Currency and Payments in Budapest

Budapest is a popular destination for tourists from around the world. As you plan your trip to this beautiful city, it’s essential to understand the local currency and payment methods to ensure a smooth and hassle-free experience. This article will provide you with all the necessary information about currency and payments in Budapest.

Key Takeaways:

• Use Visa and Mastercard, as they are widely accepted, AMerican Express is not so much.
• If cash is needed, use a trustworthy ATM and withdraw Hungarian Forints.
• Avoid paying with Euros, even if it seems more convenient.
• Check exchange rates on the website of the Hungarian National Bank (www.mnb.hu).
• Inform your bank about your travel plans to prevent issues with card transactions and potentially receive perks if your bank has a Hungarian partnership.

Currency

The official currency Budapest and Hungary uses is the Hungarian Forint (HUF). Although Hungary is part of the European Union, it has not adopted the Euro as its currency, but Euros are accepted at some tourist spots. Banknotes come in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 Forints, while coins are available in 5, 10, 20, 50, 100, and 200 Forints.

Exchanging Money in Budapest, Hungary

It is advisable to change money in Budapest, but you can also do so at the airport, banks, or exchange offices throughout the city. When in Budapest money conversion is easy as there is an abundance of places to exchange money. Be aware that exchange rates may vary, and it’s best to compare exchange rates in Budapest before exchanging large amounts. Avoid exchanging money on the street, as there is a higher risk of fraud.

Using Cash

When traveling to Budapest, Hungary’s vibrant capital city, it’s essential to understand the local payment landscape to ensure a smooth and hassle-free experience. While credit cards are widely accepted throughout the city, it’s always a good idea to carry some cash in the form of Hungarian forints for smaller transactions and unexpected expenses.

Budapest, like many other European cities, has embraced the convenience of credit card payments. Most hotels, restaurants, cafes, and shops readily accept major credit cards such as Visa, Mastercard, and American Express. This means that travelers can easily pay for their accommodations, meals, and shopping using their credit cards without the need to carry large amounts of cash.

However, it’s important to note that some smaller establishments, especially those located off the beaten path or in more traditional neighborhoods, may prefer cash payments. It’s always a good idea to inquire about payment methods before making a purchase to avoid any confusion or inconvenience.

One situation where cash is particularly handy is when using public toilets in Budapest. Many public restrooms in the city require a small fee, usually ranging from 100 to 300 Hungarian forints (approximately 0.30 to 0.90 USD). While this amount may seem insignificant, it’s crucial to have some coins or small bills on hand to access these facilities.

Paying with Euros

Although some establishments in Budapest may accept Euros, it is generally better to avoid paying with this currency. Budapest’s shops and restaurants that accept Euros often offer extremely unfavorable exchange rates during money conversion. Stick with paying in Forints, either with a card or the local currency in Budapest.

ATMs in Budapest

ATMs are widely available in Budapest, and most of them accept international debit and credit cards. However, it’s important to inform your bank about your travel plans to avoid any issues with your card being blocked due to suspicious activity. Keep in mind that your bank may charge fees for withdrawals made abroad.

When cash is needed, ATMs typically offer the most competitive rates for withdrawals. Travelers should be cautious of ‘Euronet’ ATMs or those marked ‘EUR-HUF,’ as they may have less favorable exchange rates. It is recommended to use ATMs of well-known and trustworthy banks such as Citibank, Erste Bank, OTP Bank, K&H Bank, CIB Bank, Raiffeisen Bank, and Budapest Bank. Always opt to receive funds in Hungarian Forints when withdrawing money from an ATM in Budapest.

Note that there are some dangers to using the “unknown” ATMs and even scammers might target unsuspecting tourists using these machines.

Credit and Debit Cards

Most establishments in Budapest, including shops, restaurants, and tourist attractions, accept Visa and Mastercard. However, American Express may not be as widely accepted, even though Hungary’s biggest bank, OTP, has been issuing American Express credit cards since 2011. Diners Club cards are accepted in some lounges around Budapest Airport, but travelers might not be able to use them in the city.

It is interesting to know that even though credit cards are used by locals, they are not very widespread. The majority of Hungarians mostly use debit cards for their everyday payments. When visiting Budapest you won’t have any troubles using debit or credit cards as long as they are accepted.

Travelers should notify their payment provider about their travel plans to avoid any issues with international transactions. Using a card can help avoid carrying large amounts of cash and may offer more favorable exchange rates. However, it’s always a good idea to carry some cash with you, as smaller establishments or market vendors may only accept cash payments.

Cards and Issued By Online Payment Providers

Revolut

In the bustling city of Budapest, where innovation and convenience go hand in hand, Revolut cards have emerged as a popular choice for both locals and visitors alike. As a leading fintech company, Revolut offers a range of features that make managing money and making payments a breeze.

One of the most attractive aspects of Revolut cards is the ease of sending and receiving money. With support for over 29 currencies, users can transfer funds instantly and free of charge between Revolut friends, regardless of their location. This feature is particularly beneficial for those who frequently travel or have loved ones abroad.

When it comes to cash withdrawals, Revolut has you covered. Users can withdraw money from ATMs worldwide, whether at home or abroad. While fees may apply, the convenience of having access to cash when needed is a significant advantage.

Revolut also offers competitive currency exchange rates, allowing users to exchange money in over 29 currencies without incurring additional fees from Monday to Friday (subject to fair usage limits). This feature is particularly useful for those who frequently travel or make international purchases.

Security is a top priority for Revolut, with state-of-the-art defenses in place to protect users’ money. Customers worldwide trust Revolut to safeguard more than £18.1 billion of their funds. Users can also personalize their security settings to maintain complete control over their accounts.

In addition to the Standard card, Revolut offers virtual cards, which provide an extra layer of security for online transactions. These digital payment cards can be created instantly within the Revolut app at no cost and come in two varieties: multi-use and single-use. Multi-use virtual cards can be used for online and mobile wallet payments, while single-use cards generate a new card number after each use, ensuring maximum security for one-time online purchases.

As Budapest continues to embrace digital innovation, Revolut cards have become an integral part of the city’s financial landscape. With its user-friendly features, competitive exchange rates, and robust security measures, Revolut offers a convenient and reliable payment solution for residents and visitors alike. Whether you’re exploring the city’s vibrant culture, dining at world-class restaurants, or shopping at local boutiques, Revolut ensures that your money is always at your fingertips.

Wise

The Wise card is the most international debit card on the planet, allowing you to spend abroad without worrying about exchange rate markups or high transaction fees. With the ability to hold and convert over 40 currencies, the Wise card ensures that you always get the best possible rate when making purchases or withdrawing cash.

One of the most significant advantages of the Wise card is its ability to take out cash abroad for free. After the first 80,000 HUF, you only pay a super-low fee on withdrawals, making it an ideal choice for travelers who prefer to have cash on hand. This feature takes the worry out of using ATMs abroad, allowing you to focus on enjoying your trip without fretting over fees.

In addition to the physical card, Wise also offers a digital card that can be used for online payments and in-store purchases in over 40 currencies and 160 countries. The digital card can be created in seconds, allowing you to start saving instantly. You can use the digital card with Google Pay or Apple Pay, making it even more convenient to use while on the go.

Security is a top priority for Wise, and the card comes with several features to ensure that your money is safe. You can freeze and unfreeze your card instantly, generate digital cards for extra peace of mind, and receive notifications for every transaction. These features provide an added layer of protection against unauthorized use and help you keep track of your spending.

In conclusion, the Wise card is the ultimate solution for international spending in Budapest and beyond. With its ability to hold and convert multiple currencies, low transaction fees, and free cash withdrawals, the Wise card makes managing your finances while traveling a breeze. Whether you prefer using a physical card or a digital one, Wise has you covered, ensuring that you can enjoy your trip without worrying about money matters.

Mobile Payment Options Available in Hungary

Safety Precautions While Using Mobile Payment Options

As the world becomes increasingly digital, mobile payment options have gained significant popularity, offering convenience and ease of use. In Budapest, a city known for its vibrant culture and bustling tourism industry, mobile payments have become a common method of transaction. However, with the rise of digital payments, it is crucial to prioritize safety and security to protect sensitive information and prevent fraudulent activities. This article explores essential safety precautions to keep in mind while using mobile payment options in Budapest.

• Protect your smartphone or smartwatch with a password, fingerprint, or other biometric authentication: Securing your device is the first line of defense against unauthorized access to your sensitive data. By implementing strong authentication methods, such as a complex password, fingerprint recognition, or facial recognition, you add an extra layer of security to your mobile payment apps.
• Avoid using public Wi-Fi services to access sensitive data: Public Wi-Fi networks, although convenient, pose a significant risk to your personal information. Hackers can easily intercept data transmitted over unsecured networks, potentially gaining access to your login credentials and financial details. When using mobile payment apps, always opt for a secure, private network or use your mobile data connection.
• Be cautious of malicious software: While there are numerous legitimate digital payment applications available, it is essential to download apps only from verified sources, such as the official app stores. Malicious software disguised as payment apps can compromise your device and steal sensitive information. Always research and verify the authenticity of an app before downloading it.
• Stay alert and avoid clicking on random links in texts or emails: Phishing attacks are a common tactic used by cybercriminals to trick users into revealing their personal information. Be wary of unsolicited messages containing suspicious links, as clicking on them may lead to the installation of malicious code on your device. Always verify the legitimacy of the sender and the contents of the message before taking any action.
• Utilize your phone’s security features and keep them up to date: Regularly update your smartphone’s operating system and the mobile payment apps you use. Software updates often include security patches and bug fixes that address vulnerabilities and enhance protection against emerging threats. Additionally, make use of built-in security features, such as device encryption and remote wipe capabilities, to safeguard your data in case of loss or theft.
• Monitor your digital accounts: Just as you would with traditional banking methods, keep a close eye on your bank and credit card statements when using mobile payment options. Regularly review your transaction history and immediately report any suspicious activity to your financial institution. Early detection of fraudulent transactions can help minimize potential losses and prevent further unauthorized access to your accounts.

In conclusion, while mobile payment options offer unparalleled convenience in Budapest, it is crucial to prioritize safety and security. By following these six essential precautions – protecting your device, avoiding public Wi-Fi, being cautious of malicious software, staying alert to phishing attempts, utilizing security features, and monitoring your accounts – you can enjoy the benefits of mobile payments while minimizing the risk of falling victim to cybercrime. Remember, your vigilance and proactive approach to digital security are the best defenses against potential threats in the ever-evolving landscape of mobile payments.

Google Wallet

Google Wallet, formerly known as Google Pay, has become a popular payment method in Budapest, offering a convenient and secure way to make payments both in-store and online. With the increasing adoption of contactless payments, many Hungarians are turning to Google Wallet as their preferred choice for mobile transactions.

One of the key advantages of using Google Wallet for in-store purchases is the convenience it offers. Users can leave their physical bank cards at home and simply tap their mobile device on the POS terminal to complete a transaction. For purchases under 15,000 HUF (approximately 40 EUR), users generally do not need to unlock their phone, making the payment process even more seamless. However, for transactions exceeding this amount or when the cumulative sum of contactless payments reaches around 50,000 HUF (roughly 150 EUR), users will need to unlock their device before making the payment.

It is important to note that Google Wallet, like other contactless mobile payment solutions, requires an active screen lock on the user’s device for security purposes. Additionally, Google Wallet can be used for a few transactions even without an internet connection, with the counter resetting once the connection is restored.

The Google Wallet app and account keep a record of all transactions made using the service, including online purchases, in-store contactless payments, and in-app purchases. This allows users to easily track their spending and maintain a clear overview of their financial activities.

Currently, Google Wallet is supported by several banks and financial service providers in Hungary, including CIB Bank, Curve, Erste Bank, Gránit Bank, K&H Bank, MBH Bank, Monese, OTP Bank, Revolut, UniCredit Bank, and Wise. As more institutions adopt this technology, the accessibility and usability of Google Wallet in Budapest are expected to grow further.

In conclusion, Google Wallet has emerged as a popular and convenient payment method in Budapest, offering users a secure and efficient way to make transactions both in-store and online. With its ease of setup, seamless integration with mobile banking apps, and wide acceptance among merchants, Google Wallet is set to play a significant role in shaping the future of payments in the Hungarian capital.

Apple Pay

Apple Pay has become an increasingly popular payment method worldwide, and Budapest is no exception. With its ease of use and enhanced security features, Apple Pay offers a convenient way for residents and visitors to make payments in the Hungarian capital.

Setting up Apple Pay is a straightforward process. Users can add their Mastercard or other compatible credit or debit cards to their Apple Wallet app on their iPhone, Apple Watch, iPad, or Mac. The setup process involves capturing the card details using the device’s camera or manually entering the information, and then verifying the card with the issuing bank.

Once the card is added to the Apple Wallet, users can start making payments at participating merchants. In Budapest, a growing number of banks and financial institutions support Apple Pay, including OTP Bank, Erste Bank, Gránit Bank, K&H Bank, Raiffeisen Bank, CIB Bank, MBH Bank, UniCredit Bank, and Magnet Bank.

To make a payment using Apple Pay, users simply need to hold their device near the contactless payment terminal and authenticate the transaction using Face ID, Touch ID, or their device passcode. The process is quick and secure, as Apple Pay uses tokenization technology to encrypt the user’s card information, ensuring that the actual card numbers are never stored on the device or shared with the merchant.

In addition to in-store purchases, Apple Pay can also be used for online transactions on websites and apps that support the payment method. This eliminates the need to manually enter card details, making the checkout process faster and more convenient.

As more merchants in Budapest adopt contactless payment technology, the use of Apple Pay is expected to grow. The COVID-19 pandemic has also accelerated the shift towards contactless payments, as consumers seek safer and more hygienic ways to make transactions.

In conclusion, Apple Pay provides a convenient, secure, and efficient way to make payments in Budapest. With its growing acceptance among banks and merchants, as well as its strong security features, Apple Pay is an attractive option for both residents and visitors looking to streamline their payment experience in the city.

Xiaomi Pay

Xiaomi, the Chinese technology giant, has recently introduced its contactless payment service, Xiaomi Pay, in Budapest, Hungary. This new payment solution allows users to make quick and secure transactions using their Xiaomi smartwatches, offering a convenient alternative to traditional payment methods. Xiaomi Pay is a contactless payment system that transforms compatible Xiaomi smartwatches into virtual bank cards. The service is free and accessible through the Zepp Life app (formerly known as Mi Fit/Mi Fitness), available on both Android and iOS platforms.

How to pay using Xiaomi Pay:

1. Unlock the smartwatch by swiping left on the screen
2. Select the desired card (if multiple cards are linked)
3. Authorize the payment by entering the 6-digit PIN
4. Hold the smartwatch near the contactless payment terminal to complete the transaction

Xiaomi Pay offers a secure payment method as the smartwatch does not store any sensitive data. When making a payment, the system encrypts the card information with a unique, single-use code that does not contain personal information. Additionally, the smartwatch is protected by a screen lock (6-digit PIN), ensuring that only the owner can make payments.

Currently, Xiaomi Pay is compatible with the Xiaomi Mi Smart Band 6 NFC, Xiaomi Watch S1, and Xiaomi Watch S1 Active. Xiaomi smartphones continue to use Google Pay for contactless payments. In Hungary, Xiaomi Pay is available for customers of Erste Bank, K&H Bank, and OTP Bank who have a Mastercard debit or credit card.

Xiaomi Pay can be used at any store equipped with contactless payment terminals, making it a versatile payment option for users in Budapest.

As Xiaomi Pay is still in its early stages, the company plans to continue developing and expanding the service. More Hungarian banks are expected to join the list of supported financial institutions, and the service may eventually be extended to Xiaomi smartphones in the region.

The introduction of Xiaomi Pay in Budapest marks a significant step for Xiaomi in establishing itself as a comprehensive ecosystem. With the growing popularity of smartwatch payments worldwide, Xiaomi Pay offers a convenient and secure alternative for users in the Hungarian capital, further strengthening Xiaomi’s position in the smartwatch market.

Garmin Pay

Budapest, the vibrant capital of Hungary, is a city that embraces innovation and technology. With the introduction of Garmin Pay, residents and visitors alike can now enjoy a seamless and secure payment experience using their Garmin smartwatches.

Garmin Pay is a contactless payment solution that allows users to make payments directly from their Garmin smartwatches. By digitizing their bank cards and storing them on their watches, users can leave their wallets at home and pay with a simple tap of their wrist.

Currently, Garmin Pay is supported by several major banks and financial institutions in Hungary, including Erste Bank, K&H Bank, and OTP Bank. This means that a significant number of Budapestians can already take advantage of this convenient payment method.

To use Garmin Pay, users need to have a compatible Garmin smartwatch. The company provides a detailed list of supported devices on their website, garmin.com. It’s important to note that due to hardware requirements, not all Garmin watches are compatible with Garmin Pay, and this feature cannot be enabled through software updates or other workarounds.

In addition to the supported Hungarian banks, Garmin Pay also works with several independent financial service providers, such as Revolut, Transferwise, and Curve. These providers offer physical or virtual cards that are compatible with Garmin Pay, making it accessible to an even wider audience. Revolut, in particular, has gained popularity due to its quick and easy registration process, free monthly account maintenance, and competitive fees for currency exchange and transfers.

It’s worth noting that these financial service providers are independent entities and have no direct affiliation with Garmin beyond the compatibility with Garmin Pay. For any queries related to fees, charges, or other card-related matters, users should contact the respective service provider directly.

In essence, when using Garmin Pay, your Garmin watch acts as a proxy for your linked bank card. It communicates with the card terminal, mimicking the behavior of the physical card. From that point on, all transactions are processed within the network and system of the respective financial service provider.

As Budapest continues to evolve and embrace digital solutions, Garmin Pay offers a convenient and secure way for residents and visitors to make payments on the go. With its ease of use and compatibility with various banks and financial service providers, Garmin Pay is set to become an increasingly popular choice among tech-savvy individuals in the city.

OTP Simple

Simple is a mobile wallet application developed by OTP Bank, Hungary’s biggest bank, that allows users to manage their Mastercard/Maestro, Visa, and AMEX bank cards, even if they are issued by other banks. Previously, the app was known as Simple Plus and Simple Classic. OTP MasterCard cardholders still need to use the Simple Classic app.

If you are not an OTP customer, you need to create a Simple virtual card within the app, which you can then top up with money (up to 45,000 HUF). Because of this, Simple is primarily recommended for OTP customers.

Disadvantages of the Simple card:

1. There may be a fee for topping up the card (1%, minimum 270 HUF), but the bank waives this fee until further notice, or until February 29, 2024.
2. The maximum balance on the Simple card is 45,000 HUF.
3. Purchase limits cannot be modified.
4. The monthly purchase limit is 45,000 HUF.
5. The online purchase limit is 15,000 HUF per transaction.
6. Simple cards can only be used at Hungarian acceptance points, not abroad.

Within the Simple app, users can access the following services:

1. Parking: purchase public and private parking tickets
2. e-Vignette: purchase highway vignettes
3. BKK mobile tickets and passes
4. Mobile tickets (for rural areas)
5. Taxi
6. Cinema
7. Tickets
8. Check payment (iCsekk)
9. Food delivery
10. Vehicle assistance insurance
11. Device insurance
12. QR code purchases and check payments
13. Loyalty cards
14. OTP SZÉP card balance inquiry
15. OTP Health Fund balance top-up and inquiry

Additionally, users can pay with the SimplePay system at nearly 20,000 merchant webshops.

To use Simple, download the app from the App Store or Google Play. OTP MasterCard/Maestro cardholders can save their cards in the Simple Classic app. If you do not have such a card, you need to create a virtual Simple card within the app, which you can top up from almost any bank card.

On Android devices, choose the “Interested” option and register your bank card for contactless mobile payments (card digitization). During the process, you will receive a confirmation code via SMS to the phone number registered in the OTP system, not the one saved in the app. If you do not have a saved phone number, the system will perform a 100 HUF transaction, and you will receive the confirmation code in the transaction’s comment section. After entering the code, your card will be digitized within a few seconds. The system will automatically prompt you to turn on NFC, which you should do.

To pay, simply unlock your phone and hold it up to the reader. You can pay up to 10 times in a row without an internet connection. You do not need to enter your PIN code on the card terminal, even for purchases over 15,000 HUF, as this is replaced by identifying yourself with your phone.

On iPhone devices, simply send the bank card to the Apple Wallet, and it will manage your card from then on, after the “Sent to Apple Wallet” message appears. From this point on, you can pay as described in the Apple Pay section.

Traveller’s Cheque

In recent years, the use of traveller’s cheques has significantly decreased worldwide, and Budapest, the capital city of Hungary, is no exception. Once a popular and secure method of carrying money while traveling, traveller’s cheques have been largely replaced by more convenient alternatives such as credit and debit cards, as well as the increasing availability of ATMs.

In Hungary, many banks have stopped processing traveller’s cheques altogether, making it difficult for tourists to rely on this traditional form of currency. Even banks that still accept traveller’s cheques often have a cumbersome authorization and verification process, which can be frustrating and time-consuming for travelers.

Moreover, when Hungarian banks do process traveller’s cheques, they typically pay out only in Hungarian Forint, regardless of the original currency of the cheque (e.g., US Dollars or Euros). This can result in travelers experiencing exchange rate losses twice – first when converting their cheques to Forint and then again when exchanging the Forint back into their desired currency.

In addition to these inconveniences, travelers may also face less favorable exchange rates when buying traveller’s cheques and may be subject to minimum processing fees. These factors, combined with the limited number of bank employees authorized to process the cheques and potential language barriers, have made traveller’s cheques an increasingly unattractive option for visitors to Budapest.

The decline in the use of traveller’s cheques is not unique to Hungary; it is a global trend. As credit and debit cards have become more widely accepted and ATMs more readily available, the need for traveller’s cheques has diminished. Furthermore, security concerns among retailers have led many businesses to stop accepting traveller’s cheques, further reducing their usefulness for travelers.

In conclusion, while traveller’s cheques were once a staple for international travelers, their use has significantly declined in Budapest and throughout much of Europe and Asia. Visitors to the Hungarian capital are advised to rely on more convenient and widely accepted payment methods, such as credit and debit cards, to ensure a smooth and enjoyable travel experience.

Tipping

Tipping is common practice in Budapest, especially in restaurants, bars, and taxis. A typical tip ranges from 10% to 15% of the total bill, depending on the quality of service. Some restaurants may include a service charge on the bill, so be sure to check before leaving an additional tip.

Tax-Free Shopping

Non-EU residents can benefit from tax-free shopping in Budapest. If you make purchases over a certain amount in participating stores, you can claim a VAT refund upon leaving the country. Be sure to ask for a tax-free form at the store and present it along with your purchases and passport at the tax refund office before departing.

Summary

When exploring Budapest, relying on a credit or debit card for most transactions is the most convenient and secure option. It also eliminates the need to carry large amounts of cash. Remember to notify your bank or payment provider about your travel plans to ensure smooth international transactions. Understanding the currency and payment methods in Budapest is crucial for a smooth and enjoyable trip. By following these guidelines and tips, you’ll be well-prepared to handle your finances during your visit to this enchanting city.