Our pick: OFX International Money Transfers
OFX offers flexible transfer options, 24/7 customer support and no maximum limit. Send a minimum of $1,000 per year.
- $0 transfer fees. Send fee-free transfers to over 195 countries worldwide.
- Transfers in 55 currencies. OFX supports major, minor and exotic currencies.
- Flexible options. Choose from forward contracts to scheduled transfers for convenience and flexibility.
Compare money transfer services to Hungary
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Hungary. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Banks versus money transfer companies
Ania is a third-generation Hungarian-American living and working in New York. She maintains close ties with the Hungarian cultural associations, especially since her sister moved to Budapest and married a Hungarian. Ania often sends home money for her little niece’s birthdays, Christmas and Easter, so she’s always comparing transfer services to find the best and cheapest companies.
|U.S. Bank||Money Transfer Service|
|Exchange rate||$1 = $195.7380 HUF||$1 = $191.65 HUF|
|Amount received for $500||$93,562.76 HUF||$95,826 HUF|
|Transfer time||24 business hours||1 to 3 days|
|Transfer options||Bank to bank, online transfer||Online transfer|
Ania has the choice between a service that delivers faster for a small fee and another service that offers free transactions with a longer delay in delivery. Should she decide to use an international money transfer service, the recipient could receive 2262.23 HUF more.
Steps to send money to Hungary
- Choose one of the providers who sends money to Hungary and provide your name, address, contact information and valid photo ID.
- Supply your beneficiary’s name, address and information, along with their bank account info if the funds will be deposited in their bank account.
- Enter the amount of money you’re sending and complete your transaction.
- Maintain any receipt you receive in order to monitor your transaction.
How do I compare transfer companies when sending money to Hungary?
- Exchange rates. See how the rates offered by one provider stack up against those offered by competitors. Also, remember that some providers may offer a great exchange rate but also charge high fees.
- Pick-up methods. Each service offers different pick-up options, including collecting at an agency or having the money deposited directly into the recipient’s account.
- Fees. How much will you have to pay to send the transfer? Can you avoid a transfer fee if you send a larger amount?
- Turnaround time. Will the funds be available for your beneficiary in minutes, or will they take several working days to arrive?
- Transfer methods. These differ from company to company. Most offer bank-to-bank transfers, online transfers and over-the-phone or in-agency transactions.
- Minimum transfer amounts. Some services require that you send at least $50 or $100 as a minimum.
- Customer service. s help available when you have a question regarding a transaction? Compare the availability of customer support options and hours.
What are my options for sending money to Hungary from the US?
- Bank transfers. Bank-to-bank transfers may cost more than other options but they are a secure way to send money to Hungary.
- Online money transfer providers. A reliable online money transfer company can offer fast and cost-effective transactions.
- Money transfer companies with cash pickup options. MoneyGram and Western Union are the world’s two largest providers of this service.
- PayPal. PayPal offers secure international money transfers to many destinations around the world.
- Checks. International checks can be obtained from U.S. banks and then sent overseas.
Foreign exchange rates explained
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. Like most countries, Hungary has a flexible exchange rate, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Hungary