Last Updated on December, 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!
Contents
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
How to Set Up an Account?
Setting up a bunq account is an easy process.
Follow these simple steps to get started:
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
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
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
Cons
Is bunq Safe?
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 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 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 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.
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!
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!
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!
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!
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.
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