How Do You Receive Money from Hungary to India in 2026?

A Hungarian client pays forint amounts at home by credit transfer through the Interbank Clearing System, including its instant platform, or through VIBER for large urgent payments. Hungarian banks apply SEPA standards to euro payments. India is outside both, so a direct payment to an Indian bank goes by SWIFT.

• Rails: The ICS, operated by GIRO Zrt., clears high-volume, low-value credit transfers and direct debits on overnight, intraday and instant platforms. VIBER, run by the Magyar Nemzeti Bank since 1999, settles high-value and urgent payments in real time. Payments to Indian bank accounts use SWIFT.
• Client enters: For a Hungarian transfer: your name and Hungarian account number or IBAN. The MNB instant payment guidelines also allow a secondary account identifier that the system maps to the IBAN. For SWIFT: your name, Indian account number, your bank's SWIFT code, bank address and the invoice reference.
• Client cost: Each Hungarian bank sets its own charges for domestic and international payments. A SWIFT transfer to India is an international payment, so the bank's charges for that service apply, and the client may choose who bears correspondent fees.
• Speed: The Hungarian instant payment system, launched on 2 March 2020, moves forints between Hungarian accounts within seconds, 24 hours a day, every day. VIBER runs from 7 am to 6 pm, with a customer cut-off one hour earlier. SWIFT payments to India often take one to three business days.
• Limits: Instant forint payments and domestic transfers only reach Hungarian payment accounts. A SEPA euro transfer only reaches an account in the SEPA area. A client paying you therefore needs Hungarian or SEPA account details from you, or must send a SWIFT transfer.

The table ranks platforms with full published pricing for HUF by the INR received on HUF 1,600,000, then lists other business platforms that accept HUF, unranked. Fees were checked on 30 Sept 2026 or later.

You receive less than the invoice because each step can deduct a fee or apply a rate below mid-market. Bank charges, correspondent deductions and conversion margins add up. For example, at an example mid-market rate of Rs 0.25 per Hungarian forint, a 1% margin on HUF 1,000,000 costs about Rs 2,500 before any fixed fees.

Each row applies the platform's published fee, FX markup and 18% GST on the fee to the mid-market rate of ₹0.2910 per HUF for 3 Nov 2026.

• Total cost: Add the fixed fee, any percentage fee and the conversion margin. Compare the rupees credited, not the headline fee.
• Local rail coverage: Check whether the method accepts domestic HUF transfers from your Hungarian client, or only euro SEPA payments.
• Settlement speed: Look at how long forints take to reach the collection account and how long rupees take to reach your Indian bank.
• FIRA: Confirm that you receive an inward remittance advice or FIRA for every payment, with the purpose code shown.
• Client experience: Hungarian business clients often pay supplier invoices by domestic forint transfer, which only reaches Hungarian accounts. Card payments suit clients who pay by company card.
• Support: Check how the provider or bank handles returned payments, name mismatches and purpose code corrections.

Money from a Hungarian client for services is an export receipt under the FEMA (Export and Import of Goods and Services) Regulations, 2026, in force from 1 October 2026. You file an EDF, quote an export purpose code and realise the payment within nine months of the invoice date, or twelve months if invoiced or settled in rupees.

• FIRA or e-FIRA: FIRA is a document name used by banks and payment providers. It is not a statutory term, and the FEMA regulations do not define it. It records the inward payment. DGFT issues an e-BRC as confirmation that the exporter received payment.
• Purpose code: Use the code that matches the service. Examples from the RBI purpose code list are P0802 Software consultancy/implementation (other than those covered in SOFTEX form) and P1006 Business and management consultancy and public relations services. See P0802.
• EDF for services: Under Regulation 3(2), a services exporter files an EDF within 30 days from the end of the invoice month. One EDF can cover all exports in a month. The EDF replaces SOFTEX for software from 1 October 2026 under A.P. (DIR Series) Circular No. 20. See EDF form.
• EDF for goods: A goods exporter files the EDF at the time of export. For EDI ports it is deemed submitted with the shipping bill under Regulation 3(1).
• EDPMS: Your AD bank closes the EDPMS entry when payment arrives. For invoices up to Rs 10 lakh, the entry may close on your declaration under Regulation 4(2). See EDPMS closure.
• PA-CB fund safety: A non-bank payment aggregator must hold merchant funds in an escrow account with a scheduled commercial bank in India, called an Inward Collection Account for inward payments, under paragraph 16 of the RBI Master Direction.

Services you supply to a Hungarian business client are usually an export of services under section 2(6) of the IGST Act and zero-rated under section 16. You can supply without paying IGST by filing an LUT. The income is taxable in India, and the India-Hungary tax treaty limits Hungarian tax on fees for technical services.

• GST and LUT: File a Letter of Undertaking in FORM GST RFD-11 before you export under CGST Rule 96A. Under section 2(6) of the IGST Act, payment must arrive in convertible foreign exchange, or in rupees where RBI permits. See LUT filing.
• GST on fees: Currency conversion by an Indian bank or provider is a taxable supply. Its value can be determined under CGST Rule 32(2). The GST appears on the provider's charges to you.
• Income tax: The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026. Presumptive taxation formerly in sections 44AD and 44ADA now sits in section 58. Tax Year 2026-27 is the first year under the new Act. See section 44ADA.
• India-Hungary DTAA: Under Article 7 of the India-Hungary tax treaty signed on 3 November 2003, business profits are taxed only in India unless you have a permanent establishment in Hungary. Article 12 lets Hungary tax fees for technical services arising there at up to 10% of the gross amount. Article 14 covers independent personal services.
• Client side: A Hungarian business buying your services usually pays Hungarian VAT itself under sections 37(1) and 140(a) of the Hungarian VAT Act. The general VAT rate is 27%. According to NAV guidance, foreign organisations with no place of business in Hungary incur no corporate tax on revenue from Hungary. Ask your client how it treats your invoice.

Rules and rails are linked to official sources below with the dates they were checked. Platform figures come from each platform's own pages, checked on 30 Sept 2026 or later, and RBI authorisation was checked against RBI's published list. Rates are XE live mid-market rates, dated 3 Nov 2026. The method is on the methodology page.

1. Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (FEMA 23(R)/2026-RB, amended up to 22 Sep 2026), Reg 1(2) in force from 1 Oct 2026; Reg 3(1) EDF for goods, deemed with EDI shipping bill; Reg 3(2) services EDF within 30 days from end of invoice month, single EDF per month, non-software may file on or before payment; Reg 4(2) EDPMS closure on declaration up to Rs 10 lakh; Reg 5 realisation nine months from invoice date for services, twelve if invoiced or settled in INR. (checked 8 Oct 2026)
2. RBI A.P. (DIR Series) Circular No. 20 dated 16 January 2026 (RBI/2025-26/194), Master Directions on Export and Import and listed SOFTEX circulars superseded from 1 October 2026. (checked 8 Oct 2026)
3. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, Reg 3(2)(I)(a)(iii): trade receipts from countries other than ACU members in Indian rupees or any foreign currency, through an authorised bank. (checked 8 Oct 2026)
4. RBI purpose codes for reporting FETERS transactions (A.P. DIR Circular No. 84, 2012), P0802 Software consultancy/implementation (other than those covered in SOFTEX form); P1006 Business and management consultancy and public relations services. (checked 8 Oct 2026)
5. RBI Master Direction on Regulation of Payment Aggregator (PA), 15 September 2025, Para 11(d): PA-CB maximum Rs 25 lakh per inward or outward transaction; para 16(a): funds held in escrow with a scheduled commercial bank, called Inward Collection Account for PA-CB inward transactions. (checked 8 Oct 2026)
6. RBI circular: Guidelines to facilitate faster cross-border inward payments, 9 April 2026 (RBI/2026-27/08), Para 3: banks shall endeavour to credit inward payments received during forex market hours within the same business day and after hours on the next business day; para 4: effective six months from the circular date. (checked 8 Oct 2026)
7. Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015, Schedule I EEFC Scheme: 100 percent of foreign exchange earnings may be credited; no restriction on withdrawal in rupees, but rupees withdrawn cannot be re-credited. (checked 8 Oct 2026)
8. IGST Act, 2017, section 2(6) (CBIC), Export of services: supplier in India, recipient outside India, place of supply outside India, payment in convertible foreign exchange or INR where RBI permits, not establishments of a distinct person. (checked 8 Oct 2026)
9. IGST Act, 2017, section 16 (CBIC), Export of goods or services is a zero rated supply. (checked 8 Oct 2026)
10. CGST Rules, 2017, Rule 96A (CBIC), Export without payment of integrated tax on furnishing a bond or Letter of Undertaking in FORM GST RFD-11 prior to export. (checked 8 Oct 2026)
11. CGST Rules, 2017, Rule 32 (CBIC), Rule 32(2): value of supply of services in relation to purchase or sale of foreign currency, including money changing. (checked 8 Oct 2026)
12. Income Tax Department FAQ: Objective and scope of the new Income-tax Act, 2025, 1961 Act repealed on 01.04.2026; Tax Year 2026-27; presumptive schemes in sections 44AD, 44ADA and 44AE consolidated into section 58. (checked 8 Oct 2026)
13. DGFT Public eBRC FAQs (Self-certification of eBRC), eBRC is issued by DGFT as confirmation that the exporter has received payment against export of goods or services. (checked 8 Oct 2026)
14. European Central Bank: Single Euro Payments Area (SEPA), SEPA region of European countries, covering EU member states including Hungary; euro credit transfers within SEPA. (checked 8 Oct 2026)
15. Convention between India and Hungary for the avoidance of double taxation (Income Tax Department, Notification GSR 197(E) dated 31-3-2005), Signed at New Delhi on 3 November 2003; Art. 7(1) business profits taxable only in state of residence unless permanent establishment; Art. 12(2) royalties and fees for technical services taxable at source up to 10 per cent of gross; Art. 12(3)(b) FTS covers managerial, technical or consultancy services, excluding Arts. 14 and 15; Art. 12(5) arise where payer is resident; Art. 14(1) taxable in other state only with fixed base or stay of 183 days or more in any 12-month period. (checked 8 Oct 2026)
16. NAV (Hungarian Tax Administration): Double taxation treaties of Hungary, India: signed 2003. XI. 3., promulgated by Act CXLIV of 2005, applicable from 2006. I. 1. (checked 8 Oct 2026)
17. Magyar Nemzeti Bank: VIBER (Real-time Gross Settlement System), VIBER operated by the MNB since 3 September 1999 for high value and urgent payments; uses SWIFT as messaging network; operates 7 am to 6 pm, customer cut-off one hour shorter. (checked 8 Oct 2026)
18. Magyar Nemzeti Bank: Interbank Clearing System (ICS), ICS operated by GIRO Elszámolásforgalmi Zrt. processes high volume, low value transactions (credit transfer, direct debit); three platforms: overnight, intraday and instant settlement, instant open since 2 March 2020. (checked 8 Oct 2026)
19. Magyar Nemzeti Bank: Instant payments, Instant payment system launched 2 March 2020; payments between Hungarian payment accounts within seconds on a 24/7/365 basis. (checked 8 Oct 2026)
20. MNB Guidelines on the payment and data entry processes applicable in the instant payment system (published 12 July 2019), Payment orders may be submitted with the payee's secondary account identifier, which is mapped to BIC, IBAN and account holder name from the central database of secondary account identifiers. (checked 8 Oct 2026)
21. Magyar Nemzeti Bank: SEPA, For non-euro area member states the SEPA migration deadline was 31 October 2016; Hungary is obliged to apply the SEPA payment standards for all euro transactions. (checked 8 Oct 2026)
22. Act CXXVII of 2007 on Value Added Tax (Hungary), consolidated text, 37. § (1): services to a taxable person are supplied where the recipient is established; 140. § a): where place of supply is determined under 37. § (1), the VAT is paid by the taxable recipient of the service. (checked 8 Oct 2026)
23. NAV guideline: VAT liability of foreign market-men in Hungary (last updated January 2026), In Hungary there are currently four tax rates in force; the general tax rate is 27%. (checked 8 Oct 2026)
24. NAV guideline: A short summary on the taxation of business associations (last updated January 2026), Section 7.1: No corporate tax liability is incurred by foreign organisations with no place of business in Hungary with respect to their revenues deriving from Hungary. (checked 8 Oct 2026)
25. Skydo homepage (pricing and fee calculator), Know what you pay; calculator showing GST 18% of transaction fee (checked 6 Oct 2026)
26. Razorpay MoneySaver Export Account (International Bank Transfers) pricing, Standard Plan: 0% FX markup, 1% fee, FlashLinks 2%, GST applicable, flat fee of INR 1,000 on transactions below INR 1,00,000, setup and AMC INR 0 (checked 6 Oct 2026)
27. Stripe India pricing, International cards with USD/other currency presentment 4.3% + 2% if currency conversion is required; Mastercard and Visa cards issued outside India 3% + 2%; American Express outside India 3.5% + 2%; dispute received INR 1,000.00 (checked 7 Oct 2026)
28. PayPal India Merchant Fees, Receiving international transactions; Currency Conversions (3.0% converting balance and payments received; 4.00% all other cases); Withdrawals Out of PayPal; Dispute Fees; Other Fees (Last Updated 28 March 2024) (checked 6 Oct 2026)
29. Wise India: Fees for receiving money (Business), Conversion fee depends on the currency; eFIRC for every transfer; GST 18% of (conversion fee + eFIRC fee); calculator (checked 6 Oct 2026)
30. Airwallex Help: Eligible Countries and Territories, INDIA IN - AWX Legal Entity SINGAPORE (checked 7 Oct 2026)
31. Winvesta FAQ: What are the charges for the global collections account?, Up to 2,000 a month: 0.99% + a small fixed fee; 2,000-100,000 a month: custom pricing; above 100,000 a month: flat 0.2%; USD Collections: $3 + 0.99%; 18% GST will be levied on Winvesta fees for every non-JPMC account (checked 7 Oct 2026)
32. Cashfree Docs: Global Collections overview (checked 6 Oct 2026)