The information below provides details about the Hungary banking system, and details on opening a Hungary offshore bank account. You will find details on the laws and regulations that govern the banking system, as well as a list of local and international banks that operate in Hungary.
Hungary has a two-level banking system. The first level is the Magyar Nemzeti Bank (National Bank of Hungary) which, being the central bank, defines and implements the monetary policy consistent with the protection of the value of the national currency and has the exclusive right to issue banknotes and coins. The National Bank performs its duties and carries out its obligations independently from the Government or any other institution or body. The major objective of the National Bank is to achieve and maintain price stability, and at the same time to support the economic policy of the Government through monetary control.
The Magyar Nemzeti Bank is in direct connection only with the commercial banks that are on the second level of the system, but not with individuals and business entities. Commercial banks may maintain bank accounts for individuals and business entities, accept deposits from, and extend credit to them, and may provide other financial services and auxiliary financial services as well.
In Hungary credit institutions and financial enterprises shall be construed as financial institutions. Credit institutions may be banks, specialized credit institutions or cooperative credit institutions (savings-, or credit cooperatives). Financial enterprises are (i) financial institutions licensed to perform one or more financial service with the exception of certain activities, (ii) financial holding companies, and (iii) clearing houses for credit institutions. All financial institutions are subject to the supervision of the Hungarian Financial Supervisory Authority.
The Organisation for Economic Co-operation and Development now views Hungary’s banking sector as among the healthiest in the region; one that is supported by a strong regulatory framework that broadly meets international standards. Nowadays, more than 40 banks are operating in the country.
List of major banks currently operating in Hungary:
To see which jurisdictions we can currently assist you with, view our Bank Accounts service page.