How to send money to Hungary

Wondering how to send money to Hungary from the U.S.? Here’s the information you need.

When you need to get money to a loved one overseas, the last thing you want to have to deal with is navigating a potentially complicated and expensive process. Sending money from the United States to Hungary doesn’t have to be expensive. Compare the transfer fees and exchange rates of the options available to you to get the most Hungarian forints for your dollar.
World First Foreign Exchange

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    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

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    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    World First Foreign Exchange
    USD 1,000 1 day USD 0.00 258.865 Online HUF 1,294,323 Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for more than 100 currencies.
    Go to site View details
    TransferWise International Money Transfers
    USD 1 1 day USD 50.00 262.780 Online HUF
    1,300,761
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site View details
    OFX International Money Transfers
    USD 150 1 day USD 0.00 261.729 Online, Bank Account to Bank Account HUF 1,308,644 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
    HiFX International Money Transfers
    USD 100 2 days USD 5.00 261.597 Online HUF 1,306,679 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site View details
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    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.

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    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. BankMoney Transfer Service
    Exchange rate$1 = $195.7380 HUF$1 = $191.65 HUF
    Transfer fee$22$0
    Amount received for $500$93,562.76 HUF$95,826 HUF
    Transfer time24 business hours1 to 3 days
    Transfer optionsBank to bank, online transferOnline transfer
    Difference+2262.23 HUF

    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.

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    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.
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    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. For example, in December 2016, the U.S dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
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    What are my options for sending money to Hungary from the U.S.?

    • 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.

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    How to send money to Hungary through an independent transfer provider

    When sending funds to Hungary, you’ll be asked to provide the following information:

    • Your name, address, contact information and valid photo ID.
    • Your beneficiary’s name, address and information, along with their bank account info if the funds will be deposited in their bank account.
    • How much money you’re sending, in what currency and which country you’re sending it to.

    Once you have completed your transaction, you will be given a tracking number. Make a note of this number so you can monitor the progress of your money transfer.

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