Budapest, the vibrant capital of Hungary, is one of Europe’s most popular tourist destinations. With its stunning architecture, historic landmarks, and rich cultural scene, it attracts millions of visitors each year. However, one of the most essential aspects of any international trip is understanding the local currency. Whether you’re planning a weekend getaway or a longer stay in Budapest, knowing the currency used and how to handle money during your visit is crucial.

In this article, we will dive into everything you need to know about the currency in Budapest, including the Hungarian Forint (HUF), how to exchange money, and tips for handling finances while in the city. We will also explore common questions people have been asking about the currency in Budapest and provide insights into managing your money effectively during your travels.

What is the Currency Used in Budapest?

The currency used in Budapest is the Hungarian Forint (HUF). Unlike many other European countries, Hungary has not adopted the Euro as its official currency, though the country is a member of the European Union. The Forint (HUF) is abbreviated as Ft, and it is denoted by the ₰ symbol.

Visitors should be aware that the Forint is not the same as the Euro, and even though Budapest is a major European city, you will not be able to use Euros for most transactions. In general, most businesses, restaurants, and services accept only the Forint for payment. Therefore, it’s essential to plan ahead and ensure you have the appropriate currency for your visit.

The Hungarian Forint (HUF): History and Facts

The Hungarian Forint has a long history dating back to 1946, when it was introduced to replace the Pengő, which had become severely devalued due to hyperinflation after World War II. The Forint initially began as a peg to the US dollar but eventually became a more stable currency, reflecting Hungary’s efforts to rebuild its economy. Today, the Forint is one of the most stable currencies in Central Europe, though it has experienced fluctuations due to economic factors. The HUF is subdivided into 100 fillér, though fillér coins are no longer in circulation, and prices are typically quoted in whole Forint units.

Currency Exchange in Budapest: How to Get HUF

If you’re traveling to Budapest, you will need to exchange your home currency for the Hungarian Forint. Fortunately, there are various options for currency exchange in the city, both at airports and throughout Budapest’s tourist areas. However, it’s essential to understand the best methods for obtaining the HUF to avoid unfavorable exchange rates.

How to Exchange Foreign Currency

To exchange foreign currency for Forints, here are some common methods:

Currency Exchange Offices (Bureaux de Change): These can be found throughout Budapest, particularly in tourist areas, shopping malls, and near major transportation hubs. While exchange offices are convenient, the rates can sometimes be less favorable than other options.

Banks: Major banks in Budapest offer currency exchange services. The rates are generally better than at exchange offices, but you may need to queue and provide identification for larger sums.

ATMs: Using ATMs is one of the most convenient ways to obtain HUF. Most ATMs in Budapest allow you to withdraw Forints using a foreign debit or credit card. However, make sure to check if your card issuer charges foreign transaction fees or ATM withdrawal fees.

Online Currency Exchange Services: Some online services allow you to exchange currency in advance and lock in exchange rates. You can order the Forints to be delivered to your home or collected from an exchange point upon arrival.

Where to Exchange Money in Budapest

When exchanging money in Budapest, you have various options. Here are some of the best places to exchange currency in the city:

Budapest Airport (Liszt Ferenc International Airport): Budapest’s main airport is equipped with several currency exchange offices. While these can be convenient for travelers arriving in the city, the exchange rates at airports tend to be less favorable than those in the city center. If you need a small amount of HUF upon arrival, the airport exchange offices are a good option.

City Center and Tourist Areas: The central district of Budapest, particularly around Deák Ferenc Square, Váci Street, and the Hungarian Parliament, has plenty of exchange offices and ATMs. You will find competitive rates here, but make sure to compare different offices to find the best deal.

Shopping Malls and Hotels: Large shopping centers such as WestEnd City Center and Arena Mall also have currency exchange booths. Although they may offer more competitive rates than airport exchange offices, it’s still a good idea to compare rates.

ATMs and Credit Cards in Budapest

Using ATMs in Budapest: ATMs are widely available in Budapest, and using them is one of the most efficient ways to access cash in HUF. Most international Visa or Mastercard cards work at ATMs in Budapest, and the exchange rates offered are often better than those provided by exchange offices. However, keep in mind that some banks and ATMs charge additional fees, so it’s essential to confirm this with your bank beforehand.

Credit and Debit Cards in Budapest: Credit and debit cards are widely accepted in Budapest, especially in larger shops, hotels, and restaurants. The most commonly accepted cards are Visa, Mastercard, and American Express. However, smaller businesses or local markets may prefer cash payments in HUF, so it’s always a good idea to carry some local currency with you.

Advantages of Using Cash:

Small Businesses: Many small businesses, street vendors, and cafes may not accept cards, especially for smaller amounts.

Better Control Over Spending: Using cash can help you manage your budget and avoid overspending.

Local Experience: Paying with cash allows you to experience Budapest more authentically, as you’ll often interact with locals and engage in traditional markets.

Advantages of Using a Card:

Convenience: Credit and debit cards provide a hassle-free method of payment for larger purchases.

Exchange Rates: If your bank offers favorable exchange rates, using your card can sometimes be cheaper than exchanging cash at the airport or exchange offices.

Safety: Carrying less cash reduces the risk of loss or theft.Tips for Managing Currency While Traveling in Budapest. Here are some helpful tips for managing currency while you’re in Budapest.

Avoid Exchange Offices in Tourist Spots: While they are convenient, they often offer poorer exchange rates. Try to find exchange offices that are less tourist-centric for better rates.

Use a Credit Card with No Foreign Transaction Fees: If possible, use a credit card that does not charge foreign transaction fees. This will save you money on purchases.

Withdraw Cash in Larger Sums: To minimize ATM withdrawal fees, try to withdraw large amounts of cash at once. Just be sure to store your money securely.

Check for Hidden Fees: Be aware of any additional fees when exchanging money, such as commissions or unfavorable exchange rates.

Budgeting and Cost of Living in Budapest

Budapest is known for being relatively affordable compared to other major European cities. Here’s an overview of typical expenses for a traveler:

Meals: A meal at a budget restaurant in Budapest may cost around 2,000-3,000 HUF, while a three-course meal at a mid-range restaurant may be around 5,000-10,000 HUF per person.

Public Transport: A single ticket on Budapest’s public transportation system costs around 350 HUF, and a 24-hour travel pass is available for around 1,650 HUF.

Accommodation: Accommodation prices in Budapest vary depending on the location and type of hotel or hostel. Budget travelers can find dormitory beds starting from 2,500 HUF per night, while mid-range hotels range from 8,000-15,000 HUF per night.

Attractions: Entry to most museums and attractions in Budapest is affordable, with ticket prices ranging from 1,000 HUF to 3,500 HUF. Popular sites like the Buda Castle or the Hungarian Parliament may have higher ticket prices.

Navigating Currency in Budapest

Budapest is a fantastic place to visit, offering a rich history, vibrant culture, and diverse attractions. Understanding the currency system and having access to Hungarian Forints (HUF) will make your travel experience much smoother. Remember to carry cash for smaller purchases and use your credit or debit card for larger payments when possible. 

By keeping these tips and recommendations in mind, you’ll ensure that handling money in Budapest is hassle-free, allowing you to focus on enjoying all that this beautiful city has to offer. This comprehensive guide provides essential information to help you understand the currency system in Budapest and make informed decisions about money exchange, budgeting, and spending during your visit.

FAQs

Is it better to exchange money before arriving in Budapest or after arriving?

It’s usually better to exchange a small amount of money before you arrive, as you’ll need some local currency for transportation or small purchases. However, you may get better exchange rates in Budapest at local currency exchange offices or ATMs. Avoid exchanging large sums of money at airports, as they typically offer less favorable rates.

How can I avoid currency exchange fees in Budapest?

To avoid hefty currency exchange fees, consider using your bank’s debit or credit card for purchases when possible, as this often offers competitive exchange rates. Additionally, some banks provide fee-free foreign ATM withdrawals for certain accounts.

Are there any notable exchange rate scams in Budapest?

While Budapest is generally safe, be cautious of street currency exchange vendors and unlicensed money changers. They often offer poor exchange rates or charge hidden fees. Stick to official exchange offices or use ATMs to ensure fair rates.

What should I know about exchange rates in Budapest?

Exchange rates in Budapest are usually more favorable at currency exchange offices and ATMs than at tourist locations or hotels. Always compare rates before exchanging a large amount of money. It’s wise to avoid currency exchange booths with high commission rates.

Can I use digital payment methods like Apple Pay or Google Pay in Budapest?

Yes, many establishments in Budapest accept digital payment methods like Apple Pay, Google Pay, and other contactless payment systems, especially in larger cities and tourist areas. However, it’s not universally accepted, so it’s best to have an alternative payment method like cash or a credit card.

In Summary

Understanding the currency system in Budapest is an important part of planning your trip. While Hungary’s official currency is the Hungarian Forint (HUF), visitors can expect a smooth experience as long as they understand how to handle currency exchange, use cards, and avoid unfavorable rates. By following the tips in this article and being aware of where to exchange money, you’ll be able to make your visit to Budapest stress-free and enjoyable.

Remember to always carry a mix of cash and cards, check exchange rates regularly, and use ATMs for competitive rates. Budapest is a beautiful city with so much to offer, and handling the currency properly will help ensure that your trip is a fantastic experience.

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