New Current Account App bunq.com (Netherlands)

Yggr of Asgard

Bunq.com has opened up their services for EU residents. The bunq.more account is a full bank account with an optional debit card.

Bunq is managed via an App (Android/Apple) and offers some unique features (like up to 10 separate Accounts under one user or shared accounts).

See here for more: https://www.bunq.com/en/personal/

It supports SEPA credit/debit and direct debits from all of the accounts. You could create an account just for direct debits to satisfy your security needs.

It also offer a debit card (Maestro only), however there is a 9€ fee for the card (valid for 4 years) and each transaction via the card costs 0.04€ in the Euro area or 0.80€ to use an ATM, higher charges when spending in other currency.

The rest of the account is free. You can link the card to any of your accounts via the app and switch between them in real time.
https://www.bunq.com/en/personal/fees/

You sign up via the App and upgrade to the full account via IDNOW verification (English language) in the App via a live call showing your Passport/ID.

They have even written the terms in a language one can understand:
https://www.bunq.com/media/files/Legal/EN/20161114_terms_bunq_more_EN_v5.pdf

This might be a nice alternative for people who want to separate their payments via different IBAN accounts with only one card. One account for your salary, one account for your direct debits and one account with your mates for that stag night. And than you switch your debit card over when you finally go out.

Plus you get real time notifications, however it's a Maestro card, not a Mastercard.

Might be useful for some people.

Yggr of Asgard

Here some more info.

Account Opening

• via Video Chat with IDnow (in English or Dutch)
• Proof of Address required via in App upload of a utility bill
• Possible as long as you are residing in an EU country
• Quick opening

Account Maintenance

• Basic operation (cardless) is free of charge
• No Web Interface, only App (Android/iOS)
• up to 10 sub accounts (all with own IBAN) which can be opened and closed within the App. IBAN (NL prefix) issued immediately and ready to use than.
• Bunq users can send money instantly to Bunq users

SEPA Transactions

• Incoming/Outgoing transfers free of charge
• ONLY SEPA, payments via SWIFT etc will be declined and returned to sender
• A direct debit is not automatically taken from the account, once it is requested you have 5 days to confirm you approval otherwise it will be automatically declined. So it's approval not claiming afterwards for direct debits that are not correct. That is both for new direct debits and existing ones.

Card

• Maestro Card for once off fee of 9€ valid for 4 Years
• Contactless payments supported
• Foreign Currency added 1.2%, using Mastercard rates
• ATM transaction in € 0.80€
• ATM transactions in other currency 2.25€ plus 1.2% conversion charge
• Card usage 0.04€ (non € payments are additional 1.2% conversion charge)
• Failed Authorization due to customer error (no money/wrong pin) 0.04€
• PIN Code set or changed in App
• Card has activated Geoblocking, can be changed in App down to a country level
• Individual card limits (ATM, PIN transactions, Contactless) can be set in the App, each function can be deactivated/activated in the App too
• Card can be blocked / unblocked in the App
• Card can be changed to debit any of the 10 accounts for individual transactions

iDeal Payment System

• Bunq particiaptes in the Dutch ideal payment system which means instant payments to webshops etc.

App & Support

• Login/Identification via Code, Fingerprint or biometric handscan
• In App Chat support (or phone number) in Dutch and English

Card Negatives

• The card has no signature pane so fallback to signature for some card terminals won't work.
• Card has no bank contact information on it, is vertical printed, so some shops might look strange at it

Unique Features

• Direct Debit requiring approval each time (instead of automatic)
• Sub accounts (up to 10) also as shared accounts

Overall this is a nice alternative if you don't do that many card transactions and don't need non SEPA transfers directly from the account (you still can do transferwise/currenyfair via their websites).

Savman

10 IBANS!

Delta2113

Would love to hear any feedback if anybody has opened an account with Bunq.

soirish

They have a bank license in the Netherlands, BIC code BUNQNL2A. The standard deposit guarantee and ECB minimum reserves requirements applies.

https://thebanks.eu/banks/18424

The J Stands for Jay

I've opened an account, just for direct debits. It seems like a good way of doing my own version of ynab. So, far I've managed to get dds working with Standard Life. Three are currently telling me they can't use the IBAN because it's too short. I'm to get a call back today about it. I've sent a paper DDM to Laya, still to hear anything from them.

The J Stands for Jay

McGaggs wrote: »

I've opened an account, just for direct debits. It seems like a good way of doing my own version of ynab. So, far I've managed to get dds working with Standard Life. Three are currently telling me they can't use the IBAN because it's too short. I'm to get a call back today about it. I've sent a paper DDM to Laya, still to hear anything from them.

Laya are working fine taking DDs, three are still working to get it sorted. They tell me they expect to have it fixed soon.

Yggr of Asgard

Unfortunately I can not edit the older post, so I update here:

The pricing model for the card has changed for NEW customers.

The initial card is now free, however there is a monthly charge of 1€ which covers all transactions with the Euro region. ATM withdraws continue to be 0.80€ per withdraw (plus the 12 cent tax if you are doing it in the republic). The prices for non Euro transactions remain the same.

The account(s) remain free of charge otherwise, they simply now charge a flat monthly fee for the card and POS transaction rather than the 9€ card and 0.04€ each.

That is a rather big price hike for a maestro card, so it might not be the best option to get the card and simply use the free options.

Yggr of Asgard

I might be the only one using it, but still maybe it helps someone.

I had the first negative experience when I tried to withdraw cash from an Ulster Bank machine in Ireland, it got declined.

Quick thought about it, looks like it shows as UK when requesting the approval, so card enabled on the fly for united kingdom purchases and voila ATM gave cash on the 2nd attempt.

Still showed up as Swords, Ireland as location but somehow the system blocked it as the query came via the UK.

prmcnamara

Yggr of Asgard wrote: »

I might be the only one using it, but still maybe it helps someone.

Are you using this as your main account? Do you prefer this or N26?

Yggr of Asgard

I'm not using it as my main account, but as secondary account for those pesky direct debits especially from those companies which are known to miss-use direct debits (like virgin media). The fact that I can approve each direct debit before it happens stops any risk of having the account cleared out by them or a fraudster.

My relationship with N26 is over, they burned me too many times with their shabby customer service and non existing support options.

Bunq has some unique features (10 IBAN's, Direct Debit approval) but some drawbacks (maestro card only) but it has outstanding customer service both in app and online.

In addition payments to/from bunq are not processed in batches but realtime on their end. That makes for extreme quick payments into/from the account, money moved to/from it to other banks is usually there same day or in some cases within hours.

Sure, using the Maestro card has a fee (1€ a month plus atm withdraw charges) but if you don't need a card (because for example you use a credit card) than you really should consider bunq.

I won't make it my main account, as my main account has other advantages (worldwide free ATM's, no foreign transaction charges etc.) but this is a serious contender for me to swap if I would not need foreign transactions that much.

Chimichangas

Pity the card option changed from a 1 off 9 euro fee. Could have been nice. The fees seem too high now!

Yggr of Asgard

Chimichangas wrote: »

Pity the card option changed from a 1 off 9 euro fee. Could have been nice. The fees seem too high now!

I agree the fee is rather high with 12€ a year with additional fee's for ATM withdraws.

But if you don't need the card, the account is free.

Yggr of Asgard

It looks like you can now get cashback in stores when paying with the card.

JTMan

Yggr of Asgard wrote: »

It looks like you can now get cashback in stores when paying with the card.

Do you have a link to the terms of the cashback? Thanks.

Yggr of Asgard

JTMan wrote: »

Do you have a link to the terms of the cashback? Thanks.

I'm not aware of an specific T&C for cashback, you might want to check together.

I just got offered cashback, told her the amount and got my cash with the app showing one combined amount.

The J Stands for Jay

McGaggs wrote: »

Laya are working fine taking DDs, three are still working to get it sorted. They tell me they expect to have it fixed soon.

Three are still "working on it". Bunq have actually contacted Three to ask them what the problem is.

Savman

Just signed up and requested a card (that I probably won't activate).

Never had a Maestro before, is it generally useless?

Yggr of Asgard

It depends on your needs.

Bunq's version can only be use in person in shops (NFC works), you can't use it online.

Kind of reminds me of the old Laser card.

It's certainly not as good as a Master/Visa Debit card as you can't use the maestro online but if you just use it in stores to do shopping you find no difference. In effect, several stores (Supervalu for example) even will offer you cashback on it.

But millions of people use Maestro all over the world (in effect its next to Vpay one of the standards for bank accounts in Germany).

It's a debit card and not a credit card, so hotel/car rental companies are not going to accept it (mostly).

But all Irish ATM's accept them and any store that accept credit cards usually also takes maestro, which is also cheaper for them.

Duncanwooly

Has any one had problems using the Bunq card? Mine arrived today and the chip and pin machines in Lidl and Spar didn't like the card.

Yggr of Asgard

When you say they did not like the card, what error did you get?

I have used the card at Lidl many times both with NFC and Chip/PIN.

Is this the first time you used the card, if so make sure you have Ireland in the allowed countries list.

Duncanwooly

Thanks Yggr I just got a "card error" error when I put it into the chip and pin machine. The card came this morning and Ireland is enabled. Illl try at an ATM later when I go back out.

Yggr of Asgard

That's a new one for me, I had no such generic errors so far.

When you go to an ATM just make sure you don't use Ulsterbank unless you have United Kingdom in the allowed countries as they for some reason are going via the UK for authorizations.

Otherwise generic trouble shooting would be to check that you have linked the card to an account that has money in it and that it's not de-activated (either completely or for the country you are in).

If that still not help, than contact support , they are usually very quick in responding and might be able to tell you if there is a problem with your card.

I hope you get it sorted because bunq is a real great little bank I enjoy banking with.

Savman

Did some test transactions:
N26 to Bunq 3h45mins (10.15am-2pm)
Bunq to N26 2h15mins (2pm-4.15pm)

I can live with that for sure.

Welcome to the future!

Yggr of Asgard

Bunq seams to have a constant link to the SEPA clearing system and fire off outgoing transfers immediately and credit those they get from the system immediately too.

So depending on which cycle the receiver/sender has transfer can be done extremely quickly.

N26 uses the most common cycles (not instant but batches) which is why your timelines are so short, this is out of the question with your Irish banks. They will take way longer, so don't expect this times with them.

Yggr of Asgard

If Bunq ever updates from Maestro to Mastercard (and they are an issuer now) this account is going to be brilliant.

In the meantime, it's a good account especially as you can give greedy companies like Virgin a separate IBAN for their direct debits and stop them cleaning out your account with the approvals process.

Bob24

Yggr of Asgard wrote: »

Bunq's version can only be use in person in shops (NFC works), you can't use it online.

Kind of reminds me of the old Laser card.

Laser could actually be used online on some Irish and British websites. But not very usefull for online purchases beyond the UK and Ireland indeed :-)

Savman

Yeah they'll need Mastercards eventually. I like the DD feature but not sure if I can go through the same nonsense with Irish companies and stupid Customer service depts.

But I might get a second wind!

Yggr of Asgard

It looks like there will be a major announcement on Tuesday evening about future products (hopefully a mastercard).

They also just got another 9.2 Million € investment from their founder/owner Ali Niknam after they did a whopping 5 Million € loss last year.

Giving that he is owning the really profitable TransIP webhoster, and this being his vision for payment solutions, no fear that they will go out of business anytime soon. Plus as they are a real bank (unlike Revolut) they are fully covered by the bank guarantee.

I really hope it's a mastercard.

msmx5

Yggr of Asgard wrote: »

It looks like there will be a major announcement on Tuesday evening about future products (hopefully a mastercard).

Was thinking of signing up, should I wait for the announcement or sign up beforehand?

Yggr of Asgard

I don't think there is going to be less products so you should be safe signing up now.

But than again it's in 24 hours, so unless you are in hurry why not wait just in case it's a new pricing model.

But giving that account cost nothing (unless you use the card) you have nothing to lose.

Duncanwooly

Bunq told me to order a new card and have promised to refund the cost. It's now a waiting game for it to arrive

Yggr of Asgard

A damaged card, that is unfortunate, hope the new card will work for you.

Yggr of Asgard

Opportunity to visit bunqHQ and do testing of new bunq features:

https://together.bunq.com/topic/test-the-new-bunq-features

Yggr of Asgard

Initial feedback after the update 5 session just now.

I don't like the new pricing they just announced, it's a rather large price hike.

7.99€ a month is just a too high price to pay, sure you get 2 mastercards (with some nice extra security features) and a maestro card with no additional cost for standard transaction (10 ATM transaction included) but it's a rather big price hike from the current 1€ plus usage fees.

Let's see what all the details are when they publish the full details and new app later on.

Sure Mastercard is nice and that there is no CCV on the card but rather in the App is nice too.

Delta2113

Yes €7.99 a month is too much. I'll stick with PTSB Current Account and Revolut.

Yggr of Asgard

It looks like existing customers can continue on their current price plan until they want to get a new card or any additional IBAN, than they need to update to premium.

They offer a 3 month premium test for free to test out the new functions and service but I'm not sure that in light of N26 charging 2.90€ (well in theory it seams to be waved for ever) with no currency conversation rate that this is a good offer.

Revolut also is better for foreign currency, but bad for ATM withdraws.

What is good about bunq is the original features for Direct Debits, the multiple IBANs, the new NFC integration in the app (no need to go via Android Pay) and the 10 free ATM withdraws worldwide (however with a rather high 1.5% currency conversion).

I'm rethinking my approach to then.

Savman

I think they've shot themselves in the foot with this pricing. The free package is virtually useless and the Premium is too expensive with no option in between the two

Duncanwooly

I think the pricing is a bit expensive. I only wanted the thing for the funky rainbow card :S. Reading through their blurb; they don't appear to have a discernible revenue stream. Revolut can maybe do it through currency conversion and through credit when they start doing that. Bunq don't want to offer credit cards or overdrafts.

Yggr of Asgard

Banking in the Netherlands is not free or cheap and it's their core market, but even for the Netherlands the new premium price is higher than anything comparable.

The fact that they overnight changed their pricing and disabled essential offerings of the old price plan (new cards, new IBAN numbers etc.) is not a good behavior and does send a wrong signal for the long term customer relationship.

The new premium plan has some nice features for those who want transaction security (NFC directly out of the bunq app, changing ccv number of the mastercard, on the fly change of accounts the cards are linked too) but the overall proposition of this plan is just "premium" without the premium function.

N26 offers nearly all the basic functions for 2.90€ (well currently free) including free purchase currency conversion and a premium card for 5.90€ which offers even no foreign exchange fee on ATM's. Yes it only offer 5 ATM withdraws but they are also higher in their limit.

Bunq now offers 10 ATM withdraws for free but each of them is limited to 500€ (and that is a daily limit) and non € are charged a whopping 1.5% fee.

Bunq is pricing themselves out of the EU market against N26 for the standard users that just wants a mastercard with a good bank account.

They certainly have some nice security features and an excellent customer service (unlike N26) but the premium for that features are not in relation to the services provided.

I don't know what their long term goal is, but most certainly I'm not going to stay with them just for the ability to have multiple accounts that I can link my card to on the fly. As good as that function is (for security, budget etc.) it's not worth 7.90€ a month.

If my main bank (DKB) would just have a better App I would not even look around. They have the best conditions around but their app is just so outdated and with all of that fraud these days real time notifications are just a must.

Overall a shame that bunq went down this road with virtually no notice.

Yggr of Asgard

And there we go just got an e-mail which addresses some issue, best is that they are allowing people to stay on the old price plan and will allow again the creation of 10 IBAN's with old Maestro card orders.

In our rush we disabled the option to create up to 10 bank accounts for everyone who had not upgraded to Premium. We are going to fix this. Additionally we will offer the option to order the old Maestro-cards again. Under the previous terms and for another month, until September 4th, 23.59. We're currently updating our code-base to accommodate this. Expect availability as of tomorrow 10.00.

So if you signed up under the old price plan (before yesterday) you now can continue to enjoy the same functions and prices once the update is rolled out.

maxell

Yggr of Asgard wrote: »

I'm not using it as my main account....

Yggr of Asgard- Can I ask you what is your main account? I am a little sick of feature less Irish Banks and although there seems to be a few alternatives like Bunq, most are fintech alternatives are still in Beta. So the list is still fairly limited. You have written on the subject quite a bit. Would love to know your reccommendation in 2018?

Yggr of Asgard

maxell wrote: »

Yggr of Asgard- Can I ask you what is your main account? I am a little sick of feature less Irish Banks and although there seems to be a few alternatives like Bunq, most are fintech alternatives are still in Beta. So the list is still fairly limited. You have written on the subject quite a bit. Would love to know your reccommendation in 2018?

I once did a list (it might be a little outdated now):
https://www.boards.ie/vbulletin/showthread.php?p=104452555

My main bank account is with DKB, but they won't take you if you don't speak German (and there is no legal requirement for them to take you either).

Bunq is a good alternative (and it's not in beta), they have an excellent product, great service and the cards are good too. The only bad thing is that if the app dies you won't be able to use your MasterCard online as you need to get a rotating CCV out of the app. They had that recently twice.

N26 is not bad if you want free but I don't trust them as much as I used to. They have a good product but they still have massive kinks to sort out.

Otherwise all of the others are "beta" or not a full bank account (no direct debit etc.).

maxell

Yggr of Asgard wrote: »

I once did a list (it might be a little outdated now):
https://www.boards.ie/vbulletin/showthread.php?p=104452555

My main bank account is with DKB, but they won't take you if you don't speak German (and there is no legal requirement for them to take you either).

Bunq is a good alternative (and it's not in beta....

Thanks for that. Bunq seems the most versatile for sure. They have mastercard now also. Fire looks interesting in that it’s IRISH . but their website does not instill confidence.

Yggr of Asgard

Fire is also no full current account, it does not allow direct debit and the fees are high for cash withdrawal and card usage.

BUNQ is a good alternative for those willing to pay a fee for an account with great features.

Didactic Ninja

Yggr of Asgard wrote: »

Fire is also no full current account, it does not allow direct debit and the fees are high for cash withdrawal and card usage.

BUNQ is a good alternative for those willing to pay a fee for an account with great features.

opinion on monese?

Hibrasil

Am I correct in assuming that the only verification process open to Irish residents is the Videocall (rather that deposit to account from one's existing bank account)

Yggr of Asgard

Hibrasil wrote: »

Am I correct in assuming that the only verification process open to Irish residents is the Videocall (rather that deposit to account from one's existing bank account)

Nobody trusts Irish Banks.

Yes a video call is the only option right now as Irish banks don't work with the require data transfer sofort or ideal use.

Delta2113

https://www.bunq.com/features/travel-card - Finally a card that can save you the €30 Irish Government stamp duty per year?


It does not offer you credit and you have to load up money but other than that it's a credit card if I read this correct?

msmx5

I'd recommend a Revolut card instead, no initial €9.99 and no fees for online or POS transactions or ATM withdrawal up to €200 per calendar month. (2% fee after that for ATM cash)

The one benefit seems to be that the card is encoded as a credit card, rather than a prepaid-credit card, so as stated in their FAQ you can use it for car hire.

(Although you can normally use Revolut for paying for car hire as long as you secure the booking/excess using another regular credit card)

Yggr of Asgard

Delta2113 wrote: »

https://www.bunq.com/features/travel-card - Finally a card that can save you the €30 Irish Government stamp duty per year?


It does not offer you credit and you have to load up money but other than that it's a credit card if I read this correct?

Well the chance here is that in theory as the underlying account for the cards is not a credit account you should not be liable for stamp duty. But if they offer this as a credit account with 0€ limit than stamp duty would have to be paid.

So we have to wait until someone opens the account and looks at the terms and conditions.

If it's a simple curent or holding account which has no credit agreement and the card is simple coded to behave like a credit card card with a simulated limit of your account balance than most likely the card only would attract the atm withdrawal tax.

Remember it's not where the account is that attracts stamp duty, it's that you are a resident of Irland.

The advantage over revolut is that it is coded as credit card so can be used at more places. But it behaves the same, any authorized amount is blocked and you can only block what is on the account.

So if you check into a hotel they estimate your final bill (room plus estimated food plus minibar etc) and tham block that amount.

On a real credit card that just takes away your possible ability to go further into debit, on revolut or this card it blocks the amount.

Only benefit is that for credit cards the final release is usually better handled and you can see your reserved money back sooner.