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, Revolut is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe Money Transfers can get money to your recipient in Hungary within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Hungary. Revolut and Xe Money Transfers 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:
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.
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:
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.
If you need to make a sizable money transfer to Hungary, consider using a provider such as TorFX or Xe Large Transfers 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:
To send money to Hungary, you'll need the necessary documentation, your recipient's details and a way to pay.
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 = 228.66 HUF||1 AUD = 231.69 HUF|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||455,043.32 HUF||462,805.01 HUF|
The money transfer company enables Petra to send an extra Ft7,761.69, which is transferred straight to her parents' OTP Bank Nyrt account.
When selecting a provider to transfer money to Hungary, here are the main factors to consider:
Compared to the start of the year, the Australian dollar is weaker against the forint. Currently $5,000 is worth Ft1,164,282.00, whereas at the beginning of 2023, $5,000 was equivalent to Ft1,270,450.00. That's a decrease of 8.36%.
Similarly, compared to mid-2022, the Australian dollar is again weaker against the forint. In mid-2022, $5,000 was equal to Ft1,304,300.00. That's a decrease of 10.74%.
What's more important, however, is the strength of the Australian dollar against the forint and where it goes from here – which is harder to call. Westpac and NAB are both optimistic about the AUD and believe it will get stronger by the end of 2023.
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