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Takarékbank to provide forex service

Savings bank Magyar Takarékszövetkezeti Bank Rt (Takarékbank) is launching its online foreign currency trade system today.

Takarékbank is the first among Hungarian banks to take this move, said division manager Szabolcs Brezina. Both immediate deals and forex futures are available through the system. About 200 of the bank's 8,000 clients deal in forex futures, 30 making transactions every day. Clients include small-sized enterprises as well. Takarékbank offers lower risks and lower costs in forex trade than its rivals do, and transfers from accounts are fulfilled within a day, said Brezina. Online investors can be in touch with the bank's forex broker over the phone during an online transaction, he added.