If you wish to open a corporate bank account in Hungary in this article you will find valuable information you need to know. If you want to open and manage a company in Hungary, it is mandatory for the company to have a bank account (separate from any personal account). The Banking Law imposed new regulations starting in 2021 on Hungarian banks. Banking institutions must provide specific information about their clients’ companies to the Central Transparency Register.
Since we started in 1995 the procedure has changed and since 2021 the compliance procedures have become more and more meticulous.
What documents do you need to open a bank account
The bank will ask you to provide some information and documents about the company:
- Name and the head office of the company.
- Main activity, business field.
- Deed of foundation/articles of association and certificate of incorporation.
- Specimen of signature of the company’s representatives
- Purpose of the account opening like financial investment purposes, business-related or entrepreneurial activity purposes or other.
- Origin of the funds to be credited to the account: business income, savings from business income, income from investments, sale of property, income from profits of owned company or company sale, loan, gift.
- Average annual net income of the company (million HUF).
- If the person acting in the name of the company holds any shareholdings/ownership rights or company functions or positions in other companies.
- What are the planned transactions processed through your accounts: cash transactions, domestic transfers, cross-border transactions, savings and investments, documentary letters of credit / bank guarantees.
- What is the planned frequency of the transactions to be performed via the account.
- The destination of funds, in which countries the company has business interests.
- Previous or other banking relationships in Hungary or in other countries.
- UBO declaration.
- PEP declaration.
- FATCA declaration active or passive.
Major Banks in Hungary
Hungary has several financial and credit institutions, some of which are branches of international banks. Foreigners can choose the most suitable bank based on their needs and even taking into account that there are English-speaking personnel in most of the banks.
Some of the largest and most popular banks in Hungary are:
- CIB Bank Zrt. (subsidiary of the Intesa Sanpaolo Group).
- OTP Bank Group Nyrt.
- Erste Bank Zrt.
- K&H Bank Zrt.
- MKB Bank Zrt..
- UniCredit Bank Hungary Zrt.
- K&H Bank Zrt..
- Raiffeisen Bank Zrt.
- Takarékbank Zrt.
- Budapest bank Zrt.
- Sberbank Zrt.
- ING Bank Zrt.
- KDB Bank Europa Zrt.
- BNP Paribas.
- Commerzbank Zrt.
- Bank of China Zrt.
- Magyar Cetelem Bank Zrt.
- Sopron Bank Burgenland Zrt.
- Duna Takarék Zrt.
- MagNet Bank Zrt.
- Granit Bank Zrt.
- Polgari Bank Zrt.
Fonte: BBJ BOOK OF LISTS 2021
Why choose itl consulting?
Since 1995, at ITL Group, our consultants have assisted numerous clients in establishing their companies and opening their bank accounts. This is why we are familiar, not only with the language but also with the procedures in place.
We are passionate about providing the best service possible to kickstart your company in Hungary. If you would like to open a business bank account for your company, we will need to go through the entire compliance process which involves answering several questions and the submission of a few documents (company registration documents, passport, etc.).
Contact our experts at https://itlgroup.hu/contact-us/
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