Bunq Online Bank Review - Best Cards -Instant Sepa Money Transfer & More

Bunq for Business and Personal Banking: Complete Review (2024) 

Feeling fed up with the sluggish and complex procedures? Craving a swift, straightforward, and manageable current account? Look no further than bunq, a Dutch bank that provides an outstanding service for a wide range of clients: whether you're looking for an account to improve your financial management, to gain interest on your savings, or simply seeking a reliable bank.

Bunq offers three different account options, allowing its customers to decide what suits them best. As a mobile bank, it's fast to set up and simple to navigate, featuring a modern app and a variety of beneficial features. This flexibility means each user can tailor their account to their specific needs. Features like Google Pay and Apple Pay are standard, but traditional SEPA transfers and recurring orders are also available. With the MasterCard (or Maestro) included, customers can easily withdraw cash from ATMs or make purchases with their card. Therefore, the bunq current account is designed to meet all your financial needs.

What is the price of the account? What are the necessary steps to set up an account? What additional benefits does it offer?

In this piece, we discuss our personal experiences and share our views on Bunq's customer service.

Bunq card

Bunq Account: The aspects we preferred the most

On October 14, 2022, we set up a bunq Easy Green account with bunq. Since then, we've been utilizing the Dutch neobank's account for nearly a year. Here are the top features we enjoyed the most.

• Mastercard debit card for each account: unlike other online banks such as Revolut, with bunq, you have the unique ability to rent a car using your card.
• Present account with ASNEF: in contrast to Openbank, bunq is not compatible with the document.
•  No-cost high-yield savings account (3.36% annual percentage rate as of July 22, 2024)

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Our view of bunq in a nutshell

          bunq

Speed: 5.0

Score: 4.0

Costs: 3.5

Features: 5.0

RATING

4.3 / 5

⭐⭐⭐⭐

08/2024

• Start a new current account in just a few minutes using MasterCard
• Offers 3 cards (1 Maestro, 2 MasterCard), 5 digital cards, and 25 (!) IBAN accounts
• No ASNEF required (since 08/21)
• Access banking through a user-friendly app, Google Pay, Apple Pay, and excellent customer support
  
  

  Go to bunq »

Advantages and disadvantages of bunq at a glance

Advantages

• Quick account setup: Out of the companies reviewed, bunq's process for setting up an account was the quickest. You can log in to your account in just 12 minutes.
• Convenient banking: The bunq app boasts a 4.3-star rating on Google and is capable of handling all banking tasks. Banking is just a tap away.
• Variety of account options: Easy Bank (€2.99/month), Easy Money (€8.99/month), and Easy Green (€17.99/month) offer a variety of account types, each with different features, to choose from.
• Support in multiple languages: The bunq app is available in 7 languages and customer support is available in the same languages. Additionally, it supports 25 IBAN numbers per account, showcasing its diversity.
• No credit history checks with ASNEF: According to bunq's privacy policy, they do not use ANSEF, allowing you to open an account without having your credit history reviewed. This also applies to KSV 1870.
• Interest on savings: The savings account, known as "MassInterest", currently offers a 3.36% interest rate, as of spring 2024.

Disadvantages

• Costs involved: Every account comes with a one-time or monthly charge. Nonetheless, bunq provides a complimentary trial period to try out the account.
• Avoiding overdrafts: Overdrafts are not an option with bunq. You're only allowed to spend what you have.
• No borrowing: Should you require funds, you must obtain a loan from a different bank. Nonetheless, the debit card is an excellent option for prepaid credit card usage.
• Introducing bunq: As a relatively new bank, the bunq app might occasionally encounter technical issues.
• Expenses: With numerous appealing features, it can be challenging to distinguish between what's complimentary and what's not. Therefore, it's advisable to review the fee summary thoroughly.

What type o account does bunq offer?

Bunq provides three distinct account categories, designed for both personal and commercial clients. These categories are named bunq Easy Bank, bunq Easy Money, and bunq Easy Green. Each account type offers unique features. For those seeking a budget-friendly option, bunq Easy Bank, available for €2.99 monthly, is an excellent choice, particularly for those who prefer to manage their finances independently or for frequent travelers. On the other hand, bunq Easy Green is ideal for tech-savvy users who value digital solutions.

Here is a brief overview of the key benefits of each account for individuals:

Account	Easy Bank	Easy Money	Easy Green
Cards	Maximum 1 Travel Card	3 (Maestro, Debit MasterCard and Travel Card)	4 (Metal Card*, Maestro, Debit, MasterCard and Travel Card)
SEPA payments	✅	✅	✅
Cash Withdrawals	0.99€ per withdrawal	4 per month	4 per month
Online cards	❌	5 (Debit)	5 (Debit)
Instant payments	✅	✅	✅
Monthly costs	€ 3.99	€ 9.99	€ 18.99
Costs per year	€ 47.88	€ 119.88	€ 227.88
Subaccounts	❌	25	25
Suitable for	As a prepaid card or as a second account	Common use	Power User

The Metal Card from Bunq is only accessible through Easy Green if you opt for a yearly membership, meaning you pay in full upfront. The remaining details are derived from our studies, though they might change due to fluctuations in Bunq's pricing or modifications to their services. The most recent adjustment to Bunq's rates or fees, which occurred with the release of Bunq Update 17, is already reflected in the table. These charges will take effect from August 1, 2021.

The various card options for Easy Money and Easy Green accounts include a Maestro card, a Mastercard debit card, and a Travel Card, which is classified as a Mastercard credit card. For premium customers, there's a special Metal Card crafted from premium stainless steel.

The categories of cards that are part of the accounts or that can be added:

The Maestro card

The MasterCard debit card

The exclusive Metal Card

The top aspects of bunq accounts

bunq isn't merely a standard bank; it provides extensive benefits for millennials, parents, and independent professionals. We believe bunq distinguishes itself from other neobanks through:

• Its capabilities for dividing group payments
• its focus on community and sustainability
• the simplicity of creating sub-accounts for various needs, nations, or individuals

How to manage your accounts with bunq: A real-world guide

Bunq simplifies handling your finances with its features like bill splitting and Easy Budgeting, allowing you to establish savings targets and allocate funds to various accounts. Additionally, when dining out with friends, splitting the bill becomes a breeze: by selecting the "split" option on each bill, you can easily send the bill to others.

Understanding the overview of your accounts and spending can be a bit overwhelming, but you have the flexibility to tailor it to your needs. Personally, I chose to keep track of my three accounts: daily, savings, and my AED sub-account for my trip to Dubai. What I particularly appreciated was the ability to link my loyalty cards, eliminating the need to carry them in my wallet.

How to live eco-friendly with bunq: Here's my journey to sustainability with bunq

Bunq is a unique digital bank that makes it easy to live eco-friendly every day without extra effort: For every 100 euros you spend with your bunq card, a tree is planted.

Another aspect that sets bunq apart is its community feel: it motivates you to plant more trees by allowing you to join forces with friends and create your own forest.

If you're questioning whether spending money is the only way to be eco-friendly, the good news is, it's not! Bunq also offers interest on your savings, ensuring your money is invested in sustainable ways. Additionally, you have the option to set up a green investment account on your own.

My personal forest with bunq

Junior, holders of business and joint accounts

Whether you're starting a new venture, supporting your child, or simply dividing costs with your spouse, with bunq, you can create a secondary account in a matter of minutes, select its owner, and distribute the costs and expenses among them.

This functionality makes bunq a compelling option for individuals who are tech-savvy, freelancers, and parents in search of effective methods to handle their money.

Add your child to your bunq account

The full list of bunq features

If you want to take a look at all of bunq's features, here is our complete list:

	Explanation
bunq Pack	Using the bunq Pack, you're able to bring along a maximum of three individuals and split the expenses, meaning only the person who initially invited them will be responsible for the payment. For further information, please refer to bunq's pricing guide.
bunq Metal Card	Bunq claims that its Metal Card is "the trendiest, eco-friendly, and universally recognized metal card out there." It's certainly stylish.
MassInterest	Through MassInterest, you'll receive interest on your account balance as high as 10,000 euros. At present, the rate stands at 0.09%, which might seem low, but it's significantly higher than what you'd find at most other banks, which typically offer less than 0.01%. Update: Starting in March 2024, bunq will raise its interest rate to 3.36%
Connect	Through Connect, you have the ability to grant others permission to use your account. Connect serves as a secondary feature of the shared account, in a way, and is particularly suited for relatives.
bunq.to and bunq.me	Through bunq.to, you have the ability to transfer funds to individuals whose IBAN you are unfamiliar with. This is possible by requiring their mobile phone number or email address, enabling you to initiate a transaction. The person receiving the funds can then confirm their acceptance. With bunq.me, you can simultaneously send requests for payments to multiple individuals, for instance, after dining with a friend who still has an outstanding debt to you.
Loyalty cards	Starbucks, Bahn Bonus, Douglas, Miles&More, Zalando, and others – these loyalty cards are practically everywhere. At bunq, you can gather them all and earn loyalty points effortlessly as you shop or make payments.
Environment Bonus	Bunq automatically sows trees through your account. For every €100 you contribute, bunq sows a tree. Currently, bunq has sown over a million trees.
bunq App, bunq Web App, bunq Apple Watch App	No matter your location, you'll consistently have straightforward access to your bank account. You can utilize the website, the application on your smartphone, or the application on your Apple Watch.
bunq Account Change	In May 2021, it was announced that bunq is collaborating with Fintech Fino to provide a feature for automatic account transfers.
MasterCard True Name Feature	The "True Name" option enables individuals who identify as transgender or non-binary to use their preferred names on their credit and debit cards.
SOS Chat	For urgent situations, there's a round-the-clock emergency support chat feature (introduced with bunq update 17).
What's Friends 2.0	Share your travel adventures with your friends: from locations to activities to countries, and choose who gets to see this information. (Added in bunq update 17).
Easy Investments	Bunq offers the ability to automatically save small sums for investment in stocks, utilizing Birdee's platform (introduced with Bunq update 19).
API Banking	Bunq stands out among other banks by permitting API access to your accounts (also compatible with OAuth). For those who prefer to manage their accounts through APIs and development tools, bunq is the ideal choice.

Disabled or interrupted features

bunq +1: Joint account

Through bunq +1, you have the ability to add a friend to your account who isn't already on bunq, thereby establishing a shared account. Your friend will gain access to your account and will also receive their own card. (Note: This feature was disabled in bunq update 17)Bunq +1: Shared account

Bunq and accounts that pay interest: The returns you can receive from Bunq

If you're seeking an account that pays interest, Bunq provides you with a level of commitment. With a Bunq account, you're presented with three ways to grow your money and make it work for you:

• With Bunq, you can earn 3.36% interest on your deposits: meaning, without having to put your money to work, you'll start earning interest on the funds you've deposited.
• Opening a savings account: Bunq provides up to 3.36% interest on your savings, which are deposited monthly into your account.
• Opening an investment account: Bunq collaborates with broker Birdee, enabling you to establish an investment account and select a portfolio that suits your comfort with risk.

Below you will find the three options at a glance:

Earn interest on your bunq deposits

Earn interest on your bunq savings account

Earn interest by investing with an Easy Investment account

How can I open an account at bunq?

Getting started with bunq is easy. You can either begin on their website or get the app right from the App Store or Google Play Store (search for “bunq – bank of the free” on both platforms). To create an account, you need to fulfill the following criteria:

• You must be at least 18 years old, or have permission from a parent or guardian if you're a minor.
• A working mobile phone number and an email address are required.
• A passport or another recognized identity document is needed for identification purposes.

Now, it's time to set up your account. The initial step involves providing your mobile phone number, which verifies your commitment and authenticity. Following that, you'll be prompted to enter your name, birthdate, and gender. You'll receive a 6-digit code via text message or email, which you'll use to verify your login.

In the next phase, you need to prove who you are. To do this, you'll require:

• A recognized identity card or
• a recognized passport, and
• if needed, a proof of living document

Unlike a traditional ID at the post office, you can easily upload the document and verify your address information with it. Bunq will examine your application and proceed to activate the account based on your request.

In which countries can I set up a bunq account?

Bunq operates globally, making it accessible in nearly every European nation. This is made possible by its foundation in the "European Economic Area," which includes all regions that rely on the SEPA network for banking operations. This distinction sets it apart from the EU and Eurozone nations, for instance. Currently, bunq is accessible in the following countries:

Austria	Greece	Norway
Belgium	Italy	Portugal
Denmark	Ireland	Spain
Germany	Iceland	Sweden
England	Netherlands	France

For instance, in Switzerland, one cannot find bunq, nor can it be accessed in countries outside of Europe. In certain nations, like Poland, Romania, or Hungary, bunq is entirely inaccessible and is off-limits for use.

Experiences with bunq: Our evaluation conclusion

Speed: 5.0

The application process stood out for its ease and speed, thanks to the app.

You only need to provide the essential details: name, address, phone number, and email. Setting up an account is straightforward, and it's activated right after bunq verifies your identity.

With immediate transfers, the collaboration with Wise and its features like bunq.me, you'll have funds in your account ready to use right away. With Google Pay or Apple Pay, you won't have to wait for your credit cards to arrive in the mail, as they're directly linked to your phone.

Score: 4.0

Mobile banking through an application is completely operational, allowing you to manage all aspects from it. You're equipped with 3 credit cards, 5 online accounts, and a maximum of 25 IBANs for seamless financial control.

The key functionalities are completely satisfied by bunq. Nonetheless, we haven't awarded it 5 stars due to our belief that it misses crucial features typically found in a bank. For instance, it lacks the ability to move an account into overdraft, a feature present in Cashpresso. Additionally, it doesn't offer services like installment loans, mini-loans, or credit cards with credit limits.

Moreover, the extensive features aren't always complimentary, leading to unexpected fees. These charges are automatically applied to the account if there's sufficient credit available. However, if the account is low on funds, there's a time limit, and there have been reports of accounts being blocked or seized. We can't provide a more detailed assessment of this issue.

Hence, we rate the fundamental "account and card" functionalities with 4 out of 5 stars.

Costs: 3.5

All things have a cost, which is the reason you can't get a free bunq account. The most affordable option is the Easy Bank account, costing €2.99 monthly for basic banking services, which requires a one-time payment of €9.99 to start. Additional fees and charges may be incurred for activities like withdrawing cash or adding a card. This account is a newcomer to bunq, taking over from the Easy Travel account.

The Easy Money and Easy Green accounts, costing €8.99 and €17.99 monthly respectively, are not the most budget-friendly. For those who aren't tech-savvy, the Easy Money account might suffice. The main perk of the Easy Green account is the Metal Card, which comes with a 12-month commitment. Moreover, there's a CO2 bonus already included in Easy Green.

Nonetheless, if you're in search of a debit credit card account that's free, consider the Monese option. We rate it 3.5 out of 5 stars.

Features: 5.0

No bank offers as many diverse services for community banking as you might expect. Opening a joint account is a simple process, and you can easily split bills and transfer money to individuals with unknown IBANs - this is the essence of online banking.

The 25 sub-accounts and IBANs also play a crucial role in managing your money. Features like automatic savings rounding and interest on your account balance make saving money a bit more enjoyable. Loyalty cards are conveniently stored in one place, allowing you to accumulate points and earn interest through a single application.

Getting in touch with customer service is straightforward through messaging, and they get back to you promptly. The fact that the app is available in seven languages is a significant advantage. For more intricate questions, you might need to reach out to a specialist team, which is a common practice across all banks. The app is regularly updated, and new functionalities are introduced at bunq's keynotes, a practice similar to that of Apple.

Contact options

bunq Phone: Not available
Email: support@bunq.com
WhatsApp: Not available
LiveChat: Yes, in the app

Opening times

Monday to Friday: not specified
Saturday: not specified

What's the story behind bunq?

Bunq is a modern Dutch bank established in 2012 by Ali Nikham. It is authorized to operate by the Dutch Central Bank (DNB). At present, it provides its services in 30 nations, with its customers holding deposits exceeding 1.8 billion euros.

From its inception, bunq has been dedicated to growing its customer base and enhancing its offerings: initially, when it entered the Spanish market, it only had three types of current accounts available. Over time, it introduced a free savings account, its popular Wheel of Fortune game for daily prize wins, and additional features for tracking expenses and savings. Recently, in April 2023, bunq started the application process for a banking license in the United States.

bunq

bank of The Free

Name	bunq BV
Guy	Bank
Address	Naritaweg 131-133, 1043 BS Amsterdam, Netherlands
Web page	bunq.com
E-mail	support@bunq.com
Phone	There is no
WhatsApp	There is no
Schedules	not specified
Social media	Instagram Twitter Facebook
English support	No

How did we perform the bunq analysis?

In our examination, we evaluated every account model and estimated its annual usage expenses. We utilized the bunq application on Android (Google Play) and gathered insights from users across different platforms, including those in other European nations (such as the Netherlands). Furthermore, we reviewed the standard terms and conditions, privacy policies, the pricing and service overview, and the details regarding the fees for bunq Easy Green Personal and bunq Easy Green Money as of July 7, 2022.

Given the fluctuating nature of costs, services, and updates, we cannot assure the accuracy and currency of this information. Therefore, we encourage you to verify the details on the bunq website independently.

Bunq News and Updates

Bunq frequently introduces new updates and enhancements. For instance, Update 16 added German IBANs, while Update 17 included French IBANs. The BU17 update also saw a rise in account fees, starting on August 1, 2021. As a result, the Easy Green and Easy Personal accounts saw a $1 increase in their monthly fees, moving from $7.99 to $8.99 for Easy Personal and from $16.99 to $17.99 for Easy Green. The number of free cash withdrawals from these accounts was cut down from 10 to just 4. Additionally, a new monthly fee of $2.99 has been implemented for Easy Travel, which was previously free.

bunq FAQ

is bunq a real bank?

Yes,Bunq is a genuine bank holding a Dutch banking authorization, allowing it to operate in Spain as well.

How much does a bunq account cost?

The most affordable bunq account is the Easy Bank account (previously known as Easy Travel), which comes with a monthly fee of €2.99. Therefore, this account is not complimentary. The remaining two options, Easy Money and Easy Green, each have a monthly cost of €8.99 and €17.99, respectively.

For Easy Money or Easy Green accounts, there are additional charges:

• extra cards (excluding the 3 that come with the account)
• over €100,000 in the account
• more than 10 cash withdrawals per month
• for SWIFT transactions (typically outside the Eurozone)

Upon signing up, it's important to consider the pricing and service details provided on the website or app of the service provider, as these may vary and change based on the type of account and usage.

How can I transfer money to a bunq account?

bunq exclusively operates with a Dutch IBAN, which begins with "NL" for "Netherlands."

The structure of a transfer involving a Dutch IBAN:

IBAN: NL01BUNQ23456789012

BIC: BUNQNL2A

It's important to note that the law doesn't prevent the transfer of funds to an international bank account. However, the Dutch IBAN might trigger questions regarding state payments such as child benefit or unemployment benefits. Nonetheless, with the implementation of the SEPA reform, these payments cannot be denied. If you don't possess a Spanish IBAN, it's advisable to reach out to bunq's support team directly.

How does bunq work?

For mobile banking with bunq, the app is used for all transactions. The initial step is to register with bunq using your mobile phone number. After logging in and registering, you can access your bank account through the app. On the main screen, you can view your accounts, cards, monthly expenses, and various savings or joint accounts.

Where can I find the IBAN in bunq?

The app also displays your account's IBAN. Select your primary account on the main screen, and the top line will show your IBAN, which begins with "NL" and is 18 characters long if you have a Dutch IBAN (don't be surprised if it's different from a Spanish IBAN; Dutch IBANs have a unique format). This includes letters in the middle of the IBAN (digits 4 – 7).

Can minors open an account at bunq?

Yes,For minors, such as students, it's possible to open a bank account. However, to establish an account, you need the consent and authorization from a legal guardian or authorized representative, typically a parent.

To open an account as a minor, you must specify the adult guardian during the registration process, who will then approve the account opening on your behalf. In some instances, bunq may request proof of this guardian's authorization.

Does bunq check ASNEF credit history for an account?

bunq does not collaborate with ASNEF. From our understanding, there's no official statement from bunq regarding this issue, but neither the general terms and conditions nor the privacy policies allow for the sharing of data with bad debt files. Therefore, a negative credit history shouldn't hinder the opening of an account.

How much does the bunq Metal Card cost?

The bunq Metal Card stands out with its unique design and is made from high-quality stainless steel. To obtain the card individually, the cost is 129 Euro for the Metal Card (for Pack members) or 12 months in advance for the Easy Green account type or 24 months in advance for the Easy Money account type.

is bunq reliable?

Your funds are safeguarded at bunq by the Dutch Central Bank's legal deposit guarantee scheme, up to a maximum of 100,000 euros per individual. This scheme, known as “De Nederlandsche Bank NV,” offers a level of protection comparable to the Spanish deposit guarantee scheme. Therefore, your deposits are insured up to 100,000 euros.