Bunq enters ireland

zell12

'customers will be able to easily set up direct debits and make and receive payments including monthly salaries. Without an Irish IBAN, services are quite limited as the market has seen with other well-known fintechs.'

https://www.rte.ie/news/business/2022/0503/1295822-dutch-digital-bank-bunq-launches-irish-iban/

Sheep Shagger

Pretty sure they were already here but with a Dutch IBAN.

Having an IE one is hugh especially with people who have heard bad stories about foreign IBANs (I say that as a person who uses N26 and Revolut as their main banks now).

Birka

An Irish IBAN seems to be only available with their Easy Money (€8.99 per month) or Easy Green (€17.99 per month) offerings. All their offerings have Spanish, German, French and Italian IBANs so maybe the Irish one will be added soon. Hopefully, as it'd really set them apart from Revolut/N26. The joint account option is handy too.

bennyx_o

Says here that 'The Irish IBAN is available for all bunqers residing in Ireland' but not clear if Easy Money or Easy Green plan is required

Yggr of Asgard

https://www.boards.ie/discussion/comment/119013366#Comment_119013366

You need to have a paid plan: Easy Money Personal + Business and Easy Green Personal + Business users, it's mentioned on the bottom of the link you posted.

Having said that, I still have an old travelcard plan and I got offered an Irish IBAN for free.

bennyx_o

https://www.boards.ie/discussion/comment/119013508#Comment_119013508

That's if you're not an Irish Resident but want an Irish IBAN

Dempo1

Heard this being discussed on morning Ireland, whilst it mentioned Irish IBAN now available, it didn't mention it was only available on paid plans. 🤔

Yggr of Asgard

https://www.boards.ie/discussion/comment/119013539#Comment_119013539

Alright, let's see once the first person takes an easy bank subscription and reports back.

sphinxicus

Appears to be available on all plans. Cheapest "current account" is the Easy Bank account at €2.99/month.

Are there transaction fees for card payments on these accounts? I had a look on their website but a lot of the "new" ways to pay went right over this old persons head 🤣

Yggr of Asgard

Excellent news because 2.99€ is not a Hugh amount for the basic account.

There are transactional charges if you pay in foreign currency (sadly that was introduced a few months ago) but paying in € is free.

But if you ever need cash, be careful, the daily ATM transaction limit is extremely low with max 250€ (up to €500 after 3 month) daily plus on the easy bank you are getting charged 0.99€ for the first 5 withdrawals and then 2.99€. So, if you need cash, this might be a deal breaker.

Full Pricing is here: 20220328_consumers_business_pricing_EN (website-files.com)

Explosive_Cornflake

Does anyone have a joint account with them? I see it can be setup, but I'm not sure how it works.

The ideal setup for me, is myself and my partner both have individual accounts with our own cards, and then 1 shared joint account with a different card and separate IBAN for bills and grocery shopping. Is this possible?

Delta2113

@Yggr of Asgard I also have old travelcard plan until August 2023. What would be the point off an Irish IBAN? I have no intention paying for any plan.

long_b

No-ones's worried they'll do a Bunq with their money and leave them penniless ?

sphinxicus

thanks for the summary @Yggr of Asgard - i have a curve card for paying in non-euro currency although, i have no idea if i would be charged a fee when the curve card takes money out of a bunq account as i dont understand the mechanism. As it stands, i dont get charged by KBC for such transactions so i wuold assume it is seen like a debit card transaction and therefore not subject to fees. When did banking become so complex 😂

Yggr of Asgard

https://www.boards.ie/discussion/comment/119013990#Comment_119013990

No reason to change to an Irish IBAN in my opinion because if I recall doing a sub account on the travel plan means you need to change plan as the travel card did not include any sub accounts.

Delta2113

@Yggr of Asgard - Yes so they are basically trying to get you on a paid plan using this. Not going to happen.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119014069#Comment_119014069

Well, I don't think they really are after us Travelcard (Easy Travel) users (I don't think there are many left), this is a push to get more customers onto their paid services for current accounts and offer full banking services into Ireland where as we all know IBAN discrimination is still rampant. So having an Irish IBAN is a clear advantage over the likes of N26/Revolut.

Also remember that when your travel card expires you can't get a new one, you would need to swap into a paid plan or cancel. I know it's still long before it happens.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119014047#Comment_119014047

My understanding is that Curve is doing the currency conversion for you (with their fees/limits) and charges the chosen card in € so you should be fine as it's done by currency and not location of the charge (UK).

But best to try it out (given that you can get a 30-day trial with Bunq).

Amik

https://www.boards.ie/discussion/comment/119013935#Comment_119013935

@Yggr of Asgard Is using cashback free at the likes of Dunnes instead of using an ATM?

Yggr of Asgard

https://www.boards.ie/discussion/comment/119014182#Comment_119014182

Sorry, no idea what the answer to that one is.

ec18

Has anyone had any trouble opening an account today?

archfi

More variety is welcome but a word of caution.

Bunq withdrew services without notice to a feminist women's group in NL last year because of their non-compliance with gender ideology.

I'm not getting into a to-and-fro about gender ideology & women's rights - however, I think it important that people understand when banks do really shítty things and IMO this was a very bad thing and a very undesirable precedent.

Amik

https://www.boards.ie/discussion/comment/119014446#Comment_119014446

For me it said it would take 5 minutes but changed to 24 hours. May be due to high volume after the announcement today.

Pleasant sign up experience so far though.

sphinxicus

https://www.boards.ie/discussion/comment/119014483#Comment_119014483

I agree. This is one thing that makes me wary of using these banks as my main account. I have read many accounts of N26 disabling customer accounts with no warning and when queried they state "suspicious activity". With these banks there is no way to walk into a branch and kick up a fuss to get access to your money. Unfortunately with the lack of real choice in Ireland you are left with antiquated banks who dont move with the times, banks the fleece you with monthly charges and transaction fees or these "fin-tech" offerings. Ulster Bank & KBC exiting really gave the consumer in Ireland a sucker-punch

n26.JPG

Jim2007

https://www.boards.ie/discussion/comment/119014590#Comment_119014590

When you keep demanding free stuff you should not be surprised when the answer is no. Two banks are leaving the market because it was unprofitable and the non traditional banks are also reporting losses. The banking sector is entering a period of consolidation across Europe, there will be job losses and further closures until we get to a point where the remaining players will be in a position to charge realistic fees. So enjoy the frees and cheap services for as long as you can...

Irish banks are not better nor worse than those in mainland Europe. I certainly hope they don't keep up with the trends, because the latest trend is to cull loss making customers and only provide the minimum legal requirement - a basic payment account.

sphinxicus

Clearly if you read my posts in this thread i am not demanding "free stuff". The fact that I am conversing about a bank that only offers monthly payment offers (no new free current accounts) confirms the same.

What i was stating in my post that you quoted was that I would be happy to move (and pay) for the service offered by the fintech banks such as N26/Bunq as these offer products that allow for a high number of transactions without charging for the same. This would suit my use-case (multiple low value transactions) but i am worried about how quick (n26 in my example) they have been known to stop access to accounts and are only contactable via email/social media channels in these events. This being a "public forum" I was hoping that others with actual experiences may chime in rather than being scolded for 'demanding' freebies.

Without wanting to stray too off-topic, forgive me for not wanting to prop up one of the Irish "pillar banks" by paying quartely fees on top of per transaction fees, (example AIB €4.50 / quarter + (€0.20 per transaction |€0.30 per ATM transaction) just because they are not "better or worse than those in mainland Europe". I am simply attempting to reduce the amount of fees I will pay rather than just accepting "it is what it is" just as any Joe Public not flush with cash should do. Competition is healthy and customers should vote with their feet. Unfortunately many in this country open an account with bank A and stick with it for life because "that is what they have always done". Perhaps my stint of banking in the UK were banking was free to the end user (as long as you stay in credit and don't incur any fees [which were insanely hefty]) still leaves a bitter taste in my mouth when i compare it to here. That being said, just because Irish banks are on par with other EU banks doesnt mean we shouldnt ask/strive for better.

Hopefully some of those who have signed up to Bunq let us know how they get on with them in time. I will be watching this thread with interest although may now have to think twice before commenting.

Furze99

As a savings account like the departed Rabo, how will it work out I wonder? Presume interest rates low but could rise with increase in ECB rates?

"High interest savings account"

0.09% interest

Lol

Cerdito

What is the charge for a joint account? €2.99 per month or €5.98 or month?

Amik

https://www.boards.ie/discussion/comment/119016338#Comment_119016338

Seems like 2.99 to me.

If you need an additional Maestro card for your partner it looks like +3.49.

Amik

https://www.boards.ie/discussion/comment/119014446#Comment_119014446

Account finally opened, took 24 hours.

They didn't like that my electricity bill was digital (PDF). They wanted a scan or photo of a physical letter posted to my house but finally accepted the PDF. I mentioned it's inline with their plant trees/lower CO2 emissions policy and they agreed. :D

Great support! Very human, friendly chat instead of the usual over empathetic service you get everywhere else.

Wondering what to do now. Maybe keep it as a free savings account for salary and direct billing, and send funds to my free N26 account for daily banking?

Don't mind the 2.99/m fee as the app and features look decent.

lawred2

https://www.boards.ie/discussion/comment/119013238#Comment_119013238

Joint account option you say? How much is that?

Furze99

https://www.boards.ie/discussion/comment/119015710#Comment_119015710

Yeah but most are of that general order at present. Interest rates have to rise sometime soon. I quite liked my old Rabo account, apart from reasonable interest, it was handy to use online. But maybe this Bunq are more focused on the current a/c side of things.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119015710#Comment_119015710

And how much is your Irish Current or instant access savings account paying?

Sheep Shagger

https://www.boards.ie/discussion/comment/119015710#Comment_119015710

In fairness you can't blame a bank for that, try the ECB.

Birka

https://www.boards.ie/discussion/comment/119020081#Comment_119020081

It's available on the Easy Bank option (€2.99 per month) but it's not clear if that's per account or per person when it's a joint account. Assuming that's per account, there's also a charge of €51.87 per year for an additional card, so €87.75 in total per year. It doesn't allow free withdrawals and charges for lodgments of over €100 per month so you'd need to look closely at your intended usage.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119021203#Comment_119021203

Lodgments only attract a fee if they are done via cash, credit/debit card/SWIFT etc.

Receiving money electronically via SEPA bank transfer is free.

Also, joint account is not a traditional joint current account, which is a misunderstanding. Each person (up to 10) that becomes part of a joint sub account must be a bunq customer with their own account. It's not really a joint account, it's a pooled account.

There is an FAQ here:

What's a Joint sub-account? - bunq Together

awec

The joint account sounds like it works like a Revolut vault, except you can get a card for it?

Yggr of Asgard

https://www.boards.ie/discussion/comment/119022603#Comment_119022603

Yes, but you don't need a card for it, you can take one of your existing cards and link it to the sub account for access. So, if you are on the bigger plan, you could link one of your free three cards to it. Or use Dual PIN on one of your existing cards.

awec

https://www.boards.ie/discussion/comment/119022653#Comment_119022653

I just looked that Dual Pin thing up, that's an amazing feature!

Yggr of Asgard

Bunq has some advanced features like Dual PIN, Direct Debit notifications, Card Linking to Sub Accounts, the Digicards etc.

But there are also drawbacks like the constant price plan changes, the extremely low ATM limit and for some the constant social features and tree promotions. Plus, the way they introduced a "network fee" for payments in non € while still claiming "no foreign exchange fee" for a while was not good.

Still with an Irish IBAN now and the current price plans, it can be a viable alternative to the service offerings of Irish Banks if you are willing to pay for the services you get and don't need foreign currency payments. Plus, Bunq to Revolut top-up via IBAN go real time (well they did from the NL IBAN, so someone will need to test it), so one could continue using Revolut for non € payments.

Bunq combined with Revolut might make sense for some people.

awec

@Yggr of Asgard on the ATM withdrawals, on the 8.99 plan it says you get 4 a month, and then it's 0.99 up to 5 a month and then 2.99 the rest.

Does that mean that you get 4 for free, then the 5th costs 0.99 and the 6th and beyond costs 2.99 each?

Or does it mean you get 4 for free, then the 5th, 6th, 7th, 8th and 9th cost 0.99 each and the 10th and beyond costs 2.99 each?

Or does it mean 4 for free, 0.99 gives you 5 more and the 2.99 gives you the rest?

Yggr of Asgard

As to my experience:

1,2,3,4 are free

5,6,7,8,9 cost you 0.99€ each

10th withdraw is 2.99€ and each one after that another 2.99€

BUT remember 0.12€ Irish Tax applies, and you can only withdraw 250€ pay day. One your account is 3-month-old you can withdraw 500€ a day. And it's not per card it's per person. So, if you have 3 cards, you still can only do 250€ a day not 750€ as one assumes.

If you frequently need larger amounts of cash, this account might not be for you.

Corrected to clarify that it's 0.9€ each for the 5-9 withdraws

awec

https://www.boards.ie/discussion/comment/119023196#Comment_119023196

5,6,7,8,9 cost 0.99 each or in total?

Amik

Can I use the free Easy Savings account for getting my salary and direct debits like mortgage, electricity, etc?

Would N26 find it suspicious if I send money from Bunq to my free N26 account to take advantage of the 3 free ATM withdrawls?

Yggr of Asgard

https://www.boards.ie/discussion/comment/119023410#Comment_119023410

Each.

At the end of your billing month you get an invoice and than it's deducted from the account you have set up for paying fee's from.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119023790#Comment_119023790

No, you can't use your savings account as a current account for salary/direct debits.

Easy Savings FAQ 👀 - bunq Together tells you more details, it's a savings account with max 3 withdraws a month and limited payment options.

As to N26, N26 at present finds anything suspicious which looks like you are circling funds between accounts (amongst loads of other stuff), so as long as you understand the risk that they might ask you what you are doing you will be fine.

Amik

https://www.boards.ie/discussion/comment/119023886#Comment_119023886

Thanks! So Easy Bank for 2.99/m would provide me with the current account I need?

That's what they mean by "1 Full bank account" here? https://together.bunq.com/d/44002-easy-bank

Yggr of Asgard

https://www.boards.ie/discussion/comment/119023943#Comment_119023943

Easy Bank is their cheapest current account, and you will get an Irish IBAN on it.

But again, please read the price list carefully, the easy bank plan has some drawbacks (expensive to get cash, low atm limits, high foreign currency exchange rate, no sub accounts) but it gives you access to their other great services. It's sort of a basic bank account with one card linked to it.

But it's a full current account (SEPA Instant, Direct Debits, Card, Apple/Google Pay etc.) which can replace any Irish Bank account if you don't need cash that often.

The best is for you to look at what your spending pattern is (how often do you need cash; how often do you shop in currencies other than €) and then compare the cost of your current solution to this offering.

What you pay for is a good app (well besides the social functions push) and outstanding customer service. The Easy Bank might be good for someone who just needs a good current account, easy money for those who need advance features like multiple accounts, more than one card and the other features.

Look at your current spending profile and then look what it costs you (might be bunq/n26 or bunq/revolt or just bunq depending on what you do).

Hope that helps.

lawred2

Can this joint sub account accept DD mandates?

Amik

https://www.boards.ie/discussion/comment/119024081#Comment_119024081

Do you work in banking? Always very knowledgeable replies. Thanks for this!

I'm only hesitant about Bunq's ATM withdrawal fee. I do like to carry some cash but maybe paying for 3 withdrawals at 99 each is more economical than jumping to the 8.99 plan. Or I could just go to PTSB.

The Irish IBAN, customer service, and app are all reasons why I'll give them a shot as my main bank.

Do you think N26 will get an Irish IBAN or are they too bogged down with all the regulatory problems to bother at the moment?