K&H Offering Currency Conversion Cost Refunds

Banking

K&H is refunding the currency conversion cost of card purchases for users who pay abroad, from August to the end of September, with their K&H card or smart device application, the bank tells the Budapest Business Journal.

"With this step, I want to encourage vacationers to boldly use their K&H bank card or our smart applications such as Google Pay, Apple Pay, Garmin Pay, or Xiaomi Pay. The refund automatically goes to everyone involved, there is no need to submit any claim or request," explains Gergő Molnár, head of retail marketing at K&H.

He added that the discount only applies to foreign purchases, not to online transactions involving currency conversion.

Customers of the financial institution who pay by card abroad between August 1 and September 30 do not have to worry about the cost of the currency conversion, as K&H will reimburse up to a maximum of HUF 5,000 to all concerned by October 31.

According to a statement issued by K&H Bank, “electronic payment is the more efficient choice, thanks to K&H's reimbursement services, as you don't have to stand in line at currency exchange machines which may charge you a fee.”

“All you have to do is take out the K&H card or smart device solution when paying. Simply put, it means that, similar to free card purchases in the country, payments abroad will also become free during the period in question. In addition to card payments, the currency conversion discount will also apply to ATM cash withdrawals, but even with that, it is better to choose electronic payment," added Molnár.

Citing Central Bank data, Molnár also said that the number of purchases and amount purchased abroad with Hungarian bank cards has been gradually increasing for years.

In 2022, more than 134 million transactions received an amount exceeding HUF 1.973 trillion, which corresponds to an increase of 22% and 52%, respectively, compared to the previous year. Compared to the year before the pandemic, the number of foreign bank card payments increased by 49%, while the amount purchased increased by 85%

Last Gábor Baross Scheme Top-up Contracts Signed  Figures

Last Gábor Baross Scheme Top-up Contracts Signed 

Hungary Ready to Act as Intermediary With Russia - Szijjártó Int’l Relations

Hungary Ready to Act as Intermediary With Russia - Szijjártó

Continental Veszprém Plant Manager Looks to Transform Challe... Interview

Continental Veszprém Plant Manager Looks to Transform Challe...

Summer Camp Prices Have Increased 10-15% Tourism

Summer Camp Prices Have Increased 10-15%

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.