You don’t want to throw your money away, right? The first important thing is choosing the best place to exchange currency after your arrival. Here we go!
© Google map
I will share the best place to exchange money in Budapest with you – and yes, it is in the city center! In this post, you will also find some useful tips on how to avoid currency exchange places with rip-off rates.
Hungary – EU country with non-euro currency
Although Hungary is an EU state, the country has its own currency – forint. The best strategy is converting your euro or USD to forint to make payments.
What is the exchange rate for forint?
As of today (June 6, 2020), one euro is approximately 345 forints, and one US dollar is about 304 forints. Exchange rate often fluctuates; so, it’s better to check it before you arrive here.
The best currency exchange place
I definitely recommend you the money exchange booth in Király utca, which offers best rates and with no commission! It is located near the Deák Ferenc metro station. You can’t miss this place as there is a long line of people queuing up outside but it is worth waiting for it.
© Google map
It’s another advantage is that just beside it there is OTP bank which has euro ATM. If you don’t have euro in cash, you can withdraw it from here easily. Using ATMs with only HUF currencies is not advised as you will lose from unfavorable conversion rate.
Location:
Király Street 1b (near Deák square), 1075 Budapest
Google map: https://goo.gl/maps/PRsXE8PX4RRMt1Tu6
Opening hours:
Monday-Friday: 9 a.m. -7 p.m.
Saturday: 9:30 a.m.-6 p.m.
Sunday: 9:30 a.m.-2 p.m.
Note: Due to current circumstances, the place closes earlier.
Tel: (+30 61) 788 1998
Can you pay in euros in Budapest?
You can but better not to. Most of the hotels, restaurants and supermarkets in the downtown receive euro payment but they accept foreign currencies at an unfavorable rate.
Useful tips
1. If you must change money at the airport to reach the city center, exchange the amount you really need to. The cheapest and most convenient way is to go to Deák metro station by bus and then exchange your money in the place nearby that I mentioned above.
For the airport transfer options and price, see my previous post.
2. Try to avoid currency exchange in the places near train stations or touristic areas and banks. As airport booths, most of these places offer expensive rates. Needless to say, never do business with shady guys offering exchange in the streets.
3. Stay away from Euronet ATMs found in many accessible spots. If you withdraw forints equivalent to 100 euros, you might pay around 20 euros for commission fees.
© Bevezetem
4. Do not be seduced by “No commission” signs displayed on many currency exchange places. Most of them offer unfavorable rates in which case you will happen to lose more money compared to using the booths with small commission but favorable rates. So, it is “buy” and “sell” rates what really matter.
5. At a money exchange booth with good rates, “buy” and “sell” amounts are very close to each other. So, always check how close or far apart these rates are on the display board.
6. Count your money before leaving the booth. Don’t bother about keeping others waiting in the line – be on the safe side and check the amount you receive.
7. In any case, check the money you receive. If there is any damaged banknotes, feel free to ask them to change it for you.
8. Ask for smaller denominations. 10,000 and 20,000 forints are the largest denomination banknotes in Hungary. If you receive the entire amount in these banknotes, it’s better to ask for smaller denominations as some small shops might not be able to give you back the change.
© Central Bank of Hungary
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