Budapest is the capital of Hungary and the most populated city in Central-Eastern Europe. While Hungary’s official currency is the forint, you’ll find that many prices in Budapest are also displayed in euros, as it is widely accepted as a form of payment.
Discover all the essential information you’ll need to plan your next vacation to Hungary and experience its capital, celebrated as one of the most beautiful cities in Central Europe.
In addition to being a top tourist destination, Budapest is a thriving business hub, ranking third among emerging markets according to MasterCard.
What is the currency of Hungary?
The currency of Hungary is the Hungarian forint (HUF), commonly referred to simply as the forint. Some people, when speaking in plural, call it forints.
This term comes from its Hungarian name, forint. Hungary has considered adopting the euro as its official currency; however, there is no set timeline for this transition.
The official abbreviation for the forint is HUF, though it’s often written as Ft, based on the Hungarian abbreviation.
If you’re visiting Hungary for business, you may find it useful to know that the country ranks 48th out of the 190 countries evaluated in terms of business friendliness and economic happiness.
Did you know? According to CNBC, between August 1945 and July 1946, Hungary experienced daily inflation rates of over 200%, with a staggering monthly rate of 13,600 billion percent. Today, Hungary is considered one of the most favorable cities in the world for business ventures.
Forint-Euro Exchange Rate
If you’re planning to travel to Budapest and need to exchange forints to euros, it’s often best to visit currency exchange offices located near the city center, as they typically offer the best rates. Exchange rates at hotels and airports are generally higher.
Before traveling to Budapest, some travelers recommend checking with your bank about foreign ATM withdrawal fees. Visitors report that withdrawing forints directly from ATMs can sometimes be a more economical option.
In 2004, when Hungary joined the European Union, it agreed that eventually, it would adopt the euro as its official currency by joining the eurozone, though this step has not yet been implemented.
Exchange Rate
It’s also worth noting that the euro-to-forint exchange rate is around 315 Hungarian forints, meaning 1 euro is approximately equivalent to 315 forints.
Although exchange rates can fluctuate, Budapest’s economy is quite stable, so significant shifts in the rate are uncommon.
If you’re traveling from Spain to Budapest, a handy travel tip is to avoid exchanging euros for forints at a Spanish bank, as the exchange rate is usually lower than what you’ll find in the city center in Budapest.
Current Banknotes and Coins in Circulation
In Budapest, the banknotes currently in circulation are denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 forints.
The coins in use are 5, 10, 20, 50, and 100 forints.
Should I bring cards or cash when traveling to Budapest? The most practical recommendation is to carry a small amount of cash and two cards, one credit and one debit, to cover your expenses.
You can easily withdraw cash (forint banknotes and coins) from ATMs throughout the city.
Practical Tip: In almost all locations in Budapest, you’ll be able to pay with a credit or debit card.
However, in places like the Central Market, you may find better prices if you pay in cash; it’s also a good way to avoid card transaction fees.
How to Pay?
For many travelers, the most efficient way to make purchases in Budapest and save on fees is to pay by credit card.
Though the local currency is the forint, you may see prices listed in euros in some places. However, beware—paying in euros may cost more.
For example, a glass of mulled wine (a typical drink in Budapest) might cost you 700 forints, roughly equivalent to 2 euros at the official exchange rate. If you pay in euros, however, it could cost you between 3 and 4 euros for the same drink.
Travel Tip: While in Budapest, forget about using euros. You’ll find plenty of exchange offices throughout the city, or simply withdraw forints from an ATM…
When you pay with a credit card, the exchange rate used will be the real-time rate, though the transaction may include a 1% fee from your card issuer.
It’s also recommended to use your card sparingly, reserving it for well-known locations, travel agencies, and large businesses.
Card Payments
There are some card providers that do not charge foreign transaction fees, such as the EVO Banco debit card. With this card, you can make purchases and withdraw cash worldwide without additional charges.
However, some third-party banks may charge fees for ATM withdrawals, so it’s important to be mindful of this. Generally, in Budapest, transaction fees for credit or debit card purchases or ATM cash withdrawals are low.
The best option for euro-to-forint exchanges is typically found at exchange offices near public transportation hubs.
One drawback to relying solely on your card is the risk of losing it, having it stolen, or having it retained by an ATM. In such cases, you’d need to cancel it immediately, which can be inconvenient.
For this reason, we recommend carrying two cards and keeping one in a secure place, along with some cash for backup.
Withdrawing Cash from ATMs or Banks
If you’re in Budapest, it’s relatively easy to access cash through the many ATMs located around the city.
Additionally, in Budapest hotels, airports, and central markets, you can withdraw cash from ATMs or bank branches.
Did you know? There are currently over 554 ATMs available throughout Budapest?
Travel Tips: Experienced travelers often recommend avoiding currency exchange kiosks and opting instead for ATM withdrawals to get local currency.
If you use ATMs from your bank, fees for cash withdrawals are typically the same whether you’re in Spain or Budapest, making it a convenient and cost-effective option.
Where Can You Exchange Euros for Forints?
Exchanging euros to forints is easy in Budapest. There are several options available, but which one is the best? The most recommended approach is to take advantage of the competitive rates found at exchange offices in the city.
Some travelers suggest that the best exchange rates can be found at currency exchange offices near public transportation stations.
On the other hand, we recommend avoiding euro-to-forint exchanges at hotels and airport exchange offices, as their rates are typically lower than those offered by exchange offices in the city center.
Exchanging euros for forints at your local bank outside Budapest may incur fees ranging from 10% to 15%.
History of Budapest’s Currency
Since World War II, Hungary’s official currency has been the Hungarian forint. The currency’s name has historical ties to Florence, the Italian city where the first gold coins were minted.
Hungary’s own coinage dates back to 1001 during the reign of St. Stephen, when the first Hungarian silver coins were minted.
In 1328, Hungary established Kremnica in present-day Slovakia, its first major mint, which became famous for the high quantity and quality of gold coins it produced at the time.
Today, Hungary’s main mint facility focuses on producing high-quality coins and medals.
The original Hungarian forints were designed for long-term circulation. However, advancements in minting techniques have led to several updates over the past 90 years.
Lastly, an interesting fact: in the year 2000, the Hungarian Central Bank issued a 2,000 HUF banknote to celebrate the 1,000th anniversary of Hungary’s founding.