Why a Hungarian Bank Account Is Essential for Your KFT
Opening a Hungarian bank account is a mandatory step in the KFT formation process. Before your company can be registered, you must deposit the minimum share capital (HUF 3,000,000 — approx. €8,000) into a dedicated corporate account. Beyond registration, a local bank account is essential for day-to-day operations, invoicing Hungarian clients, paying local taxes, and managing EU transactions efficiently.
For non-residents, however, opening a bank account in Hungary can be one of the most challenging steps — but with the right preparation and guidance, it is entirely achievable.
Types of Bank Accounts for KFTs
When setting up your Hungarian company, you will typically need:
- Corporate current account: for daily business transactions, payments, and receipts
- Share capital deposit account: used during registration to hold the initial capital contribution
- EUR or multi-currency account: recommended for businesses operating across EU markets
Which Banks Are Available to Non-Residents?
Several Hungarian banks work with foreign-owned KFTs, though requirements and processes vary. The most commonly used options include:
- OTP Bank: Hungary's largest bank, with extensive branch network; requires in-person visit
- K&H Bank: business-friendly, good for SMEs and foreign-owned companies
- Raiffeisen Bank Hungary: international bank with experience serving non-resident clients
- Wise Business: a popular alternative for EU-based entrepreneurs needing multi-currency accounts without a physical branch visit
- Revolut Business: fast setup, no branch visit required, widely used by digital businesses
Traditional Hungarian banks typically require an in-person appointment in Budapest, while fintech alternatives like Wise or Revolut offer remote onboarding — though they may not be accepted for share capital deposit purposes.
Documents Required to Open a Corporate Account
Requirements vary by bank, but you will generally need:
- Company registration certificate (Cégjegyzékszám)
- Articles of Association (Alapító okirat)
- Tax number (Adószám)
- Valid passport or national ID of all directors and beneficial owners
- Proof of address for directors (utility bill or bank statement, typically not older than 3 months)
- Business plan or description of activities (some banks require this)
- UBO (Ultimate Beneficial Owner) declaration
The Non-Resident Challenge: What to Expect
Hungarian banks are subject to strict AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations. Non-resident applicants — particularly those from outside Hungary — may face:
- Longer processing times (2–6 weeks in some cases)
- Additional document requests
- Mandatory in-person visits to a Budapest branch
- Refusals from banks unfamiliar with foreign-owned structures
Working with an experienced local advisor significantly increases your chances of a smooth and successful account opening.
Fintech Alternatives: A Practical Solution
For entrepreneurs who cannot travel to Hungary immediately, fintech solutions offer a practical bridge:
- Wise Business: supports Hungarian IBANs, multi-currency, low fees, fully remote setup
- Revolut Business: fast onboarding, EUR accounts, widely accepted for EU transactions
- Paysera: Lithuanian-based, EU-regulated, popular in Central and Eastern Europe
Note: fintech accounts are generally not accepted for the mandatory share capital deposit during KFT registration. A traditional bank account is required for this step.
Timeline and Costs
Opening a corporate bank account in Hungary typically takes:
- Traditional banks: 2–6 weeks from application to active account
- Fintech providers: 1–5 business days
Costs vary by bank and account type. Most Hungarian banks charge monthly maintenance fees ranging from HUF 3,000 to HUF 15,000 (€8–40), plus transaction fees.
How We Can Help
At Elevate Advisory Group, we support our clients through the entire bank account opening process — from selecting the right bank for your business profile to preparing documentation, coordinating appointments, and following up with the bank on your behalf.
Contact us today to get expert support for your Hungarian bank account opening and KFT formation.
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