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Money

Edinburgh
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63 reviews
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Money

Is it better to take Euro's or there own currency.?

I got told to take English notes get a better rate but im not sure..

Might take travellers cheques as well..

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1. Re: Money

You can bring euros and get change at the hotel for forints.

Budapest, Hungary
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2,921 posts
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2. Re: Money

Can I pay in Forint or Euro in Edinburgh? Thought so...apply the answer here too.

Budapest, Hungary
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for Budapest, Hungary
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3. Re: Money

I would advise against changing money at any hotel in the world, not just Budapest, you will get a better rate elsewhere.

Edited: 17 July 2011, 13:55
Denver, Colorado
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for Pecs, Budapest
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4. Re: Money

THere is a 'Top Question' about this. Top right on the page.

However.

1) Forints are very costly to get outside of Hungary.

2) Travellers cheques are close to obsolete. (You'll have a hard time finding a place that will cash them, and the exchange rate won'r be good.)

3) Use an ATM. They are all over the place. But be sure to use a debit rather than a credit card. Check with your band about what fees they charge.

4) If you bring cash, find an exchange with a good rate and change there. The airport is NOT the place!

5) Do not change money through your hotel. That will be almost as bad as the airport. (Maybe worse.)

nyc, usa
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for Budapest
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5. Re: Money

If you care about this question, read the top question that oddone refers to...

the cost of exchange is very situation specific, has several vectors, and while oddone's advice above is generally excellent, the specifics of your situation can make a substantial difference, depending in large measure on the rules, rates, and practices of your home bank and home credit card issuers

by the way, I have refrained from recommending the currency exchange bureau that i use and that i believe reliably has very good rates, generally within 1 forint per dollar or euro of the best available by obsessive shopping) because it's a bit daunting and a little weird, but I figure that i'm just being silly, so here is how to find it:

there are a number of small pedestrian streets/alleys running from Vaci utca to the next street over (one further away from the river), Petofi utca

if you go one block down from Vorosmarty ter the street is called Kristof ter (the restaurant Cyrano is on it); and if you walk from Vaci towards Petofi, on the left side of the street almost at Petofi there will be an easel just in front of a doorway, listing exchange rates

if you go into the building through the hallway and on into the courtyard, at the extreme far end of a dark and desolate enclosed courtyard there is a booth with a cashier behind a large panel of bulletproof glass

as i say, it seems a bit weird and isolated, but their rates are consistently very good and they are scrupulously honest

Phoenix, Arizona
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6. Re: Money

In the same neighborhood, there is a large branch of the OTP bank just at the south end of the square. They have an ATM machine that speaks many languages. Also, you can go inside and up the broad stairway. It leads to a row of tellers. Give them your money, they will give you Forints. You don't have to speak Hungarian. Just say "Forint". They have a constantly changing digital board that seems to give the current "Official" rate (whatever that is!). They have bank guards to make sure you get safely out. I prefer this to walking down a dark corridor in a strange city with a wad of cash in my pocket.

Edited: 17 July 2011, 18:02
Edinburgh
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9 posts
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7. Re: Money

Thanks. i will change the travellers cheques i had left from another holiday before i go...

It said on a site you can pay with euro's even tho it is not the currency yet...

Phoenix, Arizona
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8. Re: Money

Watch the expression you get when you try to tip in a foreign currency. Why should anyone expect the local, hard working waiters and cabbies to go through the inconvenience and exchange loss for the visitor?

Denver, Colorado
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for Pecs, Budapest
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9. Re: Money

You don't want to pay with euros.

Yes, some places will take them, but the exchange rate will be pretty awful.

And many places won't, particularly small ones.

nyc, usa
Destination Expert
for Budapest
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9 reviews
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10. Re: Money

Several small notes ...

First, oddone is consistently the most compulsive arbitrageur on this board and her advice on conversions is generally well worth following

second, while Hungary is a great place to use ATMs from the Hungarian side, your home bank may well extort a significant foreign use fee (or or forms of commission or poor exchange rate) for withdrawals in foreign countries, so as the Top Question notes, you have to do some homework with your home bank and credit card companies to figure out the final net cost to you

third, OTP's cash exchange rates are, generally awful; by way of example, today they advertise a spread between buy and sell of 9.5 forints

https:/…CashandFX

while a competitive chain of exchange bureaus with many offices in the Center (Northline) advertises roughly 5

http://www.northline.hu/

this translates as suggesting that OTP will buy your currency at roughly 5% above the midpoint, while Northline will do so at roughly 2.5% above the midpoint

the moral of the story is, generally, when exchanging cash in Budapest do so at an established exchange bureau rather than a bank

Edited: 17 July 2011, 19:52