Everyone, dentist in Mosonmagyarovar, travel agent in US., etc., wants to %26quot;change my money%26quot;! It%26#39;s making me nervous. A previous poster says Hungarian money is still offically the forint. But hotel quoted prices in euro%26#39;s. Dentist quoted prices in US$. Total amount may be $2,000 to $3,000.
I ask in this forum because not sure US. people are sophisticated enough, Austrians are close to Hungary, and I understand ALL of you go there for dental work! ?
I understand plastic has about put cash out of %26quot;business%26quot;, but I am thinking of getting a money belt and taking both currencies with me from home. Are there such things anymore? I%26#39;ve never seen one. I suppose HUF would be near impossible to get in US.
Know people making large transactions use %26quot;negotiable bank letters of credit%26quot; but these sums are too small of course?
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Those wishing to exchange your money do so only to make a considerable profit.
Do not exchange money to euro or other currency in the USA.
Numerous Austrians go to Hungary for dental work ( not all ) as it is much cheaper there.
But be very careful which dentist you use( get some references) as some work is not as good as others or that provided in the %26quot; West%26quot;.
Some will even provide transportation from Vienna to their Clinic.
You can easily get euro or Hungarian monies ( while Hungary is now an EU member - they do not use the Euro yet)from the numerous ATMs found everywhere with a favorable exchange rate and cost. Many places will accept credit cards.
In Hungary many places will take euro also but carefully check exchange rate.
If you need added money bring dollars from USA to exchange.
Letters of Credit are usually only for commercial transactions,
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Yes, thank you, Vertical, this seems to me to be a commercial transaction. And a large enough one Atm machines would not allow it in US. (they%26#39;re limited 2 ways, the owner bank has strict low limit and my bank also limits amount per day withdrawal)(nowhere near enough to get multiple thousands for dentist.)
A credit or debit card transaction at merchant would incur a large merchant charge. For these reasons, plastic is just not going to work.
So you%26#39;re saying to bring large cash in US$ and change at local bank to HUF, then insist dentist and hotel accept it? Seems reasonable to me.
I think I%26#39;ll investigate letter of credit with my bank
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Ask your bank to increase daily withdrawal limit. You can always go to several ATMs.
Also bring dollars. You may want to ask for billings in dollars of in Hungarian. Then decide what you do.
It may be cheaper to pay in dollars for you and save commission.
I would not advise on a Letter of Credit.Your Bank will charge a good fee for it.A Bank here will probably ask you to open an account to deposit it and still not let you have immediate access to the money. That is if they will even accept it.
An alternative is a wire transfer of funds by your bank to that of the Dentist. These are no costly - probably 30-50 dollars.
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