Sitting in the heart of Europe, Hungary has a rich history and a relaxed lifestyle. If you travel there regularly, are thinking of moving or have relatives living in the country, you might need to transfer large sums of money there from the UK.
Like the UK, Hungary is not part of the Euro - their currency is the Hungarian Forint, so you'll need to change your Pounds into Forints as well as transferring your money to a Hungarian account.
Thankfully there are a lot of foreign exchange companies competing with the banks, so it's much easier to find a better deal with more flexible ways of making the transfer.
Knowing what you're looking for and how the transfers work will help you compare the various deals and find the best one.
How to send money to Hungary
The process for transferring money to Hungary is as follows:
Get a quote - make sure to get them from several different providers
Choose the best one
Provide details of the destination account
Send the company your funds by card or bank transfer
They will then convert your money into Hungarian Forint and forward it on
You can then track your transfer online
Funds can be withdrawn in Hungary
How to find a cheap money transfer to Hungary
The price you pay will depend on how much you need to send and the amount the provider charges for its services. This is set by the following factors:
The amount the provider charges per transaction should be stated upfront, although they can sometimes vary depending on the amount you need to send. This will cover their commission and transfer fees.
It's also worth checking if you'll need to pay a charge to receive the funds at the other end - make sure you include this when you consider the total cost of the transfer.
The exchange rate you're offered will govern how many Hungarian Forints you get per Pound you send.
Making sure you get the best Hungary exchange rate you can will help to keep your costs down, and some providers will give you the total cost of the transfer rather than confirming the exchange rate. This makes comparing various quotes nice and simple.
Check how much you're transferring
Providers will often offer better rates if you're transferring a larger amount, so make sure you look for one with decent rates for the amount you want to send. If you want to make several payments, it might be cheaper to just send one larger amount, so consider this if it won't inconvenience you.
What else to look for when sending money to Hungary
How soon you need the money to be available for withdrawal in Hungary will narrow down your choices. Find out which providers match your expectations - disregard any that are too slow, especially if you need the funds urgently.
Some will allow you to make a next day transfer but will often charge extra for this, so don't forget to compare any extra charges of those that do offer a fast enough service.
You may also be given the option to set up a regular overseas payment, such as if you want to transfer part of your wages or pension to Hungary, or if you need to meet a monthly bill like a mortgage there. Setting up a regular payment will save you the hassle and cost of having to organise a separate transfer each time.
How you can make the transfers
Ideally you want to be able to make the transfer in a way you find convenient, so decide if you'd prefer to transact by phone, online or by speaking to an agent, and look for providers that match your expectations.
Compare cheap transfers to Hungary
Most importantly, it's only worth looking into companies that can supply the currency you need. Use our money transfer Hungary comparison, which narrows down the providers to just the ones that will deal in Hungarian Forint.
Of the ones that do, pick out a few providers that let you transfer the money the way you want to and within a suitable timescale. It's then just a case of picking the one with the cheapest total cost.