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HUNGARY (HUF) HUNGARIAN FORINT
The Forint, depicted by the symbol Ft, is the official currency of Hungary with
the currency code HUF. 100 filler make up a forint but filler coins have not
been in use since 1999. As Hungary is now a part of the European Union which
uses the Euro, the forint will most likely cease to exist by 2014, but this
still depends on the economic status at that time.
Currently in circulation
The forint was introduced in 1946 after the currency pengo faced deep inflation.
Surprising as it may sound, the forint got its name from ‘Florence’, a city in
Italy famous for minting gold coins. Forint coins are available in the
denominations of 5, 10, 20, 50, 100 and 200 Ft; whereas banknotes come in the
values of 10, 20, 50, 100, 500, 1000, 2000, 5000, 10,000 and 20,000 forint.
Exchange facilities and traveller’s cheques
Exchanging currency in Hungary is recommended only in licensed, selected places
because changing money by the roadside can land you with counterfeit notes. The
Hungarian National Bank issues foreign currency and currency rates on 23
different currencies everyday. Banks, airports and hotels give a middle exchange
rate whereas areas around railway stations give a more lucrative exchange rate.
Traveller’s cheques are not widely honoured in Hungary but if you do carry them,
then the best choice would be the American Express traveller’s cheques either in
sterling or in US dollars.
Using credit/debit cards
The best way of making payments is through credit cards as most of the major
credit cards are accepted in the country. These cards can be used to pay bills
in hotels, restaurants and even in the stores. ATM’s and currency exchange
machines are accessible at several points in towns and cities throughout the
country.
Restrictions
There is no restriction on bringing in changeable currency; however, a limit is
set on the amount of currency that you can take out of the country. This amount
may not exceed 120,000ft or an equivalent to it. In case you are entering the
country with all your cash in small denominations then it is advisable that you
declare the amount on entry.
Hungary: An overview
Hungary is a spectacular country with the capital city Budapest towering above,
in all aspects be it cultural, commercial or organisational. The grand Danube
Bend is one of the most breathtakingly beautiful stretches of this colossal
river. Europe’s largest thermal bath at Heviz, some glorious wine regions and
many other such marvels await you in Hungary.
Hungary is no longer a cheap holiday destination but even so it gives you good
value in general. The most expensive hit on your pocket is the cost of
accommodation, but on the whole the average cost adds up to less than half or
two-thirds of what you would be paying in other countries. With the exception of
Budapest and the Lake Balaton resorts, a double-room at a standard three-star
hotel would cost you around £30/$42 to £40/$56 while a guesthouse would charge
around £10/$14. A three-course meal at a respectable restaurant would be around
£10/$14 to £15/$21. Transport charges are exceptionally low.
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