1. What is the official currency of Hungary?

The official currency of Hungary is the Hungarian forint (HUF).

2. Are there any restrictions on foreign currency transactions in Hungary?

Yes, there are certain restrictions on foreign currency transactions in Hungary. The most significant restrictions include:
1. A maximum limit on the total amount of foreign currency that individuals and businesses can hold in cash or bank accounts.
2. Limitations on the amount of foreign currency that can be purchased or sold by individuals and businesses for personal use or business purposes.
3. Restrictions on transferring foreign currency abroad, including limitations on the amount and purpose of transfers.
4. A requirement for prior approval from the National Bank of Hungary for certain types of foreign currency transactions, such as investments or loans from abroad.
5. Regulations governing the conversion of Hungarian Forints (HUF) into foreign currencies and vice versa.

These restrictions are intended to manage currency risks, prevent money laundering and terrorist financing, and maintain financial stability in Hungary. They may change periodically based on economic conditions and government policies.

Individuals and businesses planning to engage in foreign currency transactions in Hungary should consult with a local bank or financial advisor to ensure compliance with applicable regulations. Failure to comply with these restrictions may result in fines or other penalties.

3. What is the current exchange rate for local currency to US dollar in Hungary?

As of August 9, 2021, the current exchange rate for Hungarian Forint (HUF) to US Dollar (USD) is 297.60 HUF to 1 USD.

4. Is it better to use cash or credit cards for purchases in Hungary?

It is generally recommended to use credit cards for purchases in Hungary. Credit cards are widely accepted, especially in larger cities and tourist areas, and offer a convenient and secure way to make purchases. Some merchants may offer discounts for cash payments, but this is not always the case and may not be worth the potential risks of carrying large amounts of cash. Additionally, using credit cards can help you track your spending and provide protection against fraud or theft. It is a good idea to inform your bank or credit card company of your travel plans before using your card in Hungary to avoid any unexpected holds or declines on your account.

5. Do businesses in Hungary typically accept US dollars or do they prefer local currency?

In general, businesses in Hungary prefer to be paid in the local currency, Hungarian Forint (HUF). While some larger businesses in tourist areas may accept US dollars as a form of payment, it is always best to have the local currency on hand when conducting transactions. It is also worth noting that paying with US dollars may result in a less favorable exchange rate and you may receive change back in HUF.

6. Are there any hidden fees or charges when exchanging money in Hungary?

It depends on the method of exchange and the institution or provider. Some currency exchange bureaus, banks, and ATMs may charge a transaction fee or commission for exchanging money. It’s best to research and compare different options before exchanging money in Hungary to avoid any hidden fees or charges.

7. Can I use ATMs from my home country bank in Hungary to withdraw money?

Yes, it is possible to use ATMs from your home country bank in Hungary to withdraw money. However, you should check with your bank beforehand to see if they have any partnerships or international agreements with banks in Hungary to avoid foreign transaction fees. It is also recommended to inform your bank of your travel plans to avoid any issues with using your ATM card abroad.

8. Is it necessary to tip service workers and what is the customary amount in Hungary?

It is customary to give tips to service workers in Hungary, especially in restaurants, bars, and taxis. The usual amount for tipping is around 10% of the total bill. However, it ultimately depends on the quality of service provided. If you are not satisfied with the service, it is acceptable to only leave a small tip or no tip at all. In hotels and for other services such as hairdressers or tour guides, a small amount of 100-200 HUF per person will suffice for tipping.

9. Can I purchase traveler’s checks before traveling to Hungary, and are they widely accepted?

Yes, you can purchase traveler’s checks before traveling to Hungary. However, they are not widely accepted in most places in Hungary as many merchants and businesses prefer cash or card payments. It is recommended to carry a mix of payment methods when traveling to Hungary including some cash, credit or debit cards, and perhaps a few traveler’s checks as a backup option. You can exchange your traveler’s checks for Hungarian Forint at banks and currency exchange offices.

10. Are there any restrictions or limits on bringing foreign currency into or out of Hungary?

According to the Hungarian National Bank, there are no restrictions on residents bringing foreign currency into or out of Hungary. Non-residents, however, must declare any amount exceeding EUR 10,000 (or the equivalent in another currency) upon entry or exit from the country. Failure to declare may result in penalties and confiscation of the undeclared funds.

Additionally, individuals are not allowed to bring in or take out Hungarian forint notes over a certain value. As of June 2021, the limit is HUF 1 million (approximately USD 3,420). This is to prevent money laundering and other illegal activities.

It is also important to note that some countries may have regulations on how much currency can be brought into or out of their borders. Travellers should check with their home country’s customs department for any applicable regulations before leaving for Hungary.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Most major hotels and restaurants in the United States accept credit cards as a form of payment. The most commonly accepted types of credit cards include Visa, Mastercard, American Express, and Discover. Some establishments may also accept other types of credit cards such as Diners Club or JCB. It is always best to check with the specific hotel or restaurant beforehand to confirm which types of credit cards they accept.

12. Are there any unique features of the currency used in Hungary, such as coins with different values or special designs?

Yes, there are several unique features of the currency used in Hungary:

1. The currency used in Hungary is the Hungarian forint (HUF), which is divided into 100 fillér. However, due to inflation, the smallest unit in circulation now is the 5 forint coin.

2. The forint comes in various denominations of coins and banknotes, including 5, 10, 20, 50, and 100 coins and 200, 500, 1000, 2000 and 5000 HUF banknotes.

3. Some of these coins have unique designs or commemorate significant events in Hungarian history. For example, the current design of the 20 forint coin features Saint Stephen I of Hungary and a design of a hunting horn can be found on the back.

4. The most notable feature of Hungarian banknotes is that each one has a different theme featuring a famous Hungarian historical figure. For example, the current issue features János Arany on the highest denomination (20,000 HUF) note.

5. Another interesting feature is that some banknotes have security features such as holograms or images visible only under UV light to prevent counterfeiting.

6. In addition to regular banknotes and coins used for everyday transactions, Hungary also mints commemorative coins with unique designs to honor special occasions or people.

7. One particularly unique feature is that Hungary was the first country in Europe to issue polymer/plastic banknotes instead of traditional paper ones in 1983.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

Haggling is generally accepted and expected in markets and smaller shops, especially in countries where it is a common part of the culture. However, it may not always be appropriate or well-received in larger, more established stores. It is important to read the situation and use good judgement when deciding whether to haggle or not.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

Yes, you can pay for goods and services with a mix of both local currency and US dollars in many countries. However, it is always best to research the specific country’s policies and preferences regarding currency usage before traveling. In some places, using a mix of currencies may not be accepted or may result in additional fees. It is also important to note that local businesses may have different exchange rates for converting US dollars to local currency.

15. What is the most convenient way to exchange money while traveling through different regions of Hungary?

The most convenient way to exchange money while traveling through different regions of Hungary is to withdraw cash from an ATM using your debit or credit card. Many places in Hungary accept major cards such as Visa and Mastercard, and ATMs can be found in most towns and cities. You can also exchange money at banks, exchange bureaus, and some hotels, but they may charge higher fees. It is always a good idea to notify your bank before traveling so that they are aware of your international transactions and prevent any issues with your card.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Hungary?

Yes, there are alternative forms of payment in Hungary in addition to cash and credit cards. These include mobile payments such as using a smartphone app to make payments, digital wallets like PayPal and Apple Pay, and contactless payment methods using NFC technology. Some popular Hungarian mobile payment apps include SimplePay and Vodafone Wallet. However, the use of these alternative forms of payment may not be as widespread or accepted as cash and credit cards.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Hungary?

Tipping is expected in most service establishments in Hungary, including taxi rides, hotels, spas, and salons. However, the amount to tip varies depending on the quality of service and location. As a general guideline, a 10% tip is considered appropriate for good service. In taxis, it is customary to round up the fare to the nearest whole number. Some hotels and restaurants may include a service charge in the bill, so it’s always best to check before tipping. It is not necessary to tip at fast food establishments or casual cafes.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Hungary?

Yes, there are tax refund services available in Hungary for tourists. Some popular stores where tourists can receive tax refunds on their purchases include Westend City Center, Árkád Shopping Center, and Fashion Street. Visitors will need to ask for a special “Tax-free shopping” form and present it at the customs office at the airport before leaving Hungary to receive the refund.

19..How should I handle my leftover foreign currency when departing from Hungary, including coins and smaller bills?

1. Exchange at the airport: The easiest and most convenient option would be to exchange your leftover foreign currency at the airport before you depart from Hungary. Most airports have currency exchange kiosks where you can exchange your coins and bills for your home currency.

2. Use it for shopping: If you still have a significant amount of foreign currency, you can use it for shopping at duty-free stores or souvenir shops at the airport. Many stores accept multiple currencies, so check with the store before making a purchase.

3. Convert to a universal currency: Consider converting your leftover foreign currency into US dollars or Euros before you leave Hungary. These currencies are widely accepted in most countries, and you can easily convert them back to your home currency when you reach your destination.

4. Donate to charity: If you don’t want to exchange or spend your leftover foreign currency, consider donating it to a charitable organization or giving it to someone who may need it more than you do.

5. Keep it for future trips: You can also save your leftover foreign currency for future trips to Hungary or other countries that use the same currency. This will save you the hassle of exchanging currencies every time you travel.

6. Sell online: If you have a large amount of coins or smaller bills that may be difficult to exchange, consider selling them online on websites such as eBay or through online forums dedicated to travelers.

Remember to keep your receipts if you choose to exchange your leftover foreign currency, as some countries may require proof of exchange when entering or exiting their borders.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Hungary each day?

It depends on your bank’s policies and the limits set by the ATM operator. Generally, there is a daily limit on cash withdrawals from ATMs, which can range from 50,000 to 100,000 Hungarian Forints per day. However, some banks may have higher or lower limits depending on their individual policies. It is best to check with your bank for specific details about your withdrawal limits in Hungary.