MagNet Hungarian Community Bank | (06 1) 428 8888 | Andrássy út, Hungary

Business Description ( Closed ) Edit

MagNet Hungarian Community Bank is located in "Budapest, Andrássy út 98, 1062 Hungary". This business is working in the following industry: Bank.

Name: MagNet Hungarian Community Bank

Country: Hungary

City: Budapest

Engaged in: Bank

ISIC Code: 05–09

Questions & Answers

Where is MagNet Hungarian Community Bank located?

MagNet Hungarian Community Bank located at "Budapest, Andrássy út 98, 1062 Hungary"

How can I contact MagNet Hungarian Community Bank?

You can call MagNet Hungarian Community Bank at +36 1 428 8888 or visit for more information.



The Andrassy branch is quite beautiful  but in my opinion the management is racist. And this is why : a few months ago my friends (from Europe)  came to Budapest for internship and they could open an account with Magnet with no fuss at all. I am a student and I recently got a student job with which I am required to have a local bank account inorder to receive my salary.  So I  submitted all required documents as requested by the Customer service rep (CSR). He said that the management will check my documents and  make an approval after 24hrs. After 24hrs the CSR called me and said that my application was declined and he did not know the reason why. C'mon, you are the bank and you cannot give a reason for your decision? Even higher offices like embassies are kind enough to give reasons for declining Visas.

You know, there's a reason why they say "If it sounds too good to be true, it probably is......." Magnet Bank in Budapest is such a case in point. The concept of a community-centric, not-so-much-for-profit, do good and little harm, type bank is a great one in theory, but here the gap between that theory and cold hard reality is one that is simply too great for the staff's Hungarian (pre-1990) mindset to deal with, and it falls far short of any acceptable (by US standards) customer service norm. From their lack of available English speaking staff (and don't even get me going on the clickbait-style website, where you get tantalized by ONE English tab, which, when clicked upon, takes you to Magyar-only sub-pages) to their complete lack of transparency on internal policies, it was just one bad experience after another. Why would ANY bank refuse to provide a document in response to a simple request to an existing client who just wants to know what their definition of acceptable identification is? Why would a bank who touts their consumer-friendly policy of "set your own monthly account management fee" then turn around and charge double or triple transaction based fees for electronic transfers to other Hungarian financial institutions? After a few months of trying to deal with this kind of one-sided financial and illogical business perspective, I threw in the towel and had my wife close our account and switch over to K&H, where, so far at least, the experience has been much more pleasant.

Hi I just spoke to our customer service on the phone and he told me that you blocked me from accessing my online banking because of the GDPR. Where exactly in the GDPR does it say that one needs only a HUNGARIAN phone number? Your system is limited as it doesn't support other numbers and therefor is not inclusive and treats people unevenly. You are blocking access to my account based on no ground. Please find a solution for your customers Update: I know the directive is called PSD2 but it was your customer service who told me its because do GDPR and he mentioned it many times during our call (call was surely recorded). He told me that I must have Hungarian number only but it doesn't say anywhere in the PSD2 that it has to be Hungarian and not even local number and also that 2FA has to be connected to a phone number (there are alternatives) actually the methods relying on phone numbers are less secure and banks in eg. Germany are changing to more advanced methods already. The fact that magnet bank only accepts Hungarian numbers is a discrimination to other EU citizens.

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