Most visitors to Hungary still expect to find the Euro as currency. After all, the country is part of the EU (since 2004) and Schengen (since 2007). Tough luck, you'll have to use a different currency just like the old days : the Hungarian Forint. And while the country is safe and prices are cheaper than in Western Europe, there are a few traps to avoid if you don't want your money to go to waste.
I will not expand on why a EU country is not using the Euro : the Euro zone, EU countries, EEA countries and the Schengen area are distinct concepts : of the four, Switzerland is only part of Schengen ; Iceland is only part of the EEA and Schengen ; while Montenegro, although only on the EU waiting list, already uses the Euro as their currency. You see, we could be here all day.
I will not expand either on why Hungary is not using the Euro : long story short, Hungary went for it once, then realised it couldn't afford it, now doesn't really want it anymore (for good and bad reasons). Sad, but true.
What does the Hungarian Forint look like ?
The range of notes goes from 20000 to 10000, 5000, 2000, 1000 and 500. Some designs have been replaced by newer ones recently, so if your note is rejected simply swap it for a new one at any local bank.
The range of coins goes from 200 to 100 (conveniently minted like the 2 and 1 Euro coins), 50, 20, 10 and 5. Even though 1 and 2 Forint coins are no longer in service, prices can still end in anything from 0 to 9 : in this case, the sale is rounded to the nearest 5, so don't be surprised.
The Hungarian Forint is noted HUF or Ft ; note that prices are also sometimes written as ",-" i.e. 5000,- for example.
You have 4 options : paying in Euros ; changing your Euros into Forints ; withdrawing from an ATM machine ; or paying by card. NB: most of the tips below are valid for all destinations using a different currency than yours.
1. Whatever, they accept Euros
For one, this is only true of some touristic places. Anywhere else, local currency prevails. Secondly, even if your Euros are accepted, the Forint remains the official reference. In other words, accepting your Euros is a service, and giving you change in Euros another, both with a cost : a homemade exchange rate, often 10-20% below official.
In some places (like public toilets), two prices are displayed, one in Euros and another in Forint. Guess what, the one in Euros is more expensive. Whatever, your call.
2. Changing money
Most change offices in Hungary offer a correct rate, with two things to pay attention to:
- whether or not they charge a commission, and how much (if so, usually 0.6%),
- the "buy" and the "sell" amounts : the closer to each other, the better the deal. If they are more than 10 Forint apart, run away - the most striking example is the Budapest airport with a buying rate well below 250 ! Avoid changing money near train stations, and on the street, either ; that's the best way to end up with fake notes, Indonesian rupiahs, or simply to have your money stolen
My favorite change office with invariably good rates is called 'Correct Change', with several offices in Budapest. NB: coins are rarely accepted, and if so exchanged at a fraction of the rate.
3. ATM - the good, the bad and the ugly
The good : withdrawing money abroad saves you from travelling with cash, and provides you directly with local currency. Besides, you are unlikely to be handed fake notes from a ATM, as long as it's connected to a real bank (see 'The ugly' below). Last but not least, exchange rates and operational costs from your bank are nowadays typically acceptable.
The bad : say you need to withdraw 60€. That translates to around 20000 Forint in just one note, which you will have a hard time breaking. Easy solution : withdraw another multiple of 1000 Ft to have small change, e.g. 19000 Ft.
The ugly : in recent years, independant 'Euronet' ATMs have appeared everywhere convenient, offering local currency as well as Euros, which at first sounds just perfect. However, these are (un)famously known to overcharge when withdrawing Forints, and even more when withdrawing Euros (word to the wise: if you're not in the Euro zone, you don't need Euros...). If you do use one, ATM should stand for 'Avoid The Misguidance' ! Read the instructions very carefully because the wording is cunning ; you will be asked in some form or another : "Do you want 'us' to decide the exchange rate (in green) or are you willing to take the 'risk' to let your bank decide it for you (in red) ?". The answer is counter-intuitive : yes, you DO want to take the 'risk' and let your bank use a good exchange rate.
4. Paying by card
If you decide to pay by card, know that charges are normally dictated by your bank, typically at decent rates. However, I have recently seen card terminals in cafés or restaurants asking the same type of cunning question as the Euronet ATMs. The best answer is the same : trust your own bank only.
Most cards are accepted, and contactless payment is mostly everywhere (Hungarians call it "Paypass"), so paying by card is a sound (and safe) option. Some cafés have a terminal on which you can determine the amount of tip to leave, and is generally set by default to 10% (the average service tip in Hungary) or even sometimes at 0%.
It is best to keep a minimum of Hungarian change on you though : some places simply won't accept cards : markets, some cafés, and sometimes modern places you won't believe will only accept cash in 2020.
A few more tips to make your life easier
Keep the exchange rate in mind
Whichever option you choose, knowing the exchange rate helps you check exactly how much you are changing or spending. As of January 2020, one Euro is worth about 330 Forint - an all-time low, which is good news for visitors. As the old joke goes, the difference between one Euro and one Forint is one Euro.... But don't let the maths upset you : it's 3 Euros in 1000 Forint, not that complicated. All prices include VAT, but not the 10% customary tip for services (unless written on the check).
Always check your change
Hungary is a safe place, and common sense is plenty enough to stay out of trouble. One of the major risks for tourists, however, is to be short-changed. One common trick is to give all your change back except for the larger note, hoping you'll just be trustful, accept what you're given and leave. If you do point out he mistake, the final note will come from the other hand with the most believable apology... That's if you're lucky. If the same happens in a night-club, no one speaks English any more. so, let's talk rules :
Rule #1 : break your larger notes as soon as possible, and in an 'official' place : a supermarket or your hotel will do ; you can't expect to pay for a cappuccino with a 20000 Forint note, and taxi drivers never have change no matter where you live...
Rule #2 : always have some change on you, including smaller denomination notes.
Rule #3 : pay with the note immediately superior to the cost of what you're buying. If you do get short-changed, it won't be by much.
Rule #4 : count your change ostensibly. That's how you realise the larger note is missing.
Rule #5 : make sure it's Forint, and not Indonesian Rupiahs - worth 45 times less (some taxi drivers 'accidentally' use that currency, or give you back 200 Forint notes, no longer in circulation).
So what do I take with me on the trip ?
I suggest travelling with a valid card and a few Euros, enough to get by when you arrive. Only bad rates and fraudulent ATMs can be expected at the airport and near train stations, so if you need Forint, change or withdraw the strict minimum to get you to your hotel, and see from there.
Change it back before you leave
Forints are rarely accepted in your home country, sometimes not even at your National Bank, so best to get rid of it before leaving. Give your spare change to the homeless, buy gifts at the airport (duty-free shops accept both Forint and Euro), whichever way to end your trip with a smile.
Bonus tip - valid also at home !
Have you ever ended a trip with loooooads of coins to spare ? That's because you always give a note when paying, and are given the coins as change.
The trick here is to first hand over the correct small change, and then only the larger note (and not the other way round, if you want the cashier to wait). Seeing the correct amount, the cashier will generally accept it, and give you a beautiful note back as change, thus limiting the noise in your pocket.
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