Retail banking will become more expensive from today: here is the list of which banks will be moving and when

As of August 1, 2024, according to the government’s decision

• the transaction tax to be paid for transfers, postal payments and securities transactions has increased from 0.3% to 0.45%, and the maximum tax has also increased from HUF 10,000 to HUF 20,000,
• in addition, the transaction fee related to cash withdrawals was also increased from 0.6% to 0.9%.

At the same time, the tax-free transfer amount limit for retail customers has also increased, from HUF 20,000 to HUF 50,000, only above which the transaction is subject to tax.

After that, in the second step, from the first of October, an additional transaction fee was introduced for financial operations involving currency exchange. The additional tax rate is 0.45%, up to HUF 20,000. This amount must be paid in addition to the normal transaction fee.

Banks can transfer the increased fee to their corporate customers immediately, and to their retail customers from January 1, 2025.

As we have already reported on the basis of Bakmonitor’s summation,

• at CIB Bank, retail account costs will change from January 17, 2025,
• at Erste Bank, the fee rates will change from February 3, 2025,
• at Gránit Bank, the changes will take effect from February 14, 2025,
• at MagNet Bank, retail account costs will change from February 1, 2025,
• at MBH Bank, retail account costs will change from January 31, 2025 or February 1, 2025. (The exact date depends on the account number),
• at OTP Bank, retail account costs will change from January 1, 2025,
• Raiffeisen Bank will transfer the increased tax to some of its new customers from November 21, 2024. Existing customers will be able to see the new rates from February 17, 2025,
• at UniCredit Bank from February 1, 2025,
• and at Wise, household bill costs will change from February 1, 2025.

Cover image source: Portfolio