Does the conversion from and to cryptocurrencies happen instantly? | Revolut Hungary (2024)

FAQs

Does the conversion from and to cryptocurrencies happen instantly? | Revolut Hungary? ›

If you instruct us to do this in the app whenever you make a transaction using your Revolut Card, we will instantaneously convert your crypto balance into the equivalent fiat amount to pay for your transaction, subject to our exchange rate at the time of the transaction, and any crypto fees applicable to your ...

With no specific policy toward crypto, Hungary follows EU regulations. In Hungary, the EU regulation mainly applies to companies that deal with the deposit of cryptocurrencies and the exchange of cryptocurrencies (cryptocurrency exchange).

Once submitted to blockchain, depending on how busy the blockchain network is, settlement can be instant or take up to 2 hours. Typically, we allow between 3 and 20 confirmations (depending on the network) to deem a transaction as settled. This number varies depending on the blockchain.

The crypto spare change feature automatically rounds up your Revolut card transactions to the nearest whole number, using the spare change to buy a cryptocurrency of your choice.

Send crypto to an external address

Choose the cryptocurrency you'd like to send. Select one of the already added compatible wallets, or tap 'New' to add a new address. You can also paste a new wallet address in the search bar to proceed. Enter the amount you want to send or withdraw and tap 'Send'

It is legal to mine cryptocurrency in Hungary, and it will be taxed (15 percent income tax), starting in 2022.

Bitcoin ATMs are another great way to buy Bitcoin privately. There are 46 ATMs throughout Hungry, with 30 in Budapest, making it a bitcoin hot spot. That's more than a few other European countries combined!

How Long Does It Take to Send Bitcoin? The total time it takes for BTC to be sent and received varies from transaction to transaction. Bitcoin's transaction times can vary greatly, ranging anywhere from ten minutes to one day. However, it will usually take between thirty minutes and two hours to complete the process.

In general, Bitcoin transactions usually take from one to one and half hours to complete. On occasion, a high volume of transactions taking place on the Blockchain could lead to transaction delays.

For example, Bitcoin transfers can take around 10-30 minutes, while Ethereum transfers are usually faster, often taking just a few minutes. Issues with transactions can occur due to network congestion or technical issues with the platforms, but they're not extremely common.

Why not use Revolut for crypto? ›

Unfortunately, the Revolut exchange charges exceptionally high fees. Users on a standard account must pay a 1.49% crypto purchase fee and a variable spread of roughly 1%. Furthermore, if users exceed their 'fair usage limit,' they'll be charged an additional 1% on all exchange transitions.

Any cryptocurrency we hold for you isn't covered by the Financial Services Compensation Scheme (FSCS). We advise you not to invest unless you're prepared to lose all the money you invest. This is a high‑risk investment, and you shouldn't expect to be protected if something goes wrong.

You cannot cancel any instruction to buy cryptocurrency made using “buy now”. You will own the rights to the financial value of any cryptocurrency we buy for you. We will hold your cryptocurrencies on your behalf and you will have a right (called a 'beneficial right') to them.

The crypto address is under review or fails internal checks, but you can still view and remove it. Addresses added by users are reviewed at multiple stages. Previously-used addresses can also be flagged and disabled due to automated checks.

Bitcoin withdrawals on Revolut

With Revolut, you may exchange your Bitcoin for fiat currency by placing a market order on the online bank's integrated exchange. Once you've sold your cryptocurrency and received fiat currency in exchange, you have the option of withdrawing money through bank transfer.

Forint (HUF) has been the local currency in Hungary since August 1946. It was named after the city of Florence, where golden coins had been minted since 1252. individuals. Six different coins are in use: 5, 10, 20, 50, 100 and 200 forint coins.

Hungary and Budapest's official currency is the Hungarian Forint (Ft, HUF). Although the country has wanted to replace the Forint with the euro since 2003, it still doesn't have a target date to adopt the euro.

Status. Hungary is not yet a member of the euro area. The forint is not yet within the Exchange Rate Mechanism (ERM II).

Note that if we were to rank countries based on their actual number of crypto owners, India would rank first at 93 million people, China would rank second at 59 million people, and the U.S. would rank third at 52 million people.