Hungary Payments Guide

There are some countries in this world; the nations can be entirely different from their neighbors. Keeping itself individual for centuries, Hungary stands against political changes, and Hungarians are still highly connected to their traditional routines. However, they also adapt their daily practices according to the blessings of current technology. Therefore, it would not be inaccurate to describe this extraordinary land as the meeting point of history and what’s new. In this article, we will look closer at Hungary and standard payment options in Hungary to comprehend what is waiting for you if you decide to visit or move there.

Hungary, a gorgeous country in Central Europe, is home to many marvels. With its phenomenal language, superb traditional cuisine, and stunning capital city, Budapest, Hungary, has a lot to offer. Today, it is a magnetic nation conveying thousands of digital nomads, expats, and travelers all around the globe. What’s more, being a part of the strong European Union, the country presents various advantages for residents, from easy access to the whole of Europe and trading goods without heavy regulations.

The landlocked country shares its borders with Slovakia, Ukraine, Romania, Serbia, Croatia, Slovenia, and Austria. Its current population is around 9.7 million, and approximately 1.7 million of them live in the capital city, Budapest. Hosting 20 percent of the population, you may think Budapest is an overcrowded city, yet, somehow, compared to Paris or Athens, you may get surprised by the tranquillity. 

The official language is Hungarian, and this exciting language consists of 44 letters. For a foreigner, the speeches may sound quite harsh, which is why people might think even a regular conversation in Hungarian sounds like a fight. Do not worry; Hungarians are extremely lovely and welcoming. According to digital nomad forums, the nation is ranked in the top 5 in “Most Friendly Countries for Digital Nomads”. Considering its affordable cost, Hungaria can be a great destination in case you want to shift your residential country. 

Are you a spa lover? Then, you will fall in love with Hungary. There are more than 1300 thermal water springs in the country, and around 120 of them are located in the capital, Budapest. Lake Héviz near Lake Balaton is the most enormous thermal lake in the world, and this thermal water is used for spas and public baths around Hungary. In fact, the largest spa bath complex in Europe is found in Budapest. It is an outlandish spot for a relaxing getaway. Moreover, most of these facilities are inexpensive to deliver easy access for everyone from different backgrounds.

Speaking of Budapest, let’s continue with some facts about this city. Budapest was founded in 1873 by merging three cities; Buda, Óbuda and Pest. After the London Underground, Budapest’s underground system is the second oldest in Europe. It is fascinating to find it here when we think of the other more developed countries like France or Germany back then. When designing Budapest from ground zero, old and modern architecture were blended seamlessly to construct its incredible silhouette. It is impossible not to be enchanted by the planners’ imaginative perspective.

Have you ever been to Budapest? The Parliament building is one of the highlights of the harmony of the city, especially at night. Its beautiful lights can only be compared with the Eiffel Tower in Paris. The city’s enormous structures, the Hungarian Parliament building, and the Szent Istvan Basilica, are 96 meters high. By law, no building can be taller than 96 meters in Budapest. 

Did you know that it is considered inappropriate to clink your beer glasses in Hungary? Awkward, right? But when you learn why, you will probably understand Hungarian people. This tradition takes its root from a legend, and it is still considered to be disrespectful. According to this legend, when the Hungarian revolution against the Habsburgs was defeated, 13 Hungarian generals were executed. After each execution, Austrians clinked their beers. After this incident, Hungarian people decided not to celebrate using their beer glasses.

France and Italy might be more famous for their wines, but the world’s first official wine region is located in Tokaj, Hungary. Tokaji Aszu is also known as the King of wines, and it is a golden-colored wine that comes in various shades of gold. As the wine ages, it turns into an amber color. This sweet wine is famous worldwide and appreciated by royalty, famous artists, and popes. 

When it comes to daily standards in Hungary, everything seems on the line. Apart from all the beauties this country has to offer, it has other excellent qualities that make life remarkable for its citizens and expats. Hungary is an amazing destination for international students thanks to its perfect education system and exceptionally affordable fees. The healthcare system is also well-developed, and with insurance, it costs next to nothing. 

The living costs in Hungary are lower than most of Europe, and the average monthly salary is around 309,927 Ft. In comparison, rent for a one-bedroom apartment located in the city center costs around 157,355 Ft. This country is highly expat friendly and offers lots of opportunities. Life in Hungary is pleasant, affordable, and fun. It is not hard to guess why so many people from all around the world choose Hungary to start a new life in. 

Choosing Payment Methods in Hungary

The internet penetration in Hungary is 72.6%, and as the day goes by, this number elevates. With the push of the catastrophic pandemic, just like all around the world, more people started shopping online in Hungary. This created an even higher usage of credit cards. However, we cannot say Magyars are going cashless or cutting their bond with traditional banking systems. Most of these processes take a long time, not only for Hungary but for many other countries.

In this part of our article, we have listed the most popular payment systems you can come across when you are here.

What are The Different Types of Payment Methods in Hungary?

Would you like to partake in life in Hungary first-hand? Then, you may be curious about the preferred payment methods and practices in Hungary. Frankly, they are not majorly distinguishable from the rest of European countries. Since most of the population has access to the Internet, payments are shaped accordingly. So, your expenditures are not limited to hand-to-hand cash.

Payment Practices in Hungary

  • Cash in Hungary

First of all, we better make it evident that Hungary is not a cash-free country. By the year 2022, 52% of entire purchases in Hungary were completed using coins and banknotes. The local currency is the Hungarian Forint which is equal to 0.0025 Euro as of December 2022. Although credit and debit cards are mostly taken, some small stores might only accept cash. It is advisable to carry some money with you if you are up to buying a newspaper from a kiosk or tasting a slice of delicious Dobos Torta (6 layers of thin sponge cakes alternated with chocolate buttercream).

  • Credit Card in Hungary

Credit cards are one of the Hungarian people’s most popular payment methods, specifically for their online purchases. Major debit/credit cards such as Visa and Mastercard are widely assumed in Hungary. Still, some of the smaller stores might not accept credit cards, or you might encounter a minimum spending limit. It is still best to carry cash on you, particularly for traveling to the county’s rural areas.

  • Digital Wallets in Hungary

Digital wallet usage in Hungary is growing each day. While it is not the primary payment method yet, the quantity of people that prefer digital wallets has reached 63%, according to Statista. 9% of these respondents benefit from their digital wallet account numerous times a day, whereas a further 14 percent of them use this alternative at least once a day. Thanks to the peace of mind and functionality they deliver, digital wallets can be considered one of the best payment methods online. There are multiple digital wallets available for people in Hungary. It is best to do your own deep research to find the one matching your spending patterns the most. 

  • Cryptocurrency in Hungary

It is wholly permitted to buy, sell and trade cryptocurrencies in Hungary. The Hungarian government has no legal constraints on cryptocurrencies, and many trading platforms and cryptocurrency wallets are obtainable for Hungarian citizens. According to a survey executed in 2021, around 14% of Hungarian citizens between the ages of 18 to 29 years were cryptocurrency app users. While there are no cryptocurrency limitations on the topic, Hungary’s Minister of Finance, Mihály Varga, declared that there might be capital gain taxes on cryptocurrencies in the near future. 

Jeton Wallet in Hungary

Szia, Magyarország! 

We have created a protected and comprehensive payment system for you! Our cutting-edge digital wallet, Jeton Wallet, can be the key you have been searching for since it is impossible to open a traditional bank account for those who have yet to receive their residence permit. Thus, a digital wallet with which you can create an account through a few clicks can be a life savior.

Jeton is engaged in over 100 countries in more than 50 fiat and cryptocurrencies, including Hungarian Forint (HUF). Moreover, our transaction fees are pretty reasonable compared to any other choices. Our establishment will also provide you with a Visa-based debit card, Jeton Card, to use in your in-store and online purchases. This card is united to your Jeton App so that you can monitor every single transaction momentarily.

To discover more about our superb online payment services and more, please stop by Let’s level up your online venture together!

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