Hungarian banks intensify competition following Revolut's market entry

Hungarian banks are intensifying competition to attract new customers, driven in part by the entry of fintech provider Revolut into the local market with a physical branch.

Major domestic financial institutions are increasingly offering zero-fee monthly account management packages. According to financial expert Gergely Péter from BiztosDöntés.hu, these zero-fee options typically require only minimal monthly credits and a bank card application.

In addition to fee waivers, banks are offering significant cash incentives, sometimes exceeding 100,000 HUF, to encourage account openings. These promotions often target active users or those looking to switch banks, and are sometimes linked to credit products, such as mortgage incentives.