Send Money from Austria to Hungary

How to Send Money from Austria to Hungary: Get the Best EUR to HUF Rate

Sending money from Austria to Hungary is a routine transaction for countless people—whether you're supporting family in Budapest, paying for services, or funding a business venture. The EUR to HUF corridor is one of Europe's busiest remittance routes, and Austria is one of Hungary's largest sources of incoming funds. Because remittances play an important role in Hungary's economy, the market is highly competitive, which means you have excellent options to keep costs low.

The key to getting the best deal is understanding the three ways money transfer services make money from you: the exchange rate they use, flat fees they charge, and speed premiums. Most senders focus only on the exchange rate and miss the bigger picture. Let's walk through exactly how to compare them and choose the right provider.

Step 1: Understand Hidden Fees and Exchange Rate Markups

When you send EUR to Hungary, your bank or transfer service converts your euros to forints. They could give you the real market rate (around 410 HUF per EUR on any given day), but instead they typically add a markup of 1–3% on top. A traditional Austrian bank like Raiffeisen or Erste Bank will markup the rate by 2–4%, then charge you an additional flat fee of €12–25 for the transfer. This combination can easily cost you €50–100 on a €1,000 transfer.

Digital providers—Wise, Remitly, Revolut, and WorldRemit—beat traditional banks by 3–8% on the actual exchange rate you receive. Instead of a 3% markup, they charge 0.5–1.5%, and their flat fees are much lower (typically €1–3). The math is simple: send €1,000 with your bank and you might lose €60–80. Send the same amount via Wise and you'll lose €10–20.

Step 2: Choose Your Transfer Speed

Digital providers offer two main speed options:

• Instant transfer (same-day): Your recipient gets the money within 10 minutes to 2 hours. This costs extra—typically €3–5 per transfer.
• Economy transfer (1–3 business days): No speed premium. Most cost-conscious senders choose this unless there's genuine urgency.

If you send money regularly, use economy transfers unless you have a deadline. The savings compound quickly. Sending €2,000 monthly with instant transfers costs you €36–60 extra per year; economy transfers cost nothing.

Step 3: Know Where Your Money Arrives in Hungary

Hungary's banking system is dominated by two large institutions: OTP Bank and K&H Bank, which together serve roughly half of Hungarian account holders. Most digital money transfer providers can deliver directly to accounts at either of these banks, meaning your recipient gets the funds faster without needing an account at a smaller or harder-to-access bank.

When setting up your transfer, verify that your provider can deliver to the specific Hungarian bank your recipient uses. If they bank with OTP or K&H, you're guaranteed fast delivery. If they use a smaller regional bank, delivery still works but may take an extra 24 hours because it goes through the interbank clearing system.

Step 4: Follow Standard Regulations and Complete Your Transfer

Standard banking regulations apply for sending from Austria to Hungary. Both countries are EU members, so your transfer is covered by SEPA rules (if using a traditional bank) or equivalent protections through digital providers. You'll need the recipient's IBAN, their full name, and a reason for transfer. Have this information ready before starting.

Step 5: Use Practical Tips to Save Even More

Set up rate alerts on your chosen provider's app. Most digital services let you notify you when the EUR/HUF rate hits a specific level. HUF is volatile—a 2–3% swing over two weeks is normal. Waiting for a better rate can easily save you €20–30 on a €1,000 transfer.

Batch your transfers if possible. Sending €500 twice costs you two sets of fees. Sending €1,000 once costs half. If you don't need the money immediately, accumulate it and send larger amounts less frequently.

For most senders, Wise is the best choice: lowest fees, most transparent rates, and nearly instant delivery to Hungarian banks. Start there, compare the quote to Remitly, then make your choice. You'll save hundreds of euros per year compared to using a traditional bank.