If you are planning to visit Hungary either for a vacation or for study purposes, you should undoubtedly know everything there is to understand about Hungary’s currency which is the Hungarian forint(HUF). Being a European country, you can surely pay in Euros, but it’s much preferred to carry HUF along with you as they haven’t changed their official currency to the Euro yet. So, you’ll have to encounter the conversion charges every time you make a purchase.
What is Hungarian Forint(HUF)?
Being Hungary’s official currency, the Hungarian Forint holds quite a significant cultural value as it represents the nation’s history, identity, and economic journey throughout. The currency holds the international code HUF and the symbol Ft. Hungarian forint on the banknotes with six distinct denominations from Ft500-Ft20000 along with bank mint coins from Ft5-Ft200.
The currency was issued in 1946 by Magyar Nemzeti Bank, the country’s central bank, to achieve and maintain price stability in the market. Also, the currency is not pegged to any other currencies nor other currencies are pegged to HUF.
Why hasn’t Hungary switched its Currency to the Euro yet?
While Hungary easily meets all the requirements to enter the Eurozone, the country prefers to keep its national currency as it is. The nation has a strong economic performance and with the precise government rules and regulations, the inflation rates are pretty attractive and stable.
There are surely many discussions going on within the country about the drawbacks and benefits they will encounter when switching to the Euro. While the country still doesn’t feel much need to transform its Hungarian forint currency into the Euro just yet. So, if you are travelling to Hungary, it’s better to carry Hungarian forint currency instead of Euro to avoid the extra conversion taxes you’d have to pay.
Which Bank Cards Work in Hungary?
Most of the country’s businesses are well set up to accept card payments, but to stay on the safer side, it’s good to carry some Hungarian forint cash with you for emergencies. Here are some of the cards that work well in the beautiful country of crystal-clear waters.
1. Debit Cards
Carrying a debit card is the smartest way to withdraw money from an ATM or even make payments. But, you may have to encounter some hefty fees on your account every time you make a transaction. Some banks offer debit cards that don’t levy any travel charges like Wise, ING, and Revolut, so it’s recommended to invest in such global cards for a fun-filled adventure.
2. Credit Cards
Credit cards are another excellent option for making purchases while traveling to different countries. They come with various perks and benefits along with free travel insurance to make it much easier for you to take advantage and save up some money. MasterCards and Visas are widely accepted in Hungary but you may have to encounter a surcharge when making purchases.
3. Prepaid Travel Cards
The biggest advantage of opting for prepaid travel cards is you can lock in a favourable exchange rate which will help make it convenient for you to travel easily without having to incur much hidden and conversion costs. So, always invest in a travel card with transparent charges to not pay much more than you’d expected.
Which is the Best Platform to Purchase Prepaid Cards?
Revolut is one of the best platforms to purchase prepaid travel or even international debit cards that offer various deals and packages. Here are some of the amazing benefits and features that travelers can avail of-
1. Multi-Currency Accounts
Revolut lets users hold and exchange multiple currencies within a single account. This feature is enticing to those who love traveling to various distinct countries or need to manage several expenses in different currencies.
2. Lower Exchange Rates
Revolut offers real-time exchange rates with no hidden fees for currency conversions. This helps travelers save tons of money that can be later used to make their trip more fun and adventurous. Currently, at Revolut, the exchange rate from Euro to Hungarian Forint is €1=Ft380.97.
3. Low to No Foreign Transaction Fees
Many traditional banks levy transaction fees every time you make a transaction through your debit or credit card. Revolut offers free to low transaction fees in foreign currencies, making it a cost-effective solution for international travel.
4. Security Features
Revolut offers various security features like the ability to freeze or unfreeze your card instantly if required, area-based security settings, and the option to enable or disable contactless payments or online transactions for added security.
5. Instant Money Transfers
By downloading Revolut’s app, you can instantly make money transfers without incurring any additional fees, making it much easier to split bills between friends or make purchases while you go on a shopping spree in other international countries.
6. ATM Withdrawals
Revolut lets you make unlimited ATM withdrawals for premium and metal cards with no to very low transaction fees abroad. This feature helps save travelers quite a money that goes in every time they make a cash withdrawal.
What are the Hungarian Forint Exchange Rates?
The Hungarian forint is quite a strong currency around the globe and the current exchange rate when converting $1 USD to the Hungarian currency turns out to be 353.31HUF. Exchange rates usually fluctuate from time to time based on certain factors like economic conditions, geopolitical events, and market prices. A higher exchange rate would generally mean one currency has gone up as compared to others and a lower exchange rate means the opposite has happened.
Conclusion
The official currency of Hungary the Hungarian Forint, stands tall as a true testament of the country’s historical and economic journey. Its enduring presence and economic stability make it different from other European countries as it follows its own rules and currencies without relying wholly on the European government. So, if you are traveling to Hungary, it’s better to carry a Revolut global travel card with you for making tax-free international transactions. For more information, visit The Web Hunting website.
