Revolut accounts migrating to Hungarian bank accounts

Digital banking in Hungary

While online banking is normally available with Hungarian banks, there are fully digital financial service providers like Revolut that offer more favorable conditions to both retail and business customers. This makes them very popular, especially for international transactions involving currency exchange, such as in the case of travel and online purchases.

While Revolut accounts cannot replace having a Hungarian corporate bank account, which is mandatory for every Hungarian company, they allow you to start your operation promptly, so you lose no time until your bank account can be set up at a Hungarian bank. At the same time, Revolut has been taking steps to make their service the primary financial account for their clients, not just a secondary or tertiary option with specific purposes. In line with this, Revolut has been getting its app localized into Hungarian, they have opened their Hungarian branch office, and most recently, they have migrated the accounts of their Hungarian clients to Hungarian banks.

Better benefits for Hungarian Revolut accounts

While Revolut still doesn’t have a brick-and-mortar customer service office, it set up its new Hungarian bank accounts in May, and it has been migrating Hungarian users there. Having a Hungarian bank account offers various benefits, which are especially important to international clients such as foreign workers, students, and other expats living in Hungary.

The new bank accounts will have a Hungarian IBAN number, which will also include a Hungarian GIRO code. The new Hungarian bank account numbers will also have 3×8 digits. At the same time, Hungarian users will gain access to the Hungarian AFR system (Instant Payment System, or Azonnali Fizetési Rendszer) that makes new functions available.

New functions include

• Instant domestic wire transfers (through AFR)
• Direct debit function (through AFR), allowing easier payment of utility bills
• QVIK payment based on a QR code (through AFR), allowing users a new payment method in offline stores
• Retail customers can now receive their salaries and state allowances directly to their Revolut accounts
• Free cash withdrawal up to HUF 300,000, in line with Hungarian regulations

On the downside, Revolut accounts with a Hungarian bank account number will be subject to the Hungarian transaction tax. However, retail customers will not have to worry about this until the end of 2027, because Revolut will cover this for them

Changes for business customers

The most important change for business customers is a result of how the Hungarian Tax Authority requires taxes to be paid from Hungarian bank accounts. Since Revolut is now using Hungarian bank accounts to manage their user accounts, taxes can be paid from Revolut accounts too.

Unfortunately, Revolut accounts are still not acceptable instead of Hungarian corporate bank accounts, which remain mandatory to set up as soon as possible after company registration.

Helpers Finance at your service

Helpers Finance offers financial and accounting services to small and medium-sized businesses, with a focus on providing local support to international clients. The Helpers Team can help you with a wide variety of administrative tasks from business setup and bank account opening to accountancy and payroll administration. You can contact us on the form below any time, and we will be happy to find custom solutions to your specific needs.