Revolut, N26 and many more new FinTech startups are wowing customers with their ’21st century’ banking solutions. Bunq wants a piece of that and provides some interesting new angles. Bunq is a Dutch FinTech startup that offers multiple personal and business bank accounts against a competitive pay as you go (PAYG) pricing scheme.
Benefits of Bunq:
- You can open up multiple personal and business accounts. This means you can allocate separate accounts to separate purposes.
- Your debit card is free, but charged 1 EUR a month if you use it. You can switch your debit card between any of your Bunq bank accounts.
- Similar to Revolut and N26, Bunq is PAYG. The only fixed fee is attached seems to be for business accounts.
- Bunq charges a standard 0.80 EUR cent cash withdrawal fee (in Europe), which is, if you take out larger amounts, competitive compared to Revolut and N26. Revolut charges 2% after your initial 200 EUR free withdrawel limit, which basically means that anything you withdraw above 40 EUR is cheaper with Bunq.
- Between Bunq accounts transfers are instant.
- You can set up grouped accounts which is great if you are running a lottery or club account.
- The business account (1 EUR per month fee) allows you to share your data instantly with your accountant. No need to administer your receipts.
Bunq Downsides:
- Pretty much everything you do has a price tag (check their extensive price list).
- The business account option is limited to Dutch companies only.
- If you add everything up, such as the fixed business account fee and all the associated variable fees, it may, depending on your use, be more advantageous to use your regular high street bank. This does not only have to do with costs, but also due to the facts their services are pretty limited compared to some high street banks.
How does Bunq perform against Revolut and N26?
Revolut and N26 seem more intuitive and straight forward. Bunq seems a little over complicated. A long price list, limited products (no credit cards etc), limitation with business accounts (only Dutch companies) are all drawbacks. In summary pick as follows:
- Are you are a real globetrotter or handle different currencies for your business? Revolut is your best bet when it comes to money exchange and free global transfers.
- Looking for an easy to maintain banking relationship with a competitive pricing model? N26 is your best bet.
- Are you an expat looking to open up a personal account or an aspiring entrepreneur (only Dutch companies) looking for a business account? Or are you running a shared bank account for an association or club? Bunq can help you out here.
Check out the Bunq website to learn all about them!
