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Bunq - European Mobile Bank
Bunq is a Dutch mobile bank founded in 2015, and its only physical location is its headquarters in Amsterdam. You can still open bunq accounts in almost all of Europe, because the bank’s services are used via a mobile app like most modern banks. People in Finland can also open a bunq account quickly.
Bunq is a licensed European bank, and every customer’s funds are protected up to €100,000 under the Dutch Deposit Guarantee Scheme. Security is important to the bank, and the mobile app includes, among other things, two-factor authentication to make sign-ins safer. Naturally, bunq complies with EU regulations on online payments.
Climate Protection as a Guiding Principle
Bunq emphasises that it is a responsible, environmentally minded bank, and the bank has made reducing carbon dioxide emissions a significant theme. The bank’s most expensive account tiers include built-in carbon offsetting. Bunq accounts are well-suited for users looking to reduce emissions through everyday actions.
The bank’s slogan is bunqr - the place for the Free. By “the Free,” the bank means an independent thinker who lives according to their own desires but responsibly. Bunq says it is the bank for anyone interested in sustainable development and wanting to leave a positive mark on the world.
Bunq Account and Card Options
Bunq offers three different account options. Every option includes at least one debit or credit card, and with both card types, funds are debited from the account in real time.
Bunq Easy Bank
Bunq Easy Bank costs €2.99 per month. The package includes a euro-denominated IBAN account number and a payment card. All card purchases are debited from your bunq account immediately.
The Easy Bank tier no longer includes fee-free currency conversions, which were part of the earlier, similarly priced bunq Easy Travel tier. Currency conversions now incur a typical fee of about 3%, as with many other banks’ cards. One useful feature on the Easy Bank tier is simple bill splitting with friends. You can send a photo of a receipt to bunq and link it to the relevant transaction, after which you can conveniently allocate shares of the expense to friends by email address or phone number. You can track in real time whether friends have paid their share.
ATM withdrawals with a bunq card cost €0.99 per withdrawal, up to 10 per month; thereafter, they become more expensive. There are no particular other benefits at the Easy Money level apart from guides for safe and smooth travel.
Order bunq Easy Travel.
Bunq Easy Money
Bunq Easy Money costs €8.99 per month. The package includes a euro-denominated IBAN account number, sub-accounts for categorising spending, and payment cards. All card purchases are debited from your bunq account immediately.
By paying 24 months in advance, bunq will send you a metal card. On the Easy Money tier, you can get up to 3 physical cards and five virtual ones. This lets you use different cards for different purposes. The Subscription feature makes it easy to track how funds are spent on recurring subscriptions.
Currency conversions are fee-free, and you can use ATMs 4 times a month without a fee. Low-cost international money transfers are available through bunq’s partner, Wise.
You can also choose the types of assets bunq invests funds in, ensuring they are used for ethically sustainable purposes.
Order bunq Easy Money
Bunq Easy Green
Bunq Easy Green costs €17.99 per month. The package includes a euro-denominated IBAN account number, sub-accounts for categorising spending, and payment cards, just like the Easy Money tier. All card purchases are debited from your bunq account immediately.
By paying 12 months in advance, bunq will send you a metal card. You can get three physical cards and five virtual ones. This lets you use different cards for different purposes. The Subscription feature makes it easy to track where your spending goes.
Currency conversions are fee-free, and you can use ATMs 4 times a month without a service fee. Low-cost international money transfers are available through bunq’s partner, Wise.
For every €100 spent, bunq promises to plant a tree. According to bunq’s calculations, this would make a user carbon neutral in as little as two years.
You can also choose the types of assets bunq invests funds in, ensuring they end up in ethically sustainable purposes.
Order bunq Easy Green.
Google and Apple Pay Support
Bunq payment cards support Google Pay and Apple Pay.
Who Should Open a bunq Account?
In our view, bunq accounts suit two groups especially well: travellers and environmentally conscious consumers.
Travellers should open the affordable bunq Easy Money account. The pricier bunq Easy Green account may, however, be a better choice if you want your daily spending to help offset travel-related carbon emissions.
For those interested in sustainable development and responsible investing, the bunq Easy Green account is the most suitable option, even though it is a bit pricey. In return, your CO2 emissions decrease significantly.
Experiences With bunq
In our experience, detailed information about the features of bunq’s different tiers was a bit hard to understand. The service descriptions on the website were somewhat scattered, making it difficult for users to understand what the packages ultimately include. Changes to the packages are common. The product descriptions are more complex than they need to be.
On Trustpilot, bunq has received both excellent and poor feedback. It is common for people to share negative rather than positive feedback, but some users seem to have had surprising experiences with bunq. Bunq may have closed an account without prior warning, and resolving the issue with Bunq has been difficult. Without the details, it is difficult to comment on these claims, as there may be legitimate reasons to close accounts, such as preventing money laundering.
There are also many articles online praising bunq’s services. Individual experiences cannot guarantee the service will suit every user. The best way to understand bunq’s service is to try it yourself with a small deposit and light usage.
Our Review of bunq
We rated bunq a 4-star mobile bank. Bunq’s account options are a bit pricey, but if you do not choose a bank based solely on the monthly fee, Bunq is an excellent choice for a traveller’s account and card. The bank offers features you won't find at traditional banks. For example, currency conversions are fee-free on the top two tiers.
Questions and Answers
- Is bunq a bank?
- Bunq is a licensed bank headquartered in the Netherlands.
- What does bunqr - The Free mean?
- The Free refers to an independent thinker who wants to leave a positive mark on the world. Bunq is their bank.
- Does deposit insurance cover funds at bunq?
- Funds are protected up to €100,000 under the Dutch deposit guarantee.
- What kinds of experiences do users have with bunq?
- Users report both extremes. Some consider bunq excellent, but others have had issues with its services. It’s best to try the service yourself with a small deposit.
- Are currency conversions free when paying with a bunq card?
- Yes, on some tiers. Bunq doesn’t charge a currency conversion fee on the Easy Money and Easy Green tiers.
- How can I open a bunq account?
- Install the bunq app on your phone to open an account.
- Which Bunq account tier is best for a personal user?
- The bunq Easy Green tier is the best option for individual users.
- Do bunq accounts include payment cards?
- Each tier includes at least one physical payment card for account use. On many tiers, you can get multiple cards to divide spending.
Bottom Line
Bunq is an interesting Dutch-licensed mobile bank that particularly targets young users. The bank’s concept is fresh and far from traditional banking. Yet funds at the bank have standard deposit protection.
The bank is still young, and users have both positive and negative experiences with bunq. We see bunq as best suited to environmentally conscious consumers or travellers. Opening an account in the mobile app is quick. A particular strength is the multiple cards included with several tiers, which make it easy to allocate spending.
Learn more about the payment card on the card issuer’s website and submit your application!