Best Online Bank in Hungary to Do Offshore Banking12 min read

Best Online Bank in Hungary to Do Offshore Banking12 min read

If you want to conduct banking outside of the country, offshore banking is safer and more private than your standard domestic account. 

And, with the advent of online banks, you don’t have to reside in or visit a foreign country to open an offshore bank account. 

Hungary is now a popular offshore banking destination with innovative online banks such as The Kingdom Bank.

In this blog, we will explain why smart investors and corporations are turning to Hungary for their offshore financing. 

By the end, you’ll realise that Hungary’s online offshore banking industry is a unique opportunity to move money internationally easily and safely from anywhere in the world.

Why Choose Hungary for Offshore Banking?

There are several reasons why Hungary is an attractive offshore banking jurisdiction:

• Stability in politics and economy: Since 2004, Hungary has been a member of the European Union with a stable democratic government and a robust free market economy. This political certainty reassures banks and investors in the long term.
• Prime geographical position: Hungary is situated at the heart of Europe and borders several other European countries. This position also allows international trade and commercial contacts within the region.
• Low tax: Hungary has a favorable corporate and personal income tax rate that appeals to both businesses and high-net-worth individuals who are looking for a lower tax regime.
• Improved financial system: Hungary boasts a modernized banking sector in line with international standards. Global bank giants are present in Hungary, but so are cutting-edge digital banking systems such as The Kingdom Bank.
• EU membership advantages: European Union membership gives Hungarian banks such as The Kingdom Bank the privilege of being in the single EU market. Aside from EU consumer protections and banking regulations, offshore accounts with Hungarian banks are protected by EU financial laws.
• Multi-currency accounts: Hungarian offshore banks give their customers access to multi-currency accounts, for example USD, EUR, GBP and Bitcoin, among other currencies.
• Globally favorable reputation: Hungary is known throughout the world as a respected offshore financial centre with responsible regulation and banking supervision on par with other Western countries.

Top Online Bank in Hungary Offering Offshore Banking Services

The top digital bank in Hungary is The Kingdom Bank, which offers users and businesses the best online offshore banking service.

A fully licensed and regulated Commonwealth of Dominica, The Kingdom Bank has the ability to offer offshore banking services to overseas clients from anywhere in the world through its secure online banking system.

Below are some of the key benefits for The Kingdom Bank offshore banking:

• No travel required: Create an account from home 100% online without leaving Hungary. Track all transactions from any device connected to the internet.
• Client eligibility: The Kingdom Bank accepts both individual and corporate customers all over the world, regardless of nationality or domicile.
• Multi currency accounts: Customers can have USD, EUR, GBP, crypto accounts, etc accounts for a wide range of foreign exchange exposure and investments.
• Secure payment & authentication: The Kingdom Bank makes use of bank-level encryption, two-factor authentication and other high-tech security systems to ensure clients’ money and privacy online.
• Pay high interest rates: Obtain more deposits than other banks at The Kingdom Bank’s competitive multi-currency savings account rates.
• Complete banking services: The Kingdom Bank offers private banking, corporate banking solutions, digital asset management, and many more services for total offshore banking requirements.

For the people and corporations looking for a reliable and comprehensive online offshore bank in Hungary, The Kingdom Bank is definitely the best choice.

Benefits of Offshore Banking with a Hungarian Online Bank

Outside of the tax benefits mentioned above, offshore banking with an offshore platform such as The Kingdom Bank offers additional benefits:

• More privacy and anonymity: Offshore accounts provide more privacy and anonymity than a local account. We don’t report account details to the local tax authorities.
• Asset safety: Having money stored offshore ensures that the asset is safe from litigations, debtors, or even domestic market fluctuations or currency movements.
• Investments: Offshore accounts offer international markets and products that are unavailable locally, such as foreign currencies, commodities, real estate, etc. to grow your portfolio across various sectors.
• Easy international payments: Offshore banks make it convenient to send and receive international money, payments and exchange currencies at competitive interbank rates.
• Succession planning advantages: Offshore accounts are perfect for transferring intergenerational wealth across borders as the accountholder wishes.
• Geopolitical diversification: Having funds in an account offshore outside of one’s country reduces the political and currency risks that arise from holding all assets within the country.

These advantages, for both private and corporate customers, indicate why digital-based offshore banking in Hungary can provide significant economic advantages over and beyond local onshore banking.

Is Hungary’s Online Offshore Banking Right for Your Business?

Even though Hungary’s offshore banking industry is clearly desirable, take a step back and consider whether its propositions are strategically suited for your own business. Here are a few things to keep in mind:

• Firms: Check Hungary’s attitude towards legal entities such as corporations, LLCs, partnerships, trusts and foundations to ensure that your business structure is correctly handled in Hungary.
• Business regulations: Find out if there are any special licensing provisions for certain businesses in Hungary such as financial services, trading or natural resources which may affect banking.
• Services required for banking: Make sure the Hungarian online bank, like The Kingdom Bank, provides the right products and services for you to run your business smoothly, like foreign payments, multi-currency accounts and digital asset services.
• Tax effects: Contact accountants to discuss not only tax advantages but also obligations for conducting the activities of your business in Hungary, such as tax on income and profits.
• Legalities: Study Hungary’s regulatory landscape to ensure that you meet anti-money laundering regulations and financial transparency standards in your markets.

Hungary’s financial infrastructure, EU access and banking innovations make it a natural offshore country for most companies. But carefully assessing country-level operational considerations is the way to go to maximise performance.

Security Features of Offshore Banking in Hungary’s Online Banks

Since it involves moving funds from one country to another, security is arguably an overriding priority for offshore bank clients. 

Fortunately, Hungary’s online banks such as The Kingdom Bank are fully secure using state-of-the-art technology:

• Bank-grade encryption: Every data sent to and from the online banking website is encrypted using 256-bit encryption (the industry standard) for account information.
• Multi-factor authentication: Other than passwords and usernames, banks also use supplementary authentication methods such as unique codes, biometric accounts, and hardware security keys to tightly manage access to accounts.
• Activity log: Advanced systems track all transactions and login attempts at all times, looking for any bogus activity that can be looked into. Customers are also notified about abnormal usage of accounts.
• Protection of information: Strong privacy policies and infrastructure separation methods protect clients’ financial data and personal information from access by unauthorised third parties.
• DDoS protection: DDoS attacks designed to shut down servers are controlled by special security services which filter unauthorized traffic and ensure the bank systems are accessible.

By prioritizing security as a core service, Hungary’s leading online offshore banks offer peace of mind that client funds and information are protected whether accessing accounts from across the street or around the world.

If you are ready to unleash the powerful potential of offshore banking then simply visit The Kingdom Bank to open your account easily and safely online.