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COSTS, MONEY AND BANKS |
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Most Hungarians complain of "paying Swedish taxes on an Ethiopian
wage" and of the rising cost of living, which has badly hit much of the
population - though the comforts and wealth of Budapest might give a
different impression. With inflation running at around ten percent,
Hungarian forint prices quoted in this guide will inevitably become
outdated, but, unless your own currency slips badly, real costs should
remain fairly stable, due to the monthly devaluation of the forint. Many
hotels will quote Deutschmark prices, which are more stable
Average costs
Although foreigners no longer find Hungary a really cheap place to visit,
it's still very good value on the whole. Depending on the exchange rate
and where you go, most costs , accommodation aside, are around a half to
two-thirds of what you'd pay at home, except in Budapest and the Lake
Balaton resorts, which are more expensive than other parts of Hungary.
Wherever you are, your biggest expenditure will be accommodation .
Outside Budapest and the Balaton, the average three-star hotel charges
anywhere between Ł30 and Ł40 (US$42-56) for a double room with shower, a
pension marginally less, while the same in a private guesthouse costs
about Ł10/US$14. Eating out in a decent restaurant shouldn't set you
back too much; a three-course meal with wine can generally be had for
around Ł10-15/US$14-21. With flat fares (roughly 25p/35˘) in urban areas,
and cheap inter-city trains and buses (averaging Ł3-4/US$4.20-5.60),
transport will be the least of your expenses. Museum admission charges
vary from 25p to Ł1.50 (35˘-US$2.75), while discount cards such as the
Budapest Card, or the student ISIC card, offer reduced, and in some
cases, free entry. Some places have free admission on certain days, and
in a few towns it is possible to purchase an all-in-one ticket giving
you access to all the town's museums - these are identified in the guide
where relevant. Further savings can be made by hitching, making or
buying your own food, or eating in public canteens.
Currency and exchange rates
The Hungarian unit of currency is the forint (Ft or HUF), which
comprises 100 fillér . The exchange rate is currently around 410Ft to
the pound sterling and around 280Ft to the US dollar. The forint comes
in notes of 200, 500, 1000, 2000, 5000, 10,000 and 20,000 Ft, with 1, 2,
5, 10, 20, 50 and 100 Ft coins. Restrictions on importing or exporting
banknotes now only apply to sums of over 350,000Ft. There's no
restriction on bringing in convertible currency, but there is a limit on
sums more than the equivalent of 120,000Ft being taken out. If you enter
the country with more, or with all your cash in small denominations, you
should declare this on entry.
Banks and changing money
Exchange rates vary somewhat from place to place, and it's best to use
the main tourist offices and banks when you want to change money.
American Express in Budapest offers low rates, while the private
exchange offices, whose top rate is for exchanges of large sums only,
charge a high commission.
Providing you produce your passport, changing money or travellers'
cheques is a painless operation, and can be done at any bank or regional
tourist office, or at the majority of large hotels and campsites. Note
that banks often close quite early, however, before 3pm on weekdays and
even earlier on Fridays. Keep the receipts if you want to engage in the
expensive process of exchanging forints back into hard currency when you
leave Hungary: at road checkpoints, fifty percent of any remaining
forints can be re-exchanged up to the value of US$50.
The advantages of changing money on the illegal black market are
negligible and, in any case, scalpers are skilled at cheating. In a few
towns you might come across Automatic Currency Exchange Machines ,
whereby you insert your foreign currency in return for Forints. The
exchange rate is not particularly favourable but it can be a convenient
method if there is nowhere open.
Cash and travellers' cheques
If taking cash , a modest amount of low-denomination US dollar bills or
Deutschmarks is advisable. If carrying travellers' cheques , then by far
the most recognised are American Express, either sterling or dollars.
The usual fee for travellers' cheque sales is one or two percent, though
this fee may be waived if you buy the cheques through a bank where you
have an account. It pays to get a selection of denominations. Make sure
to keep the purchase agreement and a record of cheque serial numbers
safe and separate from the cheques themselves. In the event that cheques
are lost or stolen, the issuing company will expect you to report the
loss forthwith to their office in Budapest; most companies claim to
replace lost or stolen cheques within 24 hours. For speedy refunds in
case of loss, American Express (represented in Budapest at Deák Ferenc
utca 10; tel 1/235-4330, travel@amex.hu ) is much the most reliable
brand.
Credit and debit cards
Credit cards are a very handy backup source of funds, and can be used
either in ATMs or over the counter. Mastercard, Visa and American
Express are accepted just about everywhere, but other cards may not be
recognized in Hungary. The number of ATMs (Automatic Teller Machines)
has risen enormously, and you'll have little problem finding one, even
in the smaller towns. Remember that all cash advances are treated as
loans, with interest accruing daily from the date of withdrawal; there
may be a transaction fee on top of this. However, you may be able to
make withdrawals from ATMs in Hungary using your debit card , which is
not liable to interest payments, and the flat transaction fee is usually
quite small - your bank will able to advise on this. Make sure you have
a personal identification number (PIN) that's designed to work overseas.
A compromise between travellers' cheques and plastic is Visa TravelMoney
, a disposable pre-paid debit card with a PIN which works in all ATMs
that take Visa cards. You load up your account with funds before leaving
home, and when they run out you simply throw the card away. You can buy
up to nine cards to access the same funds - useful for couples or
families travelling together - and it's a good idea to buy at least one
extra as a back up in case of loss or theft. In the UK, many Thomas Cook
outlets sell the card. For more information, check the Visa website at
www.visa.com .
Wiring money
Having money wired from home using one of the companies we've listed is
never convenient or cheap, and should be considered a last resort. It's
also possible to have money wired directly from a bank in your home
country to a bank in Hungary, although this is somewhat less reliable
because it involves two separate institutions. If you go this route,
your home bank will need the address of the branch bank where you want
to pick up the money and the address and telex number of the Budapest
head office, which will act as the clearing house; money wired this way
normally takes two working days to arrive, and costs around Ł25/US$40
per transaction
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