Bunq Review

See why Bunq is one of our top digital banks. Read the review.

Bunq is an international mobile bank that entered the ever-growing banking sector in 2015. It was founded by Ali Niknam, who is also the founder of the IT company TransIP. Bunq has been officially permitted and ensured by the Dutch Central Bank. However, it is an independent borderless European bank.

What is Bunq?

Bunq is an Amsterdam-based international mobile bank. It is considered one of the most innovative mobile banks. Customers can create up to 25 sub-accounts and 3 physical cards, and 5 virtual debit Mastercards. 

Bunq claims itself as the “Bank of the free.” Apart from providing banking services, Bunq aims to contribute to climate change by providing an option to its customers to reduce CO2 while making their everyday purchases. Let us understand the features, account types, plans & products in this complete Bunq review. 


  • Three types of accounts are available - Personal, Joint and Business;
  • No fees for spending in Europe; 
  • 25 sub bank accounts with unique IBANs; 
  • Allows free ATM withdrawals across the world (10 free withdrawals per month);
  • Partnered with Wise for 8x cheaper international transfers;
  • 30 days free trial premium account;
  • Built-in savings with interest;
  • It is a climate-friendly bank with green options. 


  • Available only for permanent residents of the EEA (European Economic Area);
  • Only supports Euros;
  • Expensive premium tiers; 
  • Users cannot transfer money abroad with free accounts. 

Is Bunq Safe?

Bunq practices high-security standards to protect the personal information of customers and the funds stored. It is a licensed European bank, and the Dutch Deposit Guarantee protects user funds up to a total of €100,000 per account. 

Bunq has advanced security measures as well, including two-factor authentication. These help to keep user’s money and personal data safe. They keep a close eye on the account activities constantly and also report any abnormalities immediately. 

If you have lost or misplaced your cards, you can freeze your card on the bunq mobile app within seconds. If you are lucky enough to find your card, you can also unfreeze it in the app.

Platform & Features

The Bunq platform is accessible only via mobile app, unlike other banks. Customers do not need to visit a bank branch office or fill out any paper forms. The verification process for opening a Bunq account is straightforward and smooth. Lastly, because it runs on the mobile app entirely, a desktop is not needed.

Banking Features

  • Bunq enables its customers to open multiple bank accounts for different needs. Users can open a Bunq account within minutes with a unique Bunq Account Number (IBAN);
  • Customers can also open up to 25 sub-accounts straight from the mobile app;
  • It allows its customers to transfer money abroad with Wise (formerly known as TransferWise). Users can transfer money to 39 different countries with the mid-market exchange rate without being charged any hidden fees;
  • You can set up a bunq.me link within seconds to get your money back or split charges between your friends. This personal payment link works with any European bank client;
  • You can add your Bunq card to your Apple Pay or Google Pay account to make instant and secure transactions; 
  • Bunq has an in-app card control feature that helps users enable foreign payments, set CVC codes, change, block/unblock cards, create virtual cards, etc.
  • Bunq has an option to set up your saving goals for your next dream purchase. These ‘saving goals’ are shareable with patterns, friends, and family members.
  • Customers can switch on the ‘Auto save’ option to achieve their saving goals faster. It automatically saves after every payment by rounding off the spendings to €1, €2, and €5.
  • On all the types of accounts, bunq provides its customers with an interest rate 9x higher than traditional banks.

Bunq Fees & Commissions 

Bunq charges additional fees apart from their monthly subscription. They do not charge any hidden charges, and their fee structure is open and transparent. Let us have a look at the different types of fees users need to pay. 

Subscription Fees

  • Personal premium account costs €7.99 per month;
  • Joint account costs €9.99 per month;
  • Business account costs €9.99 per month.

Card Fees

  • Travel credit cards and debit cards cost €9.00 per year;
  • Bunq Green card costs €99.00 per year;
  • Cash withdrawals with the debit card in a foreign currency cost €0.99 per withdrawal;
  • Cash withdrawals with a credit card in euros or a foreign currency will also charge €0.99;
  • Card payments in euro will not charge any fees;
  • All foreign payments are made at the MasterCard exchange rate.

Fees for Sending and Receiving Money

  • For premium and joint users, sending or receiving money in euros in the SEPA network is free;
  • For business account users, sending or receiving money in euros in the SEPA network will cost €0.10 per transaction;
  • For international fund transfers, premium and joint users need to pay Wise rates. Business account users need to pay €0.10 extra fees for these transactions;
  • Receiving money outside the SEPA network will cost €5 - €20, depending on the amount.

Additional Fees

  • For accounts with a high balance, bunq charges a ‘safekeeping’ fee to hold their money safe at the European Central Bank;
  • Additional sub-accounts and cards will also cost additional fees;
  • If the initial limit of €100 for deposits is exceeded, 1.5% of the deposit amount will be charged.

How to Open An Account

Creating a bunq account is quick and easy. It entirely runs on the mobile application. 

Visit the homepage of bunq and enter your phone number to receive an invite link via SMS. You can click on the invite, download the mobile app from the Google Play store and Apple store, and sign up. The entire process takes less than 5 minutes. 

All you need is a good internet connection and a working smartphone to set up your account on the bunq mobile app. Enter your details like full name, email address, etc. You also need to perform an identity check by providing a document such as a national ID. If you are a minor, your bunq account needs to be approved by a parent or legal representative who also has a bunq account. 

Once the verification process is completed, you can deposit money with a bank transfer, credit card, debit card. Cash deposits are also allowed in very few countries. 

Types of Bunq accounts

Bunq allows its customers to create three types of accounts. Let us see the benefits of each type of account.

Bunq Personal Premium Account

  • 25 sub-accounts
  • 10 free ATM withdrawals per month
  • €100 deposit per month
  • 2 physical cards (Mastercard, travel debit card)
  • 5 virtual debit cards
  • One card replacement per year

Bunq Joint Account

All the benefits of a personal premium account will apply to a joint account. Additional benefits are:

  • 4 cards (debit and travel)
  • Shared sub-accounts as well as private sub-accounts

Bunq Business Account

  • 25 sub-accounts
  • 2 physical cards
  • 5 virtual debit cards
  • One card replacement per year
  • 10 free ATM withdrawals per month 

Open an Account Today

How to get a Bunq card

Bunq offers two types of debit cards to its customers. Both cards allow you to make purchases online and in person by entering a 4-digit pin. You can also make ten free ATM withdrawals per month using two cards. Moreover, every time you make a purchase, you will get a real-time notification. This way, you can easily monitor your purchases. 

As bunq partnered with Wise, you will get an actual mid-market exchange rate while making international purchases. 

On the bunq mobile application, you will get the enable/disable card option which will help when you lose your cards. 

Bunq debit cards will automatically categorize transactions. For instance, a coffee purchase will fall in the ‘food and drink’ category. A Netflix subscription will fall under ‘entertainment.’ This is a simple way to see which category you are spending more on and helps you to make sensible purchases.  

Bunq Travel card

Bunq travel card, powered by Mastercard, is included in your bunq account. It does not charge extra cost. A travel card allows you to purchase goods and services while traveling. For foreign transactions with a travel card, MasterCard exchange rates are applicable. 

Bunq Metal card or Green card

Bunq metal card or green card is one of the innovative products the Dutch bans prides itself with. It is a sleek stainless-steel card launched as a part of bunq’s sustainability initiatives. It allows customers to combine their everyday spending with social responsibility. 

Every time you spend €100 with a metal card, bunq claims to plant a tree. Bunq can do this as it partnered with Eden Restoration Projects. The card itself is made with responsible materials, and it also helps you become carbon-neutral within five years based on your spendings with this card.


The Amsterdam-based startup has some innovative features. Bunq has reasonable monthly subscription fees, excellent security, instant SEPA transfers, and low-cost international transfers. 

It also provides huge flexibility by providing multiple sub-accounts and cards. 

Overall, it is a new-age, quick, and easy mobile banking app that contributes to sustainable living.

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