A business bank account is a fundamental part of the financial infrastructure of a Hungarian company. It is not merely an account used to receive customer payments. It is closely connected with tax payments, accounting, payroll, supplier payments, foreign currency transactions and the company’s internal financial controls.

Some requirements concerning corporate bank accounts in Hungary are established by law, while other aspects depend on the company’s business model, ownership structure, transaction profile and international activities.

A small Hungarian service company operating exclusively in HUF may require a relatively simple banking structure. A foreign-owned Hungarian company invoicing customers in EUR and USD across several jurisdictions may need multiple accounts, different currencies and potentially more than one financial institution.

For this reason, it is important to distinguish between the minimum legal banking requirements and the banking structure that is most efficient from a commercial and financial perspective.

The legal framework for corporate bank accounts in Hungary

Hungarian legislation generally uses the concept of a payment account rather than the everyday expression “business bank account”.

Under the Hungarian Act on the Rules of Taxation, domestic legal entities, including Hungarian companies, are required to maintain at least one domestic payment account.

The first payment account must generally be opened within 15 days after the company’s tax number is communicated.

For a Hungarian Kft., therefore, maintaining an appropriate corporate payment account is not simply a matter of convenience. It forms part of the company’s statutory financial infrastructure.

Companies subject to the payment-account requirement are generally expected to conduct their business payments through their corporate payment accounts, apart from cash transactions that are permitted under the applicable rules.

Banking as part of company formation

Opening a corporate bank account is closely connected with registration and tax administration when establishing a new Hungarian company.

Company formation in Hungary therefore involves more than preparing the articles of association and registering the company. Establishing an appropriate banking infrastructure is one of the essential steps required before normal commercial operations can begin.

The bank must identify the company, its authorised representatives and its ultimate beneficial owners. Company registration documents, the tax number, constitutional documents and information concerning the management and ownership structure may therefore be required.

Although the statutory deadline provides a defined period for opening the first payment account, banking procedures should not normally be left until the final days.

Foreign ownership, multi-level holding structures, certain business activities or enhanced due diligence may result in additional documentation being requested.

How many bank accounts can a Hungarian company have?

Hungarian legislation requires at least one domestic payment account but does not impose a general maximum number of accounts that a company may maintain.

A Hungarian company may consequently operate several corporate bank accounts.

These may be held with one financial institution or distributed among several banks. Companies may also maintain accounts in different currencies.

A typical internationally active company might maintain a HUF operating account for Hungarian expenses and tax payments, an EUR account for transactions with European customers and suppliers and a USD account for international transactions denominated in dollars.

Larger businesses may use additional accounts for payroll, specific projects, financing arrangements or separate business divisions.

The relevant issue is not the number of accounts itself but whether all corporate accounts are appropriately incorporated into the company’s accounting, treasury and internal control systems.

Using more than one bank

Maintaining relationships with several financial institutions can form part of a company’s operational risk management.

Where all available liquidity is concentrated with a single bank, a technical outage, temporary compliance review or restriction affecting a particular transaction can create significant operational difficulties.

A secondary banking relationship may provide additional flexibility.

Banking conditions also vary between institutions. One bank may offer more attractive foreign exchange terms, while another may provide better financing, international payment services or corporate cash-management functionality.

However, additional accounts also increase administrative complexity. Bank statements, transaction data and balances must be properly monitored and made available for accounting.

HUF, EUR, USD and other foreign currency accounts

A Hungarian company is not limited to maintaining accounts in Hungarian forints.

Corporate accounts can also be operated in EUR, USD, GBP, CHF and other currencies supported by the chosen bank.

For internationally active companies, foreign currency accounts can have significant financial benefits.

Consider a Hungarian company that receives most of its revenue from German, Austrian and Dutch customers in euros. If many of its suppliers are also paid in euros, receiving EUR revenue directly into an EUR account may reduce unnecessary currency conversions.

Otherwise, the company could incur conversion costs when EUR income is exchanged into HUF and subsequently converted back into EUR to pay foreign suppliers.

A company’s banking structure should therefore reflect the natural currency composition of its income and expenditure.

Can a Hungarian company have a foreign bank account?

A company incorporated in Hungary may also maintain accounts with foreign financial institutions.

Having a foreign account does not, however, automatically remove the Hungarian requirements concerning a domestic payment account.

Foreign accounts may also trigger Hungarian reporting obligations. Information regarding accounts held with foreign financial institutions can be subject to notification requirements towards the Hungarian tax authority.

For this reason, opening a foreign corporate account should be coordinated with the company’s accountant or tax adviser to ensure that the relevant administrative requirements are handled correctly.

Foreign accounts are particularly common among international groups, businesses receiving significant foreign currency revenue and companies using specialised international payment providers.

Wise Business, Revolut Business and fintech accounts

Fintech platforms have become an increasingly significant part of international corporate banking.

Services such as Wise Business and Revolut Business can be attractive to companies that operate in several currencies or regularly make cross-border payments.

However, the commercial label “business account” does not in itself determine the legal classification of the service for Hungarian regulatory purposes.

Companies should consider which legal entity provides the account, where the account is maintained, which type of financial service is being supplied and what account details are issued.

Two separate questions should therefore be considered: can the service be used efficiently for the company’s commercial transactions, and does that particular account satisfy any mandatory Hungarian requirements applicable to the company? These questions do not necessarily have the same answer.

A fintech platform may therefore form a valuable part of an international company’s banking infrastructure without automatically replacing every account required under Hungarian law.

Opening a Hungarian corporate account with foreign shareholders

Foreign ownership does not prevent a Hungarian company from opening a corporate bank account.

The banking due diligence process may, however, be more extensive for foreign-owned companies.

Financial institutions are required to identify the company, its authorised representatives and its ultimate beneficial owners. They must also understand the relevant ownership and control structure.

Where the shareholder of a Hungarian Kft. is another foreign company, and that company is itself owned by other legal entities, the bank may request documentation covering the entire ownership chain until the natural-person ultimate beneficial owners can be identified.

The bank may also ask questions concerning the company’s intended activity, expected transaction volumes, source of funds, customer locations, supplier countries and anticipated cash flows.

Banks apply their own internal risk assessment procedures. Consequently, different financial institutions may evaluate the same ownership structure or business activity differently.

Documents required to open a corporate bank account

The exact documentation varies depending on the bank, ownership structure and nature of the business.

Typically, the bank will require information demonstrating the existence and registration of the company, its authorised representatives and its ownership structure.

Relevant documentation may include corporate registration documents, articles of association, tax details, identification documents for directors or authorised representatives, signature documentation and information concerning beneficial owners.

Where the shareholder is a foreign legal entity, additional documents concerning the foreign parent company may be required.

The bank may also request information explaining how the business is expected to operate, including expected annual turnover, transaction volumes, main markets, customer and supplier locations, currencies used and the nature of goods or services sold.

Choosing the right bank for a Hungarian company

The monthly account maintenance fee should not be the only factor considered when selecting a corporate bank.

The true banking cost depends on the company’s entire transaction profile.

An export-oriented company may find foreign exchange spreads and international payment fees far more important than the monthly account fee.

Businesses should therefore evaluate factors such as domestic and international transfer charges, foreign exchange costs, bank card fees, online banking functionality, user permissions, cash handling and access to financing.

International companies should also consider the quality of English-language service and the bank’s experience with foreign shareholders and international business models.

Corporate banking and accounting

All business accounts used by a company must be appropriately reflected in the company’s accounting system.

Accounting in Hungary is therefore closely connected with the company’s banking structure. The accountant must have sufficient information concerning every relevant corporate account and the transactions processed through it.

This becomes particularly important where the company uses several banks, several currencies or accounts with foreign financial service providers.

Accounting records must capture customer receipts, supplier payments, bank charges, foreign exchange conversions, shareholder transactions, financing and other relevant movements.

Foreign currency accounts also create additional accounting considerations because exchange rates and realised or unrealised exchange differences may need to be recorded appropriately.

Bank accounts and the Hungarian tax authority

Corporate bank accounts also interact with the Hungarian tax administration.

Domestic payment service providers are subject to statutory reporting obligations relating to certain account information, and the domestic payment account plays an important role in tax payments and other interactions with the Hungarian National Tax and Customs Administration, or NAV.

A company’s banking structure should therefore not be designed purely from a commercial perspective. Tax administration, accounting and compliance requirements should also be considered.

Corporate bank accounts as an internal control tool

Banking infrastructure is also part of a company’s internal financial control environment.

As a business grows, it is often advisable to separate payment preparation, review and final approval.

Corporate online banking systems may allow different user permissions, transaction limits and dual-approval processes. Such controls can reduce the risk of both unauthorised payments and operational errors.

A banking process that is appropriate for a single-founder company may no longer provide sufficient control once the business has several managers, multiple departments, international operations or dozens of employees.

What is the optimal banking structure?

There is no single banking structure suitable for every Hungarian company.

A smaller company operating exclusively in Hungary and invoicing in HUF may function efficiently with one well-selected domestic HUF account.

An export-oriented or foreign-owned company may benefit from a domestic operating account together with an EUR account, USD account, additional banking relationship or specialised fintech provider.

The objective should not be to maximise the number of accounts. An efficient structure should balance three fundamental considerations: regulatory compliance, cost-efficient payment flows and effective financial control.

Conclusion

A business bank account is a fundamental component of operating a company in Hungary.

Hungarian companies are generally required to maintain at least one domestic payment account, but additional accounts can be maintained with different financial institutions and in different currencies according to the company’s operational requirements.

For internationally active and foreign-owned businesses, banking requires particular attention. Bank selection, KYC and AML procedures, beneficial ownership documentation, foreign currency management, accounting and tax administration are closely interconnected.

FirmaX Hungary supports Hungarian and international entrepreneurs with company formation, preparation for corporate bank account opening, business registrations, accounting, tax matters and ongoing corporate administration in Hungary.