Bunq.com Feedback

fireglo2020

Hello,

• I posted a specific use case yesterday which Bunq.com fulfills
• Has anybody used their service? I can't find much feedback on any other threads.
• It seems to be covered by the deposit guarantee scheme up to 100k but only in The Netherlands . I am not too sure what that means for Ireland

Appreciate anyone's feedback that has used this please.

Thanks,

K

fireglo2020

Update: It seems like they charge a fiver for swift transfers into each IBAN. I am not too sure if this relates to SEPA transfers. Anyone have any idea?

fael

Myself and my wife have accounts there (all shared with each other). Have been with them for almost 2 years. Very happy.

Regarding your questions:

I never do SWIFT transfers, so I don't know, but SEPA is free.

Deposit guarantee works in Ireland. It's just guaranteed by the Dutch bank, doesn't matter if you are abroad.

Regarding your other thread about the 1 login and 2 IBANS, yes that works. I have that setup in a more elaborate way. I have 20+ IBANS (25 come with your account), and share all of them with my wife. We both have a physical Mastercard that we can link to any account (also works with Google Pay). Our income goes to IBAN 1, then it's split over a heap of other IBANs according to how we budget. For example we have IBANs for grocery shopping, car maintenance/NCT/Tax, Car insurance, Holiday fund, Utilities, Clothing, Nights out, etc etc. As they all have their own IBAN you can setup your direct debit for electricity, broadband, phone etc to be taken directly from the correct account. Very easy to see if you are sticking to your budget. As a fallback you can put in that if you accidentally use an IBAN that doesn't have any money in it that it will default to take the money from a specified IBAN.

I do believe Bunq offer a separate account for businesses, but I've never looked into it as I've never used it. I do think in that case you have 2 accounts/logins within the 1 app in order to keep it separate.

Another feature you might like in your case is that you can have 2 PIN codes on the 1 Mastercard. You can link the second PIN to a certain account. For example you go to the shop and if you put in PIN 1111 the money is taken from IBAN 1, and if you use PIN 2222 it is taken from IBAN 2.

fireglo2020

https://www.boards.ie/discussion/comment/118080238#Comment_118080238

Wow. Thank you. I like the idea of subaccounts for budgeting. You sold bunq to me more there. :)

Do you use it for savings?

fael

https://www.boards.ie/discussion/comment/118080267#Comment_118080267

Well yes and no. I still have my old PTSB account (it's free if you keep a certain amount on it). That is where our salary is paid to, then I send that money on to our bunq account. I use that account as a bit of a buffer just in case. I read some stories at the start where some people with bunq had a blocked account that took a while to resolve. I've never had any issues but I figured this is a handy way to have some money separate if that were to happen. About 80% of our money is on the bunq account. I have some investments as well which are not included in that. You barely get any interest though, but what you get is calculated over your cumulative balance.

The J Stands for Jay

I've been using Bunq for years. They pay interest on all balances at a higher rate than most savings accounts. The only issue is that they don't deduct DIRT, so you need to declare that to revenue yourself.