a first rent payment or a scholarship deposit.

One Less Document to Chase

Proof of address is one of the more fiddly parts of this process if you're renting informally. A signed housing contract with a clear Hungarian address, which is what you get once you sign your Fuse tenancy agreement, covers that requirement cleanly, one less thing to improvise with a utility bill that might still be in a previous tenant's name.

Browse available rooms in Budapest at Fuse's listings page.

Frequently Asked Questions