Money Tips To Save You Some Buck and Sorrow

Hey there, fellow traveler! If you’re planning a trip to the beautiful city of Budapest, you might be wondering about the best payment options to use during your stay. Well, I’ve got some great tips for you!

Understanding the Local Currency

Although Hungary is a member of the European Union, it’s important to note that the country does not use the Euro as its primary currency. Instead, the official currency in Budapest is the Hungarian Forint (Ft/HUF). Familiarizing yourself with the exchange rates and the appearance of the Forint notes and coins will help you navigate financial transactions with ease. If you get hooked on the topic you can even visit the Money Museum to learn all there is about Hungarian Forints!

Use Your Card Anywhere and Everywhere

Now, here’s the good news: you can easily pay with your credit or debit card pretty much everywhere in Budapest! Most places in the city, including shops, restaurants, and tourist attractions, readily accept Visa and Mastercard. However, you might want to look for alternatives if you have an American Express as it is not accepted at most places.

It is also a good idea to notify your payment provider about your traveling plans as some banks might get suspicious of international transactions out of the blue and will cancel your transactions leaving you hanging. Even though this might seem a burden, talking to your card issuer about this might even get you some sweet discounts and other perks, as many banks have international connections that you can benefit from.

By using a card, you can avoid carrying large amounts of cash and often benefit from more favorable exchange rates. This is especially convenient if you have a card from a bank or a payment provider like Revolut, which offers great exchange rates for international transactions.

So, my advice? Don’t bother carrying around a bunch of Hungarian Forints. Just make sure you have a reliable card with you, and you’ll be good to go!

ATMs: the Necessary Evil

In the rare cases that you need cash, your best bet is to use ATM machines rather than money exchange booths. ATMs typically offer the most competitive rates for cash withdrawals. However, be cautious of ‘Euronet’ ATMs or those marked ‘EUR-HUF,’ as they may have less favorable exchange rates. Your best choice is to look for ATMs of well-known and trustworthy banks like 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.

Paying with Euros? Bad Idea

Even though Hungary is part of the European Union, it doesn’t use Euro. However, some places offer this option but keep in mind, that while paying with euros might seem tempting, it’s actually better to avoid doing so. The shops and restaurants in Budapest that do accept Euros often have extremely unfavorable rates. So just stick with paying in Forints, either with your card or the local currency, and you’ll be golden!

Tips in Short:

• Use your card, Visa and Mastercard are accepted pretty much everywhere.
• If you need cash by any chance find a trusty ATM and get some Forints.
• Do not pay with Euros, even if it seems to be easier.
• Check exchange rates to have a good grasp about what’s worth what. You can find the official rates on the website of the Hungarian National Bank (www.mnb.hu).
• Inform your bank: Let your bank know about your travel plans to Budapest. This will help prevent any potential issues with your card transactions while abroad. You might even get some perks if your bank has a Hungarian partnership.

In summary, when exploring the wonders of Budapest, your best bet is to rely on your trusty credit or debit card for most transactions. It’s convenient, secure, and will save you the hassle of carrying around a bunch of cash. Just remember to notify your bank or payment provider about your travel plans beforehand, so they don’t flag your international transactions as suspicious.