Hungary is a country in Central Europe surrounded on all sides by a host of other nations such as Serbia, Slovakia, Ukraine, Romania, Croatia and Austria. As a result the country is a unique meeting point of cultures and people from all around Europe.
With a population of nearly 10 million, Hungary is home to fantastic cities like Budapest, Debrecen and Szeged. For many years it has been a popular destination for tourists, inter-railers and expats.
So, if you’re interested to learn about Hungary, where’s a good place to start? Well, what about the local Hungarian currency?
If you want to travel to Hungary or if you want to send money to your loved ones based in Hungary, we bet you’ve got a few questions. Don’t worry, because we’ve got you covered. Learning a little about the currency of Hungary is a fantastic place to start. That's why in this blog we’ll be exploring everything you need to know about the currency of Hungary and its history over the years.
Below you’ll learn about:
- The Hungarian currency, the Hungarian forint
- How the Hungarian forint is recognised
- The history of the Hungarian forint
- Exchange rates
- How you can send money to Moldova
What is the local currency of Hungary?
The local currency of Hungary is the Hungarian forint. It is a unique and interesting currency that has been a key part of Hungary’s financial stability and success over the years. The forint used to be divided into 100 fillér but these fillér coins are no longer in circulation. The plural for the forinto is the forintok.
The name of the currency is derived from the city of Florence where gold coins called fiorino d’oro were minted way back in the 13th century. The forint is issued by the Hungarian National Bank, printed in Budapest and minted by the Hungarian Mint. Today, the Hungarian forint plays an important role in the economic health of the nation and is a vital part of Hungary’s relationship with neighbours like Austria, Serbia and Ukraine.
How is the Hungarian forintrecognised?
The Hungarian forint is recognised by the international currency code HUF and by the currency sign Ft. The ISO number for the forint is 4217. This is useful to know if you are looking for the Hungarian forint on any currency exchange boards or if you are dealing with the currency online.
Today, the frequently used coins include the 5 Ft, 10 Ft, 20 Ft, 50 Ft, 100 Ft and the 200 Ft. The banknotes in current circulation include the 500 Ft, 1,000 Ft, 2,000 Ft, 5,000 Ft, 10,000 Ft and the 20,000 Ft.
The history of the Hungarian forint
The Hungarian forint has gone through periods of inflation and stability. The pengő was the currency used before the forint. The pengő was brought in between 1927 and 1946 to try to stabilise the post-World War 1 economy within Hungary.
Following the pengő, the Hungarian forint was introduced to combat the inflation throughout the country. At the time the forint was introduced its value was linked directly to gold. As a result 1 kilogram of gold was equal to 13,210 forints in 1946.
Since then the forint has fluctuated in value. During the 50s and 60s the currency was relatively stable but in the following decades the forint began to lose its purchasing power. In the 80s and 90s the Hungarian forint saw steep yearly inflation. Thankfully, in recent years the currency has stabilised and it has become competitive throughout the region once again.
Need to send money to Hungary? If that’s the case then it may help to compare the Hungarian forint to other currencies around the world and the currencies of neighbouring countries like Austria, Romania or Serbia. Learning more about exchange rates will allow you to understand how the Hungarian economy is performing. You will then be able to identify the best time to send money to your family and friends. So, let’s take a look…
In 2022, the average exchange rate of the Hungarian forint to the Euro has been hovering around 1 EUR to 370 HUF. This should give you an indication of the size and power of the forint compared to major international currencies like the Euro. For example, in 2022 the average exchange rate of the Hungarian forint to the US dollar is close to 1 USD to 360 HUF.
What about Hungary’s neighbours? Well, the average exchange rate of the Hungarian forint to the Serbian dinar during 2022 is around 1 RSD to 3.2 HUF. Unlike the Euro or the Dollar, the Serbian dinar provides a more revealing comparison to the Hungarian forint.
These exchange rates will help you to understand how the Hungarian forint is seen and valued around the world. They should provide you with a good understanding of the worth of the Hungarian forint in today’s market.
The Hungarian forint is growing in significance on the international stage. While the Hungarian government intends to replace the forint with the Euro at some point in the future, its unique local currency continues to play a vital role. Make sure to take note of these exchange rates, and others, if you are planning to travel to Hungary, or if you are planning to send money overseas any time soon.
How can I transfer money to Hungary?
It is quick and simple to send money to Hungary with Small World’s easy and effective money transfer service. Now that you know more about the Hungarian forint it will be easier to know where your money is going and how much it is worth in Hungary.
With Small World you can send money through a variety of services including bank deposit. This will help to get your money in the hands of family and friends as quickly and securely as possible. So if you need to support your loved ones in Hungary, choose Small World!
Your first transfer online is always free of fees!