In Hungary and its capital city Budapest, the official currency is the Forint (Ft, HUF). Despite the country’s efforts to switch to the euro since 2003, a specific target date has yet to be set. When handling cash, it is important to note that while many mistakenly refer to the Forint as the florin, they are in fact two distinct currencies.
Exploring Budapest’s Banknotes and Coins
The Forint is represented by banknotes of varying values including 500 Ft, 1,000 Ft, 2,000 Ft, 5,000 Ft, 10,000 Ft and 20,000 Ft. Additionally, there are coins in circulation such as 5 Ft, 10 Ft, 20 Ft, 50 Ft and 100 Ft. To access these funds, there are several banks and ATMs scattered throughout the city center. However, as you venture further away from popular shopping areas, finding a convenient cash machine may prove more challenging.
Payment Methods in Budapest
For convenience and avoiding costly commissions, it is recommended to pay with credit or debit card when possible. This ensures an accurate exchange rate at the time of purchase with generally minimal fees of around 1%.
Currency Exchange in Budapest
When looking to exchange currency in Budapest, bureau de change facilities in the city center typically offer the most favorable rates. On average, banks, airports and hotels tend to have higher rates. Prior to your travels, it is advisable to inquire with your bank about any potential fees for withdrawing Forints abroad. This will allow you to determine the most cost-effective option for obtaining local currency. In our case, we prefer using cash points rather than exchanging money.
Unlocking Budapest’s Exchange Rates
As a point of reference, currently $2.75 USD equates to approximately 1000 Ft in Hungarian Forints.
