Table of Contents
1. What is Bunq?
2. Bunq Features & Benefits
3. Safety and Security
4. Investing Your Money
5. Earn Interest
6. Why is Bunq a good option for travelers?
7. Which Bunq account is right for you?
8. Pros and Cons
9. Bunq Business
What is Bunq?
Bunq is a mobile bank that offers both personal and business bank accounts. All Bunq accounts work in euros, so you will get a unique IBAN number with your account. Bunq is a good bank for people that travel often, want to save money, and send money abroad. One of the biggest benefits of Bunq is the mobile banking app. From the Bunq banking app, you can manage your accounts, transactions, and cards.
Available in 7 Languages
Bunq offers all of its services in 7 languages. In fact, the Bunq team is made up of people from over 30 countries. With a Bunq bank account, you can always get the help you need in your language!
Mobile Banking App
Banking with Bunq is easy because everything works from the Bunq app. No branch visits, no waiting in line, no paperwork! Set up your Bunq bank account in less than 5 minutes from your phone, and manage your money directly on the Bunq app.
Realtime Account Updates
Get immediate updates anytime your card is used or you make a recurring payment. With quick notifications it’s easy to keep track of your spending! This is also helpful for safety reasons. If you get a notification that your card was used without your knowledge then you can immediately go on the Bunq app and put a lock on your card.
Cheap and Quick International Transfers
Bunq has a partnership with TransferWise, so you can make cheap and quick international transfers. You’ll always get the real interbank exchange rate – no hidden fees!
With all Bunq accounts, you can use Apple Pay, Google Pay, Tap & Pay and FitBit Pay.
Easy Budgeting with Savings Goal
Easily achieve your financial goals with Bunq Savings Goals. Choose the amount you want to work towards saving, and separate the money in your main account from your money in your Savings Goal. The amount of money you have in your Savings Goal is measured as a percentage, so you can see how much more you need to save to reach your goal! You can also create a Shared Savings Goal to save for something with a group of people!
Invest Your Money
Bunq is one of the only banks in the world that lets you choose how your money is invested. All banks invest your money, but Bunq is unique. With Bunq you can decide where your money goes. For example, if you don’t want to invest in gun manufacturing, then you can choose another investment that is important to you. Bunq will invest your money in companies that align with your beliefs, whether that’s Personal Lending or eco-friendly companies. You can also suggest investment options to Bunq!
All Bunq accounts earn 0.27% in interest! This rate is about 9x higher than traditional branch banks. You also earn interest on your sub-accounts, it’s not only your main account! For example, you’ll earn interest on the money you have in your Savings Goal. The best part is that Bunq will pay you your interest every month.
Bunq offers a lot of safety and security features to protect your account. As with most banks, there are the standard security features such as entering your PIN anytime you log into your account. However, Bunq offers additional security features that you can’t get with all banks. For example, you can get realtime account updates and notifications sent to your phone anytime your card is used. If you don’t recognize a charge, you can immediately freeze your card on the Bunq app. This is also helpful if you lose your card. You can freeze your card until you find it to make sure no one uses it. Then if you find your card, you can easily unfreeze it from the Bunq app. Your money is also fully insured, up to €100,000 by the Deposit Guarantee Scheme in The Netherlands.
Choose Bunq’s Investments
All banks invest your money. The general idea is that banks borrow the money you have in your account to make investments. This is one way banks earn profit. With the majority of banks, you don’t get a say in where your money is invested. However, with Bunq, you can choose where your money is invested. For example, you can choose to let Bunq invest your money in Green Companies but not in Government Bonds. On the Bunq app you can see a full list of investment options.
You can also suggest an investment option. If enough Bunqers are on board with your suggestion, Bunq will add it to the list of options! You can easily make a suggestion in the Bunq app.
With Bunq, you can earn interest on the money in your main account as well as all of your sub-accounts. Bunq’s interest rate is 0.27%, which is 9x higher than traditional banks. You’ll start earning money as soon as you have money in your account, even if it’s only €0.01! Furthermore, Bunq will pay you every month. You’ll get a push notification when your interest is deposited to your account.
Bunq for Travelers
Bunq is a good option for travelers for many reasons. First, Bunq is available in 7 languages and employs people from more than 30 different countries. You’ll get a Mastercard to use worldwide. Furthermore, Bunq Premium account holders get 3 cards. Bunq doesn’t charge foreign exchange fees. From the Bunq app, you can easily send money abroad in 39 currencies using TransferWise. You’ll always get the true exchange rate. With Slice Group, you can track group expenses automatically. So, if you’re going on a vacation with friends, you can easily keep track of who paid what. Lastly, if your card gets stolen or lost, you can immediate freeze your card from the Bunq app.
Which Bunq bank account is right for you?
Bunq offers three different personal accounts: Travel, Premium and SuperGreen. The most basic bank account is Bunq Travel. It is the only free bank account that Bunq offers. Bunq Premium includes more benefits and costs €7.99 per month. Bunq SuperGreen has the most benefits and costs €16.99 per month. If you’re just looking for a standard bank account to hold your money, then the Bunq Travel account is a good option. However, Premium and SuperGreen include a lot of useful services. For example, with both Premium and SuperGreen, you get 10 free ATM withdrawals per month. On the other hand, with Travel each cash withdrawal costs €0.99.
Not sure what all the terms in the chart below mean? Click here for an explanation
Here’s what those terms mean:
ATM withdrawals with Bunq Travel cost €0.99 per withdrawal. For Premium and SuperGreen, the first 10 withdrawals per month are free. After the first ten, each withdrawal costs €0.99.
With Premium and SuperGreen accounts, you can open as many sub-accounts as you want. Each sub-account has its own IBAN, so you can use it for direct debits and online purchases.
You can use Savings Goal with Premium and SuperGreen. As the name suggests, Bunq Savings Goal is a feature on the Bunq app that makes saving your money easier. It’s really straight forward. Name your Savings Goal, set the target amount, and choose if you want to enable Auto Save. With Auto Save, Bunq will round up every card purchase to the nearest whole number and put the change in your Savings Goal. For example, if you buy a coffee for €3.67, Bunq will round up the payment to €4.00 and put the €0.33 in your Savings Goal.
Slice Group saves you the hassle of figuring out group payments. Let’s say you’re on holiday with friends. You can set up a Slice Group on the Bunq app to keep track of who paid for what. Then at the end of the trip, Bunq will calculate the balance.
Using Refund Request, you can immediately clear failed card payments. This feature comes with all Bunq accounts.
Personal Payment Link
With Premium and SuperGreen accounts, you’ll get a personal payment link. With bunq.me, you can send the personal payment link to anyone who owes you money. As soon as someone pays, the money goes directly into your account!
With Dual Pin, you can pay with 1 card from 2 accounts. It’s easy to set up from the Bunq app. Choose Dual Pin, and the sub-account that you want for the second pin number. Using Bunq Dual Pin, you can easily budget between multiple sub-accounts. This feature is available for Premium and SuperGreen account holders.
Auto Export Account Statements
Auto Export lets you automatically send statements to your accountant. This is convenient because you don’t have to spend time searching through old bank statements.
If you have Bunq SuperGreen, then for every €100 you spend, Bunq will plant a tree. Bunq has a partnership with Eden Reforestation Projects, a non-profit organization that provides impoverished villagers with fair wage employment to further forest restoration globally. Since 2005, Eden Reforestation Projects has planted over 265,000,000 trees in 82 different locations!
Choose Your Investments
Premium and SuperGreen account holders can choose where Bunq invests their money.
- Easy signup from the Bunq app
- No foreign exchange fees
- Cheap and quick international transfers
- Joint accounts available
- Available in 7 languages
- Bunq values sustainability
- Plants trees for every €100 you spend with SuperGreen accounts
- Euro-only account
- Maximum 10 free ATM withdrawals per month
Bunq offers business accounts for freelancers, self-employed and CEOs. The Bunq Business account saves time and is user-friendly. Bunq business accounts are paper-free and, since Bunq is a mobile bank, you don’t need to make any branch visits. A Bunq business account comes with a lot of useful features, including instant payments and notifications, automatic expenses export, and dual PINs. The Bunq Business account costs €9.99 per month.
No manual accounting
With Bunq Business, there’s not manual accounting involved. All you need to do is set up a direct connection between Bunq and your account software. Then you’ll always have immediate overview of your accounting. If your accounting software doesn’t support a direct connection then you can set up an automatic monthly export.
View your finances immediately
With Bunq sub-accounts, you can get a clear view of your finances. Each sub-account has its own IBAN. You can use it for direct debits, online payments and for your cards. Furthermore, using Dual PIN, you can link two accounts to one card.
Pay bills automatically
With your Bunq business account, you can scan and invoice and the Bunq app will fill out all payment data automatically. You don’t ever have to pay bills with manual entry! If you have a PDF invoice then you can copy it straight from your phone to the Bunq app.
Instant employee access
Easily add or remove employees from the account via the Bunq app. No paperwork or waiting times! You can also give an employee access to a sub-account, and immediately revoke access at anytime. You always have control over who has access to your accounts.
Another popular bank that offers business accounts is Revolut. To find out more about Revolut Business, check out this article.