Which transactions must go through your company bank account in Hungary?
The short answer is: all of them. Read on to learn why.
Your company bank account is part of the ID of your company
When you set up a company in Hungary, you are obliged to open a company bank account in a local bank. Your company bank account number will be listed with your other company data at the chamber of commerce. It is a publicly available piece of data that helps others identify your company, similarly to your company registration number. In fact, the incorporation process itself is not complete until your Hungarian company bank account is opened.
Use your bank account to remain compliant
Whenever there is a transaction in your company, it has to be through one of your bank accounts. When you
- pay taxes and contributions,
- pay salaries to your employees,
- pay rent for your office or warehouse,
- sell your products,
it has to happen through your Hungarian company bank accounts. This is how your company remains transparent, which is essential for operating a Hungarian company compliant to regulations.
(Of course, you can also trade in cash, but then make sure to always send the cash receipts as well to your accountant, not only the invoice.)
A separate bank account for each currency
If you operate an international business, you should open more than one bank account – one for each currency. This is more cost-effective than having only a HUF bank account and letting your bank exchange currencies. This also makes work easier for your accountant, which in turn contributes to your company remaining transparent. Read more about the different bank account currencies in our coming article.
Need more info?
Click here to learn more about how to track income and expenses in Hungary.
Click here to see when you can spend company money and when you should take a dividend instead.
Click here to ask for a consultation with an English-speaking expert on accounting in Hungary.
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