A short reading to understand where to exchange money and above all how to avoid possible scams!
In Hungary the official currency is “forint”
The Hungarian forint initials are HUF. The exchange rate between HUF and euro varies day to day, today it is about 400 forints for 1 euro. To see the current exchange rate click here.
Paying in euro in Budapest? Not a good idea!
The euro is not the official currency although it is often accepted in shops, restaurants, and hotels. In shops the original price is in forints and by converting it into euro you will most likely pay more.
It is better to pay in local currency, in forints. If you decide to pay in euros, always check the exchange rate because every business has the freedom to choose it.
When you go to restaurants, you will often see the price in euros on the receipt. However, it’s better to take in consideration the price in forints because the price in euros can be negatively affected by an unfavourable exchange rate. The price of our tours are in euros. In this case it is the price in forints that varies, so you can safely pay in euros.
Where to exchange euros in Budapest?
Places to avoid:
Don’t exchange money at the airport!
Don’t exchange money at train stations or in overly touristic places!
Don’t exchange money on the street!
Recommended places:
Take a walk, see what’s the exchange rate in 3-4 currency exchange places and then choose where to exchange.
Here you can find a frequently updated list of currency exchange places: click here.
They will often charge a commission to exchange money, ask how much it is before exchanging.
In the area in front of the New York Cafe, near Blaha metro station, you can find good exchange rates. Such as this: click here.
How to use cards and ATMs?
You can withdraw money from ATMs. In this case you will withdraw forints.
Go to ATMs of official banks: OTP, Unicredit, Raiffeisen, etc.
Do not use the ATMs that you find on the sidewalks and that do not have official bank logos. They often have only the ATM-EUR-HUF inscription. These ATMs are legal but they use an extremely disadvantageous exchange rate or they charge very high commissions. Be careful and avoid them!
If you pay by card and you can choose whether to pay in euros or forints, always opt for forints.
Open a Revolut online account, it’s free! They will provide you with a card which is very advantageous, especially for travellers. You will have excellent exchange rates, better than those of the currency exchange places! For info click here.
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