Denomination exchange of forint banknotes and forint coins

In order to make the denomination exchange service available for the widest possible range of the public, the Magyar Nemzeti Bank rendered the performance of this activity obligatory for banks, mutual savings banks and post offices in a provision of law. By law, banks, mutual savings banks and post offices are obliged to exchange on one occassion maximum 50 pieces of forint banknotes and forint coins in circulation to different denominations of forint banknotes and – at most 100 pieces of – forint coins. The denomination exchange obligation also applies to the exchange of damaged banknotes and coins and the ones that are difficult to recognise. Credit institutions and the postal service shall not be obliged to accept for denomination exchange forint banknotes and coins whose authenticity or face value cannot be clearly determined as well as intentionally mutilated (e.g. cut into half, perforated or turned) forint coins. Any incomplete forint banknote would be acceptable for denomination exchange if more than half of such forint banknote is submitted.

The MNB decrees that determine the rules of denomination exchange  allow banks, mutual savings banks and post offices to perform the denomination exchange activity with certain limitations and conditions.

Possible conditions and limitations of the denomination exchange performed by banks, mutual savings banks and post offices: 

Denomination exchange fee 

A fee may be charged for performing the denomination exchange. The maximum extent of the fee, including any other charges applied in connection with the exchange, shall not exceed

-       in the case of denomination exchange of forint banknotes: 5% of the face value of the forint banknotes to be paid to the customer and 10% of the face value of the forint coins to be paid to the customer;

-       in the case of denomination exchange of forint coins: 10% of the face value of the exchanged forint coins.

Using other services 

A precondition of the performance of the denomination exchange can be the existence of a bank account or the use of services provided by the given bank, mutual savings bank or post office.

Limiting the number of branches engaged in denomination exchange 

The number of network units actually performing the denomination exchange can be limited, provided that if the given bank, mutual savings bank or the post has network units in Budapest or in a county, at least one network unit has to perform actual denomination exchange activity in Budapest and in the given county each (primarily in the county seat).

Credit institutions and the postal service are obliged to post a notice about conditions and fees of the denomination exchange service in a clearly visible place of their branches as well as to publish these conditions and fees on their website in a permanently and easily accessible way. It is recommended to inquire in advance about the fee and the conditions of using the denomination exchange service at the nearest branch, customer service call centre or website of banks, mutual savings banks or the post.

The Magyar Nemzeti Bank does not perform any denomination exchange in its retail cash office (Budapest, V., Kiss Ernő u. 1.), where only the following services are available:

• ·         exchange of banknotes and coins withdrawn from circulation that can be exchanged to legal tender,
• ·         exchange of hard-to-recognise and damaged banknotes and coins,
• ·         expert examination of banknotes and coins suspected to be counterfeits.

The exchange of commemorative banknotes and commemorative coins to circulation banknotes or coins is carried out by the Magyar Pénzverő Zrt. (Hungarian Mint Ltd.) on behalf of the MNB.

The detailed conditions of the retail services provided by the MNB are available in the Retail Business Conditions.

Regulatory environment

• ·         Decree No. 11/2011. (IX. 6.) of the Governor of the MNB on the processing and distribution of banknotes and on technical tasks relating to the protection of banknotes against counterfeiting
• ·         Decree No. 12/2011. (IX. 6.) of the Governor of the MNB on the processing and distribution of coins and on technical tasks relating to the protection of coins against counterfeiting