In today’s modern world, traditional banking is slowly being replaced by fintech online banks. The main difference between a fintech online bank and a traditional bank, is that the latter offers physical branches while the first offers their full service online. Online banks usually are really cheap when compared to traditional banks. And let’s face it, when was the last time you really needed a physical bank branch?
Bunq is a new online bank available in most EU countries (if you are based in the UK I would recommend Monzo account instead of Bunq). In this article I will tell you everything you need to know about it:
- What is Bunq
- Bunq review
- EasyTravel (Bunq travel card)
- Is Bunq safe
- Is Bunq worth it?
What is Bunq
Is Bunq a real bank?
Before explaining which services Bunq offers, it is essential to understand what Bunq is. Bunq is a real bank based in the Netherlands. Which means that your money is much safer on Bunq than many other online financial services that do not own real banking licences.
Regardless of the fact that Bunq is based in the Netherlands, it is also available in most EU countries (such as Germany, Italy, France, Ireland and many more countries). So do not worry if you are not based in the Netherlands, you can still get a Bunq account!
What are the main characteristics of Bunq?
As previously explained, Bunq is an online bank. The main characteristic of Bunq is to be socially and environmentally responsible. Unlike most other online banking services, Bunq is not ¨dirty cheap”. The reason is that Bunq puts quite some resources in being socially responsible and environmentally friendly. Thanks to the fact that Bunq is 100% online, the prices are still quite competitive when compared to most traditional banks. So if you are looking for an online bank focused on social and environmental responsibility for a good price, read this Bunq review. If you are just looking for completely free online banking, you should consider Revolut instead.
Now that you know what Bunq is, it is time to review which services Bunq offers. Bunq offers different plans with different features to satisfy different client’s needs. Bunq is available both for business and private users. Let’s now review the different plans that Bunq offers
Bunq easyTravel plan is the cheapest and most basic plan that Bunq offers. The Bunq easy travel already offers all you need from a basic bank account. With Bunq easyTravel you can:
- Pay for free online and in physical shops using your card
- Pay with iDeal and Tikkie
- Pay with Apple pay and Google pay
- Send payment request to friends and groups
- Pay abroad in different currencies without paying commissions
- Smart insights on your spending (your expenses will be categorized)
- A Dutch IBAN valid in all EU countries
- One off €9.99 per Bunq travel card (Mastercard)
- €0.99 per withdrawal
Bunq easyTravel does not have any fixed monthly costs for private users. As a private user, the only cost you have is a one off €9.99 subscription fee. The cost for business users is €2.99/month. So if you are looking for a basic account that you can also use to pay online (including iDeal and Tikkie), then Bunq easyTravel is the perfect option for you.
The main downsides of Bunq easyTravel is the fact that you need to pay to withdraw cash.
Bunq Travel Card (Mastercard)
The Bunq Travel Card is a prepaid Mastercard that can be used to pay abroad and online without any conversion fees. The Bunq Travel Card offers all the same advantages as a Mastercard card (it is accepted anywhere in the world) without having to build up debt when paying, like it would be the case with normal credit cards. The only downside is that some car rental companies do not accept Bunq Travel cards as they are prepaid Mastercards!
Bunq easyMoney review
If the functions offered by easyTravel are not enough for you, easyMoney is the next step in the Bunq subscriptions. EasyMoney offers the same services as easyTravel plus the following:
- Extra smart functions to better manage your money
- Advanced insights on your expenses and subscriptions
- Automatic budgeting
- Automatic saving
- Smart bookkeeping
- Receipt scanning
- Many new smart banking goodies are added every month!
- Shared bank accounts and saving goals
- 10x free cash withdrawal per month
- MassInterest: a savings account with very high interest rate (currently 0.27%)
- Extra environmentally friendly features
- Freedom of choice on how Bunq will invest your money
- A green metal card
- Free Bunq Travel Card (Mastercard)
As you can see, Bunq easyMoney offers many advanced functionalities and quite some environmentally friendly features. Of course, nothing is for free! easyMoney costs €7.99/month for personal users and €9.99/month for businesses. This is not exactly cheap, but if you care about the environment and want to enjoy some of the most advanced budgeting functions available, Bunq easyMoney is the way to go. Also the 0.27% interest rate on savings is quite attractive nowadays!
If you struggle to imagine how a bank can offer more services than Bunq easyMoney, stay tuned because I am now going to review the most exclusive Bunq plan, the easyGreen plan.
Bunq easyGreen offers all the functionalities of easyMoney plus the following:
- Warranty and protection on your online purchases
- Bunq will plant one tree every 100 euro you spend
I particularly like the second feature above. The more you spend the more trees Bunq will plant. This is sort of a green cashback. With Bunq easyGreen you do not need to feel guilty about shopping. The more you shop, the more trees will be planted! If you use Bunq for all your daily expenses, you can easily plant >100 trees per year. This is a great way to be CO2 neutral!
The Bunq easyGreen plan costs €16.99/month for personal users and €19.99/month for business users. This is not exactly cheap, but you get the chance to choose where your money is invested and to be CO2 free! If you care about the environment, Bunq easyGreen is really the way to go!
Is Bunq safe?
I can keep this chapter really short. Yes, Bunq is really safe! Bunq is a Dutch bank and therefore the first EUR 100,000 on your account are protected by the Deposit Guarantee Scheme of the Dutch National Bank. This means that if Bunq will go bankrupt, your money up to EUR 100,000 is guaranteed by this fund.
Bunq review: is it worth the money?
Is Bunq worth the money? Well, it depends how much value you give to environmental and social responsibility. If you care about it, then Bunq is probably the best online bank to combine social and environmental responsibility with great online banking functionalities! If you do not care that much about social and environmental responsibility, you are most likely better off by getting a free Revolut account!