The Economy Ministry is in talks with banks to introduce a new bank account product that would be available to everyone, in order to promote the use of electronic payment, state secretary Ágnes Hornung told business daily Világgazdaság.
The aim of cheaper bank accounts would be to gradually phase out cash payments, az electronic transactions help whiten the economy, she said.
Hornung also said costs are "overpriced" at banks; however, there is no government plan to reduce transaction fees.
Bank accounts in Hungary are expensive because of a 0.6% transaction fee, which is to all intents and purposes a form of tax, on cash withdrawal and a 0.3% fee on all other transactions (to a limit of HUF 6,000), which is unique in Europe. These fees contribute nearly HUF 200 billion to the central budget annually, and their removal would be the first step in making banking cheaper.
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