How many company bank accounts do I need in Hungary?
Depending on the nature of their business, we usually suggest that our clients open 2 or 3 company bank accounts for their Hungarian companies at a local bank:
- HUF: for transactions within Hungary, including taxes and employee salaries
- EUR: for transactions within the European Union
- USD: for other international transactions
Receive payments to your Hungarian bank account
Whenever your Hungarian company sells something, the payment should be wired to your Hungarian bank account. (Of course, if it is a cash payment, your income should be put in the cash register.)
With each sale, you specify a price in a given currency. On your invoice, you should indicate the bank account number managing that currency.
E.g.: If you sell a chair to a Slovak buyer, you will probably agree on a price in EUR. Then you should indicate this EUR price and your EUR company bank account number on your invoice, so you receive it on your EUR company bank account.
Pay taxes and contributions from your HUF bank account
As your bank account number is part of your company ID data, authorities expect you to pay taxes and contributions from your company’s HUF bank account.
E.g.: You cannot pay corporate tax defined in HUF neither from your USD bank account nor your personal HUF bank account. It should be paid from your company’s HUF bank account.
If you have Hungarian employees, you are supposed to pay their salaries in HUF as well. To keep your books transparent, this should also be done from your company’s HUF bank account.
Company bank accounts increase transparency
Please note that all the above information refers to your Hungarian company’s bank accounts, not your personal bank accounts in Hungary. All transactions relevant to your Hungarian company (salaries, taxes, contributions, revenues) must go through your Hungarian company bank accounts. This is how you can keep the operation of your Hungarian company transparent and thus compliant with Hungarian regulations.
Learn more about why you need a bank account for each currency you trade in here.
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