The currency of Hungary is the Hungarian forint, abbreviated HUF and written locally with the symbol "Ft." Although Hungary has been a member of the European Union since 2004, it has not adopted the euro and continues to use the forint as its sole official currency, issued and managed by the Magyar Nemzeti Bank, the country's central bank in Budapest.
The Forint at a Glance
The forint is one of Central Europe's most recognizable currencies. Here are the essentials a visitor or student should know:
- Official name: Hungarian forint
- ISO code: HUF
- Symbol: Ft (written after the number, e.g. 1,000 Ft)
- Central bank: Magyar Nemzeti Bank (MNB)
- Subunit: the fillér, worth 1/100 of a forint, which was abolished in 1999 and is no longer used
Because the fillér is gone, the forint has no everyday fractional unit, and prices are rounded to the nearest five forint when paying with cash. The name itself has a surprising origin: it derives from the gold fiorino coin minted in Florence, Italy, in the 13th century, a coin so trusted that its name spread across medieval Europe.
A Currency Born From Hyperinflation
The forint was introduced on August 1, 1946, and its arrival marked the end of one of the most extreme economic disasters in human history. Its predecessor, the pengő, collapsed in 1945 and 1946 under the worst hyperinflation ever recorded. Prices doubled roughly every 15 hours at the peak, and the government was forced to print a banknote with a face value of 100 quintillion pengő — a one followed by twenty zeros — which remains the highest-denomination banknote ever issued anywhere in the world.
When the forint replaced the pengő, the exchange rate was set at the almost unimaginable figure of 400,000 quadrillion pengő to one forint. The new currency stabilized prices almost overnight and restored public confidence, becoming a symbol of postwar recovery. For decades afterward the forint remained relatively steady, and it survived Hungary's transition from a planned economy to a market economy after the fall of communism in 1989.
Banknotes and Coins in Circulation
Modern Hungarian banknotes celebrate the rulers and statesmen who shaped the nation, with each denomination featuring a distinct color and historical portrait:
- 20,000 Ft: Ferenc Deák, the 19th-century statesman known as "the Wise Man of the Nation"
- 10,000 Ft: King Stephen I, Hungary's first Christian king and founder of the state
- 5,000 Ft: Count István Széchenyi, a great reformer and modernizer
- 2,000 Ft: Gábor Bethlen, Prince of Transylvania
- 1,000 Ft: King Matthias Corvinus, the Renaissance monarch
- 500 Ft: Ferenc Rákóczi II, leader of an early independence uprising
Coins circulate in denominations of 5, 10, 20, 50, 100, and 200 forint. The 1 and 2 forint coins were withdrawn in 2008, which is why cash totals are rounded. The banknotes themselves were redesigned in a modernized series during the 2010s, with upgraded security features such as watermarks, security threads, and holographic stripes.
The Euro Question
As an EU member, Hungary is in principle committed to eventually joining the eurozone, yet it has repeatedly postponed adoption and has not set a target date. Hungarian governments have argued that keeping the forint preserves monetary flexibility, allowing the central bank to set its own interest rates and let the currency's value adjust to economic conditions. For now, the euro is not legal tender, though some hotels and tourist-oriented businesses in Budapest will informally accept euros — usually at unfavorable rates, so paying in forint is almost always cheaper. You can learn more about the country in our hungary country guide.
Using Money in Hungary
Hungary is widely regarded as one of the best-value destinations in the European Union, with prices for food, transport, and accommodation noticeably lower than in Western Europe. A few practical tips:
- Budapest is increasingly card-friendly, and contactless payments are accepted almost everywhere in the capital, including its famous ruin bars and thermal baths.
- Carry some cash for rural areas, local markets, and small family restaurants, where cards may not be accepted.
- Exchange money at banks or reputable bureaux de change rather than with street vendors, and avoid airport exchange counters, which tend to offer poor rates.
- ATMs are plentiful; choose to be charged in forint rather than your home currency to avoid inflated conversion fees.
- Tipping of around 10 percent is customary in restaurants and taxis.
Frequently Asked Questions
Does Hungary use the euro?
No. Despite being an EU member since 2004, Hungary has not adopted the euro and continues to use the forint. There is no firm timetable for switching, and the euro is not accepted as official legal tender.
What is the symbol for the Hungarian forint?
The forint is abbreviated "Ft" and uses the international ISO code HUF. The symbol is written after the amount, so one thousand forint appears as 1,000 Ft.
Is Hungary expensive for tourists?
Generally no. Hungary is one of the more affordable EU countries, and the forint stretches further than the euro in much of Western Europe, especially for meals, public transport, and the country's celebrated thermal baths.
Why is it called the forint?
The name comes from the medieval gold fiorino coin first minted in Florence, Italy, in the 13th century. The coin became so widely trusted across Europe that its name was adopted for Hungary's currency.