Currency in Budapest

Budapest, the capital of Hungary, is a vibrant city that offers a unique blend of history, culture, and stunning architecture. If you’re planning a trip to Budapest, it’s essential to familiarize yourself with the local currency to ensure a smooth and hassle-free experience. In this comprehensive guide, we’ll cover everything you need to know about the Hungarian currency, the Forint (HUF).

Table of Contents

Hungarian Forint (HUF): The Official Currency of Hungary

The Hungarian Forint, abbreviated as HUF or Ft, is the official currency of Hungary. Despite being a member of the European Union, Hungary has not yet adopted the Euro as its currency. The country has expressed its intention to replace the Forint with the Euro since 2003, but no target date has been set for this transition.

Banknotes and Coins: An Overview

The Forint is available in various banknotes and coins, each denoting different values. The banknotes in circulation include 500 Ft, 1,000 Ft, 2,000 Ft, 5,000 Ft, 10,000 Ft, and 20,000 Ft. On the other hand, the coins available are 5 Ft, 10 Ft, 20 Ft, 50 Ft, and 100 Ft. Familiarize yourself with these denominations to ensure you can easily handle transactions during your time in Budapest.

Exchange Rate: Understanding the Value of the Forint

The exchange rate between the Hungarian Forint and major international currencies fluctuates regularly. As of 1st July 2023, the approximate exchange rates are as follows:

1 Euro ≈ 369 HUF
1 US Dollar (USD) ≈ 342 HUF
1 British Pound (GBP) ≈ 434 HUF

Banknotes and Coins: An Overview

Banks and ATMs: Accessing Your Money

Budapest is home to numerous banks and ATMs, particularly in the city center. While you can easily find these services in shopping areas, the availability may decrease as you move away from the bustling commercial districts. It’s advisable to plan your cash withdrawals accordingly, especially if you anticipate needing currency in less central locations.

Convenient Payment Options: Credit and Debit Cards

To save on commissions and enjoy the convenience of currency conversion, paying with your credit or debit card is highly recommended. Most establishments in Budapest accept card payments, and the exchange rate applied is typically current at the time of the transaction. Depending on your card issuer, the maximum fee for such transactions is usually around 1%. Be sure to check with your bank beforehand to understand any applicable fees for withdrawing Forints and determine the most cost-effective option for your needs.

Currency Exchange in Budapest: Finding the Best Rates

If you prefer to exchange physical currency, Budapest offers a range of options. Bureau de change offices located in the city center typically offer the best exchange rates. In contrast, rates at banks, airports, and hotels tend to be higher. Before your trip, it’s advisable to inquire about the commissions charged by your bank for withdrawing Forints. This information will help you compare the rates and choose the most favorable option. Keep in mind that many visitors prefer to withdraw money from ATMs instead of exchanging money directly.

ATMs in Budapest: Accessing Forints Conveniently

ATMs are widely available throughout Budapest, and they accept VISA and Mastercard. You can find ATMs at locations such as the airport, banks, and shopping centers. However, keep in mind that a commission is usually applied to each withdrawal. Before your trip, it’s advisable to inquire about the fees for international transactions at your local bank branch. Some banks may have partnerships with Hungarian banks, providing you with advantageous terms during your stay in Budapest.

When using an ATM, always choose to withdraw the local currency, Forint. Be cautious of ATMs labeled “Euronet” or “EUR-HUF,” as they may offer unfavorable exchange rates. Opt for ATMs operated by reputable banks to ensure a fair conversion.

Paying in Euros: Things to Consider

While some establishments in Budapest may accept payments in Euros, it’s generally recommended to pay in Forints to avoid unfavorable conversion rates. Some market stalls, small grocery shops, bakeries, souvenir shops, and small restaurants may not accept Euros. It’s worth noting that while it is legally required for all shops to accept credit cards and mobile payments since January 2021, this may not always be the case in practice.

Cost of Living in Budapest: Budgeting for Your Trip

To help you plan your budget and determine how much money to convert into Forints, here are some examples of prices in Budapest as of 2022:

A glass of beer: around 600 Ft (less than 2€)
A glass of wine: between 700 and 1100 Ft (2-3€)
A Big Mac menu at Mc Donald’s: around 1800 Ft (5-6€)
Coffee at a small café: around 1€
Coffee at specialized coffee shops (Costa, Starbucks, etc.): approximately 1.5-2€
Lunch at a mid-range restaurant: 10-15€

Tipping Etiquette in Budapest: Showing Appreciation

In Hungary, it is customary to leave a tip if you are satisfied with the service and food. Here are some general guidelines for tipping in Budapest:

Restaurants and bars: 10-13% of the bill
Taxi rides: 10% of the fare
Public toilets, petrol stations, and other services: 300 Forint

When dining at restaurants, check if the tip is already included in the bill. If it is, there is no need to leave an additional tip. If it is not included, consider leaving 10-12% of the total amount as a tip, depending on your level of satisfaction with the service.

With this comprehensive guide, you’re now equipped with all the essential information about the currency in Budapest. Whether you choose to pay with your credit card, withdraw Forints from ATMs, or exchange currency at reputable bureaus, you can confidently navigate the financial aspects of your trip and focus on exploring the beauty and charm of Budapest. Enjoy your time in this captivating city!