Fintech Revolut has confirmed that it has obtained all the necessary regulatory approvals from the Hungarian National Bank (MNB) to launch its local branch, paving the way for customers to open local bank accounts with Hungarian IBANs, the company said in a statement on November 6, according to Forbes.hu.

With the new license, Hungarian customers will soon get domestic HU IBAN account numbers, replacing the current Lithuanian ones.

Revolut Bank UAB, registered in Lithuania, said the establishment of its Hungarian branch strengthens its market presence and supports its broader European expansion strategy.

The change will make transfers and salary payments easier and cheaper, as local transactions will no longer count as international. Revolut, which already serves around 2mn customers, has been expanding its local team for months, preparing for the launch of its local branch

As a registered branch, Revolut will now be subject to Hungary’s banking taxes and transaction fees, just like local banks.

Revolut has grown into a significant competitor for traditional Hungarian banks, particularly in foreign exchange and money transfers. Although its role in savings remains limited, its rapid expansion has prompted concerns from incumbent banks.

Banks have long criticised the regulatory imbalance, arguing that foreign fintechs enjoy a significant market advantage due to lax obligations. Unlike local banks, they are exempt fully or partially from the bank levy, the windfall tax, or the deployment of ATMs in rural areas, a new initiative launched by the government. They also face lighter data protection and cybersecurity compliance.