Find the best ways to transfer money to Hungary

The exchange rate determines how much HUF the recipient will get when you transfer money to Hungary.

For example, today, the average exchange rate between US Dollar and Forint is 328.8885.

The rate constantly fluctuates depending on the destination currency and the market conditions, so timing your transfer can help you save a lot of money.

Sometimes, waiting a day or two can help you get more HUF.

If you do need to send HUF now, we suggest using Wise. Their rate for HUF transfers is the best (Ft326.8570 per 1 USD).

The cheapest way to pay for your transfer to Hungary is via bank transfer with Key Currency. It is 0.01% cheaper than the next best option.

The way you pay affects the cost, speed, and the amount of HUF you receive.

Here are your cheapest options:

*Based on a $7,000 transfer to Hungary.

Avoid using a credit card option when sending money to Hungary, as it’s the most expensive.

Credit card transfers to Hungary come with cash advance fees and higher interest rates on HUF.

When possible, avoid sending HUF over the SWIFT network. Despite its name, SWIFT transfers to Hungary are slower with steeper fees.

Some services have limits on how much you can transfer, both minimum and maximum thresholds.

Different services might offer better rates or lower fees for different transfer amounts.

For example, we recommend using Wise if you need to send large amounts of HUF abroad.

In general, the quicker you need HUF delivered, the more it will cost you in fees.

Transfer speed to Hungary depends on the HUF amount, the time you initiate the transfer, and your payment method.

Take, for instance, an urgent need to transfer $7,000 from the US to Hungary.

Overall, of 16 companies serving Hungary, Wise is the fastest regardless of the deposit method right now.

For bank or debit card deposits, services like Wise are great, offering near-instantaneous HUF transfers with $41 - $0 fees respectively and 0% markup.

If you urgently need to transfer money to Hungary, cash pickup will be the fastest, via Western Union or Ria Money.

Avoid SWIFT for HUF transfers as it's slower due to intermediary banks in Hungary.

Online

You can transfer money to Hungary with a money transfer provider. You can either choose to use a managed service like an FX broker, or an online-only company.

Wise is the overall best online money transfer company for HUF transfers right now.

App

Most money transfer services supporting Hungary transfers have an app, often, offering a better HUF rate. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person

Cash transfers to Hungary in person via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect HUF.

Money orders

Another option is to send a money order using the postal service in your country. It is a less accepted method but often can be sent to harder-to-reach locations.

There are different ways to receive money in Hungary. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank deposits to Hungary.

And if you need cash right away, check if cash pickup is an option in Hungary.

Mobile wallet services and payment apps like PayPal and Xoom are popular too, but they come with more limitations and higher costs compared to money transfer providers like Key Currency.

Please also note that CashApp is not available in Hungary.

To receive money in Hungary, you will need:

• Valid forms of ID: this could be a National ID, passport, or driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount of HUF to be received.

• Transfer reference number: will be needed for cash pickup or home delivery.

When you're sending or receiving money in Hungary, you have to be ready to share some documents.

The exact documents you need might vary by the company you use. Usually, you will have to:

• Show a government ID like a passport or driver's license.

• Give your contact details such as phone number and email address.

You will also need the recipients' details in Hungary. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Hungary, a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large HUF transfers and will help you get things done fast.

There might be tax implications to consider when sending money to Hungary.

Some HUF transfers may need to be reported to tax authorities, especially for larger amounts.

When in doubt, please contact a tax professional in your country or in Hungary.