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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.

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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.