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Euro or Huf

Hong Kong
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Euro or Huf

Visiting Budapest in Oct 2013. Am I correct that I should still use HUF on most transportation, small shops taxi etc. But if I go to big store, EURO is widely accepted and the rate is equivalent in paying HUF?

Is the airport a good place to change EURO to HUF?

Thanks, Janet from Hong Kong

Budapest, Hungary
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1. Re: Euro or Huf

Look to the right of the screen, there is a thread explaining all.

Basically I would advise you not to use the Euro, as shops (inclucing big stores) will most definitely fix the exchange rate to their avantage, not yours.

And no, airports are never good places to change currency - that applies anywhere in the world. Search for threads about curency exchange, this is explained in detail by JohnFarago in several threads.

Edited: 30 August 2013, 09:53
Thessaloniki, Greece
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2. Re: Euro or Huf

HUF is the currency of Hungary,so stick to that.

Grigoris

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3. Re: Euro or Huf

Thanks,

4. Re: Euro or Huf

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Budapest, Hungary
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5. Re: Euro or Huf

There exchange offices throughout the city, it's worth to look around in a few of them, since each has its own rate. There are some good ones near Blaha Lujza tér and Nyugati tér.

And as RomanCitizen said before, there are shops where you can use EUR, but the exchange rate is not to your advantage.

luton
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6. Re: Euro or Huf

I believe this was John Farago's in depth article

tripadvisor.com/Travel-g274887-c183000/Budap…

cheers Tony

Edited: 05 September 2013, 21:39
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7. Re: Euro or Huf

Thanks

Michigan
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8. Re: Euro or Huf

I thought ATMs offered the same rate everywhere; so if you use one at an airport, it is the same rate as in city centre, just the bank who owns the ATM may get a little more ''kick back''...yes or no?

Budapest, Hungary
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9. Re: Euro or Huf

When I was in Salzburg 2 weeks ago, when I used my card in an ATM, it asked me if I want the draw to be deducted in HUF or EUR. If I would have chosen HUF, they would have used a rate of about 309, while the deduction in EUR (so exchange by my bank) only charged me about 300.

nyc, usa
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10. Re: Euro or Huf

I may be wrong about this, and it may have changed yet again, but with an ATM card the exchange rate can be set three different ways: the bank that services the ATM, the bank that issues the card, and the interbank processor (Visa or MasterCard) that connects the two. The last is, in general (or at least has been), the best exchange rate and 9is usually within 1% or better of the midpoint (separate from any fees). What I can't seem to get an expert answer about is whether the second of these exists any longer. It used to be the norm: your home bank did the exchange and there were no other options. Somewhere along the way the interbank networks started doing the exchange and offering what amount to wholesale rates. Then, later still, the local machines started to compete with the interbank rates, though 'compete' is probably not the right word: they offer -- universally in my experience -- a far worse exchange rate but hope the buyer will think it's a good deal, if it is presented as though it is a special offer. Basically, they are banking on most people's confusion between buy and sell rates and whether a higher exchange rate is better or worse.

So, these days, at the ATMs I have used, I only see Mastercard/Visa or the ATM bank's rates ... I have to opt for the ATM's rates; if I decline I get the interbank rate. The machine will tell me the local rate but will not tell me the interbank rate, so it's an act of faith and expectation, but has always been pretty much the same as rawlee's experience ... several per cent better.

It's possible that rawlee's card exchanges at his bank by default ... i don't know why it couldn't be set up that way, but it sounds as though he was getting the interbank rate, whoever was doing the exchange: two weeks ago Mastercard's HUF/Euro rate was about 298.