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Your trust exchange shop in Budapest

Japaratinga, AL
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Your trust exchange shop in Budapest

Hi All,

Could you recommand an good exchange shop which you trust, no admin/extra fee, good rate and honest? Since heard of there are lots of exchange shops cheating, hide the exact rate, high admin fee.

Thanks.

nyc, usa
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for Budapest
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1. Re: Your trust exchange shop in Budapest

Whoever told you that is just wrong unless the market has changed utterly in the past two months.

There are lots of exchange shops and if you avoid the ones at the airport and train station and follow a couple of simple rules, you'll be fine. Because the city is spread out a good deal it would be silly to single out just one or two in one location.

There are a small -- really quite small -- number that are outrageously bad in the rate they offer. To avoid them, follow these two rules:

Only patronize a shop that posts its rates outside, on a sign with two rates for every currency (a Buy rate and a Sell rate).

Pass by any shop where the difference in the dollar rate between the two posted prices is greater than 6; in Euros or Sterling it could be a bit more. If you want to shop, look for the place with the smallest difference between Buy and Sell in the currency you're exchanging.

That's it. All of the shops are basically honest; all charge some form of fee to cover the government fee on the transaction (or, more properly, all pay that fee, so if they don't charge it they have built it into the exchange rate, which means the rate will be a bit worse). It's not a large fee, well under 1% typically.

The only places other than the airport and train station where I have seen very, very bad rates are all on Vaci utca or just off it; but even most on Vaci are competitive and fine.

North Yorkshire...
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2. Re: Your trust exchange shop in Budapest

You may find the following link useful.

You can filter the results in a number of ways and it seems to give a good choice of options. Others may be able to comment more for you.

Link valutavaltok.hu/valuta-arfolyamok…

nyc, usa
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for Budapest
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3. Re: Your trust exchange shop in Budapest

Here are details about currency exchanging in Budapest … more than you need to know unless you are obsessed:

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

And here are instructions (from that post) about how to use the website I rely on, which, like the one above, is only in Hungarian, so a little guidance may be of use:

http://www.valutacentrum.hu

If you have an iPad it will warn that you need Flash for the charts, but you don't care about the charts, so click CANCEL rather than OK and you will go straight through to the part of the website you want.

You will find yourself staring at an unintelligible (because it is entirely in Hungarian) webpage; here’s what you do:

leave that '1' in the top box

in the first dropdown menu pick your starting currency

in the next line, 'venni' means 'buy' and 'eladni' means sell ... click on eladni because you are selling that starting currency and buying Forints

in the next dropdown menu pick 'Budapest'

in the one below that (the third one down), pick 'Budapest' again

in the one below that (the 4th), pick the district of interest; the Vth is the dead center of the city

do nothing to the bottom-most dropdown menu

and then click at the bottom left 'KERES' (search)

you will get a list of many exchange bureaus, with addresses and realtime current rates they offer

there will be a map below the list

Chicago, Illinois
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4. Re: Your trust exchange shop in Budapest

Hello Lee B

I actually like the link in post #2 since it has an English language option (click the flag at the top right of the page) and seems to be more easy to work worth and needs no additional guidance.

valutavaltok.hu/valuta-arfolyamok?language=en

Best

SEBESZ

Scottsdale, Arizona
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5. Re: Your trust exchange shop in Budapest

All of these arcane, complex and even Byzantine instructions about exchange bureaus are rapidly becoming as obsolete as instruction for how to cash traveler's check. Ever since the ATM system has become refined and the machines became available in virtually every town in Hungary, there is literally no reason to use the bureaus.

luton
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for Luton
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6. Re: Your trust exchange shop in Budapest

for once Ugved and I agree

on our last trip we tried 4 variations of changing roughly £100 sterling into forints

exchange bureau

visa credit card

ATM visa debit

and change in the uk

and the ATM 5 metres from our apartment came out on top on the forints per pound scale

of course it wasnt always like this and times are changing

having said this check with your bank as obviously i use a UK bank

on my recent trip to NYC I used my visa card as i would in Budapest

but my bank loaded a 3 % transaction fee on top which they dont do in europe

cheers Tony

North Yorkshire...
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7. Re: Your trust exchange shop in Budapest

Tony, I was interested to read your post and I have to say at this stage I haven't done the maths for all the scenarios you mentioned but I assumed that as all (except a couple of the smaller banks/building societies in the UK) charge a foreign cash fee plus a conversion fee that there wouldn't be anything between the withdrawal from an ATM (debit card) and the exchange bureau. I even thought that exchange bureau would come out best.

Nationwide for example charge a flat £1 fee plus a 2% conversion fee. Looking at the Visa rates today gives a HUF figure of 373.134 to the Pound whilst the best rates on the web site I mentioned in my earlier post shows a figure of around 376 to the Pound, all without a commission fee if we are to believe the site. Is there something that I am missing or am I being a bit thick (please don't be too hard on me if you answer that one).

If it won't put you to too much trouble could you elaborate a little more on your findings in order for me to get to grips with it all a bit better? Much appreciated if you can.

Scottsdale, Arizona
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8. Re: Your trust exchange shop in Budapest

Peter, you need to change card carriers.

luton
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9. Re: Your trust exchange shop in Budapest

peter here was the thread in october at the time of my last visit

tripadvisor.co.uk/…53542960

after checking all rates and add-ons the atm machine shaded the rest

and was a lot more convenient

but as i say my bank is first direct and they charged me 3% loading in new york city

go figure?

tony

Scottsdale, Arizona
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10. Re: Your trust exchange shop in Budapest

Tony, you need to change cards, too.