Bunq bank review

Bunq Bank Review


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Looking for a mobile-based banking solution? Enter Bunq Bank, a digital bank that puts money management at your fingertips. With their app, you can swiftly send and receive payments in multiple currencies, all within minutes.

While Bunq Bank touts itself as an efficient banking alternative, it faces competition from other promising options like N26 and Revolut.

In this comprehensive Bunq Bank review, we’ll weigh the advantages and disadvantages, delve into their plans, and explore customer reviews. By the end, you’ll have a crystal-clear understanding of whether Bunq Bank is the ideal payment service for your needs.

What is Bunq Bank and How is it Different?

Bunq is a digital bank in Europe that was founded in 2012 by its CEO, Ali Niknam. He used his IT background to radically change traditional banking with innovative ideas. 

Bunq Bank is headquartered in Amsterdam and is the first fully digital bank in the Netherlands. It’s also the first bank in the world with a fully open API.

Their service allows people to choose where to invest their money. It also helps users work towards a greener future through reforestation projects in Madagascar and Kenya. 

Their Bunq Metal Mastercards are made from sustainable steel as a more environmentally friendly option. These cards come with purchase protection & extended warranty.

You can open an account at Bunq Bank and enjoy a 30-day free trial before subscribing to one of their eight premium plans. With Bunq Bank, you can also open up to 25 sub-accounts to budget your money according to different expenses.

Plan Comparison

Bunq Bank lets you choose between a personal, business, or a joint account. Each type offers different plans to choose from. The personal account plans include the following options:

Easy Savings – This free plan allows for two instant monthly withdrawals. It offers a 1.31% interest that is paid monthly.

Easy Bank – For €2.99 per month, this plan covers everything in the free plan, as well as withdrawals at any time and in-app control over your banking cards. You can also make up to five withdrawals costing €0.99 each. Exceeding the withdrawal limit results in a cost of €2.99 per withdrawal. 

Easy Money – Priced at €8.99 per month, the Easy Money plan adds access to 16 different currencies and the option for easy investment features.

Easy Green- At €17.99 per month, you get all the features in the Easy Money plan with the addition of Mastercard Purchase Protection & Warranty. Bunq Bank also plants one tree for every €100 you spend when using this account. 

FeaturesEasy SavingsEasy BankEasy MoneyEasy Green
Monthly fee€0€2.99€8.99€17.99
Anytime withdrawalsNoYesYesYes
Multiple European IBANSNoNoYesYes
Instant PaymentsNoYesYesYes
In-app control of your cardsNoYesYesYes
Local currenciesNoNoYesYes
Joint AccountsNoYesYesYes
Metal cardNoNoYesYes
Physical cards0133

Pros and Cons of Bunq Bank


  • You can make up to 25 sub-accounts for budgeting.
  • Offers multicurrency accounts.
  • Sustainable banking options.
  • Money is protected up to €100.000.
  • You can set up a personal, joint, or business account during signup.
  • It has 10,000 participating stores across Europe to deposit and withdraw money.


  • The free plan has limited features.
  • Deposit Guarantee Scheme (DGS) protection doesn’t cover currencies other than Euro.
  • Only works in countries of the European Economic Area (EEA).
  • Purchase protection is only applicable for metal MasterCard holders.

Who is Bunq Bank For?

Bunq Bank is for anyone who wants to manage their money in one place using their phones. It’s also great for people who are looking for ways to be more eco-friendly. 

Though Bunq Bank offers services like a Metal MasterCard and reforestation, their Easy Green plan is one of their pricier options.

There are various pricing plans for joint, personal, and business accounts. These include free plans which come with limited services. However, you can use the free plan to test out the features before deciding whether you want to pay for any of their paid plans. 

Bunq Bank lets you make up to 25 sub-accounts in which you can divide your money for budgeting purposes. This is ideal if you’re trying to budget for a range of things. 

The bank’s Easy Money and Easy Green plans let you bank in over 15 different currencies through their app. As a result, individuals and businesses who are dealing with consistent international transfers can access their money in many currencies. 

Bunq Bank is also travel friendly. You can make non-Euro payments abroad through your Bunq MasterCard, which the company claims can save you up to 3%. 

Bunq charges 0.5% for currency conversion fees, whereas most banks charge a minimum of 3.5% for credit card currency conversion fees. This is why Bunq makes the claim that you can save 3% on overseas payments. 

However, this 3% saving feature is only relevant if you were previously using a credit card with foreign currency conversion fees that exceeded the 3.5% fee charged by banks. This is a significant caveat because most people don’t use credit cards from banks with currency conversion fees of over 3.5%.

The claim of saving 3% on overseas spending is a little misleading which is disappointing for some users. Furthermore, Bunq Bank’s Deposit Guarantee Scheme (DGS) protection program doesn’t cover non-Euro currencies.

How Does Bunq Bank Work?

The signup process can be completed within a few minutes by following the steps below:

  1. Download the Bunq Bank app from the Apple or Google play store.
  1. Sign up on the app and provide the required details to complete your profile.
  1. Choose the type of account you want from the business, personal and joint options.
  1. You’ll be asked to verify your identity for security purposes. If you’re a minor, you’ll need to verify your account with the help of a legal guardian who has their own Bunq Bank account.
  1. Once verified, you’ll have an automatic sub-account assigned to your main account. This account will be given the IBAN of the country you registered from. 

Once your account is set up, you can transfer money into your Bunq Bank account using a bank transfer, debit card, or credit card. You can also do this through a Bunq-associated store if it’s available near you.

Is Bunq Bank Safe and Legit?

Bunq Bank has a full European bank license from the Dutch National Bank (DNB). It protects your money up to €100.000 with the Dutch Deposit Guarantee Scheme (DGS). If you lose your card, you can use the Bunq Bank app to report the service, freeze your account and order a new card.

While making payments, Bunq Bank uses two-factor authentication to ensure that you’re the one making the transaction. You can set up a face or fingerprint ID on your account for more security.

Bunq Bank lets you know and choose exactly where you want to invest your money. This can give you peace of mind as you know exactly where your money is being invested. 

Most debit and credit cards have CVC codes on them. This makes it a security risk if your card gets lost or stolen. Bunq Bank stores your CVC in your mobile app account so that only you can access your CVC code. 

If you suspect someone has gotten hold of your CVC number, you can request a new CVC code immediately through the app. This is incredibly quick and keeps your card safe when shopping online. 

Bunq Bank’s Customer Reviews

Bunq Bank has a 2.8-star rating on Trustpilot which is disappointing. However, it has a 4.2/5 rating on the Apple store and 3.7/5 stars on Google Play. 

Users were impressed with the budgeting features of the app and enjoyed having multiple sub-accounts at their fingertips.

50% of Trustpilot reviews rate Bunq as 1/5 stars. One of the main complaints is that Bunq closed accounts without proper justification. Bunq’s reasoning is that they detected unusual activity, despite many users creating their accounts just minutes prior.

Other users mentioned that the app had bugs. Unfortunately, the customer support team didn’t do much to reassure them that the issues would be fixed. 

Bunq Bank Alternatives 

If you feel like Bunq Bank isn’t the best digital banking service for you, here are some alternatives:

N26 – Is a German neo-bank headquartered in Berlin. Through its app, you can control all your finances and set up saving targets for your sub-accounts. The service has premium subscription options and comes with travel perks.

Revolut – A fintech company that lets you earn up to 2.5% annual interest which is paid daily. The service helps you manage money whilst offering trading and investment features. You are also rewarded with cashback and discounts as you spend.

Revolut offers a debit card which you can receive as a Visa or MasterCard. This allows for international spending with low exchange rate costs. It also provides a multi-currency account which lets users receive, exchange and hold money in over 30 currencies. 


Bunq Bank is a great option if you want budgeting options and sustainability features that stand out among other online banks. There are a few downsides to note, such as poor customer support and the fact that the bank only operates in the European Economic Area (EEA).

The budgeting tools, investment features, and security protocols are where Bunq Bank excel. 


Is Bunq Bank a real bank?

Yes. It comes under a European banking license provided by the Dutch National Bank (DNB).

Where is Bunq Bank located?

Bunq Bank is headquartered in Amsterdam, Netherlands. If you’re looking for a location to withdraw or deposit money, Bunq Bank has over 10,000 participating stores all across Europe.

Does Bunq Bank have a free account?

Bunq Bank offers a free Easy Savings account. New customers can also sign up for one of Bunq’s paid accounts for free for 30 days. You can then choose to continue with the plan and pay monthly or cancel the membership before the trial period ends. 

Can you use Bunq Bank everywhere?

Bunq offers its services throughout many countries in the European Economic Area (EEA). The specific plans and costs may vary depending on your location. 


  1. https://www.bunq.com/benefits/sub-accounts
  2. https://www.bunq.com/sustainable-banking#:~:text=How%20does%20it%20work%3F,to%20becoming%20CO2%2Dfree%20today.
  3. https://www.bunq.com/secure-banking
  4. https://www.bunq.com/banking-abroad#:~:text=Unlike%20traditional%20banks%2C%20we%20don,being%20overcharged%20for%20payments%20abroad.
  5. https://www.bunq.com/benefits/local-currencies
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