What Currency Is Ft? About the Hungarian Forint

The symbol “Ft” refers to the Hungarian Forint, the official currency of Hungary. It is central to all financial transactions within the country.

The Hungarian Forint

The Hungarian Forint, officially known by its ISO 4217 code HUF. This currency was reintroduced on August 1, 1946, as a crucial step to stabilize the Hungarian economy following a period of severe hyperinflation after World War II. Its re-establishment marked a significant transition towards a market economy, restoring monetary order.

Current coin denominations include 5, 10, 20, 50, 100, and 200 Forint pieces, while the smaller fillér coins are no longer in circulation. Banknotes are available in denominations of 500, 1,000, 2,000, 5,000, 10,000, and 20,000 Forint. Each banknote features portraits of significant Hungarian historical figures on the front, with corresponding historical scenes or landmarks depicted on the reverse. These notes incorporate security features such as watermarks, embedded security strips, and invisible ink designs to ensure authenticity. The Hungarian National Bank, known as Magyar Nemzeti Bank, is responsible for issuing and managing the Forint.

Using and Understanding the Forint

The Hungarian Forint is used exclusively within Hungary. Despite being a member of the European Union, Hungary has maintained its independent currency and has not yet adopted the Euro. No specific target date for Euro adoption has been set.

When considering the Forint’s value, it is helpful to note that a single Forint holds a relatively small value compared to major international currencies like the US Dollar or the Euro, meaning transactions often involve larger numerical amounts. Current exchange rates fluctuate, and it is advisable to consult online currency converters or bank websites for the most up-to-date figures. For those visiting Hungary or conducting international business, the Forint is universally accepted. While cash remains common for smaller transactions, card payments are widely accepted, especially in urban areas.

When converting currency or making payments, it is generally recommended to use official exchange offices or bank-affiliated ATMs. To obtain the most favorable rates, it is best to avoid currency exchange services located at airports or train stations, as these often have less competitive rates. When using an ATM or making a card payment, always choose to be charged in Hungarian Forint (HUF) rather than your home currency to avoid potentially unfavorable exchange rates from Dynamic Currency Conversion (DCC). Additionally, be cautious of independent ATMs, such as those branded “Euronet,” which may charge higher fees.