The process, step by step
This is a preparation workflow. Institutions set their own review and acceptance requirements; no opening deadline is promised.
01Define the account and transaction needsBefore choosing a provider
List currencies, counterparties, jurisdictions and expected payments; distinguish banking from merchant acquiring.
Documents & evidence
- Transaction forecast
- Business description
- Choosing a product that cannot support the activity
02Prepare identity and ownershipBefore application
Make the natural-person ownership and signing authority clear.
Documents & evidence
- Identity/address records
- Company registry and ownership chart
- Unresolved nominee, trust or layered ownership
03Document funds and operating evidenceBefore transferring substantial funds
Connect the economic source to the actual payment trail and expected activity.
Documents & evidence
- Contracts/accounts
- Source-of-funds evidence
- A balance screenshot without an explanation
04Complete provider due diligenceSubject to the institution’s review
05Test and maintain the arrangementAfter acceptance and throughout operation
Choose the account around real transactions
A personal household account, a company operating account, a securities account and a payment-processing arrangement solve different problems. Start with the currencies, countries, expected monthly flows, counterparties and payment methods. Hungary uses HUF, so a business receiving EUR or USD should also compare conversion, transfer and account-management terms rather than focus solely on an opening fee.
A bank may ask why the account is needed in Hungary and how the customer’s activity relates to the country. A newly incorporated company with no contracts, no defined management and unexplained international flows can be harder to assess than an existing business with clear records. Residence or company registration does not guarantee acceptance by a particular institution.
Make the ownership and money trail understandable
Prepare current identity, address and tax-residence information, together with the evidence explaining the origin of the money and the intended activity. For a company, this normally means an ownership chart to the natural-person beneficial owners, registry and constitutional records, authorised signatories, contracts, business accounts where available and a coherent description of the operating model.
Source of wealth explains how the customer accumulated wealth; source of funds explains the particular payment being transferred. A sale agreement, dividend resolution or inheritance record may therefore need the supporting bank trail rather than a single final account screenshot. MNB’s risk-based framework supports questions that vary with the customer, jurisdiction, product and transaction. The checklist below is preparation guidance, not a claim every bank asks for identical documents.
| Account situation | Prepare | Likely point to clarify |
|---|---|---|
| Relocating individual | Identity, address, tax residences, income/funding records | Purpose, expected transfers and legitimate origin |
| New operating company | Registry/ownership/signatory documents, business plan and contracts | Actual activity, countries, counterparties and management |
| Established international business | Accounts, transaction history and group contracts | Expected flows and intercompany payments |
| Investment or sale proceeds | Sale/ownership and payment trail | Beneficial ownership and source of the particular funds |
| Remote opening request | Accepted electronic identification and current documents | Whether this bank/product/customer supports it |
Remote access and deposit protection are separate decisions
Hungary has a regulated electronic identification and due-diligence framework, but that does not require every institution to open every account remotely. Confirm accepted documents, personal attendance, signing powers and product availability before arranging travel or promising a payment date. International ownership, regulated activities or complex funding can prompt enhanced review.
Ordinary OBA deposit protection is generally the EUR 100,000 equivalent per eligible depositor per institution, subject to the scheme’s conditions. Several accounts or brands using the same banking licence do not necessarily multiply protection. Securities, investment funds and e-money are not interchangeable with a protected bank deposit; ask who legally holds the funds and which protection framework applies.
Keep the account aligned with the business
After opening, retain a usable transaction file and notify the institution of material changes in ownership, signatories, tax residence and activity. Test incoming and outgoing payment routes before moving all operating cash. A change from ordinary consulting to a regulated or higher-risk business model should be discussed before transactions begin.
Payment processing is a further assessment involving the actual merchant activity, customer locations, refund exposure and acquiring arrangement. A company’s bank account does not guarantee card acquiring, crypto-related flows or acceptance of any industry. We can help prepare the banking application and coordinate appropriate introductions within an agreed scope, while approval and commercial terms remain with the provider.
Sources & research notes4 references
Sources supporting this guide. Research draft awaiting editorial review.