Name: Bunq
Brand: Bunq
SKU: bunq

Last Updated on October, 2024

“bunq will help you do your transactions with less money than traditional banks.” Is this true?

Yes, but not 100%. (You’ll understand the reason at the end of this piece).

However, GUESS WHAT? bunq is an online bank that offers higher savings returns and better online service. One unique thing that sets it apart from other digital banks is its 2.46% interest on deposits.

To know more about bunq, keep reading!

About bunq

Imagine you have a different bank, one that’s all about making your life easier. That’s where bunq comes in. It was started in 2012 by a group of people who wanted to change banking, including Ali Niknam, the founder.

bunq isn’t like traditional banks.

They call themselves the Bank of The Free because they’re all about breaking through banking norms. They’ve grown a lot since then, helping over 10 million people every day across Europe.

And, GUESS WHAT? They’re not just about banking. They care about the planet, too. With their ‘Easy Green Account,’ every time you spend €100, they plant a tree to help fight deforestation and support local communities.

bunq has hit some big milestones along the way. They became the first profitable neobank in the EU in 2022, and they’re now setting their sights on the US market. Plus, they’re always listening to their users, making sure their banking experience is transparent and the best.

So, if you’re tired of the same old banking methods, bunq can be just what you’re looking for. The best part is you can even try it out for FREE for 30 days!

Key Features

You can create personalized links to ask for payments. People can pay you easily using various methods like iDEAL, SOFORT, SEPA transfers, and credit cards.
You can link one card to two different sub-accounts. This helps you budget better by automatically sorting expenses based on which PIN you use.
You can personalize the name on your card. This is helpful for people who want to use a name that is different from their legal name.
You can get higher interest rates on your savings compared to regular banks.
In some countries, bunq offers mortgages. They connect you with mortgage advisors to make the process easier.
bunq automatically categorizes your transactions. This helps you see where your money goes and manage your budget better.

How to Set Up an Account?

Setting up a bunq account is an easy process.

Follow these simple steps to get started:

Choose Your Account Type: Decide whether you want a personal account, business or a joint account with bunq.
Provide Your Information: Fill in your details, including your full name, date of birth, email address, home address, and phone number. This helps bunq identify you and set up your account correctly.
Access The Demo Account: Once you’ve entered your information, you’ll gain access to a bunq demo account. This allows you to explore bunq’s features during a 30-day FREE trial period.
Verify Your Phone Number: bunq will send a security code to the number you provided. Enter this code to confirm your contact number and proceed with the account setup.
Upload Identification Proof: As part of the verification process, bunq requires you to upload some form of identification. This includes a passport, driver’s license, or national ID card.
Complete Verification Call: To ensure security and compliance, bunq may conduct a brief online video call to verify your identity. This step is crucial for confirming that you are the account holder.
Start Using Your Account: Once bunq verifies your account, you’re all set to start using it. You can begin managing your finances, making payments, and exploring bunq’s innovative features right away.

Remember, by following these steps carefully, you can use your bunq account. This way, you can experience the convenience and flexibility of modern banking.

Who Can Set Up a bunq Account?

Listen, if you’re living in the European Economic Area (EEA) and those who have become refugees because of the war in Ukraine can make a bunq account.

If you’re under 18, you need your parent or guardian’s permission. Your parent or guardian should also have a bunq account.

What Do They Offer Customers?

bunq has some amazing plans. The following table gives a quick overview of the main features and costs of each plan. This will help you compare them easily.

Features	Easy Green	Easy Money	Easy Bank	Easy Savings
Monthly Cost	€18.99	€9.99	€3.99	Free
Environmental Impact	Plant a tree for every €100 spent	Not focused on environmental impact	Not focused on environmental impact	Not focused on environmental impact
Banking Features	Limited	Local IBANs, 22 currencies	Full bank account in 5 mins	Free savings account
Carbon Footprint	Offset CO2 emissions with spending	Not focused on carbon footprint	Not focused on carbon footprint	Not focused on carbon footprint
Payment Cards	3 incl	3 incl	1 incl	1 for €9.99/year
Virtual Credit Cards	26	26	1	1
ATM Withdrawals	6/month	6/month	Extra cost	Extra cost
Mobile Banking	Yes	Yes	Yes	Yes
Free Features	Planting trees, Mobile banking	Local IBANS, 22 currencies, Mobile banking	Quick account opening, Mobile banking	Free savings account, Mobile banking

Understood? However, if you’re looking for more details, keep reading. (I’ll discuss in detail)

Easy Green Plan

a screenshot of the bunq green future page

GUESS WHAT? With this plan, for €18.99 a month, you can help the environment effortlessly. Every time you spend €100, a tree gets planted, helping reduce your carbon footprint.

This means you’re giving back to the planet simply by managing your money. Easy Green makes it easy for you to be eco-friendly without any extra effort.

Next is the Easy money plan.

Easy Money Plan

For just €9.99 each month, Easy Money offers you simple banking solutions across Europe. You get your local bank account numbers (IBANs) and can use over 22 different currencies easily.

Whether you’re traveling or dealing with international payments, Easy Money ensures banking is stress-free and convenient, just like banking locally.

Easy Bank Plan

At €3.99 per month, Easy Bank simplifies banking for you. You can open a complete bank account in just 5 minutes using your phone and ID—no need for complicated paperwork or long waits.

This gives you all the essential banking services you need without any unnecessary stress.

Easy Savings Plan

a screenshot of the bunq easy savings page

This plan is completely free and helps you grow your money effortlessly. You get a free savings account and start earning high interest, which is paid out every week.

It’s a simple way to save money without any fees or complications, helping you reach your financial goals faster.

For more details, check this.

Pros and Cons of Opening a bunq Account

Pros

Local IBANs for different countries make banking convenient.

Unique features like Dual PIN and bunq.me payment requests enhance the banking experience.

Freedom to choose where your deposits are invested promotes ethical investments.

The ‘Easy Green’ focuses on sustainability by planting trees for every €100 spent, contributing to environmental conservation.

Flexibility for budgeting with sub-accounts for different spending categories.

Nearly 3 physical and up to 25 virtual cards are already included in the ‘Money Easy Plan’ and ‘Easy Green Plan.’

Cons

Relatively higher cost compared to other digital banks, so you’ll need to consider if the features justify the price.

Customer service primarily operates through digital channels, which might not suit those who prefer direct phone support.

While bunq prioritizes security and is covered by the Dutch Deposit Guarantee, it’s essential to ensure you’re comfortable with digital banking before opening an account.

The lack of physical branches means all banking activities are done online or through the app.

Is bunq Safe?

a screeenshot of that shows security metrics in bunq website

Yes, opening a bunq account is generally considered safe. bunq is a licensed European bank that adheres to strict security standards to protect your details and money.

They offer two-factor authentication to add an extra layer of security to your account.

Plus, bunq is covered by the Dutch Deposit Guarantee, which means your funds are protected up to €100,000 per account. However, like with any online banking service, it’s significant to practice good security habits, such as using strong passwords and being cautious of phishing attempts.

Overall, bunq provides a safe and secure platform for managing your finances, but it’s always a good idea to stay vigilant and take precautions to protect your account.

However, let’s see what customers have experienced!

Customer Reviews

I don’t solely depend on my research to understand about a fintech company. I always keep an eye on the customer reviews to understand what’s happening and what they’ve gone through while making transactions with a particular fintech.

When I checked the customer review of bunq on Trustpilot, I found different reviews, including both positive and negative reviews.

PLEASE DON’T SKIP THIS!!

Customer Review 01:

I had regular bank account before and the account I opened with bunq is not my first account in my life.
I can say that I have a lot more options now than I had before. Also, I now have access to all the features on my mobile app.
Richard Allen
Trustpilot User

Richard gave five stars while sharing the great experience he had with bunq. He says he has many features on his mobile app, and from transfers to utility issues, he has found many modern services offered by bunq, which he’s experiencing for the first time.

Customer Review 02:

I enjoy fast transaction speed with using Bunq and that’s why I haven’t stopped. There is a difference between a successful transaction and a fast successful one. That’s what this bank offers. 🙂
R. Herve
Trustpilot User

R. Herve has given five stars as he is highly satisfied with the transaction speed. He recommends others enjoy fast transaction speed with bunq, too.

Customer Review 03:

After the trial period, I liked all the conditions that the bank provided. I decided to activate the Easy Money plan for a symbolic 10 euros. It is impressive that they give physical cards for free and at the same time they also arrange delivery.
Daniel Taylor
Trustpilot User

Daniel Taylor has also given five stars, stating that he decided to activate the Easy Money plan, and he’s impressed as bunq offers physical cards for free on the very same day.

He has also had more positive experiences with bunq, including free ATM withdrawals after six months, 24/7 customer support, and more.

Customer Review 04:

We have exchanged many emails and formal complaints. Today 11th March 2024 you still haven’t worked on refunding my money. I remind you that the amount is 38177,95 euros. I’VE BEEN WAITING FOR YOUR ACTION FOR 5 MONTHS.
Odile Goret
Trustpilot User

This review by Odile Goret made me worry, and I’ll tell you why. With a 1-star rating, she says she has been waiting for her refund for nearly five months and has had no response from bunq.

She’s highly disappointed with bunq’s automated replies. She’s expecting them to be more responsible and warning them to consider her request; if it is not considered, she will be filing a police complaint against them.

Alternatives to bunq

There are many alternatives to bunq which offer similar and sometimes better services to meet your needs. Among them, I’ll discuss four options with you.

1. Wise

Wise is always my favorite choice. It offers borderless banking services with transparent fees and real exchange rates.

Its key feature is the ability to hold and manage money in multiple currencies, making it ideal for international travelers or freelancers receiving payments from abroad.

Pros include low-cost international transfers, a user-friendly interface, and a debit card for easy spending. However, Wise lacks some traditional banking features like savings accounts or overdrafts.

Plus, customer support may not be as strong as traditional banks.

In short, Wise is a solid choice for individuals or businesses needing efficient and affordable cross-border banking solutions.

If you’re curious to learn more about this platform, check out our comprehensive Wise review!

GO TO WISE

2. Revolut

Revolut is a digital banking platform offering many services, including currency exchange, budgeting tools, and cryptocurrency trading. Its pros include low fees, real-time spending notifications, and the ability to hold and spend in multiple currencies with no hidden costs.

However, some users report issues with customer support and occasional account freezes. Revolut also offers premium plans with additional features like travel insurance and airport lounge access.

Overall, Revolut is a convenient option for frequent travelers or those looking for a modern banking experience with a variety of financial services.

If you’re curious to learn more about this platform, check out our comprehensive Revolut review!

GO TO REVOLUT

3. Monzo

Monzo is a UK-based digital bank known for its user-friendly app and innovative features. It offers budgeting tools, instant spending notifications, and free-spending abroad.

Monzo’s pros include easy account setup, transparent fees, and helpful customer support. However, it lacks some traditional banking services like joint accounts or cash deposits.

It also offers premium accounts with additional features such as travel insurance and higher withdrawal limits.

In short, Monzo is popular among younger users and those who value simplicity and transparency in banking.

If you’re curious to learn more about this platform, check out our comprehensive Monzo review!

GO TO MONZO

4. N26

N26 is a German digital bank offering a wide range of banking services via its mobile app. It provides features such as real-time spending notifications, budgeting tools, and free foreign currency transactions.

N26’s pros include easy account setup, sleek interface, and accessibility across multiple European countries. However, some users report occasional issues with customer support and limited ATM withdrawal options.

N26 also offers premium accounts with added benefits like travel insurance and lounge access.

Overall, it’s a convenient option for those looking for a modern banking experience with European-wide accessibility.

If you’re curious to learn more about this platform, check out our comprehensive N26 review!

GO TO N26

Other online bank reviews:

Conclusion

Did you like the features and services offered by bunq?

If yes, search for their business account and deposit guarantee scheme. This will help you get more ideas on this before you deposit your money. (It’s worth more than regret, right?)

However, if you’re looking for a better option to meet your needs, try one of the alternatives I’ve discussed above. That’s totally up to you and your expectations.

FAQs

Yes, bunq prioritizes your privacy, encrypts and securely stores your data, and doesn’t sell it to third parties. You control data sharing via settings.

bunq provides customer support via in-app chat, email, phone, and has a comprehensive knowledge base and community forums for common questions.

bunq supports budgeting and saving with real-time spending insights, automatic savings goals, and sub-accounts for different purposes.

bunq has different subscription plans with varying fees, including monthly, transaction, and international payment fees. Basic banking services may be free.

About bunq

Key Features