bunq

What is bunq

bunq is a digital, mobile-first bank founded in 2012 by Ali Niknam in Amsterdam, Netherlands. It operates with a full European banking license from the Dutch Central Bank (DNB). The core purpose of bunq is to make banking simple, transparent, and enjoyable, putting users in control of their money. Unlike traditional banks, bunq does not have physical branches and all operations are managed through its mobile application. The platform offers personal and business accounts with features designed for modern life, including easy budgeting, international payments, and tools for saving and investing, all within a single app.

bunq Features

• Multiple Sub-Accounts: Create up to 25 individual bank accounts, each with its own IBAN. This helps to organize finances, budget for specific goals like rent or holidays, and manage direct debits easily.
• Virtual & Physical Cards: Get instant access to a virtual credit card for online payments and use with Apple Pay or Google Pay. You can also order physical Maestro, Debit Mastercard, and Credit Mastercard cards.
• High-Interest Savings: Earn a competitive interest rate on your savings, paid out weekly to benefit from compound interest. The AutoSave feature rounds up your card payments to the nearest euro and adds the difference to your savings.
• Investment Tools: Invest in stocks and cryptocurrencies directly from the bunq app. This feature simplifies the investment process by removing the need for a separate trading application.
• Travel Features: bunq offers features for travelers, including an eSIM with global data, travel insurance on certain plans, and ZeroFX for currency exchange without extra fees.
• Cashback: Earn 1% cashback on payments at restaurants and bars with the premium plans.
• Sustainability Options: Users can choose how their money is invested, focusing on ethical and green companies. The app also has a feature to plant trees for every certain amount spent, helping to offset CO2 emissions.
• Instant Payments: Send and receive money instantly across Europe with the SEPA Instant Credit Transfer network.

bunq Pricing Plans

bunq offers several subscription plans for both personal and business users. Each plan is designed for different needs.

• bunq Free: An entry-level plan with basic payment and savings features. It is good for people who want to try bunq or only need a simple savings account.
• bunq Core: A standard daily banking plan that includes a physical card, access to multiple sub-accounts, and essential money management tools.
• bunq Pro: This plan offers advanced budgeting features, more sub-accounts, and additional cards. It is designed for users who want full control over their finances.
• bunq Elite: The most comprehensive plan, including all features from Pro plus exclusive benefits like travel insurance, global data, and higher cashback rates. It is ideal for frequent travelers and international users.

bunq Free Plan

bunq offers a bunq Free plan. This plan is a simple savings account that allows users to earn high interest on their deposits. It includes one free SEPA payment per month. However, it does not include a physical card, multiple sub-accounts for budgeting, or access to investment and advanced travel features. Users can upgrade to a paid plan at any time to unlock more functionalities. All paid plans typically start with a 30-day free trial.

How to use bunq

Getting started with bunq is a quick process done entirely on your phone.

1. Download the App: Find the bunq app on the Apple App Store or Google Play Store and install it.
2. Sign Up: Open the app and provide your personal details, such as your name, address, email, and phone number.
3. Verify Your Identity: You will need a valid ID document (like a passport or national ID card). The app will guide you through a short video selfie process to confirm your identity.
4. Start Banking: Once verified, your account is active immediately. You can add money to your account via iDEAL, SOFORT, or a regular bank transfer.
5. Explore Features: You can start creating sub-accounts for budgeting, order a physical card, or use your virtual card for online payments right away.

Pros and Cons of bunq

Pros:

• Mobile-First Convenience: Manage all your banking needs from a user-friendly mobile app.
• Advanced Budgeting Tools: Multiple sub-accounts with unique IBANs make it easy to organize money.
• High Savings Interest: Offers competitive interest rates that are paid out weekly.
• Focus on Sustainability: Users can choose ethical investments and contribute to reforestation.
• Excellent for Travel: Features like ZeroFX, travel insurance, and eSIMs are very useful for international travelers.

Cons:

• Monthly Fees: Most useful features are locked behind monthly subscription plans.
• No Physical Branches: Customer support is only available through the app or online, which may not be ideal for everyone.
• Card Acceptance: While improving, the Maestro card offered can have limited acceptance outside of certain European countries.
• Complexity for New Users: The large number of features can be overwhelming for someone looking for a very simple bank account.

bunq integrations

bunq provides integrations to connect your bank account with other software and services, primarily through its open API and partnerships.

• Zapier: Connect your bunq account to thousands of other apps using Zapier. You can automate workflows, such as logging transactions in a Google Sheet or creating invoices in accounting software when a payment is received.
• Accounting Software: bunq can be linked with various accounting tools like Xero, QuickBooks, and Moneybird to automate bookkeeping for business users.
• Slice: An integration that automatically tracks and splits shared expenses with friends or housemates directly from your bank account.

bunq Alternatives

• Revolut: A strong competitor with a focus on international money transfers, currency exchange, and stock/crypto trading. It offers a free plan with many features but can have more complex fee structures.
• N26: A German digital bank known for its clean, simple interface and transparent pricing. It offers free accounts with a virtual card and is a good choice for basic digital banking needs.
• Monzo: A UK-based digital bank popular for its user-friendly app and excellent budgeting tools, including spending categories and savings pots. Its international availability is more limited compared to bunq.
• Wise (formerly TransferWise): While not a full bank in all countries, Wise offers a multi-currency account that is excellent for holding different currencies and making cheap international transfers. It is a great alternative for those who frequently deal with multiple currencies.

bunq API

bunq provides a comprehensive and open API that allows developers to build their own applications and integrations on top of the bunq platform. You can automate payments, manage accounts, and access transaction data programmatically. To get started, you need to create an API key, which can be done for free directly from the bunq app under the Security & Settings menu. The API is well-documented on the bunq developer portal.

Example API code (Python) to get account balance:

from bunq.sdk.context import ApiContext, ApiEnvironment
from bunq.sdk.context import BunqContext
from bunq.sdk.model.generated import endpoint

# Load the API context from a file.
api_context = ApiContext.restore('bunq.conf')

# Activate the session.
BunqContext.load_api_context(api_context)

# Get all monetary accounts.
accounts = endpoint.MonetaryAccountBank.list().value

# Print the balance of the first account.
print(accounts[0].balance.value)

bunq Affiliate program

bunq offers a referral program called "bunq Friends" rather than a traditional affiliate program. Existing users can invite friends to join bunq using a personal invitation link found in the app. When a friend signs up and starts using their account (for example, by making a certain number of card payments), both the referrer and the new user can receive a reward. The reward is often a cash bonus or a number of planted trees. The specific terms and rewards can change, so it is best to check the 'Friends' section in the bunq app for the most current information. For larger partnerships or influencer collaborations, it is recommended to contact their business development or marketing team directly.