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Banking in Hungary

There is big competition between banks for the business of foreign investors and entrepreneurs, and a wide range of banking services is available. They are particularly friendly toward medium and large businesses. Smaller companies commonly find it less easy to obtain credit, but this is slowly changing, and reasonable rates are slowly being introduced.

To open a bank account, you will need to provide the following documentation:

• Form of identification (passport)
• Proof of address (bill, tenancy agreement, etc)

Banks are commonly open Monday to Friday between 0830 and 1230, and on Saturdays between 0830 to 1130.

To acquire a credit card you may need to make an up-front deposit of up to 80% of the card's spending limit.

You will find that most credit and debit cards (Visa, MasterCard) are accepted. However, small shops mostly just accept cash. Cash machines are available, although not as prolific as in other western countries.

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