Opening of a bank account in 2024

Opening of a bank account in Hungary has nowadays become a challenge not only for citizens of Russia, Ukraine, and Belarus. The reason for a bank's refusal to open an account may include the applicant's place of birth, even for citizens holding a European passport. Opening a bank account for foreigners requires filling out forms and submitting a request to the bank's legal department. The time it takes to obtain approval for opening a bank account can vary from one day to a month, depending on the bank.

As I mentioned in my previous articles, address registration card and Hungarian residence permit are now essential for opening a bank account in Hungary. This rule also applies to the owners of companies and branches registered in Hungary. Non-Hungarian citizens have faced difficulties in opening accounts and commencing business activities after registering their legal entities. Furthermore, the Hungarian tax authority has the right to close the company that do not have a bank account.

If you are planning to establish or expand your business in Hungary, it is crucial to first assess the feasibility of opening a bank account. State-priority partners and companies with a Hungarian citizen on their board of directors are favored by Hungarian banks and typically receive approval for account opening.

In 2024, nearly all banks open personal bank accounts provided there is a work contract. However, banks can also easily close accounts without explanation with a postal notice if the documents have expired or if monthly deposits from the employer have ceased.

At the same time, having a bank account with a stable balance is one of the main requirements of the immigration service when applying for permanent residency. The immigration authority requests a bank statement from the applicant for the past year and may also verify the account opening date and balance from previous years before granting permanent residency. Currently, many foreigners prefer using electronic banking systems like Revolut or Wise. However, statements from these accounts do not always satisfy immigration officers, as they lack official stamps.

Given that new regulations regarding account opening requirements are continually changing, it is advisable to seek paid consultation to clarify current information before deciding to establish a company in Hungary.