Hungary to Establish ATMs in Every Village
New legislation mandates the installation of ATMs across all municipalities in Hungary to enhance cash accessibility.
The Hungarian government is taking measures to ensure equal access to cash and financial services for all citizens, regardless of their place of residence.
This initiative is supported by recently adopted amendments to the law by the National Assembly, which stipulate that automated teller machines (ATMs) must be available in every municipality.
Additionally, the amendments mandate that ATMs cannot impose a withdrawal limit lower than 150,000 forints per transaction.
Despite the increasing prevalence of electronic payment methods, access to cash remains a fundamental aspect of financial autonomy for the Hungarian population.
The newly adopted law, which was announced on May 12, empowers the President of the Hungarian National Bank (MNB) to issue regulations detailing the distribution of costs incurred by payment service providers and the criteria for ATM installation.
This framework will identify which service providers are obligated to install ATMs in specific municipalities while the schedule for implementation will be determined by the Minister of National Economy.
According to the Ministry of National Economy's announcement, the ministerial regulation will assist local governments in ensuring that appropriate conditions are provided for service providers to install ATMs, thereby facilitating smooth and adequate access to cash for the population.
The relevant regulatory frameworks are currently being developed by both the MNB and the Ministry of National Economy.
In addition to the physical availability of ATMs, the conditions under which citizens can access cash and the associated costs remain significant.
The regulations continue to guarantee that consumers can withdraw up to 150,000 forints per month without incurring fees, which may be split across two transactions.
Furthermore, for individuals with a contractual cash withdrawal limit set lower than this threshold, the new law ensures that their bank is required to raise the limit to at least 150,000 forints on the day of withdrawal.
Banks will have four months following the law's enactment to prepare and provide their customers with the opportunity for enhanced access to cash without fees.
All transaction fees and costs associated with cash withdrawals must be absorbed by the banks, meaning that neither the transaction fee nor any other charges can be passed onto consumers.
There are no restrictions on which provider's ATM can be used, as both domestic and foreign ATM withdrawals are equally fee-free.
This initiative is supported by recently adopted amendments to the law by the National Assembly, which stipulate that automated teller machines (ATMs) must be available in every municipality.
Additionally, the amendments mandate that ATMs cannot impose a withdrawal limit lower than 150,000 forints per transaction.
Despite the increasing prevalence of electronic payment methods, access to cash remains a fundamental aspect of financial autonomy for the Hungarian population.
The newly adopted law, which was announced on May 12, empowers the President of the Hungarian National Bank (MNB) to issue regulations detailing the distribution of costs incurred by payment service providers and the criteria for ATM installation.
This framework will identify which service providers are obligated to install ATMs in specific municipalities while the schedule for implementation will be determined by the Minister of National Economy.
According to the Ministry of National Economy's announcement, the ministerial regulation will assist local governments in ensuring that appropriate conditions are provided for service providers to install ATMs, thereby facilitating smooth and adequate access to cash for the population.
The relevant regulatory frameworks are currently being developed by both the MNB and the Ministry of National Economy.
In addition to the physical availability of ATMs, the conditions under which citizens can access cash and the associated costs remain significant.
The regulations continue to guarantee that consumers can withdraw up to 150,000 forints per month without incurring fees, which may be split across two transactions.
Furthermore, for individuals with a contractual cash withdrawal limit set lower than this threshold, the new law ensures that their bank is required to raise the limit to at least 150,000 forints on the day of withdrawal.
Banks will have four months following the law's enactment to prepare and provide their customers with the opportunity for enhanced access to cash without fees.
All transaction fees and costs associated with cash withdrawals must be absorbed by the banks, meaning that neither the transaction fee nor any other charges can be passed onto consumers.
There are no restrictions on which provider's ATM can be used, as both domestic and foreign ATM withdrawals are equally fee-free.
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