Managing Your Money and Exchanging Currency in Budapest
Budapest welcomes you with magnificent architecture, healing thermal waters, and vibrant cultural experiences. Before diving into these delights, you'll need to handle the practical matter of money. The Hungarian Forint (HUF) serves as the national currency, and understanding how to exchange money efficiently will ensure more of your budget goes toward experiences rather than fees.
Understanding Hungarian Currency
The Hungarian Forint (HUF) has been the official currency since 1946, named after Florence where golden coins were once minted. While some tourist-oriented establishments accept Euros, the conversion rates typically work against you, making Hungarian Forints the smarter choice for transactions.
Hungarian currency consists of both coins and banknotes in various denominations:
Coins: 5, 10, 20, 50, 100, and 200 HUF Banknotes: 500, 1000, 2000, 5000, 10000, and 20000 HUF
Having some cash on hand proves particularly useful for tipping bartenders, using public toilets, and visiting smaller establishments that might prefer cash over cards.
Best Places to Exchange Money
Location matters significantly when exchanging currency in Budapest. The city offers numerous options, but rates and fees vary considerably depending on where you go.
Currency Exchange Offices
The most favorable exchange rates are typically found at dedicated currency exchange offices in the city center. Look for offices along Tram Line 4-6 on the Pest side, which includes four interconnected boulevards: József körút, Erzsébet körút, Teréz körút, and Széchenyi István körút. Quality exchange offices can also be found in shopping malls throughout the city.
Here are some highly-rated currency exchange offices based on Google reviews:
| Exchange Office | Address | Google Rating |
|---|---|---|
| Change 32 | Budapest, Harminckettesek tere 2 | 4.8/5 stars |
| Arany Change | Budapest, Erzsébet krt. 5 | 4.7/5 stars |
| Expert Change | Budapest, Teréz krt. 21 | 4.7/5 stars |
| Omika Currency Exchange | Budapest, Bartók Béla út 16 | 4.7/5 stars |
| Correct Change - China Mart | Budapest, Szentmihályi út 171 | 4.7/5 stars |
| Money Exchange | Budapest, Király u. 1/b | 4.5/5 stars |
| Korona Change | Budapest, Teréz krt. 35 | 4.4/5 stars |
Places to Avoid for Currency Exchange
Not all currency exchange locations offer fair rates. To protect your travel budget, steer clear of these options:
Airport Exchange Offices - While convenient, airport exchange offices typically offer poor rates. Exchange only a minimal amount for transportation to the city center if absolutely necessary.
Hotels - Most hotels provide money exchange services but usually at unfavorable rates compared to dedicated exchange offices.
Banks - Surprisingly, banks tend to offer less competitive rates for tourists compared to specialized exchange offices in the city.
Tourist Areas - Exchange offices in heavily touristic areas, particularly along Váci Street (the main pedestrian shopping street), often have less favorable rates. The same applies to exchange offices that operate late into the night.
Smart Money Exchange Tips
Follow these expert strategies to get the best value when exchanging your money in Budapest:
Be Wary of "No Commission" Signs
Approach exchange offices advertising "No commission" with caution. These establishments typically hide their fees in less favorable exchange rates. Instead, look for places that are transparent about their commission structures.
Know the Mid-Market Rate
Before exchanging money, check the actual exchange rate online through services like XE.com or Google. This helps you identify which exchange offices are offering fair rates and avoid those with hidden markups.
Ask Questions
Don't hesitate to inquire about current exchange rates, how commission is calculated, and request a receipt for your transaction. Being informed is your best defense against unfair practices.
Check Ratings Before Visiting
Exchange offices with Google ratings above 4.0 (ideally 4.5+) typically offer better service and more reliable rates. A quick online search can save you from potential disappointment.
Using ATMs in Budapest
ATMs provide a convenient alternative to exchange offices but come with their own considerations.
Bank ATMs vs. Independent Networks
Look for ATMs operated by established Hungarian banks like OTP, Raiffeisen, Magnet Bank, UniCredit, and Erste. These typically offer better rates than independent ATMs like those in the Euronet network, which often charge additional fees.
Withdrawal Best Practices
When withdrawing cash from an ATM, always choose to receive Hungarian Forints rather than accepting the ATM's offer to convert to your home currency. This way, you'll get a better exchange rate from your own bank rather than paying the ATM's inflated conversion rates.
Digital Payment Options
Hungary has modernized its payment infrastructure significantly in recent years, making digital options increasingly convenient.
Card Payments
Most establishments in Budapest accept card payments, as Hungarian law requires businesses to provide digital payment options for customers. When paying by card, always select to pay in the local currency (HUF) when prompted rather than your home currency to avoid poor conversion rates.
Multi-Currency Cards
Services like Wise (formerly TransferWise) and Revolut are highly recommended by travelers to Budapest. These services offer better exchange rates than traditional banks, the ability to hold multiple currencies, and convenient ATM withdrawal options.
Mobile Payments
Contactless payments using your smartphone are becoming increasingly common throughout Budapest, particularly in urban and tourist areas.
Costs of Currency Exchange
Understanding the typical costs involved helps you budget appropriately:
- The average cost of exchanging money ranges from 100 HUF to 1500 HUF (approximately 0.25-4 EUR)
- The minimum commission set by Hungarian law is 0.3%
- For large sums, the maximum charge typically caps at around 7800-10000 HUF (20-25 EUR)
Banking Options for Visitors
If you're planning an extended stay, Hungary offers convenient banking options for foreigners.
Non-Resident Bank Accounts
Hungary provides non-residential account services for foreign nationals that require only a valid passport as documentation. You can open accounts in Hungarian Forints (HUF) or other currencies of your choice.
Practical Money Management
For a smooth financial experience in Budapest, consider these practical tips:
Cash Needs: For a short visit, having enough cash to cover small purchases, transportation, and emergencies is sufficient. Cards are widely accepted for larger expenses.
Pre-Trip Exchange: It's usually more economical to exchange money in Budapest rather than in your home country, as you'll typically get better rates at local exchange offices.
Cash vs. Card Balance: While cards are widely accepted, keeping some cash is advisable for smaller establishments, markets, tips, and places that might have minimum card purchase requirements.
