Bunq enters ireland

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?

AngryLips

What's the point in paying for a virtual bank? Like these service fees are almost the same as the cheapest banks on the market but without the branch footprint or the customer service. If this is the threat from Fintechs then, honestly, Irish banks have nothing to worry about.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119024202#Comment_119024202

My personal opinion is that N26 will take considerable time to get an Irish IBAN and while I started N26 thread a while I ago, I have no confidence in N26 at the moment. The regulatory problems they have (in multiple countries) and the horrible customer service from their outsourced provider down in Athens would not give me enough confidence to use them as my main account.

You can always try Bunq free for a month and see if it suits you before making a decision.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119024181#Comment_119024181

Yes, BUT only the person that accepted the initial Direct Debit Request for automatic payment (i.e. clicked on auto accept when the first payment is collected) can make changes to that direct debit. I.e. the 2nd person cannot modify/reject/cancel any direct debit, the person who accepted the request needs to do that.

Please remember that for each direct debit when it's presented for payment you have the option to refuse the debit, approve the debit or set it to automatically approve. This is a feature with Bunq, i.e. if let's say Three decided to give you an incorrect bill you could refuse the debit when it comes, rather than having to request a refund once it's from your account. Also, it gives you a 5-day notice, so you basically could put more money into the account if you don't have enough funds to avoid any unwanted overdraft.

kevanwm

Has anyone managed to use a house name in the signup where they ask for House Number?

Any tips for signing up with a House Name rather than Number?

lawred2

https://www.boards.ie/discussion/comment/119024687#Comment_119024687

well a house name is not a house number

presume such a thing would just go in the street address

lawred2

https://www.boards.ie/discussion/comment/119024675#Comment_119024675

great stuff! thanks

Yggr of Asgard

https://www.boards.ie/discussion/comment/119024451#Comment_119024451

I think it comes down to personal needs and preferences when it comes to choosing a bank (as with any other service provider).

Bunq is not cheap (it might have started free but soon it became clear that they would need to charge for their services). Unlike for example revolut or Irish banks, they don't get the same interchange fee from you using your debit card. In the Netherlands it's very low, flat rather than %. Plus, their other earnings potential is low, they have started with lending/mortgages only recently.

But if you look at the European market, most banks these days charge heavy fees, nobody really offers free banking anymore, even direct banks have started to put conditions (like minimum 700€ into the account etc.) on their "free" offerings.

The best is to review individual spending behavior and then price it out and then compare features and see if the features that one bank offers are worth any price difference. If you never go into a branch a direct bank or fintech might be right, if you need loads of high cash, a traditional bank.

It comes down to an individual's behavior, for some bunq might be better than PTSB/AIB/BOI because of the advance features, for some it might an irish bank account coupled with Revolut.

Shopping around is always key, be it with banking or with electricity or groceries.

MayoSalmon

Pretty sure they have nothing to worry about regardless as they will be saved by the Irish Government no matter what.

squigglestrebor

Not sure whether to go for this, any users reccomend it?

WoolyJumper

I think I am going to give free trial a go. They are expensive but unlike N26 they have a savings account and and Irish IBAN. Their analytics features as well as sub accounts with their own IBANs should make it easier to manage and track spending (something I am particularly bad at). The thing that worries me is their lack of physical presence and level of customer service. Though, I've been with KBC for years and never once visited the physical branch in the city. They also appear to be hiring a branch manager for Dublin and are vying for KBC and Ulster back accounts so their physical presence may expand in the future.