We noticed that you're using an unsupported browser. The TripAdvisor website may not display properly.We support the following browsers:
Windows: Internet Explorer, Mozilla Firefox, Google Chrome. Mac: Safari.

Warning! Euronet ATMs

Budapest, Hungary
Level Contributor
5,588 posts
39 reviews
53 helpful votes
Warning! Euronet ATMs

We have advised many times that for many folks, pulling Forint.out of an ATM may be the best way. ATMs do not charge fees (though your bank may) and so long as you don't let the ATM do the conversion, you will get a near midpoint exchange rate.

Given the inability to make money, the sheet number of these ATMs and some of the talks on here, curiosity got the best of me and I used one of these ATMs.

They ONLY allow you to let them.do the conversion, and at a poor exchange rate. When I tried to pull out Euro, I got an exchange rate of 1.20 dollars per euro, which gives them a nice 10% profit on the withdrawal.

In short, don't use these ATMs. As I generally advise, stick to bank ATMs. I like Erste bank...and now for one more reason. I tried to pull my daily limit of $500 out of OTP and it won't let me...seems OTP sets their own per withdrawal limit.

Liverpool, United...
Level Contributor
76 posts
23 reviews
15 helpful votes
1. Re: Warning! Euronet ATMs

Are Erste banks widely scattered around Budapest cpfoutz ? We're with Santander, and I seem to remember one or two branches last time I went ....

nyc, usa
Destination Expert
for Budapest
Level Contributor
8,526 posts
11 reviews
13 helpful votes
2. Re: Warning! Euronet ATMs

You were in some sense fortunate to find a Euronet ATM that actually dispenses Euros as they all claim to do. I have tried half a dozen of them in the center of downtown and never found one that offered me Euros as an option.

That said, with respect to Forints they function like any other Hungarian ATM and offer the user the option to do the exchange locally on the ATM (a very bad choice) or to allow their home bank (which really means the MasterCard or Visa interbank system) to do the exchange at an unstated rate (a very good option).

I expect that this is simply a matter of local regulation; forint ATMs are not allowed to restrict users to an unfavorable and monopolistic exchange rate. But when getting Euros out, the machine is doing a double exchange; it converts your home currency to Forints -- perhaps even through the interbank system and at good rates, and then exchanges those Forints to euros, by definition internally, since there is no external banking network that touches that transaction.

The net effect is that they can charge any exchange rate they want to for the transaction component between forints and euros, a very bad result for the consumer.

The thing I don't get is why the OTP Euro ATM offers what seem to be excellent exchange rates, even when i use a US dollar ATM card for the transaction. It's in the main OTP branch at Petofi Sandor utca opposite the Kempinski Hotel. One of the three ATMs in the lobby is Euros-only.

OTP does impose its own limit on withdrawals (though if you have an OTP account that limit is settable by you at a teller), but I had thought it was more than $500 and less than $1000. Perhaps the strength of the dollar has impacted on that.

Phoenix, Arizona
Level Contributor
3,663 posts
154 reviews
65 helpful votes
3. Re: Warning! Euronet ATMs

I use the ATM at the K and H bank near the Octagon. However, I don't recall it ever giving me the option of who would determine the exchange rate. Maybe I was not paying close enough attention. When I arrive in Budapest in a few weeks I will have to double check when I go to the ATM. Mostly I just use my credit card, I just keep cash handy for those small purchases like a cup of coffee or a bottle of water.

Budapest, Hungary
Level Contributor
5,588 posts
39 reviews
53 helpful votes
4. Re: Warning! Euronet ATMs

Thanks for the clarification John...I did only try euro. I did not complete the transaction, but the ATM I used was in rakocszy ter market.

Erste is rather widely available, but not nearly as much so as OTP...let's just say you will not as likely stumble across one but can easily search for them. The other benefit (which I failed to mention in this post) is they allow you to declare what bills you want. Some ATMs give you 20000 bills which make you look like a jerk when you try to break them.

John, I tried around $400 and still had issues. I aborted and tried Erste which happily gave me the amount I was looking for.

Phoenix, Arizona
Level Contributor
3,663 posts
154 reviews
65 helpful votes
5. Re: Warning! Euronet ATMs

The K and H atm I use also allows multiple denominations as long as you enter an odd amount. So instead of lets say 20000 Huf I put in 21 or 19 and it delivers a variety of denominations.

6. Re: Warning! Euronet ATMs

-:- Message from TripAdvisor staff -:-

This topic has been closed to new posts due to inactivity. We hope you'll join the conversation by posting to an open topic or starting a new one.

To review the TripAdvisor Forums Posting Guidelines, please follow this link: http://www.tripadvisor.com/pages/forums_posting_guidelines.html

We remove posts that do not follow our posting guidelines, and we reserve the right to remove any post for any reason.

Removed on: 1:18 am, July 15, 2017