bunq

In 2021, neobank bunq achieved a financing feat that few European fintechs had previously managed: reaching a legendary unicorn status by being evaluated at over €1 billion in worth. But is the young startup’s offer as ambitious as its status claims? The editors have tried to answer this question by giving their review of bunq‘s various programs, accounts and cards.

Founded in the Netherlands in 2012 by Ali Niknam, bunq is fast emerging as a disruptive force in the world banking. Two years after its creation, bunq obtained its official banking license from the Netherlands Bank (DNB), marking its official entry into the world of banking.

A growing demand has promted bunq‘s rapid expansion, leading to the launch of its app in September 2015 and its arrival in France in 2018, after establishing itself in the Netherlands, Germany, Austria, Italy, and Spain. A year later, the company was launched throughout the European Union, as well as in Norway and Iceland. It doesn’t stop there, in the summer of 2023, the young fintech announces its bid to enter the US market by applying for a banking license.

The key features of bunq are its fully mobile nature and its sustainable focus, offering customers the chance to plant trees, offset their carbon footprint and choose the companies funded by their interests. This great freedom is a major asset for the decarbonization of banking products.

bunq offers eight account types with different priorities: four accounts for individuals and four accounts for professionals.

Easy Green offers are designed for people who are committed to ecological transition. The incentive is to plant trees and offset our carbon footprint. The Easy Bank and Easy Money offers come with various more traditional banking benefits, while the Easy Savings is offered on savings accounts at an interest rate of 1.56%.

This bank offers highly competitive account rates. bunqThey are similar to those offered by other neobanks in France, but they are much less expensive than the accounts offered by traditional banks, such as SG (Société Générale) or BNP ParibasThere are no account management fees.

We also appreciate their support for green projects, their accounting tools, and their wide range of benefits and programs, such as corporate and joint accounts.

Here’s an overview of the various benefits offered by bunq ‘s four personnal accounts:

The savings accounts offered by bunq earn up to 1.56% interest, paid weekly. Although the sum of these is not very high (Distingo and Cashbee offer higher saving rates), they remain competitive as they offer interest rates of 3.71% for English and American currencies. If you receive salaries in any of these currencies, saving with bunq comes with great incentive.

In terms of budget functions, Easy Bank, Easy Money and Easy Green account holders can all obtain projections of future account balances. This projected balance option is particularly useful for budgeting certain projects.

Finally, Easy Green and Easy Money account holders can also invest their spare change in shares, automatically. They can group all their loyalty cards in one place, create a budget and automate their savings by choosing to round up payments to the nearest euro and place the difference in a dedicated sub-account.

All bunq accounts track the environmental impact of spending and offer solutions for offsetting CO2 emissions as customers make purchases, in addition to the option of choosing to finance only environmentally-friendly companies. Easy Green accounts go even further, offering holders the chance to plant a tree for every 100 euros spent.

To qualify for a joint account, all members must have their own subscription with bunq, either an Easy Bank, Easy Money or Easy Green account.

All bunq accounts come with at least one free virtual credit card, a Mastercard. This can easily be used with Apple Pay or Google Pay.

Like N26, bunq can send instant payments to a large number of banks across Europe, thanks to a partnership established in 2012 with TARGET Instant Payment Settlement (TIPS).

Holders of Easy Money and Easy Green accounts are entitled to six free ATM withdrawals per month anywhere in Europe, followed by five withdrawals charged at 0.99 euros. Once the limit has been reached, a fee of €2.99 per withdrawal is charged. Easy Bank account holders are not entitled to free withdrawals; they benefit from five withdrawals charged at €0.99 at European ATMs.

Thanks to a partnership with Zero FX, Easy Money and Easy Green account holders are entitled to an unlimited number of free foreign currency withdrawals and payments per month. Only exchange fees based on current exchange rates will be charged. Like Revolut and Revolut Business, bunq allows you to have different currencies on the same account. And bunq’s multi-currency savings accounts earn 3.71% interest on UK and US currencies.

Bunq offers an innovative feature that no other neobank currently offers: the possibility of having a second pin on the same card for spending from two different bank accounts. This is an particularly convenient option for those who don’t like carrying around too many cards in their wallet.

Like many banks, such as BoursoBank with its Metal card, or American Express with its Platinum card, bunq offers holders of its two top-of-the-range accounts the chance to swap their plastic card for a stainless steel one.

Thanks to the insurance policy offered by Companjon in collaboration with bunq, metal cardholders who subscribe to the Easy Green offer benefit from purchase protection and an extended warranty on their purchases.

The professional accounts offered by bunq offer more or less the same advantages as the personal accounts. The most notable difference is in the pricing, where professional accounts are slightly more expensive. They also offer the option of digitizing invoices and automatically calculating VAT.

Here is an overview of the various advantages offered by the four bunq accounts for professionals:

To simplify invoice processing, bunq enables Easy Money and Easy Green account holders to scan their invoices and have the data automatically entered.

bunq also enables Easy Money and Easy Green account holders to automatically calculate VAT and transfer it to a different account, simplifying financial record-keeping.

In our opinion, bunq ‘s banking offer is of very high quality. We appreciate its intuitive, high-performance mobile application, as well as its ability to pay in currencies other than the euro at no extra charge, and to withdraw euros free of charge several times a month.

The option of choosing to finance eco-friendly businesses with interest is also a strong plus point, projecting the neobank alongside other better-known eco-friendly financial institutions, such as Helios.

Perhaps the only downside is cashback. When compared with other online banks, it remains quite interesting, as few neobanks offer a similar product. However, when compared with American Express cards, such as the Green, Gold and Platinum cards, and Air France KLM American Express cards, the cashback system loses all its appeal. In France, no bank card offers asmuch return on investment ratio as the American giant, which allows you to earn Membership Rewards points and redeem them for reward tickets.

And on the professional side, the biggest problem with the Business account is its lack of insurance. Unlike Qonto, bunq business accounts offer no travel protection and no legal assistance.

But despite these limitations, the bunq accounts,specifically the Easy Money account, which comes with sub-accounts, local IBANs, free foreign withdrawals and payments, and a metal card, are particularly favorable. Not only for private individuals but also for professionals looking for a reliable, cost-effective, multi-functional banking solution.

bunq users express many positive reviews on Trustpilot. They praise the neobank for its innovative approach, highlighting the simplicity of its mobile application and its positive impact on day-to-day financial management. Transparency, efficient customer service, and unique features, such as a fully open banking API, are highly appreciated. Feedback also highlights bunq’s responsiveness to customer needs and its commitment to sustainability, notably through carbon offset initiatives.

Some negative reviews nevertheless highlight concerns about the stability of bunq’s application, noting occasional performance issues. But all in all, bunq has received very positive reviews for its pioneering role in modern banking.