Top Banks in Hungary: How to Pick the Right One

Whether you are a non-resident living in Hungary or a foreign business owner setting up an offshore company, having a local bank account is necessary. But with so many banks to choose from, which one is the right option for you? From fees to services, banks in Hungary can differ in important ways. This guide will help you compare the top choices and understand what matters most when opening an account.

What are the top banks in Hungary?

There is no single objective list of the “best” banks in Hungary, since what counts as the right choice depends on your own needs and preferences. Some people value low fees, while others look for strong online services, a wide branch network, or support for business banking.

That said, we recommend focusing on banks with an impeccable reputation, a broad range of services, and a long-standing presence on the Hungarian market. Based on the latest audited report from the Hungarian National Bank, here are the largest banks in Hungary ranked by total managed assets.

OTP Bank

OTP Bank is the largest bank in Hungary based on total managed assets and has been serving clients since 1949. It offers services for both private individuals and businesses, including personal banking, corporate solutions, and private banking. Its private banking division offers personalized investment advice, discretionary portfolio management, and model portfolio recommendations. Their Private banking department is open for trusts as well. OTP also stands out with its modern digital services, strong mobile application, and one of the largest ATM networks in the country.

MBH Bank

MBH Bank is the second-largest bank in Hungary by managed assets and serves more than two million individual and business clients. It offers banking solutions for both personal and corporate needs, including current accounts, loans, and private banking. Customers value its user-friendly mobile application and competitive fees, which make it a popular choice across Hungary.

K&H Bank

K&H Bank, also known as Kereskedelmi és Hitelbank, is the third-largest bank in Hungary by total managed assets. Established in 1986 and acquired by the Belgium-based KBC Group in 1999, the bank has more than 200 branches nationwide. It offers a full spectrum of financial services including accounts, loans, savings, investments, leasing, insurance, securities trading, and private banking. Its digital banking platform and mobile application are among the most widely used in Hungary.

UniCredit Bank

UniCredit Bank Hungary, founded in 1990, is part of the pan-European UniCredit Group with operations across Italy, Germany, Austria, and Central and Eastern Europe. It manages over 12,781 million euros in assets and combines international banking expertise with a strong local presence. UniCredit emphasizes digital solutions while offering personal banking, business services, loans, and investment opportunities.

ERSTE Bank Hungary

Erste Bank Hungary, established in 1998, is a member of the Austrian Erste Group. With total assets of around 11,974 million euros, it provides deposits, lending, investment products, and other financial services. While some customers consider its online platform and mobile application less modern, Erste remains trusted thanks to its strong international background and reliable services. Its George digital account makes it easy to open an account, manage cards, and handle everyday banking online.

Raiffeisen Bank

Raiffeisen Bank Hungary, founded in 1986, is a subsidiary of Raiffeisen Bank International AG, a major Austrian financial group with a strong presence in Central and Eastern Europe. With more than 11,080 million euros in assets, it provides a wide range of modern financial services for individuals and businesses. Customers appreciate its competitive pricing, diverse services, and extensive ATM network.

CIB Bank

CIB Bank, founded in 1979, is part of the Italian Intesa Sanpaolo Group. With assets of around 8,290 million euros and nearly half a million clients, it offers a broad portfolio of services for individuals and businesses. Customers value its solid reputation, low fees, innovative banking solutions, and mobile application that makes account management straightforward.

Gránit Bank

Gránit Bank traces its roots back to 1985, with its current form established in 2010. Although relatively new, it has quickly grown and now manages over 3,241 million euros in assets. Known for its digital-first approach, Gránit Bank allows accounts to be opened entirely online, offers one of the lowest fee structures, and provides highly rated mobile and online banking solutions. Its limited branch network is the main drawback, but for digital-first customers, it is a strong choice.

MagNet Bank

MagNet Bank, founded in 1995, is Hungary’s only community bank practicing ethical banking. With 12 branches and a focus on sustainability and social responsibility, it combines modern digital solutions with programs that support local communities. Customers can choose “pay as you like” account management fees and take part in initiatives such as community savings, loans, and donation programs. MagNet positions itself as a socially conscious alternative.

How to open a bank account in Hungary

More than 400,000 expatriates live in Hungary, attracted by its affordable cost of living, safety, good education, business opportunities, and favorable taxes. The golden visa program also makes relocation easier for those seeking residence in a European Union member state. Having a local bank account makes everyday life much simpler. Let’s see how you can open a bank account in Hungary!

1. First, you need to choose the bank that best fits your requirements.
2. Once you have made your choice, you can apply either in person or, where available, through a digital application.
3. In both cases, you will be asked to verify your identity. Most banks will require:
   • identification card,
   • passport,
   • residence permit or work visa, and
   • proof of employment,
   • Proof of address.
4. After your application is accepted, most banks issue a digital card first. The physical card usually arrives within one to two weeks.

If you need help with opening a bank account in Hungary, our team is ready to assist you.

FAQ

What are the biggest banks in Hungary?

The biggest banks in Hungary, based on total managed assets, are:

• OTP Bank
• MBH Bank
• K&H Bank

What are the best banks in Hungary?

There is no single “best” bank in Hungary, since the right choice depends on your own needs and preferences. Still, several institutions are widely recognized as strong and reliable options:

• OTP Bank
• MBH Bank
• K&H Bank
• UniCredit Bank
• Erste Bank Hungary
• Raiffeisen Bank
• CIB Bank
• Gránit Bank
• MagNet Bank

How safe is the banking system in Hungary?

The banking system in Hungary is considered very safe. All commercial banks are supervised by the Hungarian National Bank and individual deposits are protected by the National Deposit Insurance Fund (OBA) up to 100,000 euros per person, per bank.

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