Major Bank in Hungary Now Offers Free Currency Conversion Between Accounts
- 5 Jul 2023 8:47 AM
- Hungary Around the Clock
Erste Bank is offering commission-free foreign-currency conversion between bank accounts at the rates of the interbank market from July 1, the bank announced.
Clients may transfer between forint accounts and accounts held in euros, US dollars, British pounds, Swiss francs and Canadian dollars by using the bank’s George Web website or its George app.
With this move, the bank is specifically competing with fintech companies, Portfolio observes, as this kind of service was mostly available only through those companies until now.
In converting funds, the quoted exchange rates are in real-time based on the interbank foreign exchange market, and change according to market conditions. Clients have 30 seconds to accept the quoted exchange rate.
Ordinary retail clients may use this free service to a maximum of Ft 500,000 per month, while the limit for Erste World and private banking customers is Ft 1 million.
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