iBanFirst: EUR 1.5 Bn Payments in Hungary in 2024

iBanFirst, the leading global provider of foreign exchange and international payments, achieved 137% growth in transaction volumes in Hungary last year, with outgoing payments reaching EUR 1.5 billion, making Hungary the fastest growing market in the Central and Eastern European region, the company told MTI on Friday.

iBanFirst received its operating licence from the National Bank of Hungary (MNB) in March 2023. The company primarily offers instant currency exchange and fast money transfers in dozens of currencies, but also provides customised hedging solutions.

According to their data, Hungarian businesses using iBanFirst mainly need euros and US dollars for international payments. They are also increasingly using currencies such as the Chinese yuan and the Romanian lei, reflecting Hungary's trade with Asia and neighbouring countries, they noted.

Hungarian companies mostly transfer money to Germany, Austria and China through iBanFirst. The company's Hungarian customer base grew by 20% last year.

iBanFirst, which was founded in 2016 and is regulated as a payment institution by the National Bank of Belgium, employs more than 350 people in 10 European countries and processes more than EUR 1.4 billion worth of transactions every month.