Bunq is a European bank that offers instant SEPA transfers, a dedicated local IBAN in the Netherlands, Germany, France, Ireland, and Spain, and up to 25 subaccounts on the multicurrency accounts. You can open a personal account, joint account or a business account and get up to 10 free ATM withdrawals worldwide. In addition, Bunq has partnered with Wise, a low-cost and transparent money transfer service for international money transfers.
Based on reviews from experienced Bunq users, here are some things to keep in mind:
- Being an online bank, Bunq is not reachable by phone. If you have an urgent matter, you will need to contact support through the app. They typically respond within one day.
- While it is generally safe to have Bunq as your only bank account, there have been cases of banks, including Bunq, blocking accounts for suspectious activities. This is important to be aware of, especially if you receive or send large amounts of money on a regular basis.
- Interest rates on Bunq savings accounts differ by country. For example, the rate on the website of 2.46% applies for account holders in the Netherlands while in France it is 1.5%. Funds in the savings accounts can only be withdrawn from twice a month. This is something to keep in mind if you need to access your savings money frequently.
- 1 Key Bunq Features
- 2 How to Sign Up for Bunq Account
- 3 How Does Bunq Work?
- 4 Bunq Account Types
- 5 Bunq Card
- 6 Bunq Virtual Credit Card
- 7 Bunq Fees
- 8 Bunq Supported Countries
- 9 Bunq Customer Support and Supported Languages
- 10 Is Bunq Safe and Legit?
- 11 Bunq Alternatives
- 12 Bunq: A Safe and Convenient Online Bank for Europe
- 13 Bunq FAQs
Key Bunq Features
The following at the best Bunq features.
- Multicurrency account: You can send, receive, convert, hold, and spend in dollars, pounds, Swiss francs, Poland złoty, and Bulgarian leva. You can also open a multicurrency savings account whose interest rate vary by country.
- Credit card: Bunq is one of the few online banks that offers credit cards, which you can use for hotel, apartments, car rental, etc.
- Auto-Save: Bunq rounds up each payment and automatically invests it towards your savings account, with 2.46% interest. If you pay €3.20 for a sandwich, for instance, you will save 80 cents.
- Secondary PIN: You can add a second PIN to your bunq card and spend from 2 different subaccounts, such as mortgage or insurance, using the same card. You can use the secondary PIN to pay bills from different subaccounts, but with the same card.
- In-app CVC Code: With Bunq, your CVC code is in the app instead of on your card, so you’re the only one with access to it. You can also set up the auto-update setting for your CVC code, and this will change every 5 minutes.
- Payment Sorter: Bunq automatically sends your salary to the right subaccounts (each with its own IBAN) you have selected every month for easy budgeting.
- International Transfers: You can send money across the world 8x cheaper than any other bank due to Bunq’s integration with Wise, which offers real exchange rate.
How to Sign Up for Bunq Account
You can open bunq bank account in just 5 minutes. No paperwork is required, and you even don’t need to visit a branch. You just need to down bunq app from Google Play Store or App Store or visit their website and fill out your phone number. You need to be at least 18 years old to open bunq account. Children below 18 years can open a bunq with permission of their parents.
Once you have signed up, you need to wait for the account to be approved. Your debit card will be shipped to your location for free. Once you have opened bunq account, you can fund it using a bank transfer debit card, credit card or Ideal in the Netherlands or Sofort. Bunq cash top-ups are supported only in Germany, Italy and Austria.
Bunq German IBAN / Bunq French IBAN
- On April 22, 2021, bunq became is the first online bank outside of Germany to offer German IBANs. For now, bunq IBAN for German account holders is available for new account holders with Personal accounts. The bank has also started offering French IBAN. You can now fully integrate your Bunq account with a compatible RIB because of the new French IBANs.
How Does Bunq Work?
Once you have signed up, verified and activated your bunq bank account, you can view it in bunq app. You can then see the IBAN and the additional pointers to your bank account. The first bunq account you create will have a local IBAN of your country if you live in the Netherlands, Germany, Ireland, Spain or France. If your bunq country is not any of the above, you will get an NL IBAN by default. You can create new subaccounts, which each gets its own IBAN. You can view all your subaccounts from the main screen of bunq app. Local IBANs (NL, DE, IE, ES. FR) are available to everyone depending on the plan they have chosen. Savings and Investment accounts can create a new subaccount with its own IBAN.
You can use the Bunq mobile app to open and verify an account in a few minutes. When you make a transaction, you will be receiving instant notifications. You can also use the app to create virtual cards or request a refund when a payment is declined.
Bunq Account Types
Bunq offers three accounts; personal accounts, joint accounts and business accounts.
Opening Bunq Easy Travel account is no longer possible.
Bunq Personal Accounts
You can use your bunq personal account to make instant transfers and international transfers. You get to enjoy a 30-day free trial of the four plans, and you can switch or cancel your plan anytime. Bunq personal account offers four plans that include Easy Green, Easy Money, Easy Bank and Easy Savings. Some of the benefits of using bunq personal accounts are:
- Budget with up to 25 subaccounts
- Spend and save in 16 currencies
- Get 5 EU IBANs that include NL, DE, ES, FR & IE IBANs
The following are some of the personal account plans you can open with bunq:
- Easy Savings. It is a free account that allows you to earn interest. However, you can only withdraw funds twice a month.
- Easy Bank. This plan helps you save money and time with instant payments. It costs €2.99 per month.
- Easy Money. This plan helps you to budget, save and bank like a local with multiple EU IBANs in over 15 different currencies. It costs €8.99 per month.
- Easy Green. This account is dedicated to making the world become CO2-free in just 2 years with zero effort. For every €100 you spend, bunq plants a tree in Kenya and Madagascar. It costs €17.99 per month.
Bunq Joint Accounts
You can open a bunq joint account for both personal and business accounts and manage finances with another person. You will both have equal access to bunq account, and you can make easy payments together. The joint account can be created right from your personal account. Once you create a joint account, you will be issued with 2 cards, either supported by MasterCard or Maestro Card.
Personal bunq joint account costs €2.99 per month for Easy Savings plan, €8.99 per month for Easy Money plan, and €17.99 per month for Easy Green plans while the Easy Savings plan is free. Business bunq joint account costs €6.99 per month for Easy Savings plan, €12.99 per month for Easy Money plan, and €22.99 per month for Easy Green plans while the Easy Savings plan is free.
Bunq True Name: For many in the LGBTQIA+ community, the name on their card does not reflect their true identity. Bunq True Name cards allow users to choose to display their preferred first name. True Name initiative intends to help everyone show their true identity, especially the transgender and non-binary communities.
Bunq Business Banking
You can also open bunq business account for your business. For example, if you are a freelancer, you can use bunq business account to receive or pay your employees. Some of the features you will get from bunq business include easy budgeting, multiple cards, bunq payment links while you can also automate and simplify your VAT.
Bunq app will be sending bank statements to your bookkeeper automatically. As such, you will never have to look for old records. You can also integrate your favorite bookkeeping software with bunq and save a lot of time. Bunq business account has four plans; Easy Savings plan that is free, Easy Bank plans for €6.99 per month, Easy Money plan for €12.99 per month and Easy Green plan for €22.99 per month.
Bunq card is an official credit card, which means it comes without the risk of falling into debt. This allows you to use it to the full extent as a normal credit card without the possibility of financial burden. Bunq credit cards offer a number of benefits, such as building credit, being widely accepted by merchants around the world, and being required by many car rental companies.
Some international merchants might not accept the card, however, according to EU’s regulations, the bunq Mastercard credit should be accepted. The bank is no longer offering Bunq Travel Card.
Bunq offers several different types of cards you can choose from. You need to prepay 1 year for Easy Green or 2 years of Easy Money plan to get Bunq metal card. With an Easy Money or an Easy Green plan, you can order any combination of the following cards:
- Mastercard and Maestro card. Maestro is commonly used in Europe, especially useful for paying in stores in the Netherlands and Belgium.
- DigiCard. A Bunq virtual card that you can order online and activate in seconds.
- Metal card. With a prepayment of your plan for 12 (Easy Money) or 24 (Easy Green) months, you can get a beautiful Metal card for free.
Bunq Virtual Credit Card
You can create bunq virtual cards and easily protect your physical card’s details. You can create a new virtual card or delete a virtual credit card if you suspect its security is compromised. Your virtual credit cards can be used for all your online purchases. Bunq virtual cards are supported by MasterCard.
With an Easy Money or Easy Green account, you can get up to 25 free virtual credit cards. For a personal account, you can create Easy Green virtual credit card for €17.99 per month or Easy Money credit card for €8.99 per month. With a business account, you can create Easy Green virtual account for €22.99 per month or Easy Money virtual account for €12.99 per month.
|Monthly Fee (Personal)
|Monthly Fee (Business)
|Bunq Easy Green
|Bunq Easy Money
|Bunq Easy Bank
|Bunq Easy Savings
Other Bunq fees you should expect are the following:
- Debit and credit cards: €9.00 per card every year
- Green card: €99.00 per year
- Cash withdrawals: €0.99 per withdrawal
- Sending money in euro and to SEPA countries is free for Personal and joint accounts. Business account holders pay €0.10.
- Receiving money from a bank in non-SEPA countries costs between €5 and €20
- You will pay Wise fees for international money transfers when using a Personal account or a Joint account. Business account holders need to pay an extra €0.10 per transaction.
Bunq Supported Countries
Bunq is supported in all the EU countries. The following are some of the Bunq countries: Netherlands, Belgium, Ireland, the UK, Norway, Iceland, France, Germany, Austria, Spain, Italy, Romania, Lithuania, Luxembourg, Bulgaria, Denmark, Estonia, Finland, Croatia, Republic of Cyprus, Czech Republic, Greece, Hungary, Latvia, Poland, Portugal, Malta, Slovakia, Slovenia, and Sweden.
Bunq Customer Support and Supported Languages
Bunq offers customer support through email, primarily done through firstname.lastname@example.org, notifications, and in-app chat. Bunq does not offer phone support, but its customer support team is responsive and helpful. You can typically expect a response to your email within 24 hours, and in-app chat support is available during business hours.
Bunq offers customer support and banking services in five languages: English, French, German, Dutch, and Italian. This makes it a good choice for customers who live or work in Europe.
Is Bunq Safe and Legit?
Yes. Bunq is a legit and safe online bank with a European banking license from the Dutch Central Bank. Your money is protected up to €100,000 by the Dutch Deposit Guarantee Scheme (DGS). This means keeping up to 100,000 in your Bunq account should be fine if Bunq goes bankrupt.
Bunq also gives you 100% control of your bunq cards using an app. If you lose your card, you can freeze it, change its CVC or cancel it and order a new one.
Besides, any time you want to make payments, the app will ask you to verify payments. As such, if someone attempts to make payments using your card, you will be the first one to know. You can add an extra layer of security by adding face or fingerprint ID.
You can use these mobile banks as an alternative to Bunq.
Bunq: A Safe and Convenient Online Bank for Europe
Bunq is a digital bank that offers a wide range of services to individuals and businesses, including personal, joint, and business accounts; multi-currency savings accounts; instant SEPA transfers; and the ability to save and spend in 16 currencies. Bunq accounts come with dedicated local IBANs in the Netherlands, Germany, Ireland, Spain, and France, and customers receive up to 10 free ATM withdrawals per month. Bunq is a safe and reliable bank regulated by the Dutch Central Bank (DNB).
Is Bunq available in Canada?
No, Bunq is not available in Canada at the moment.
Is Bunq safe?
Yes, Bunq is a safe bank. It is a Dutch bank that is regulated by the Dutch Central Bank (DNB), which that your money is protected up to €100,000 by the Dutch Deposit Guarantee Scheme.
Is Bunq available in UK?
No, Bunq is no longer available in the UK. You can open Bunq account if you are a resident in the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Lichtenstein, Luxembourg, Malta, the Netherlands, Norway, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
Is Bunq a real bank?
Yes, Bunq is a real bank that was founded in 2012. It is authorized by the Dutch Central Bank (DNB) and your deposits are protected by the DNB Deposit Guarantee Scheme. It is an online bank that does not have any physical branches.