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Skipping the bank and using a specialist provider to convert your Canadian dollars to Hungarian Forints is a money-saving decision that offers convenience and simplicity.
In recent times, the exchange rate for the Hungarian Forint experienced a sharp and rapid weakening mainly due to the increasing cost of energy imports and high inflation.
The Hungarian government had to take emergency action by hiking interest rates¹ to boost the value of the Forint. When the Forint weakens against the Canadian dollar, it means lower costs for Canadians looking to convert their currency to the Hungarian Forint.
For instance, Canada’s yearly imports² from Hungary are typically well over half a billion dollars, so Canadian businesses can buy goods and services for cheaper from Hungarian suppliers.
When the Forint gains value, one Canadian dollar now buys fewer Hungarian Forints than before. To make the most of your money, it’s essential to find a foreign exchange service that offers the right tools for better certainty over exchange rates.
The Canadian dollar and HungarianForint are both driven by various factors, which causes the CAD - HUF exchange rate to fluctuate.
When the Hungarian Forint depreciates, it’s a good time to transfer CAD to HUF. Even then, you still need to be careful to use a provider that lets you buy forex at the best exchange rates.
Keep in mind the exchange rate you get from your bank is different from the one offered by a currency specialist.
This difference is not caused by market fluctuations. Instead, it’s simply because your bank adds a markup to the market price of the Hungarian currency.
In contrast, a currency specialist like MTFX offers the real rate. This ensures you get more foreign currency for your Canadian dollars, so this is a crucial aspect you won’t want to overlook.
Need to buy Hungarian Forint? Use the MTFX rate calculator to determine how many Canadian dollars you’ll need to buy the selected foreign currency amount.
Figuring out which service to use to send money from Canada to Hungary requires you to consider several factors.
Based on these factors, a specialist provider like MTFX is more cost-effective and efficient. Here’s why this option is better than using your bank.
Changing Canadian dollars to HungarianForints is one of the many ways to take advantage of technological advancements and make life easier.
Sending money to Hungary with MTFX online is quick, easy, and can be broken down into three simple steps.
You can expect your recipient to get the money within 24-48 hours when transferring your Canadian dollars to a Hungarian bank account with MTFX.
Express payments are also available if your recipient would rather have the money on the same day. In any case, we’ll keep you in the loop by letting you track your transfer online.
Keeping your money secure is an important factor to consider – one that MTFX prioritizes very carefully.
We are regulated by Fintrac and have been in business for more than a quarter of a century, long enough to develop a reputation as a reliable FX and global payment provider.
As a result, you can trust MTFX to move your money safely using secure protocols.
Whatever your reason for converting Canadian dollars to Hungarian Forints, MTFX can help you make your money count more.
You get competitive exchange rates, low, transparent fees, plus the tools and expert guidance to make your money go further with every currency conversion.
Open an account today to convert your Canadian dollars to Hungarian Forints and save with great exchange rates and low transfer fees.
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