Bunq review

Introducing Bunq

Hailing from the vibrant city of Amsterdam, Bunq has earned its reputation as one of the most forward-thinking mobile banks in the industry. Offering customers the flexibility to create up to 25 sub-accounts, along with the provision of three physical cards and five virtual debit Mastercards, Bunq distinguishes itself as a bank that adapts to the ever-evolving needs of its users.

Notably, Bunq proudly touts itself as the “Bank of the free.” Beyond its banking services, the institution is actively engaged in combating climate change. It provides customers with the opportunity to reduce their carbon footprint while making everyday purchases. In this comprehensive Bunq review, we delve into its features, account types, plans, and products.

Is Bunq Secure?

Bunq Bank takes rigorous security measures to safeguard customer data and funds. As a licensed European bank, user deposits of up to €100,000 per account are protected by the Dutch Deposit Guarantee. Advanced security protocols, including two-factor authentication, ensure robust protection for user assets and personal information. Bunq also employs vigilant account activity monitoring and immediate reporting of any irregularities.

Should a card be lost or misplaced, users can swiftly freeze or unfreeze their cards through the Bunq mobile app.

Platform & Features

Bunq exclusively operates via its mobile app, eliminating the need for in-person visits or paper forms. The account verification process is seamless and efficient, entirely conducted within the app. This mobile-first approach ensures accessibility and ease of use, obviating the requirement for desktop access.

Banking Features

Bunq empowers customers with the ability to create multiple bank accounts tailored to their distinct needs. Key features include:

• Instant account creation with unique Bunq Account Numbers (IBANs).
• Convenient creation of up to 25 sub-accounts via the mobile app.
• Cost-effective international money transfers in partnership with Wise.
• Quick setup of personal payment links through bunq.me for easy fund transfers.
• Integration with Apple Pay and Google Pay for secure transactions.
• In-app card control, enabling foreign payments, CVC code management, card blocking/unblocking, and virtual card creation.
• Savings goals to plan for future purchases, shareable with friends and family.
• ‘Auto save’ option, rounding off payments to €1, €2, or €5 to accelerate savings.
• Attractive interest rates, 27 times higher than traditional banks, across all account types.

Bunq Business

In addition to personal accounts, Bunq offers a dedicated Business account tailored for entrepreneurs and freelancers.

Pros:

• Green Initiatives: Bunq’s “Green Card” aligns with sustainability efforts.
• User Experience: Exceptional user experience across the app and browser.
• Card Variety: Maestro debit and MasterCard debit cards come standard.

Cons:

• Payment Fees: Charges apply when receiving payments from non-SEPA banks.
• Additional Fees: Some supplementary charges may be applicable.
• Subscription-Only: No free limited account options; all accounts require a subscription.

Features

Bunq Business accounts come equipped with 25 sub-accounts, three cards (credit or debit), and automation software for streamlining financial tasks. Notably, the Bunq app simplifies the process of sending bank statements to bookkeepers, maintaining VAT records, and categorizing incoming payments into sub-accounts.

Fees

Bunq levies fees beyond the monthly subscription, yet their transparent pricing structure alleviates concerns. Card fees vary, with foreign payments calculated at the MasterCard exchange rate. Credit card withdrawals in foreign currencies or euros incur a €0.99 fee per withdrawal. However, card payments in euros remain free.

Bunq offers several subscription tiers for Business accounts:

• Easy Green Business: €22.99/month
• Easy Money Business: €12.99/month
• Easy Bank Business: €6.99/month
• Easy Savings Business: Free

Fees & Commissions

Bunq Bank maintains a clear and open fee structure, without hidden charges. Let’s examine the various fees users may encounter:

Subscription Fees

Personal Plans:

• Easy Savings - Free
• Easy Bank - €2.99 per month
• Easy Money - €8.99 per month
• Easy Green - €17.99 per month

Business Plans:

• Easy Savings - Free
• Easy Bank - €6.99 per month
• Easy Money - €12.99 per month
• Easy Green - €22.99 per month

Card Fees

• Master credit and debit cards: €9.00 per year
• Bunq Green card: €99.00 per year
• Cash withdrawals with a debit card in foreign currency: €0.99 per withdrawal
• Cash withdrawals with a credit card (euros or foreign currency): €0.99 per withdrawal
• Card payments in euros: No fees; foreign payments at MasterCard exchange rates

Fees for Sending and Receiving Money

• Premium and joint users enjoy free euro transactions within the SEPA network.
• Business account users incur a €0.10 fee per transaction for euro transfers within the SEPA network.
• International fund transfers for premium and joint users follow Wise rates, with an additional €0.10 fee for business account users.
• Receiving money outside the SEPA network carries a fee ranging from €5 to €20, depending on the amount.

Additional Fees

• High-balance accounts may be subject to a ‘safekeeping’ fee to secure funds at the European Central Bank.
• Additional sub-accounts and cards may incur supplementary charges.
• Exceeding the initial €100 deposit limit results in a fee equal to 1