The modern Hungarian forint (HUF) used across the country today was introduced into circulation in 1946, following the Second World War. After joining the European Union in 2004, Hungary had intentions to adopt the Euro as its official currency, but there have been delays due to the financial assistance required to service the country’s large debts.
HUF is issued by the central bank of Hungary, the Hungarian National Bank, who are also responsible for achieving and maintaining price stability. Unlike other European currencies, the forint is not pegged to any currency. When visiting the country or sending money to recipients there, the euro is accepted by some merchants, but the exchange rate is generally much lower than the mid-market rate and any change will be issued in local currency.
When considering how to send money Hungary from United Kingdom there are some key aspects of the transfer to consider.
The fastest provider is XE, transfers from this provider normally take [SPEED]. The cheapest provider we found is Passto at 0.9% Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using XE when transferring GBP to HUF.
This means that by using XE for online money transfers to Hungary from United Kingdom, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access XE for any reason, our comparison engine has found Wise and TorFx also to be very good options when sending GBP – HUF.
This recommendation was updated one minute ago.
In order to avoid high fees, you should consider the cheapest way to send from United Kingdom to Hungary.
Passto has been determined by our comparison engine to be currently offering you the cheapest rates possible.
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When sending money from United Kingdom to Hungary, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers. Currently, XE is the fastest way to send GBP – HUF.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as Wise to pay for your transfer to Hungary.
With XE you can send money online to Hungary using your debit card. But before making a payment, make sure you understand all the processing fees in place.
Bank and wire transfers are the most common ways of sending money Hungary as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use XE to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
If you want to make an international transfer using wire transfer, you will need to know the SWIFT/BIC code of your recipient in Hungary. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Hungary.
When sending money to Hungary from United Kingdom using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as XE, Wise and TorFx.
Before sending money to Hungary from United Kingdom, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send GBP to HUF. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Hungary. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Hungary, then they will usually need the following:
The amount of HUF you can receive from United Kingdom will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of HUF that can be received in Hungary or sent from United Kingdom before making your transfer.
April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.