Bunq is a European bank that offers multicurrency account, instant SEPA transfers, cheap international card payments, travel card and a dedicated IBAN from Netherlands, France or Germany. It has a user-friendly app that you can use to transact. All their accounts come with 10 free ATM withdrawals. It is worth noting that Bunq does not support multicurrency. Instead, it only supports EUR. You can open a personal account, joint account, or business account.
Bunq has partnered with Wise, a low-cost and transparent money transfer service for international money transfers. It does not have hidden fees and uses mid-market exchange rates.
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How to Sign Up for Bunq Account
To sign up for a Bunq account, you need to be at least 18 years of age and have an ID and proof of address. Children aged 18 years can also open Bunq accounts if it is approved by their parents who must also have a Bunq account. You can sign up on Bunq website or using Bunq mobile app. After opening an account, you need to wait until your account is approved. You will have your debit card shipped to your location for free. However, if you sign up for a Bunq travel card, you need to pay a shipping fee of €9.99.
After opening the account, you can fund it using bank transfer, debit card, credit card, iDeal in 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.
Bunq Features
The following at the best Bunq features.
- Multicurrency account. You can send, receive, convert, hold and spend in dollars, pounds, Swiss franc, Poland złoty and Bulgarian levin.
- Auto-Save. With Auto-Save, you effortlessly save money without thinking about it. Bunq rounds up each payment and invests it towards your savings goal automatically. Paid €3.20 for a sandwich? Congrats, you just saved 80 cents.
- Dual PIN. You can use 1 card for different sub-accounts. Simply choose 2 PIN codes. For example, when you use one of them, you pay from your Groceries account. When you use the second PIN code, the money automatically goes from your Restaurants account.
- 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. Incoming payment? Bunq automatically sends your salary to the right sub-accounts every month. You now can enjoy easy budgeting so you never have to think about it. Set it up once, and that’s it.
- International Transfers. Did you know you can send money across the world 8x cheaper than any other bank. Due to Bunq integration with Wise, you can safely send money to 39 supported currencies and always get the real exchange rate. This saves you money with no hidden fees.
- Bunq Travel Card powered by MasterCard and Maestro. You can use it when traveling for hotel reservations, car rental credit card deposit, and all other payments that require a deposit or a credit card without the risks of a credit card.
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 Premium Account
Bunq doesn’t have a free account. The personal premium account costs €7.99 per month, or €95.88 annually. With the account, you can make instant transfers and international transfers. It comes with budgeting features that help you split your bills. You can make contactless payments with Apple Pay and Google Pay. You can control your cards directly from the app since you can block or enable a card using the app. It also comes with virtual cards for online shopping.
The account offers:
- 5 virtual debit cards
- 10 free ATM withdrawals every month
- 1 Free debit or travel card replacement every year
- 25 sub-accounts
- €100 deposit every month
Bunq Joint Account
Bunq joint account costs €9.99 per month or €119.88 annually. The account comes with Bunq instant payments and international transfers. You can make contactless payments with Apple Pay and Google Pay. It comes with budgeting features that allow you to split your bills. It also offers virtual cards that you can use for online shopping. You will also be issued 2 cards that are support by either MasterCard or Maestro Card and a travel debit card.
The account offers all features of a Personal account. In addition, it offers:
- 4 cards both debit and travel cards
- Shared and private sub-accounts
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 Account Review
If you have a business, you can open a business account with bunq. However, you need to run a legitimate business in Bunq business account countries. You also need to be permanently residing in the country where your business is registered. Bunq business account costs €9.99 per month and €119.88 per year. It comes with features like auto VAT calculation, instant payments, bulk payments. You can integrate the account with bookkeeping apps. You can also scan, tag, or archive receipts. You can add or remove employees or directors who can access the subaccounts. You will also be issued 2 cards that are support by either MasterCard or Maestro Card and a travel debit card.
The Bunq business account offers:
- 5 virtual debit cards
- 10 free ATM withdrawals every month
- 1 free debit or travel card replacement every year
- 25 sub-accounts
- €100 deposit every month
- Inbuilt bookkeeping feature that is synchronized with your business transactions
- SEPA XML files execution
Bunq Card
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. Some international merchants might not accept the card, however, according to EU’s regulations, the bunq Mastercard credit should be accepted.
Bunq offers several different types of cards you can choose from. With an Easy Money or an Easy Green plan, you can order any combination of the following cards:
- Travel card. Perfect for payments abroad, as it is a Mastercard widely accepted by merchants all over the world.
- Maestro Debit card. 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 Travel Card Review
Bunq account comes with a Travel card that is powered by MasterCard. Bunq Travel card is not as a standalone product, it comes with your Bunq account. Bunq Travel card is €9.99 per Travel card (maximum 1 card). You can use the Bunq travel card to shop when traveling or pay car rental deposit or hotel reservation. Bunq ensures that you have a sufficient balance in your account when you use the card to shop. This prevents users from accruing huge debts when using cards to shop.
Easy Travel plan is no longer available, however you can still order a Travel card with other Bunq plans. Some car rental had issues with accepting Bunq Travel Card as a “credit card”. The good news is that Bunq has worked with MasterCard to solve this issue so all Bunq users can easily rent a car anywhere using Bunq card.
Bunq Virtual Card Review
Bunq offers virtual cards that you can use for online shopping. You can open up to 5 virtual cards with easyMoney and easyGreen for free. In addition, you will still get 3 physical cards. It costs €9.99 to add 5 virtual cards to your account. A virtual card helps to secure your banking information and you can delete and create a new virtual card if you suspect your privacy has been compromised. You can change the daily limit for Bunq virtual cards using Bunq app.
Bunq App Review
You can download the Bunq app from Google Play Store or App Store. You can use the app to open and verify an account in 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 Fees
Bunq will new prices for Bunq business accounts from 12 July, 2022.
- Easy Green Business: €20.99 –> €22.99/month
- Easy Money Business: €10.99 –> €12.99/month
- Easy Bank Business: €4.99 –> €6.99/month
- Easy Savings Business remains free
You can expect the following fees when using Bunq.
- 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.
You can see all Bunq fees here.
Bunq Supported Countries
Bunq countries are in Europe. They include the Netherlands, Germany, Austria, Italy, Spain, France, Belgium, Ireland, Bulgaria, Croatia, Slovenia, Republic of Cyprus, Finland, Greece, Hungary, Latvia, Lithuania, Luxembourg, Malta, Norway, Poland, Portugal, Romania, Slovakia, Estonia, Sweden, Czech Republic, the United Kingdom, Denmark, and Iceland.
Bunq Customer Support
You can contact Bunq through support@bunq.com. It does not offer customer support over the phone. Customer support is done through emails, notifications and in-app customer support.
Bunq Supported Languages
Bunq offers customer support and banking services in 5 languages. They include English, French, German, Dutch and Italian.
Is Bunq Safe?
Bunq banking license is from the Dutch Central Bank. Customers’ funds are protected under the Dutch Deposit Guarantee up to 100,000 euros. It also used two-factor authentication to keep your banking information safe. However, it is important that you keep a close eye on your account and report any anomalies immediately.
Bunq Alternatives
You can use these mobile banks as an alternative to Bunq.
Final Word
Although Bunq does not offer a free account, it is a great option for travelers. It offers SEPA transfers, cheap international transfers while your money and banking details are secure. You can use Bunq mobile banking app for your banking needs whole you can use it to block or unblock a card.
