Best Neobank in Hungary 2026: Revolut, OTP, MBH, Wise

Quick Answer / TL;DR

Hungary's banking market has gone through dramatic structural change in the past five years — the 2023 merger that created MBH Bank (Magyar Bankholding, merging MKB Bank, Budapest Bank and Takarékbank) reshaped the competitive landscape, and OTP Bank remains by far the largest player. Hungary is not in the eurozone — the Hungarian Forint (HUF) is a floating currency managed by the National Bank of Hungary (MNB) — which makes EUR-HUF FX one of the most important variables in any neobank decision for Hungarian residents.

The 2026 shortlist for Hungarian residents:

• Revolut — by far the most popular neobank in Hungary; LT IBAN; market-leading EUR/HUF FX on weekdays.
• OTP Bank with its OTP SmartBank mobile product — digital-first front-end of the country's largest legacy bank, HUF and EUR multi-currency, NDIF insurance.
• MBH Bank mobile app — second-largest Hungarian bank, broad coverage.
• K&H, Erste Hungary, Raiffeisen Hungary — meaningful digital offerings.
• N26 — DE IBAN, especially useful for Hungarians working in Germany or Austria.
• Wise — multi-currency, with HUF local receiving details since 2018.
• Bunq — NL IBAN, sub-accounts, sustainability cards.

This guide is informational, not investment or banking advice, and does not include affiliate or referral links to third-party banks.

Hungarian Banking Landscape in 2026

Hungary's retail banking is dominated by OTP Bank, with MBH Bank (post-merger), K&H Bank (KBC), Erste Bank Hungary and Raiffeisen Bank Zrt. rounding out the top tier. The market has several distinctive features:

• HUF is a free-floating currency, with the EUR/HUF rate moving significantly over the past decade (often 20–30% across multi-year cycles). FX margins matter materially for Hungarian consumers more than for eurozone residents.
• Bank transaction levy (tranzakciós illeték) — a Hungarian-specific tax of around 0.3–0.6% on certain cash withdrawals and transfers, which legacy banks pass on to customers. Foreign-licensed neobanks have at various times been exempt from charging it on outgoing payments, depending on regulatory interpretation; this has shifted, and 2024–2025 brought the levy explicitly to certain foreign payment service providers serving Hungarian residents.
• High mobile-banking penetration — Hungarian banks have been pushing app-based KYC and instant transfers (AFR — Azonnali Fizetési Rendszer) since 2020.
• English-language onboarding is generally good at neobanks and improving at legacy banks.

Top Neobanks Available in Hungary

Revolut

Revolut Bank UAB is the dominant neobank in Hungary — company-reported figures place the Hungarian user base in the millions. Hungarian customers receive a Lithuanian (LT) IBAN. Under Regulation (EU) 260/2012, Hungarian employers cannot refuse a SEPA-area IBAN, but historically certain Hungarian state payments (e.g. some forms of child-benefit, agricultural subsidies) required a HU IBAN.

Strengths:

• Multi-currency wallets including HUF, EUR, USD, GBP and 25+ more.
• Interbank-rate FX on weekdays with monthly allowances on Standard — particularly valuable for EUR/HUF and USD/HUF compared with legacy bank rates of 1.5–3%.
• Savings vaults paid out at variable rates.
• Stock and ETF investing via Revolut Securities Europe UAB.
• Crypto exposure under MiCA-aligned partners.
• Apple Pay, Google Pay, Garmin Pay support.
• https://revolut.com/referral/?referral-code=rafa9jcta!MAR1-26-AR

Weaknesses:

• LT IBAN, not Hungarian HU IBAN.
• Deposit insurance is the Lithuanian IID up to 100 000 EUR, not the Hungarian NDIF.
• Hungarian bank transaction levy (where applicable) is passed through.

OTP Bank (OTP SmartBank)

OTP Bank Nyrt. is the largest Hungarian bank and operates OTP SmartBank — its modern mobile app — alongside the long-standing OTPdirekt internet-banking product. Most Hungarian residents will already have an OTP account or know someone who does.

Strengths:

• Hungarian licence, HU IBAN, clean acceptance everywhere including state institutions and tranzakciós-illeték handling.
• Eligible deposits up to 100 000 EUR equivalent covered by the National Deposit Insurance Fund (NDIF, OBA, Országos Betétbiztosítási Alap).
• Wide branch and ATM network (helpful for older relatives needing in-person support).
• HUF time deposits with rates set by the MNB-influenced money market.

Weaknesses:

• FX rates less competitive than Revolut/Wise.
• Monthly fees on most packages.

MBH Bank

MBH Bank Nyrt. is the result of the 2023 merger of MKB Bank, Budapest Bank and Takarékbank, making it the second-largest Hungarian bank. Its mobile-first product line is younger than OTP's but improving rapidly.

K&H, Erste, Raiffeisen Hungary

These banks offer competitive mobile apps and HUF accounts under HU IBANs, with NDIF insurance. Erste Bank Hungary in particular is often praised for English-language onboarding and a clean app experience.

N26

N26 Bank AG issues DE IBANs to Hungarian residents who meet EU residency requirements. Use cases: Hungarians working in Germany or Austria, EU-citizen Hungarian residents preferring a German DGS guarantee.

Wise

Wise offers Hungarian residents a BE IBAN with local receiving details in EUR, USD, GBP, HUF, RON, PLN and others. Hungarian local receiving details (HU IBAN-equivalent) have been available since 2018, which is especially useful for freelancers and YouTubers receiving USD/EUR income but billing some Hungarian clients in HUF.

Bunq

Bunq B.V. issues NL IBANs to Hungarian residents under EU cross-border rules, with strong sub-account, joint-account and travel features.

Comparison Table

Deposit insurance note: The National Deposit Insurance Fund (NDIF / OBA) covers eligible deposits up to 100 000 EUR equivalent per depositor per Hungarian-licensed bank, in line with Directive 2014/49/EU. EU-passported neobanks (Revolut, N26, Bunq, Wise) are covered by their home-state schemes.

Local Tax and Regulatory Notes

The National Bank of Hungary (MNB, Magyar Nemzeti Bank) is the prudential supervisor for Hungarian credit institutions and also issues a domestic e-money licence. The Hungarian Tax and Customs Administration (NAV) is the tax authority.

For tax purposes:

• Personal income tax is a flat 15% on most income types.
• Capital gains on listed shares are 15% (with separate social contribution rules depending on holding type — Hungary has a long-term investment account, TBSZ, that can reduce or zero out tax for holdings of 3+ or 5+ years).
• Dividends are taxed at 15%.
• Bank-deposit interest is taxed at 15%.
• CRS / DAC8 — neobanks report Hungarian-tax-resident clients to NAV annually.

Crypto-asset gains are taxable as 15% capital gains; the 2026 implementation of MiCA / DAC8 standardises reporting.

The TBSZ (Tartós Befektetési Számla, Long-Term Investment Account) is a critical Hungarian-specific feature for long-term investors: opened at a Hungarian-licensed broker or bank, held for at least 3 years (reduced rate) or 5 years (zero tax on capital gains and dividends). Foreign-licensed neobanks like Revolut Invest cannot offer TBSZ accounts as of 2026 — for tax-optimal long-term HUF or EUR investing, many Hungarian-tax-resident investors use Hungarian brokers (e.g. KBC Securities, OTP Bróker, Concorde, Erste Befektetési) alongside Revolut for daily-banking convenience.

Who Should Pick Which (Decision Matrix)

• Hungarian salaried employee — keep an OTP or MBH HU IBAN for salary and state payments + Revolut for FX and travel.
• Hungarian freelancer (egyéni vállalkozó or KATA-payer) — Wise for non-HUF income + Hungarian HU IBAN for NAV invoicing and bank-transaction-levy clarity.
• Hungarian retiree — OTP/MBH HU IBAN for state pension payments + Revolut for low-FX travel.
• Hungarian long-term ETF investor — TBSZ at a Hungarian broker for 5-year tax-free holding + Revolut for daily banking and short-term trading.
• Hungarian crypto user — Revolut for low-friction exposure; MiCA-licensed exchanges for larger positions, with NAV's 15% rate applied.
• Polish digital nomad in Budapest — Polish-IBAN account + Revolut (PL IBAN if Polish tax residency retained; LT IBAN otherwise).

Revolut vs OTP SmartBank: The 2026 Match-Up

The most common comparison Hungarian users make in 2026 is Revolut vs OTP SmartBank.

Licence and deposit insurance. OTP is a Hungarian-licensed bank supervised by MNB, with NDIF (OBA) coverage up to 100 000 EUR equivalent per depositor. Revolut operates in Hungary under EU passporting from Revolut Bank UAB (Vilnius); deposits are covered by the Lithuanian IID up to 100 000 EUR.

IBAN. OTP issues an HU IBAN — clean for NAV, MÁK, child-benefit and all Hungarian state payments. Revolut issues an LT IBAN; SEPA Regulation 260/2012 requires acceptance, but some Hungarian state-payment flows still default to HU IBANs.

FX. Revolut's interbank-rate weekday EUR/HUF and USD/HUF is dramatically cheaper than OTP's typical 1.5–3% spread — a meaningful gap given HUF's free-float volatility. For a Hungarian-tax-resident saving in EUR (a common hedge against HUF depreciation cycles), this matters.

Investing. Revolut offers shares, ETFs and crypto via Revolut Securities Europe UAB. OTP offers a full investing arm through OTP Bróker — including TBSZ (long-term tax-free) accounts that Revolut cannot match for Hungarian-tax-resident long-term investors.

Transaction levy. Hungarian-specific bank transaction levies have shifted scope for foreign PSPs over 2024–2025; users should check the in-app fee disclosure for current treatment on each provider.

Common Hungarian pattern in 2026: keep OTP (or MBH/Erste) for salary, large HUF cash balances (NDIF-covered) and TBSZ for long-term investing; use Revolut for FX, travel, EUR savings and short-term equities. Many users in Hungary consider this combination the most efficient.

TBSZ — The Hungarian Tax-Free Long-Term Investment Account

The Tartós Befektetési Számla (TBSZ) deserves its own discussion because it is the single most consequential investing tax feature for Hungarian tax residents. The TBSZ is:

• A long-term investment account opened at a Hungarian-licensed broker, bank or investment firm.
• Funded once during the "collection year" (gyűjtőév), then held untouched for the lock-up period.
• After 3 years, capital gains and dividends are taxed at a reduced rate; after 5 years, they are fully exempt from personal income tax.

For a Hungarian-tax-resident investor planning a 5-year ETF buy-and-hold, the TBSZ can completely eliminate the standard 15% Hungarian capital-gains tax — a structurally large advantage that no foreign-licensed neobank, including Revolut, can replicate. Many Hungarian users in 2026 use:

• OTP Bróker or Erste Befektetési for TBSZ — direct exposure to MSCI World ETFs, S&P 500 ETFs, BUX index trackers and selected MNB-approved funds.
• Revolut Invest for short-term opportunistic trades and fractional shares that don't fit the TBSZ "single-funding-year" structure.

This is a Hungarian-resident decision — Polish or Romanian residents working remotely from Budapest under their home tax jurisdiction generally cannot use TBSZ.

Polish Expat and Digital Nomad Angle

Budapest is one of the most popular CEE cities for Polish remote workers in 2025–2026, alongside Sofia and Bucharest, thanks to low cost of living, vibrant English-speaking expat community and direct rail/flight links to Warsaw and Kraków. Common setup:

• Polish PLN account at mBank, ING Bank Śląski, PKO BP or Santander Polska.
• Revolut: PL IBAN if Polish tax residency is retained; LT IBAN otherwise.
• OTP or MBH HU IBAN if establishing Hungarian tax residency, renting long-term or registering as KATA / egyéni vállalkozó.
• Wise for USD/GBP freelance income with HUF local-receiving for Hungarian invoicing.

Note: opening a Hungarian neobank account does not, by itself, change tax residency — the 183-day rule and centre-of-vital-interests test apply, with both KAS in Poland and NAV in Hungary referencing the Polish-Hungarian double-tax treaty.

Sidebar — Tracking multi-IBAN portfolios across borders. Polish and Hungarian remote workers in 2026 commonly run four to six IBANs across two or three countries — a PLN account, a HUF account at OTP, a Revolut LT/PL IBAN, a Wise BE IBAN. Freenance is a financial-tracking platform that aggregates these into a single multi-currency net-worth view, with the Financial Freedom Runway projecting how long your assets would last if income stopped — modelling HUF, PLN, EUR and USD positions side by side, with explicit HUF/EUR FX-volatility sensitivity. It is a tracker, not a bank, and does not move funds.

FAQ

1. Is Revolut legal in Hungary? Yes. Revolut Bank UAB holds a Lithuanian banking licence and operates in Hungary under EU passporting rules. As of late 2025, Revolut reports a Hungarian user base in the millions (figure cited in company communications).

2. Can I receive my Hungarian salary on a Revolut LT IBAN? Yes — under Regulation (EU) 260/2012, Hungarian employers cannot refuse a SEPA-area IBAN. In practice, a small minority of Hungarian payroll systems still trip on foreign IBANs; an OTP or MBH HU IBAN solves the issue. State payments (some forms of child benefit, agricultural subsidies) may still require an HU IBAN.

3. What is the NDIF (OBA) deposit insurance limit? 100 000 EUR equivalent per depositor per Hungarian-licensed bank under Directive 2014/49/EU. The OBA pays out in HUF based on the official MNB rate at the day of payout.

4. Are Wise and Revolut covered by the NDIF? No. Wise client funds are held under safeguarding rules with EU partner banks (BE/UK regimes). Revolut Bank UAB deposits are covered by the Lithuanian IID up to 100 000 EUR.

5. Does Revolut support TBSZ? No — the Tartós Befektetési Számla (TBSZ) is a Hungarian-licensed-broker product. Foreign-licensed neobanks like Revolut cannot offer TBSZ accounts as of 2026.

6. Are Hungarian bank transaction levies charged on Revolut? The tranzakciós illeték rules have shifted multiple times for foreign payment-service providers serving Hungarian residents. Since 2024–2025 amendments, certain outgoing payments from foreign-licensed PSPs to Hungarian recipients fall within scope. Revolut publishes its current fee schedule reflecting the prevailing interpretation; users should always consult the latest in-app fee disclosure.

Sources

• National Bank of Hungary (MNB) — supervisory bulletins
• National Deposit Insurance Fund (NDIF / OBA, Országos Betétbiztosítási Alap) — coverage rules
• Hungarian Tax and Customs Administration (NAV) — personal-tax and CRS guidance
• OTP Bank Nyrt., MBH Bank Nyrt., K&H, Erste Hungary, Raiffeisen Hungary — public communications
• Regulation (EU) 260/2012 — SEPA non-discrimination
• Directive 2014/49/EU — Deposit Guarantee Schemes Directive
• Revolut Bank UAB, N26 Bank AG, Bunq B.V., Wise Europe SA — public terms and conditions