Bunq enters ireland

clacks

https://www.boards.ie/discussion/comment/119107259#Comment_119107259

I added it manually.. seemed to work, but it disappeared too. I have since read that Digicards are not supported in Apple Wallet, so god only knows what is going on. Bank and disappearing is not words you should hear in the same sentence.

awec

https://www.boards.ie/discussion/comment/119107787#Comment_119107787

I also have to say I've found the support fairly mediocre. Maybe it's cause I'm still within my free trial.

I raised the issue yesterday, it said I'd get an answer in 5 hours and it was more like 24 hours. And when someone does answer, it's not instant chat, there's like half a day or more between responses. It means even small issues take days to resolve.

So far I've raised 3 issues and none have been resolved.

Yggr of Asgard

That is not good to hear, they used to be top notch in their customer service.

And that you had 3 issues so quickly is worrying.

awec

https://www.boards.ie/discussion/comment/119107895#Comment_119107895

Yep, it's really not good. Maybe I've just been super unlucky.

#1 = I couldn't add my card to Apple Pay. Kept getting an error. After waiting many hours, the issue eventually fixed itself before support even got to me.

#2 = All my cards disappeared in the app. Can't see any. Support guy took over a day to respond, he said he can't see cards either, said it's a bug. No idea when it will be fixed. Can't manage my card until then, can't see the CVC for my physical card. Not even sure if my physical card will even arrive, it was due to be posted but can't track the status any more since I can't even see it. Lucky I had added it to Apple Pay before it disappeared.

#3 = My balance doesn't update when I make a transaction. I have to close and open the app again every time. Again over 24 hours for a first response. I responded to their response within 30 seconds, that was about 5 hours ago, waiting on response #2 now. I suspect I'll get the same "it's a bug, we'll raise it". Who knows.

I have a 4th issue I need to raise now. I got a low balance alert, but every time I try dismiss it I get an error. It won't go away. I've topped up 2 days ago and still that alert just sits there.

So far, it's pretty terrible.

awec

Another issue now. 😕

Can't access the Budget Spent or Spending Insights sections. Clicking on them just doesn't do anything.

I think my account is just totally messed up.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119108481#Comment_119108481

As a matter of interest, on what OS are you?

awec

https://www.boards.ie/discussion/comment/119108622#Comment_119108622

iOS 15.4.1

Yggr of Asgard

I'm using App version 20.2.0 on my iOS 15.5 and my cards are still there, same on my iOS 15.6 device.

Let's hope they address your issues soon because I would have run by now that is just too much hassle.

awec

https://www.boards.ie/discussion/comment/119110728#Comment_119110728

Yep, it's awful.

When I log into the web version, under the cards section there's just an error saying "Something went wrong at Bunq's side, our staff has been notified".

They got back to me today regarding another issue, just saying "try again" which of course fixed absolutely nothing.

awec

https://www.boards.ie/discussion/comment/119110728#Comment_119110728

All issues are now resolved, app is working again!

macvin

I had too many issues with revolut and appalling experience with their "customer service" who simply did not understand their own system.

So this morning about 10am I opened a Bunq account.

I timed myself.

Just over 6 minutes including all verification.

At 11.10 I got a message from Bunq saying account is verified and ready for use.

At 11.15 my revolut balance was in Bunq and Mt revolut account closed.

Card added to Google pay and used twice without issue.

5/5 for day 1

WoolyJumper

Those having issues with the BUNQ iban is that with the Irish iban? If so that is disappointing. The reason I chose BUNQ over N26 was to avoid these issues

The J Stands for Jay

https://www.boards.ie/discussion/comment/119120854#Comment_119120854

The IBAN is fine, it's the BIC that causes issues. New BICs need to be set up on their systems, but most don't have a clue.

awec

Anyone ever have an issue with normal payments incorrectly being detected as a subscription?

Mimikyu

Does anyone know if you need to have two paid subscriptions for a joint account or one?

I wouldn’t mind paying €9 a month for the extra features of the Easy Money plan, but I definitely wouldn’t pay €18 if I needed two subs. I know there is the Easy Bank plan for €3 a month, but again if I needed two subs I don’t see any benefit paying €6 for that over a traditional bank.

awec

https://www.boards.ie/discussion/comment/119144275#Comment_119144275

You need 2 subs.

awec

@Yggr of Asgard what's the best way to use Bunq abroad, e.g. in the UK?

Should I create a sub account in "Bank like a local" in GBP, and then turn on AutoCurrency on my card so it'll take from this sub account automatically, and then transfer money from my euro sub account to my GBP sub account?

Or just pay as normal and let bunq handle the exchange on my normal euro account?

From what I can figure, if I just use my normal euro account, the fee will be: "The real Mastercard exchange rate + 0,5% (network fee)" 

If I create a GBP sub account, I will have to pay "The Currency Cloud exchange rate + network fee (0,5%)" to fund this sub account from a sub euro account, and then I need to pay €0.70 per transaction (for GBP or USD) ?

Yggr of Asgard

Not to sound like most posters these days: "Revolut".... Kidding...

If you have a sub account in a supported currency and use your linked card, in that currency then you don't pay a transaction fee.

Transaction fees are only for outgoing payments like faster pay, swift etc.

What are the Local Currencies Accounts Fees? - bunq Together

awec

https://www.boards.ie/discussion/comment/119147936#Comment_119147936

I'm a bit confused now. I set up a local currency account in GBP, and did a currency exchange from my euro account to my new GBP account. There was no mention of any fees in the process, but here is says 0.5%: What are the Local Currencies Accounts Fees? - bunq Together ?

Also regarding AutoCurrency, the FAQ is a bit ambigious. If I have say £10 in my local sub account, and I try make a purchase for £11, it sounds like Bunq will take it from my euro account instead (so the card payment will go through) and prompt me to top up the local account for next time, rather than failing the payment. Is this also your understanding?

Yggr of Asgard

https://www.boards.ie/discussion/comment/119148282#Comment_119148282

Not all fees show up instantly, some fees are only billed monthly, so it might well be that the 0.5% shows up later.

As to AutoCurrency, if you don't have enough let's say £ in your sub account, it will take it from the € account and let you know that you should ensure to have enough funds in future. Payment will go through as long as there are enough funds in at least one of the accounts.

AutoCurrency basically is a simple way to pay from your various sub accounts in foreign currency without the need to link a specific card to a specific currency. Where you have enough local currency in your sub account, it will take it from there. If not, your main account against which the card is linked will be billed. You also will be charged the network fee in that case.

But remember that those accounts are not part of the Dutch Bank Guarantee because in reality it's a "currency cloud" service you are using.

awec

https://www.boards.ie/discussion/comment/119148436#Comment_119148436

So just so I am super clear, I don't need to explicitly link any card to my GBP sub account, I just need to have AutoCurrency enabled on whatever card I use to pay with GBP?

Yggr of Asgard

https://www.boards.ie/discussion/comment/119148648#Comment_119148648

In my experience that is correct.

Would suggest trying it with a small amount because just looking at the multitude of problems you already had, the gods only know what happens when you try!

Bob24

https://www.boards.ie/discussion/comment/119148436#Comment_119148436

I saw that about non-euro accounts being with Currency Cloud as opposed to bunq directly, which is a bit if a shame.

I guess technically it means that related to non EUR deposits you are a creditor of Currency Cloud, which itself is a creditor of whichever bank they are depositing customer funds at (probably with no depositor guarantee scheme as Currency Cloud would presumably be holding business accounts aggregating funds for many of their customers, and this type of account isn't covered by guarantee schemes). A bit like the way Revolut was operating before offering service under their banking licence.

Having said that, I saw they were recently acquired by Visa: https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.18666.html

Hopefully, Visa would jump in in case something goes wrong as it wouldn't look very good for one of the big payment giants to have one of their subsidiaries fail to honour its financial commitments.

matterd

I know the interest rate on these Bunq accounts is small, but I guess you would have to pay/declare DIRT tax on this or does Bunq automatically deduct it?

Pussyhands

Not enough room for all these digital banks. They're all coming here looking to get market share but once there's a winner they'll start charging people and the others will drop out.

Yggr of Asgard

https://www.boards.ie/discussion/comment/119189910#Comment_119189910

This is what bunq says:

As a Dutch bank, we report to the Dutch tax authorities. Based on the Common Reporting Standard, the tax authorities of Member States of the European Union cooperate with each other so the Dutch tax authorities also communicate with the German tax authorities.

This however doesn't mean that the you shouldn't report your earned interest in your tax reports. You should still make sure that the interest is reported correctly to the local tax authorities 🙌

So, if you choose to get mass interest you will need to do an appropriate notification to revenue as per

Deposit Interest Retention Tax (DIRT) (revenue.ie)

Therefore, you might consider de-activating the mass interest option if you don't want the hassle:

Select Profile

Tap on Money Saved

Go to MassInterest

Tap on a payment event

Manage Freedom of Choice

Disable interest

Yggr of Asgard

https://www.boards.ie/discussion/comment/119189931#Comment_119189931

Bunq already charges!

Plus, there are loads of countries where banking also costs and still there are some direct banks that are still free, some have conditions like at least 700€ on income or using the debit card a certain amount of time. So, there is room for direct banks to continue to offer free account maintenance.

zell12

https://www.boards.ie/discussion/comment/119189931#Comment_119189931

They're operating in the EU market of 450 million people

Jim2007

https://www.boards.ie/discussion/comment/119190703#Comment_119190703

Yes, a market of 450m people who don't want to pay for services. The only difference between a digital bank and a traditional bank is that they are not loosing money on branch networks, but they are still reporting losses....

I have not had occasion to update my presentations since I retired, but the decline continues.

In profitability:

In decline in the number of institutions:

We will continue to see a decline until we get to the point where banks can start to recover cost of service and then some. So enjoy it while it lasts.

Dingaan

Do you automatically receive an NL IBAN on the main account? and open an Irish IBAN on a sub-account?