Banking in Hungary, Paying Rent in Euros Cash, and Pains of Apartment Searching
So got my bank card from OTP Bank today (HUF account). It takes about 5-10 days to pick up the card from the branch (or have it mailed) after the account opening.
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If you spend any amount of time in Budapest you might need cheap & easy access to 2 currencies (EUROS
Cash & HUF).
For HUF I'd say OTP Bank would be a good choice. You can find branches all over the city. They are the largest in Hungary with presence all over Eastern Europe (Hungary, Slovakia, Bulgaria, Serbia, Romania, Croatia, Ukraine, Montenegro and Russia) Just walk in with your Passport and you'll have an account with Internet banking (Full English web interface) in under 30 minutes.
I suggest going to a branch near the center because you have to press a button in a machine asking for English service and wait in a queue. Not all tellers speak English so if you go to a branch in District 9 like I did, you'll wait a while.
I funded my account with a $4,000 CAD wire. It got automatically converted to HUF and the FX rate was very good. I only lost about $30 on the exchange (0.75%) which is not that bad.
With this single wire, I can live, eat, and party for about 5-6 months in Budapest. (Rent has to be paid in EUROS...cash most likely)
The banking fees (internet banking, monthly fees, etc) are 50% less than what I would pay in Canada (so very cheap). With a basic account, I get unlimited transactions via debit & mastercard POS / internet purchases. So far, card usage in stores has been very common. Apart from small restaurants and little shops, every store I've been to has card payment systems.
There are very small fees to take out money from the ATM. So I'd be sparing with ATM withdrawls even with a Hungarian bank card.
Now you'll most likely be paying rent in EUROS CASH if:
1) You are a foreigner
2) You are looking for a half-decent apartment near the center
So before you move here, I'd make sure that you can get easy access to EUROS CASH or as an alternative, be able to wire Euros to Hungary electronically from your computer either directly to the landlord or to your Euro account at OTP Bank (many selection of Foreign Currency accounts at OTP for foreigners).
The reason is that Hungarians don't seem to have much faith in their currency. If you go to local real estate sites, they will list rent in both HUF & Euros. You will be asked to pay in Euros and most likely in cash. This is because apparently NAV, the Hungarian tax authority, will take away a significant portion of rental income from the landlord. By collecting rent in cash, I believe that they can game the tax authorities.
Luckily, after 2 weeks of the most stressful apartment searches I've ever done (ranks close to Stockholm where the rental market is totally fucked up) I managed to get a sizable 1-bedroom apartment on the 3rd floor of an elegant building for 540 Euros located right by the center in between Gozsdu Udvar & Szimpla, furnished with brand new modern furniture, 2 flat screen TVs (one in bedroom & one in living room) with full cable, internet, utilities / common costs included, large jacuzzi tub, full set of cooking ware, dining sets, wine glasses, 4 person dining table, Samsung washing machine, queen size bed in bedroom with sheets & blankets, L shaped couch for 4-5 people in the living room that folds out into a 2nd double bed for guests, balcony with table and 2 chairs, and a view into a large court yard.
Also, I am free to move out in April if I want to so this is a flexible lease. I worked it out with the landlord so that I can just wire her the rent Euros in lump sum of 5 months together with Zero security deposit. (This is not the norm, they will ask for at least 2 months deposit as standard procedure & 12 month commitment unless you go through AirBnB)
But before I landed this place, I had some crazy landlords with crazy demands.
1) One asked me to pay the entire 12 months rent in advance because the previous foreign tenant screwed them over by exiting the contract in the first 2 weeks.
2) Another asked for a 3 month deposit instead of 2 months because I am a foreigner.
3) Another asked for my parents' passport, address, and their signatures as Financial gurantors even though I am 32 years old and financially independent.
4) Another asked for my company records in Canada.
5) I even had to do a Skype interview with a landlord couple in Israel where they peppered me with questions. Landlords are damn suspicious and will ask for a run down of your bio and what the fuck you are doing in Hungary out of all places in the world. I felt like I was being interrogated most of the time. The first question this guy asked was "So tell me about yourself" The last time I had to answer a bull shit question like this was when I interviewed for jobs out of university. I was tempted to tell him "I heard about Budapest through the Roosh V Forum and decide to move here to fuck Hungarian women."
6) Most places looked completely different from the pictures when I visited the apartments.
So these are the stuff that you have to brace yourself for before coming here and doing your apartment searching. If you want just an average place or are willing to pay much more than what is reasonable for the local market then you'll be OK. But be prepared to put in some hard work to find a good place that is central and of good quality for the money.
HOWEVER, the city is awesome and the women are BEAUTIFUL. So all this trouble is worth it like many good things in life!