Hungary’s largest Revolut survey has already reached over ten thousand respondents
Hungary’s largest Revolut survey has been running since the beginning of February, in which the BiztosDöntés.hu specialist portal is trying to assess how satisfied Hungarians are with their own bank and Revolut. The question is timely because Revolut may open a Hungarian branch in the foreseeable future, which also means that domestic Revolutos can receive a Hungarian account number. More than ten thousand people have filled out the questionnaire so far, but the organizers expect a total of over fifteen thousand respondents. The specialist portal will publish the results after the evaluation.
More than 2 million Hungarians use Revolut’s services, mostly as secondary accounts, as the majority also have an account at a Hungarian financial institution. It would make a huge difference if domestic customers were to be covered by the Hungarian Revolut branch, as they would then have a Hungarian account number, which could remove the obstacle to their payments arriving here.
They will also be covered by the free cash withdrawal option provided by law, the amount of which was recently increased to 300,000 forints per month, and the service provider will also have Hungarian-language telephone customer service.
Of course, there will be things that will probably not change. One of the most important of these is the lack of domestic deposit insurance. Although the maximum amount of deposit insurance is uniformly 100,000 euros per bank and per depositor throughout the European Union, Hungarian customers will be subject to Lithuanian deposit insurance procedures. Thus, any claim for compensation will have to be submitted here if Revolut becomes insolvent or its operating license is unexpectedly revoked.
Revolut is also expected to have no bank branches in Hungary, so personal administration will no longer be possible. It is possible that they will cooperate with other banks on this, but at the moment there is no possibility to deposit cash in Hungary.
Those who like overdraft facilities will probably not be able to get one with Revolut. Those who plan to take out a home loan will have to transfer their income to the Hungarian bank in exchange for interest discounts, as Revolut will definitely not offer mortgages in the short term. The situation is similar with personal loans and credit for goods.
The survey will run for another week and a half
The Revolut survey will run until March 6th, according to the expectations of Péter Gergely, the founder of BiztosDöntés.hu, the number of respondents could reach fifteen thousand by then. The research-related prize draw, worth a total of HUF 850,000, is open to those who have been using Revolut for at least 3 months and have a Hungarian retail bank account that receives regular credit. The restriction is because this way, the participants have relevant experience, based on which they can compare financial services.
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