Online banking in Hungary today is a safe and swift way for arranging finances, which keeps up with the latest standards, and works further to innovate financial services.
What is a Business Account - Corporate Account
Bank accounts for businesses are an essential tool for any fiscally-minded organization. By properly managing your company’s account, you can increase efficiency and monitor financial activity with ease.
A corporate account is a bank account specially designed for businesses. A business can use a corporate account to manage its financial assets.
A corporate bank account is a type of checking account designed specifically for business entities. It comes with a variety of benefits that make it a smart choice for corporations and other types of businesses.
Corporate accounts are often more sophisticated than regular personal accounts. They often include higher limits on the amount that can be deposited each month. Customers who open corporate accounts may also get special services that are not available with personal accounts
To ensure that your business stays financially organized, it is important to research all of your options when choosing which bank to open an account with.
The right corporate account can make your financial life much easier and help protect your assets. Each institution will have different pros and cons depending on the services they provide, so it is important to understand what is necessary in order to make the right choice.
Benefits of a Corporate Account
The biggest advantage of business bank accounts is the ability to track funds going in and out of the account. This can help you to identify potential issues before they become major problems.
You can also make use of automatic funds transfers to help organize your payment schedule. Most corporate accounts also come with a higher monthly deposit limit. This allows your business to have a larger cash flow without having to worry about overdrawing the account.
There are a number of other advantages to keeping funds in a corporate account, including online / mobile account access, interest rates and low balance fees, easy integration with other financial management tools such as accounting software, and useful online tools such as bill payment.
Key Factors to Consider When Choosing a Corporate Account
Bank reputation
The reputation of the institution you choose to open an account with is important, especially if you intend to keep your money in the account for a long period of time. Find out how long the bank has been in operation and what kind of reputation it has in the industry.
Service and support
Ideally, you want to select an institution that offers a wide range of services and has knowledgeable employees who can assist you when necessary. This will help you make the most out of your account, no matter what your business needs are.
Account features
Each financial institution offers different features, such as low balance fees, interest rates, or the ability to add other account holders. It’s important to select an account with features that fit your needs and that you will actually use.
Who can open a corporate account?
Anyone with a business, nonprofit organization, or sole proprietorship can open a corporate account. The person who opens the account may be referred to as an account holder or a signer.
The account holder is the person who is ultimately responsible for the account and all activity within it. Account holders generally have authority over other account users, such as authorized signers.
Authorized signers are people who have permission to withdraw money from the account but are not fully responsible for the account.
How to open a Business Bank account in Hungary
To execute the Business Account opening, the chief executive officer of the newly established company will be required to visit the bank personally.
To process due diligence, various questions may be raised prior to the approval by compliance departments of the respective banks: these formalities serve as the protection of your safety also.
InterGIRO 3 - Instant Bank Transfer
As of 2nd March 2020, banks have introduced InterGIRO3, allowing online initiated transactions up to the amount of ten million HUF, to be executed within seconds. The system provides this service 356 days a year.
If the target account has a secondary identification, such as a phone number or an e-mail address, then the account number is not necessary for the execution of the transfer.
Of course, corporate accounts may also be opened in foreign currencies, such as EUR, USD, GBP, RUB, and others.
FAQ for Banking in Hungary