K&H Offering Currency Conversion Cost Refunds
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%
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