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How common is using euros in Budapest?

Is it alright for me to have as many euros as forints in my pocket in Budapest? Should I have more forints instead?

More forints as this is the local/official currency.

If you turn up at McDonalds with Euros, you will get a terrible exchange rate.

You should have  forints ONLY in cash. Lots of stores accept EUR, but as fluffy already said it, you'll get terrible exchange rate.

So, in other words, local business in Budapest actually like it if you have more Euro in your pocket than Forint, so they can make more profit off you;)

jcaballero41 :

Is it alright for me to have as many euros as forints in my pocket in Budapest? Should I have more forints instead?

Your location shows you as being in Colombia. You probably cannot get Forints there so bring Euro and change them.  USD works too if easier.

Thank you so much

fluffy2560 :
jcaballero41 :

Is it alright for me to have as many euros as forints in my pocket in Budapest? Should I have more forints instead?

Your location shows you as being in Colombia. You probably cannot get Forints there so bring Euro and change them.  USD works too if easier.

nagyon szépen köszönöm!

jcaballero41 :
fluffy2560 :
jcaballero41 :

Is it alright for me to have as many euros as forints in my pocket in Budapest? Should I have more forints instead?

Your location shows you as being in Colombia. You probably cannot get Forints there so bring Euro and change them.  USD works too if easier.

nagyon szépen köszönöm!

szívesen!

BTW, McDonald's Euro rate is about 270/280 HUF for 1 EUR.  Saw it a week ago at Balaton.  Terrible!  Should be  about 300 HUF, so 10% under at Mickey D's.  While you could pay in EUR, the law is that any change will be in HUF.

fluffy2560 :

BTW, McDonald's Euro rate is about 270/280 HUF for 1 EUR.

The Balaton was always, in some way or another, about fleecing tourists. But it is getting worse and worse.

klsallee :
fluffy2560 :

BTW, McDonald's Euro rate is about 270/280 HUF for 1 EUR.

The Balaton was always, in some way or another, about fleecing tourists. But it is getting worse and worse.

Yup, that was in McD's in Balatonlelle.

La manera mas sencilla es que traigas unos pocos euros o dolares en efectivo. Y le.preguntas al.banco cuanto es la.comisión por retiros en cajeros automáticos en ele extranjero. Si es poca o un monto fijo te sale mejor sacar florines del cajero que ir a casas de cambio.

La semana pasada yo cambie 160.dolares en una y lo. Que perdí realmente fueron como 1500 florida que tampoco es tanto.

As we've found out, you're coming to .hu for long term, the cheapest way to transfer/change COP to HUF is opening a bank account once you get here and use a service like Transferwise to convert/transfer COP to HUF from your colombian bank account into your hungarian one.

@ diegoarj24 > Please note that we are on the Budapest anglophone forum, can you please post in english only so that everyone can understand?

Thank you,

Priscilla  :cheers:

diegoarj24 :

La manera mas sencilla es que traigas unos pocos euros o dolares en efectivo. Y le.preguntas al.banco cuanto es la.comisión por retiros en cajeros automáticos en ele extranjero. Si es poca o un monto fijo te sale mejor sacar florines del cajero que ir a casas de cambio.

La semana pasada yo cambie 160.dolares en una y lo. Que perdí realmente fueron como 1500 florida que tampoco es tanto.

En cualquier cajero puedo hacer retiro?

Thanks everyone

atomheart :

As we've found out, you're coming to .hu for long term, the cheapest way to transfer/change COP to HUF is opening a bank account once you get here and use a service like Transferwise to convert/transfer COP to HUF from your colombian bank account into your hungarian one.

What if I have a debit card from my national bank, can I have the atm make the conversion and withdraw in forints?

Yes. The bank will make the convertion and usually at the right convertion rate. Just need to ask how much they charge for that. Some banks charge a proportion others a flat rate others none.

I don't know about Colombia. But making those types of transfers from Costa Rica usually take a few days and the commissions are way too high. I have always just ideas the atms to withdraw from my Costa Rican accounts

diegoarj24 :

The bank will make the convertion and usually at the right convertion rate.

That is correct, the bank (and/or or the credit card company) will always make the conversion at the rate they deem right. Sometimes you're hit with 10% fee because they convert twice (your currency to USD or EUR, then USD or EUR to HUF), both at a very bad rate and on top of that they also charge you a foreign ATM withdrawal fee. You need to check carefully the fees/rates.


diegoarj24 :

But making those types of transfers from Costa Rica usually take a few days and the commissions are way too high.

What kind of transfer, Transferwise or standard wire transfer?

Both and not always it's available. Of course I am talking about my country.

But that's why I say to check with his bank. Mine converts directly to usd. And my accounts are in usd. So I get the official rate.

Tho the blue atms that are all over the city, the ones that say EU/HUF are a rip off. They don't charge commission but they use a really bad rate. I was going to loose almost 80 usd when I was taking out the deposit of the flat.

atomheart :

....You need to check carefully the fees/rates...

Don't forget Hungary has a Tobin tax on financial transactions (sometimes called FTT - Financial Transaction Tax).

I don't know if it applies to foreign currency transactions on ATM withdrawals but it definitely  does at over the counter transactions at HU banks.

I think the tax is still 0.1% of value when it was introduced in 2013.   I don't know how effective it has been on raising revenue but other experiences in other countries usually end up with the FTT being cancelled (Sweden being a good example - caused cash flight).

The FTT is an incentive to keep your cash in a sock under the bed and avoid the financial system for many transactions.  Cash is of course, always king  despite attempts to implement sweeping AML regulations (AML: Anti-Money Laundering).

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