Many historically physical services, such as those dedicated to financial management and organization, are beginning to move online thanks to digital technologies, such as Bunq. Bunq currently accepts to open mobile bank accounts for residents of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom,
Bunq is rated 4.9 on TrustPilot - based on 2432 reviews.
The ever-changing world we live in rewards those who innovate, take risks and adopt new approaches. These are the ones who position themselves as real options.
Despite the banking industry’s slowness to adapt to new trends, institutions such as Bunq have emerged to offer a complete online service, adapted to this new and constantly evolving reality.
Today, our team of experts brings you the analysis of the Dutch neobank Bunq, one of the most fashionable fintechs of the moment. Would you like to know what this new neobank can offer you? Find it out in the following article.
Contents
What is Bunq?
Bunq, whose founders are Dutch, launched in 2015 with the clear vision of creating a bank where every service, from the simplest to the most complex, is accessible online. Bunq is a digital bank that allows its users to access their accounts from all European countries. It is particularly popular with travelers because of its advantages regarding fees.
Transfers and payments without additional fees are the most appreciated features of the platform. Traditional banks charge their customers extra fees when they travel. Bunq offers the possibility to travel in Europe without these fees.
The Account types
Bunq offers 3 types of accounts:
- Easy Bank
- Easy Money
- Easy Green
Depending on your financial situation, each of them has its own characteristics.
Let’s analyze each of the offers in more detail so that you can make the choice that best suits your needs.
The Easy Bank Account
The Easy Bank account is the most basic offer that Bunq offers. It is a bank account that will be mainly used to pay for everyday expenses. Although this account only offers one card, it is a full-fledged account that allows you to benefit from the interbank exchange rate when traveling, categorize your payments and get an interest rate on the funds in your current account, while offering great security and a rainbow-colored card. So it’s a great choice if you want a basic account for as little as €2.99/month.
In addition to the features listed above, you will have the option of opening a joint account. This is the ideal option for newlyweds or couples who want to share expenses and plan projects together.
The Easy Money Account
Easy Money is the mid-level subscription of the Dutch neo-bank, it includes many budgeting and automation features. You will be able to have up to 25 accounts upon registration, each with their own IBAN, as well as up to 3 debit or credit cards for free. People who want a good overview of their finances in one place and use Bunq as their main account will appreciate this offer for the price of €8.99/month.
The Easy Green Account
Get the best of Bunq with this latest offer. The main difference between Easy Green and other subscriptions is the ability to plant trees after each card payment. Indeed, thanks to a partnership with the Eden Foundation, a non-profit organization dedicated to fighting global deforestation and its impact on the planet, a tree is planted for every 100 euros spent with your Bunq card. The neobank states on its website that by doing so, the customer will be CO2 neutral within two years. To stay on the theme of ecology, your bank card will be made of metal and not plastic.
This card allows you to enjoy all the benefits of Bunq while helping to make the world a better place. For €17.99/month, you will contribute to the health of our planet.
The sub-accounts
Bunq accounts have the advantage of being able to manage up to 25 sub-accounts independently. This way, payments can be organized or funds can be allocated accordingly.
For example, a sub-account can be used to pay monthly bills such as rent or groceries, but also to save money for purchases such as a car or a house.
It is possible to program an automatic top-up of the account of your choice thanks to Bunq’s integrated function. – the perfect way to save money. For example, for a purchase worth €14.50, the feature can round up to the next euro and will send the remaining 50 cents to the account of your choice.
As each of these sub-accounts has its own IBAN, they are fully operational and can be used to make any type of transaction.
Save with Bunq
Whether you’re saving for a dream vacation or a new car, Bunq makes it easier than ever to reach your goals.
With your family and friends, you can set savings goals for shared projects. The app can even round up payments and transfer the difference to your savings goal with the AutoSave feature.
This type of sub-account differs from the others mainly because the AutoSave feature is only available for this type of account. The app itself advises you to reach your goals, although you can withdraw the money whenever you want.
Only one AutoSave account can be activated at a time. So make sure you choose wisely and stick to your goal. At any time, you can cancel it if you change your mind. Except for the frustration of not reaching your goal, there are no restrictions or additional costs associated with it.
Automatic investments
Bunq also does not invest your money in companies without your permission, which is another advantage over traditional banks. So you have the choice to decide where your money goes in order to maximize interest.
The application offers several investment options. What if you don’t like one of them? By suggesting an investment option, you can have it added to the catalog of investment options if it appeals to many Bunq users.
The Business Account
Bunq’s Business Account offers you a definite advantage: time saving!
This account allows you to automate processes that are usually done manually by your company. Here are some examples:
- Accounting: the Bunq application can be directly connected to the accounting software you use to manage your company’s finances so that you can always control all your operations in real time.
- Automatic VAT: For incoming and outgoing payments, VAT is automatically set aside.
- Receipt search: Just by scanning your receipts, the application links them to the appropriate payments. To share a receipt, export it as a PDF or search it with a keyword if you can’t find it. Fast, simple, easy and efficient.
- Accessibility for your employees: A sub-account can be created in the application so that one of your employees can use it. You can add or delete them in a few simple steps.
Bunq is a neobank based in Netherlands offering Personal accounts, Business accounts including a debit card, with all transactions being managed from an iPhone or Android application.Each of the accounts presented above can be linked to a pro account. Here are their prices:
- Easy Bank Business: €4.99/month
- Easy Money Business: €10.99/month
- Easy Green Business: €19.99/month
Bunq makes your travels more enjoyable
Let’s move on to what is probably one of the most important features of the neobank and the reason why so many people prefer Bunq as their main account.
Those of you who travel regularly are aware of the absurd fees and commissions that banks charge when you use your credit cards abroad. You may not even consider going on vacation because of these costs.
Travel anywhere in the world without worrying about currency exchange or ATM access with Bunq cards, and since they are Mastercard and Maestro cards, you can use Bunq cards from anywhere in the world.
How do I open a Bunq account?
Getting your Bunq card and opening an account only requires a few steps. You can create an account through the Bunq app, available on Android and iOS, as well as on the company’s official website.
A photo ID along with your personal information is enough to verify your identity. After an account is verified, the card usually takes five to seven business days to arrive.
Pros
✅ Free payment card
✅ Free international transfers and withdrawals
✅ Ultra comprehensive pro service
✅ Save the planet with your payments
Cons
❌ Rather expensive subscriptions
Our Review about Bunq?
Those who are looking for an easy-to-use debit card can consider Bunq as a very good option. Using it has many advantages over other digital banking services, including its ease of use and multiple features. We highly recommend it to people who usually pay in euros and are looking for a quick and easy way to organize their finances.
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