In this article, we’re answering “What currency does Hungary use?” But, instead of keeping you waiting, the answer is the Hungarian forint.
That said, you might be wondering: “Why doesn’t Hungary use the euro?” or “Can I use foreign currency in Hungary?”
We’re going to answer these and many more questions about payment types, acceptance of international money, and more in the following sections.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Currency Does Hungary Use?
- How to Exchange Money in Hungary?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
What Currency Does Hungary Use?
The official currency of Hungary is the Hungarian forint with currency symbol Ft and ISO 4217 code HUF. The forint was first introduced in Hungary, officially the Hungarian People’s Republic, on August 1 1946.
That said, Hungary is part of the European Union (EU) and had set a mandate to adopt the euro and join the Eurozone. The original date for euro adoption was set for 2008. This date was later extended to January 1, 2010. However, due to ongoing financial challenges, including inflation, deficits, and debt, adoption of the euro has been abandoned for the foreseeable future.
How to Exchange Money in Hungary?
To exchange money in Hungary, you can visit a commercial bank, travel agency, or currency exchange kiosk. Importantly, when exchanging currency in Hungary, you should always ensure that you are using a licensed currency exchange provider.
Not surprisingly, the specific rates offered by each of these currency exchange options mentioned above will vary. So, if possible, you should directly compare the available rates and shop for the best available option.
That said, you should wait to exchange your foreign currency until you arrive in a major city center, like Budapest. This will give you the best chance at receiving a competitive exchange rate for your currency.
Can I Pay With Foreign Cash When I Travel to Hungary?
Yes, you can pay with foreign cash when you travel to Hungary at certain retailers. However, it is not recommended. When paying with foreign cash in Hungary, you will be faced with extremely high exchange rates, resulting in unfavorable terms.
Of course, it’s important to note that while certain major foreign currencies are accepted, many other currencies are note. For example, it is sometimes possible to spend euros, dollars, and pounds while visiting Hungary. However, spending Canadian dollars, Australian dollars, or other currencies is less likely.
All things considered, we strongly suggest that visitors to Hungary convert their foreign currency prior to spending. This approach will ensure the best possible exchange rate for your money.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into what currency Hungary uses. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Can I Use Euro in Hungary?
Yes, you can use euros in Hungary at certain locations. However, using euros is often an expensive choice. Instead, paying with a foreign credit card that does not charge foreign transaction fees or charge a premium on foreign exchange rates will offer the best combination of convenience and security.
Is It Better to Use Euro or Forint in Hungary?
It is better to use forint and not euros in Hungary. The forint is the only official currency in Hungary and while euros are accepted at certain retail locations and restaurants, the exchange rate offered is often significantly worse than the official market rate.
Can USD Be Used in Hungary?
While it is possible to use USD in Hungary at certain shops and restaurants, it is not widely accepted. Likewise, using USD outside of major tourist destinations is rare. Instead, tourists are encouraged to exchange USD for HUF prior to spending, otherwise they may face unfavorable exchange rates.
Can I Use USD in Budapest?
It is possible to use USD in Budapest at certain restaurants and retailers. However, the exchange rate between USD and HUF will not be favorable. Instead, individuals should exchange their USD for HUF at authorized currency exchange counters or commercial banks. Alternatively, foreign credit cards are widely accepted and offer a secure way to make payments locally.
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