This may be the real danger of the increased transaction fee

By: Trademagazin Date: 2024. 08. 21. 11:23

It is not expected that domestic wealthy people will take the majority of their money abroad due to the increased transaction costs – but it is possible that they will find a place for the regularly rotated part of their wealth, 10-30 percent of their savings, with an alternative, foreign service provider, and this is not a small amount of money either.

Failed transactions can cause extremely painful losses for service providers and the budget, and the possible inactivation of investors who are kept in a constant state of tension with new burdens does not help the recovery of the economy either – István Karagich, managing director of Blochamps Capital, outlined the expected processes.

In July, it was already visible what the increase in the financial transaction fee and the introduction of the extra fee for currency conversion would cause in financial institution stocks. According to István Karagich, managing director of Blochamps Capital, the fact that, according to data from the Hungarian National Bank (MNB), the deposit portfolio of financial institutions decreased by nearly HUF 1,200 billion in July can be largely explained by the measure announced at the beginning of July, valid from August, but at least cannot be separated from it. customers increased their foreign currency deposits in the amount of HUF 492 billion – even converting them duty-free.