Source: https://rivet.global/blog/hungary-exporters-invoicing-in-euros-forint-risk
Published: 2026-09-21 · Updated: 2026-09-21 · By Rashidatou K.

# Hungarian exporters invoicing in euros while the forint moves

Most Hungarian exporters sell in euros and pay costs in forints. How forint moves affect margins, how to measure it, and what matching and timing can do.

## Key takeaways

- A Hungarian exporter with euro revenue and forint costs carries currency risk in both directions.
- Paying euro-priced inputs from euro revenue reduces the amount exposed.
- Converting a set amount ahead of each payroll averages the rate over the year.
- Converting every receipt on arrival leaves the result to the rate on the day the client happened to pay.

A Debrecen food processor sells 70 percent of its output to retailers in Germany and Austria, in euros. Its staff, energy and local farmers are paid in forints. In a year when the forint strengthens by 6 percent against the euro, the processor's margin shrinks by about the same, though nothing happened in the factory.

## Measure the exposure

Split the last twelve months of revenue and costs by currency. For many Hungarian exporters:

- 60 to 80 percent of revenue is in euros,
- 50 to 70 percent of costs are in forints,
- the rest of costs, such as machinery, packaging, components and software, are in euros.

Net euro exposure is euro revenue minus euro costs. Multiply it by 5 percent. That is roughly what a bad year for the rate costs you.

## Match what you can

Euro costs paid from euro revenue never touch the forint rate. Equipment leases, imported packaging, foreign transport and software subscriptions priced in euros can all be paid from a euro balance. Each one shrinks the exposure, and each removes two conversions: euros to forints on arrival and forints back to euros to pay the supplier.

## Schedule the rest

The euro surplus has to become forints for payroll. Converting each receipt on arrival means the rate depends on when the customer paid. Converting a set amount each month, a week or two before payroll, averages the rate over the year and makes the forint budget predictable.

Some finance teams add a trigger: if the rate reaches the budget rate early, convert next month's need then.

## Forwards for the larger, predictable part

A forward fixes a rate today for a future conversion. For a large, steady forint need, such as six months of payroll, it removes uncertainty, at the cost of any gain if the rate moves your way. See [FX forward contracts explained](/blog/fx-forward-contracts-explained).

## Paying into Hungary: the local rail

| What | Detail |
|---|---|
| Local rail | Azonnali fizetés (AFR instant payments) |
| Run by | GIRO Zrt., owned by the Magyar Nemzeti Bank |
| Settlement | Within five seconds, 24/7; domestic forint transfers below the scheme threshold must go this way |

Source: [GIRO Zrt.: instant payment system](https://www.giro.hu/en). Checked when this guide was last updated; the scheme's own page has the current figures.

## Where Rivet fits

A Rivet business account gives a Hungarian company euro details with an IBAN from the Growth plan, so customers pay by SEPA into a euro balance, plus US dollar details on every plan. On the Scale plan it holds 30 currencies, forints included. Conversions happen when you choose, at a rate shown before you confirm, and euro costs can be paid to suppliers in 120+ countries. Rivet is not a bank; regulated partner institutions hold the funds.

## Questions

### Is a weak forint good for exporters?

In the short run, yes: each euro buys more forints. But inputs priced in euros cost more, and a sudden strengthening reverses the gain. Planning removes the dependence on which way it moves.

### How do I measure my forint exposure?

Split twelve months of revenue and costs by currency. Net euro exposure is euro revenue minus euro costs. Apply a plausible rate move, say 5 percent, to see the effect.

### Should a small exporter use forwards?

Start with matching and scheduled conversions. Forwards suit large, predictable forint needs where a rate move would seriously hurt.

### Can I keep euros in Hungary?

Yes. Hungarian companies can hold euro accounts and pay euro costs from them.