MySQL: Migrating database with utf8 collation and charset but latin1 data to new full UTF-8 database
After reading various issues and trying different ways, this was the solution for me:

The dump has to be done like this (make sure you pass the filename as -r argument):

mysqldump -h HOST -u USER -p --default-character-set=latin1 DATABASE -r utf8.dump


Then I have opened utf8.dump file and changed one line at the top.

From

/*!40101 SET NAMES latin1 */;


To

/*!40101 SET NAMES utf8 */;


Then I imported it to (make sure to use mysql instead of mysqldump and source the file, do not use "&lt;" to pass it from terminal):

mysql -u USER -p DB -h HOST

mysql&gt; source utf8.dump


After this, all my data was correctly encoded and stored as UTF-8 (e.g. hÃ©t -> hét)