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Looking for a way to send money to family, friends or a business in Hungary (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better HUF exchange rates and lower fees on international transfers.
Based on the providers we've compared, TorFX is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Remitly can get money to your recipient in Hungary within minutes.
Best ways to send money to Hungary from Australia
The best way to send money to Hungary depends on your payment method, how you want your money to be received and how fast you need it to arrive.- Online money transfer provider. When buying Australian dollars or forints money transfer specialists typically offer better rates and cheaper fees than a local bank.
- Bank transfer. Bank transfers are an easy way to send money to Hungary but they charge extra for the convenience and are often slower than other methods. AU banks generally add a 3% to 6% markup onto exchange rates.
- Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Hungary.
- Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
- Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.
Compare the best money transfer companies to send money to Hungary
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We review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
Cheapest way to send money to Hungary
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Hungary. TorFX and Remitly have some of the lowest bank transfer fees of the brands we've compared.
Remember, it's more important to look at the overall cost of your transfer to Hungary and this has a couple of elements:- Transfer fees. While still cheaper than your Australian bank, money transfer services charge either a fixed or percentage-based fee for making your transfer.
- Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market AUD/HUF exchange rate.
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many forints your recipient will end up with.
Fastest way to send money to Hungary
Actual transfer times from Australia to Hungary can depend on several factors including transfer amount, payment method and currency.
Here are some of the fastest average transfer speeds to Hungary:- Wise — within minutes
- Remitly — within minutes
- MoneyGram — within minutes
Safest way to send money to Hungary
The safest way to get your money to Hungary is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Hungary.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
Large money transfers to Hungary
If you need to make a sizable money transfer to Hungary, consider using a provider such as TorFX or OFX to secure a better HUF exchange rate and benefit from its expertise handling larger transactions.
Using a large transfer specialist can have the following advantages:- Tax guidance. Large transfers to Hungary may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on the Australian Taxation Office's latest advice.
- Foreign exchange tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the HUF exchange rate you want.
- Account manager. Some money transfer providers assign a personal account manager who can offer advice and help facilitate transfers.
- Phone service. If you want to talk your transfer through with someone, providers such as TorFX can provide support over the phone.
How to send money to Hungary from Australia
To send money to Hungary, you'll need the necessary documentation, your recipient's details and a way to pay.
- Compare your options.
Use our table to find a money transfer provider that sends funds to Hungary. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site". - Create an account.
You'll need to give your name, address, contact details, proof of ID and method of payment. - Provide your recipient's details.
Enter your recipient's name and contact information. If you're sending straight to their Hungarian bank account, you'll need the account number, SWIFT or IBAN number, plus their bank branch's address. - Enter your transfer amount.
Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total forints your recipient gets. - Complete your transfer.
Send your money transfer to Hungary. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.
Example: Petra transfers money to Hungary
Petra is working in Australia as a film producer and she stays in regular contact with her elderly parents back home in Hungary. Her parents need some funds to help pay off a mortgage, so Petra plans to send them $2,000 from Australia.
She decides to compare a bank and a money transfer specialist to see which one can save the most money on her transaction.
| Bank | Money transfer company | |
|---|---|---|
| Exchange rate | 1 AUD = 274.57 HUF | 1 AUD = 278.21 HUF |
| Transfer fee | $10 | $2.50 |
| Transfer method | Bank account deposit | Bank account deposit |
| Processing time | 2 - 5 working days | Next day |
| Amount received | 546,401.23 HUF | 555,721.22 HUF |
The money transfer company enables Petra to send an extra Ft9,319.98, which is transferred straight to her parents' OTP Bank Nyrt account.
How to choose a money transfer company for Hungary
When selecting a provider to transfer money to Hungary, here are the main factors to consider:
- Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. However, not every money transfer provider offers the mid-market rate so compare the HUF you're offered to the mid-market rate to calculate the margin.
- Transfer fees. Are you being charged a flat fee or a percentage of the transfer amount? A provider offering to transfer your money to Hungary for a flat or low fee might work out better if you're sending a large amount.
- Transfer type. Does your recipient have a Hungarian bank account or is cash pickup a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
- Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as Ria Money Transfers offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value.
- Transfer limits. Find out how much you can send with each service. For example, Remitly has a transfer limit of $2,999 while MoneyGram allows transfers up to Varies.
- Discounts. Providers may offer you a free transfer simply for signing up. Others may give a discount for transferring more than a specific amount of forints.
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i want to know how much is the highest amount i can receive through western union in budapest hungary, if am sending euro to my family in budapest through western union, how much is the highest euro i can send?
Hello Presh,
With regards to Western Union International Money Transfer, at present, the maximum amount that can be transferred through Western Union will depend on the sender’s preferred amount to transfer. But please note that every amount has a corresponding transfer fee.
You can lodge a transfer with Western Union either online or in person, and transfers can be sent 24 hours a day, seven days a week. You can send funds from your credit card, debit card, bank account or cash, to a bank account, a mobile phone, or a prepaid card.
Also, it has a minimum of at least $10, while you’ll need to visit a branch if you want to transfer an amount greater than $5,000. For additional information, please read our Western Union review.
I hope that helps.
Cheers,
Harold
Hi Presh,
Thanks for your question.
The maximum amount you can send will depend on the method and any legal restrictions placed in the country you want to send money to.
If you are sending online, you can send up to 1,000 Euro within a 12 month period. There’s typically no limit when sending via a Western Union agent (branch), however the amount you send may require you to provide certain documents.
Regards
Clarizza