Guide to Settling in Hungary

1. Preliminary Requirements

Objective: Ensure employees understand all necessary documents and steps before arriving in Hungary to prevent any issues upon arrival.

Detailed Steps:

  Pre-Arrival Preparation:

  - Work Visa:

1. Application Process: Before arrival, employees must apply for a work visa (D type visa) at the Hungarian embassy or consulate in their home country. This typically involves submitting an application form, passport photos, copy of a valid passport, copy of the employer-provided work contract, proof of health insurance, financial proof, etc.

2. Approval Wait: After submitting the visa application, await approval from the Hungarian embassy or consulate, which usually takes several weeks to a month, depending on individual circumstances and visa type.

  - Lease Agreement:

1. Finding Accommodation: Before arriving in Hungary, it's advisable to search for accommodation through rental websites, real estate agents, or contacts such as friends or colleagues.

2. Signing the Contract: Once accommodation is confirmed, sign a lease agreement with the landlord. The lease should include details like duration, rent amount, payment methods, deposit, landlord and tenant names, contact information, etc.

3. Preparing to Move In: Confirm the move-in date and prepare necessary basic living items and furniture.

  - Health Insurance:

1. Purchasing Insurance: Before arrival, ensure you purchase and hold valid health insurance. Hungary requires all foreign residents to have health insurance covering medical expenses during their stay.

2. Types of Insurance: Options include international health insurance or insurance provided by local Hungarian companies, covering outpatient treatment, hospitalization, emergencies, medication costs, etc.

  - Financial Preparation:

1. Funds Preparation: Ensure sufficient funds to support initial living expenses in Hungary, including rent, daily expenses, transportation costs, etc. It's recommended to prepare at least three months' worth of living expenses.

2. Bank Account: If you have an international bank account, prepare an international bank card in advance for use in Hungary.

2. Necessity Requirements

  Residency Period:

- Residence Permit Application: If planning to stay in Hungary for more than 90 days, you must apply for a residence permit (Tartózkodási Engedély). This requires submitting documents like the work contract, proof of residence, health insurance proof, financial proof, etc.

- Types of Residence Permits: Choose a suitable residence permit type based on the nature of your work and residence purpose (e.g., work residence permit, family reunion residence permit, etc.).

3. Lifting Entry Restrictions:

- Processing Procedures: After completing all relevant procedures in Hungary (such as registration of residence, residence permit application), you can freely enter and exit Hungary without needing to apply for new visas or permits.

- Document Preparation:

    - Ensure your passport remains valid throughout your stay and has sufficient blank pages for entries and exits.

    - Have a signed employment contract specifying job position, salary, working hours, etc.

    - Obtain a proof of residence after renting in Hungary (Lakcímkártya), which you'll receive after registration of residence.

    - Provide financial proof like bank statements or pay slips showing adequate financial resources. Ensure the most recent three months' financial records are available.

4. Detailed Instructions for Entry Requirements

- Necessity Requirements for Staying in the Country for More Than 90 Days:

    - Foreign citizens staying in Hungary for more than 90 days must register their residence and apply for a residence permit.

    - Ensure your passport and visa are valid throughout your stay.

- Unrestricted Entry After Processing Related Procedures:

    - After completing residence registration and applying for a residence permit in Hungary, you can freely enter and exit Hungary and other Schengen area countries.

    - Ensure timely renewal of residence documents to maintain legal residence status.

- Requirements for Residential Registration Upon Arrival:

    - Residential registration is a necessary step upon arrival in Hungary, involving:

      - Locating the local registration office (Okmányiroda).

      - Making an appointment to process registration within the specified timeframe.

      - Preparing necessary documents such as valid passport, lease agreement, landlord confirmation, etc.

Guide to Opening a Bank Account in Hungary

Objective: Opening a bank account in Hungary for handling daily financial transactions, including salary payments, expenses, and international transfers.

1. Choosing a Bank:

Compare services and fees of different banks:

  - OTP Bank: Hungary's largest bank, offering comprehensive personal and corporate banking services.

  - K&H Bank: Provides various bank accounts, loans, and investment services, particularly suitable for foreigners.

  - Erste Bank: Offers flexible bank accounts and convenient online banking services.

  - Other Banks: Such as Raiffeisen Bank, UniCredit Bank, also provide a range of banking services.

Considerations:

  - Account Types: Different banks offer varying account types and additional services; choose the one that best suits your needs.

  - Service Fees: Compare account maintenance fees, transfer fees, ATM withdrawal fees, etc.

  - Branch and ATM Distribution: Choose banks with a wide network of branches and ATMs for convenient daily use.

  - Online and Mobile Banking: Select banks offering convenient online and mobile banking services.

2. Preparing Required Documents:

Document Checklist:

  - Valid Passport: For identity verification and confirming your nationality.

  - Proof of Residence (Lakcímkártya): Proof of your residential address in Hungary, usually obtained after registering residence.

  - Employment Contract or Income Proof: Showing your source of income, which can be a work contract, pay slip, or employer letter.

  - Tax Identification Number (Adóazonosító jel): For tax registration, apply at the local tax office (NAV) with passport and proof of residence.

3. Submitting an Application:

Steps:

  1. Choose a bank branch: Visit any branch of your chosen bank. It's advisable to select one near your residence or workplace.

  2. Fill out an application form: Complete an account opening application form at the bank branch, providing necessary personal information.

  3. Submit required documents: Submit all prepared documents; bank staff will verify your information.

  4. Sign agreements: Sign the bank account agreement and related banking service terms.

4. Receiving Your Bank Card:

Steps:

  1. Bank card production: The bank will produce your bank card, typically requiring 3-10 business days.

  2. Method of collection: You can choose to collect your bank card at the bank branch or request the bank to send it to your residential address.

  3. Activating the bank card: After receiving the bank card, follow the bank's instructions for activation, usually done via ATM, online banking, or telephone banking.

5. Setting Up Online Banking:

Steps:

  1. Register for online banking services: Register for online banking services at a bank branch or through the bank's official website.

  2. Obtain login credentials: The bank will provide a username and initial password; some banks may also provide a security token or mobile verification code.

  3. Log in and set a password: Upon first login to online banking, follow prompts to set a new login password and security question.

  4. Familiarize yourself with online banking features: Explore the online banking interface, understand account inquiries, transfers, bill payments, etc.

6. Understanding Bank Fees:

Common fees:

  - Account maintenance fee: Some banks charge monthly or annual account maintenance fees, varying by bank and account type.

  - Withdrawal and transfer fees: Understand costs for ATM withdrawals, interbank transfers, international remittances, etc.

  - Other fees: Such as lost card fees, card replacement fees, account statement fees, etc.

Recommendations:

  - Regularly review account fee details: Periodically check bank account fee statements to understand the source of each fee or if salary payments are received.

  - Consult bank customer service: Contact bank customer service at any time for fee inquiries or further explanations.

This guide provides a comprehensive overview of settling in Hungary, covering essential steps from visa applications and accommodation arrangements to financial preparations and residency requirements.