Chances are you have likely heard of Bunq, a pioneering force in the neobanking realm, promising a fresh perspective on modern banking.
Founded in 2012 and headquartered in Amsterdam, Netherlands, Bunq has distinguished itself with a strong emphasis on innovation and user empowerment. With a significant growth, currently boasting over 11 million users across 27 countries.
At the core of Bunq’s appeal is its commitment to transparency and sustainability. The bank allows users to allocate their money into various personal and group accounts called “pockets,” enabling efficient budgeting and expense management.
Moreover, Bunq distinguishes itself through its eco-friendly initiatives, such as planting a tree for every €100 spent using its Green Card and supporting sustainable banking practices. This commitment to environmental responsibility resonates strongly with socially conscious consumers seeking ethical banking alternatives.
Overview
Bunq’s features include fee-free transactions within the Eurozone, real-time payment notifications, and an intuitive mobile app that facilitates seamless banking operations on the go. The app’s design prioritizes simplicity and functionality, catering to tech-savvy users who value efficiency and control over their finances.
In addition, Bunq stands out in the digital banking landscape for its innovative approach, user-centric design, and dedication to sustainability. Whether you’re looking for flexible account management, transparent banking practices, or eco-friendly financial solutions, Bunq offers a compelling choice for those embracing the future of banking.
Founded with a clear mission to empower users, Bunq offers a range of unique features that cater to individual financial needs.
Bunq distinguishes itself further with a transparent fee structure, including fee-free transactions within the Eurozone, which appeals to users who frequently travel or conduct cross-border transactions. Real-time payment notifications and a user-friendly mobile app enhance convenience and accessibility, ensuring that banking operations are seamless and effortless.
Pros and Cons
Pros
- Earn up to 2.46% interest on your deposits
- 1 tree planted per €1000 spent
- Free credit card
- Partnered with Wise
- Dutch banking licensed
- Operates as a licensed bank
- Robust in-app security measures
Cons
- No free ATM withdrawals for free plans
- Cashback only available in paid plans
- Only works with Euros
- Response times from customer service can be slow
Account Types
With Bunq, you have five options for current accounts:
- Easy Card: free of charge
- Easy Savings: free of charge
- Easy Bank: €3.99/month
- Easy Bank Pro: €9.99/month
- Easy Bank Pro XL: €18.99/month
- Business: has the same plans as the personal options
The Easy Card plan comes with:
- 1 physical card for €9.99/year and 1 virtual card
- Free credit card
- €2.99 for each ATM withdrawal
- Chance of winning daily prizes
- Earn up to 2.46% interest on your deposits
- Joint savings accounts and spending insights
- 1 tree planted per €1000 spent
The Easy Savings plan comes with:
- 1 physical card for €9.99/year and 1 virtual card
- Free credit card
- €2.99 for each ATM withdrawal
- Chance of winning daily prizes
- Earn up to 2.46% interest on your deposits
- Joint savings accounts and spending insights
- 1 tree planted per €1000 spent
The Easy Bank plan comes with:
- 1 free physical card and free credit card
- €0.99 for the first 5 ATM withdrawals (and €2.99 after that)
- Chance of winning daily prizes
- Earn up to 2.46% interest on your deposits
- Joint savings accounts and spending insights
- 1 tree planted per €1000 spent
- In-store deposits and instant payments
- Scheduled payments and requests
- Mastercard with your choosen name
- Wise available
The Easy Bank Pro plan comes with:
- 3 free physical cards and 26 free credit card
- 6 fee-free ATM withdrawals (and €0.99 for the next 5 and €2.99 after that)
- Chance of winning daily prizes
- Better exchange rates abroad
- Local IBANs and local currencies available
- Earn up to 2.46% interest on your deposits
- Earn up to 3.71% interest by saving in USD/GBP
- Get up to 2% cashback for eligible payments
- Joint savings accounts and spending insights
- 1 tree planted per €1000 spent
- Loyalty cards available
- In-store deposits and instant payments
- Scheduled payments and requests
- Mastercard with your choosen name
- Wise available
The Easy Bank Pro XL plan comes with:
- 3 free physical cards and 26 free credit card
- 6 fee-free ATM withdrawals (and €0.99 for the next 5 and €2.99 after that)
- Chance of winning daily prizes
- Worldwide travel insurance
- Better exchange rates abroad
- Local IBANs and local currencies available
- Earn up to 2.46% interest on your deposits
- Earn up to 3.71% interest by saving in USD/GBP
- Get up to 2% cashback for eligible payments
- Joint savings accounts and spending insights
- Priority support
- 1 tree planted per €100 spent
- Earn more cashback and trees with friends
- Loyalty cards available
- In-store deposits and instant payments
- Scheduled payments and requests
- Mastercard with your choosen name
- Wise available
How to open an account
Creating a Bunq account is quick and easy. It entirely runs on the mobile application.
Firstly, visit the homepage of Bunq and enter your phone number to receive an invite link via SMS. You can click on the invite, download the mobile app from the Google Play store and Apple store, and sign up. The entire process takes less than 5 minutes.
Secondly, all you need is a good internet connection and a working smartphone to set up your account on the bunq mobile app. Enter your details like full name, email address, etc. You also need to perform an identity check by providing a document such as a national ID. If you are a minor, your bunq account needs to be approved by a parent or legal representative who also has a bunq account.
Finally, once the verification process is completed, you can deposit money with a bank transfer, credit card, debit card. Cash deposits are also allowed in very few countries.
The Bunq Card
No matter which account you choose, your Bunq card will be a debit/credit Mastercard or a debit Maestro, which you can use to make purchases around the world wherever Mastercard is accepted.
- Bunq Easy Card and Easy Savings customers pay €9.99/year per physical card requested and can only get 1 free virtual credit card
- As an Bunq Easy Bank customer, you’ll get 1 free physical card and also 1 free virtual credit card
- Bunq Easy Bank Pro and Easy Bank Pro XL customers can receive up to 3 free physical cards and also up to 26 free virtual credit cards.
Likewise, you can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
In addition, you can have more than one card and they can be physical, virtual or disposable. Furthermore, you can match personalyse the card and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
International Money Transfer Fees
Bunq charge exchange markups, so you will need to pay a small conversion fees (0.5%).
Unless you have Bunq ZeroFX (only available for Easy Bank Pro and Easy Bank Pro XL members), you can enjoy the freedom of paying abroad without currency exchange fees.
Cash Withdrawal Fees
For cash withdrawals, ‘Easy Card’ and ‘Easy Savings’ account holders will be charged €2.99 for each ATM withdrawal withdraw up to 3 free ATM withdrawals per month without fees.
‘Easy Bank’ account holders can withdraw up to 5 ATM withdrawals per month paying €0.99 (and €2.99 after that).
On the other side, ‘Easy Bank Pro’ and ‘Easy Bank Pro XL’ have the same conditions with you getting 6 fee-free ATM withdrawals (and €0.99 for the next 5 and €2.99 after that).
Since Bunq doesn’t have branches or ATMs, you’d need to use an external source to deposit cash to your account. Luckily there are some companies that can help you do this.
However, the first €100 deposited each (billing) month is free, then there’s a 2,5% fee on the total amount above that. You’ll be charged this in your monthly invoice.
Safety Measures
If you’re yet to open an account with a neobanking app, you might be concerned about the safety of your money. With that said, your money is 100% safe up to the first €100,000.
The reason for this is that Bunq holds a Dutch banking license, meaning that it falls within the remit of the Deposit Guarantee Scheme. As the scheme is backed by the Dutch National Bank, all deposits of up to €100,000 would be covered even if Bunq went out of business.
Also, in terms of keeping your account safe, you get a number of security controls. At the forefront of this is a requirement to enter your PIN every time you wish to log in to your account.
Furthermore, you also have the option of freezing your debit card if you misplace it. This gives you enough time to look for the card before reporting it as stolen. If you are lucky enough to recover the card, you can simply unfreeze it from within the app.
Supported Countries
Bunq offers its cards and accounts to customers in several countries, such as Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.
This broad availability means that if you reside in any of these countries, you can easily open an account and access Bunq wide array of financial services.
Costumer Service
To reach Bunq customer service, you can use the in-app chat or phone line, which are available 24/7. For Easy Bank Pro XL plan you get priority support, ensuring faster response times.
Bottom line
In conclusion, Bunq has emerged as a distinctive neobank, establishing a strong presence in the digital banking sector. With its origins in Amsterdam, Bunq has consistently focused on innovation, user empowerment, and sustainability, making it an attractive choice for today’s discerning consumers.
Bunq stands out with its unique and flexible banking solutions, such as the ability to create multiple accounts with individual IBANs, known as “pockets.” This feature allows users to manage their finances efficiently, offering a level of customization that is particularly appealing for those who prioritize detailed financial organization. The bank’s commitment to transparency is reflected in its fee structure, with fee-free transactions within the Eurozone further enhancing its appeal.
Despite these strengths, Bunq does come with some limitations. The bank’s subscription-based model might not suit all users, and some advanced features are only available with higher-tier plans. Additionally, while Bunq offers robust banking services, it might lack some traditional banking features and broader service accessibility that certain customers seek.
Nevertheless, Bunq’s focus on sustainability, innovation, and user-centric design ensures it remains a strong contender in the neobank space. Its dedication to promoting eco-friendly practices, such as planting a tree for every €100 spent with its Green Card, underscores its commitment to environmental responsibility, resonating with socially conscious consumers.
To sum up, whether you’re looking for a highly customizable and efficient banking experience, seamless Eurozone transactions, or eco-friendly financial solutions, Bunq provides a versatile and innovative option tailored to the needs of modern consumers.
