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Top 3 Money Transfer Providers for UK to Hungary

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 3,928,625.92 £0.00 392.8626 1-3 days more...
Moneycorp Moneycorp 3,918,755.00 £0.00 391.8755 1-3 days more...
OFX (UK) OFX (UK) 3,912,832.45 £0.00 391.2832 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
HUNGARY
Hungary abolished the last remaining controls on foreign capital flows in 2001, and money transfers to Hungary may now be freely sent as well as money transferred out of Hungary Read More
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Hungary Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Hungary's money transfer regulations
  • Hungary’s monetary and regulatory authorities
  • Hungary’s household borrowing in foreign currency
  • Currency
  • Summary

    Hungary abolished the last remaining controls on foreign capital flows in 2001, and money transfers to Hungary may now be freely sent as well as money transferred out of Hungary. The forint (HUF) is a fully convertible currency, and foreign exchange is readily available.

    Hungary's money transfer regulations

    There are very few exchange controls on inward or outward foreign investment. Foreign currencies can be bought and sold freely, and there are no restrictions on either residents or non-residents holding bank accounts in foreign currencies. There are limits, however, on mortgage borrowing in foreign currencies, and non-resident investment in shipping, airlines and asset management is subject to restrictions.

    As in many European countries, Hungary limits the amount of hard currency that may be carried in or out of the country without the need for declaration, as part of the country’s anti-money laundering/counter-terrorist financing policies. This is set at the equivalent of €10,000 per trip; cash transfers above this level must be declared and justified to customs authorities.

    Hungary’s monetary and regulatory authorities

    The Central Bank of Hungary (Magyar Nemzeti Bank, MNB) was merged with an independent agency, the Hungarian Financial Supervisory Agency, in October 2013 to form a single oversight body. The MNB oversees the health of the national financial system, seeks to maintain price stability, and supports the government’s economic policy goals.

    The State Financial Institutions Commission provides authorisation to all money exchange businesses and monitors their compliance with anti-money laundering and terrorism financing legislation.

    National monetary policy is set with reference to the European Central Bank (ECB). Hungary joined the European Union (EU) in 2004 and the Schengen free-movement zone in 2007. However, it is not a member of the 18-country eurozone. Its EU accession agreement stipulates that the country must eventually adopt the euro, but Hungarian officials have announced no short-term plans to do so.

    Its national currency, the Hungarian forint (HUF), has been on a free floating exchange rate system since 2008. The forint’s value in benchmarked against the euro, but is determined by market supply and demand. The MNB uses the monetary policy tools at its disposal to reach a target inflation rate that is set annually; in 2014, the medium-term inflation target was set for 3%, but it was closer to 0.2% as of August.

    Hungary’s household borrowing in foreign currency

    Hungarian households primarily relied on foreign exchange mortgages and other lending between 2004-10, as forex interest rates tended to be much lower than HUF rates. The country’s private forex indebtedness - and thus exposure to a weakening of the forint against the euro - reached unsustainable levels by 2010, prompting the MNB to implement a one-year ban on foreign currency denominated loans to residents from 2010-11, and now employs several restrictions meant to reduce demand for forex loans. Today, Hungarian financial institutions are only permitted to issue foreign currency mortgages to individuals who can show proof of regular monthly income, in the same currency, which is 15 times higher than minimum wage. Purely collateral-based forex lending is no longer permitted.

    Currency

    The forint is frequently abbreviated as Ft. The central bank issues banknotes in values of Ft500, Ft1000, Ft2000, Ft5000, Ft10,000 and Ft20,000. Coins are produced in denominations of Ft5, Ft10, Ft20, Ft50, Ft100 and Ft200.

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    Top 11 Money Transfer Providers

    Exchange Rates as of 13 December 2019, 21:54
    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    WorldRemit

    ?
    Est. 2010

    Use the code '3FREE' and pay no fees on your first three money transfers

    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

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    Use the code '3FREE' and pay no fees on your first three money transfers

    WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet.

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

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    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
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    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.