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Send money to Hungary
Find a quick, affordable service to make a money transfer to Hungary.
Hungary and Singapore have always shared friendly socio-economic and diplomatic relations, with bilateral trade reaching SGD$1.14 billion in 2016. Last year, both countries signed three Memoranda of Understanding (MOUs), namely air transport, education and food safety, to further economic cooperation bilaterally and regionally. With these agreements in place, there will certainly be a sizable increase in trade and cross-border transfers between the two countries.
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Banks versus money transfer companies
Ania is a third-generation Hungarian-Singaporean living and working in Singapore. 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.
|Singapore Bank||Money Transfer Service|
|Exchange rate||$1 = 191.538||$1 = 192.025HUF|
|Amount received for $500||90,980.55HUF||95,039HUF|
|Transfer time||1 to 2 days||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 lower fees with a longer delay in delivery. Should she decide to use an international money transfer service, the recipient could receive 4058.45 HUF more.
How do I compare transfer companies when transferring and receiving money via Hungary?
- Exchange rates. Depending on your needs and the urgency of the transfer, you can choose between a paid or free service. A transfer company that offers a free service might take longer to deliver to your recipient, while a fee usually implies faster delivery, sometimes within minutes if effected before midday.
- 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. Some services charge a transfer fee – usually for quicker delivery – as well as a conversion fee to have the money deposited in the local currency. You might also pay an additional charge for amounts larger than the maximum (or minimum) allowed.
- Same-bank transfers. Even with branches in different countries, most banks waive transfer and conversion fees when transferring money to an account within the same bank.
- Turnaround time. Ideally, the service you choose offers quick delivery for zero fees. If not, the transfer companies guaranteeing the fastest turnaround time normally charge a small fee.
- Transfer methods. These differ from company to company. Most offer bank-to-bank transfers, online transfers and over-the-phone or in-agency transactions.
- Transfer options. In order to accommodate their customers, online transfer services allow one-time transfers as well as the option to set up regular transactions.
- Minimum transfer amounts. Some services require that you send at least $50 or $100 as a minimum.
- Customer service. A good, reliable service should provide a tracking number for your transaction so that you can check on its progress. It’s important that the service you choose has a reactive and competent customer service department should you have questions or a problem with the transaction.
How do I send money to Hungary from Singapore?
Thanks to close economic and diplomatic ties, most banks and online transfer companies allow for transfers between Singapore and Hungary. A wide choice of services means a wide range of transfer options: you can have money transferred between bank accounts, via online transfer, on the phone and in person at the agency.
Besides lesser-known services, you also have the option of using companies like MoneyGram and Western Union. Either way, it’s imperative to ensure that the company you choose is reliable, competent and safe. Read up on reviews and user commentary before selecting any one service. Here are a few banks and money transfer companies that facilitate transfers between Singapore and Hungary:
- Wise. Wise uses a unique peer-to-peer lending system to ensure you get the best deal when sending oney to Italy.
- Citibank. This bank has been present in Hungary since 1985, so you can send fee-free transfers between Citibank accounts. Your recipient can withdraw the money from a Citibank ATM for zero fees.
- Currency Online. This international payment service will effect a transfer within 48 hours for a fee of $12. There’s no minimum transfer amount and you can send money online or via telephone.
How do I receive money from Hungary in Singapore?
Hungary is one of the few European countries that hasn’t adopted the Euro as its currency. The Hungarian Forint isn’t considered an exotic currency and it’s relatively easy to find money transfer companies to send money from Hungary to Singapore.
- OFX. OFX offers a range of options for sending money from Singapore to Hungary.
- Paypal. One of the most popular online transfer services available, Paypal sends money from your bank account, credit card or from the balance on your Paypal account to bank accounts anywhere Paypal is supported (most countries in the world). Paypal is safe and never reveals bank account or credit card information.
Emergency cash transfers in Hungary
If you’ve suffered theft or loss while in Hungary and need money in a hurry, there are a few options available to get access to funds.
- Transfer services. Money is usually transferred within one or two business days, but some services can also make funds available within minutes of the sender effecting the transfer. Services like Western Union and MoneyGram have designated pick-up points in banks, post offices or shops. You can also choose to have the money deposited directly into your account.
- Bank to bank. If your bank has a branch close to where you are in Hungary, you can visit the bank in person and explain your situation. Even if you no longer have your card, the bank will be able to call up your customer details on their system as long as you provide positive identification.
- Travel insurance. The terms of your travel insurance policy covers you for loss and theft while travelling. Get in touch with your insurer as soon as possible to report the incident. You should be eligible for money to cover expenses.
Below are a few locations at which you can collect deposits sent via MoneyGram and Western Union.
Magyar Posta ZRT
Korosi Csoma Boardwalk 5.
Open Monday to Friday 8am to 8pm
OTP Bank RT
Alagut St. 3.
Open Monday 8am to 6pm,
Tuesday to Saturday to 8am to 5pm
Exclusive East Change
Var Str 10
Debrecen, Hajdu Bihar 4027
Open Monday to Saturday 7am to 9pm
Csapo U 4 Debrecen,
Open Monday to Sunday 7am to 8pm
Feherhajo UTCA 5
Open Monday to Friday 8am to 4pm, Saturday 7:30 to 3pm
Open Monday to Friday 9am to 6pm, Saturday 7:30 to 3:30
Corner Trade KFT
Piac UTCA 20
Open Monday to Sunday 8am to 9pm
Trivium KFT #5
Opening hours not specified
Tips for picking up cash in Hungary
The major cities like Budapest and Debrecen are relatively safe. Most people speak English well and there’s little petty crime. The DFAT advises regular safety precautions, but it pays to be vigilant nonetheless. When picking up your deposit, go during the day and make sure you get there within the office hours. Loitering outside makes you a target. Ask someone in your travelling party to accompany you.
What are the steps to send money to Hungary?
Since Singapore enjoys friendly socio-economic relations with Hungary, it’s relatively easy to send money between the two countries. Choose between online transfer services, bank to bank transactions and services like Western Union that allow recipients to collect money in person at a designated pick-up point.
Most transfer services will require that you set up an account. You’ll be asked to provide the following information:
- Your contact details
- Credit card or bank account information
- Your recipient’s information
Once sent, your transaction will be confirmed via email and you’ll receive a tracking number. The service you choose should also have a reliable and competent customer service department to assist with problems or questions about the transfer.
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