As an expat in Germany, you likely came across Bunq as an option for your everyday spending.
The digital bank offers a number of interesting features, a transparent fee structure, and a focus on sustainability, but what is the catch?
With so many digital banking options, it can be challenging to choose the right one for your needs. Worry not, we are here to help!
In this Bunq review, we will dive into the digital bank’s offering, taking a closer look at the subscription options, features, benefits, and fees, providing you with a clear picture of the pros and cons of Bunq Bank.
We cover in this article:
Bunq Bank: Key Takeaways
Quick Summary
- 3 paid subscription plans are offered (From €2.99 to €17.99), plus 1 free savings bank account
- Up to 25 virtual debit cards with multiple IBANs.
- Up to 6 free withdrawals per month.
- Focus on sustainability and green actions.
- Competitive exchange rates through Wise integration.
- User-centric mobile app with several interesting features to manage, organize, and save your money.
- Safe bank, with deposit guarantee protection.
- There are a few fees associated with your Bunq bank account.
- Customer service has limitations.
Recommended Plan: Easy Money
This is the best money-for-value Bunq plan. It is a feature-rich plan with multiple sub-accounts, 3 cards, and multiple local currencies, making it Bunq’s most popular account.
Comparison Table
Let’s start this Bunq review by taking a look at the several subscription options (for personal accounts) and how they compare.
Easy Savings | Easy Bank | Easy Money | Easy Green | |
Monthly Prices | €0.00 | €2.99 | €8.99 | €17.99 |
Physical cards | ✘ | 1 Included | 3 Included | 3 Included |
Virtual cards | ✘ | ✘ | Up to 25 | Up to 25 |
Replacement card | ✘ | €9.99 per card | €9.99 per card (1 free replacement per year) | €9.99 per card (1 free replacement per year) |
Foreign exchange fee | ✘ | 1.5% of the amount + 0.5% (Network fee) | 0.5% (Network fee) | 0.5% (Network fee) |
Cash withdrawals | ✘ | The first 5 withdrawals per month are €0.99 each Thereafter, €2.99 each | The first 6 withdrawals per month are free The five after are €0.99 Thereafter, €2.99 per withdrawal | The first 6 withdrawals per month are free The five after are €0.99 Thereafter, €2.99 per withdrawal |
Travel Insurance | ✘ | ✘ | ✘ | ✘ |
Purchase protection | ✘ | ✘ | ✘ | Yes |
Cashback | ✘ | ✘ | Yes | Yes |
Additional sub-accounts | ✘ | ✘ | Up to 25 | Up to 25 |
Joint accounts | ✘ | Up to 9 invitations | Up to 9 invitations | Up to 9 invitations |
Saving accounts | Yes | Yes | Yes | Yes |
Multiple local currencies | ✘ | ✘ | Yes | Yes |
Under 18 accounts | Yes | Yes | Yes | Yes |
Easy Investments | ✘ | ✘ | Yes | Yes |
Plant trees for every €100 | ✘ | ✘ | ✘ | Yes |
24/7 in-app chat support | Yes | Yes | Yes | Yes |
SCHUFA check | ✘ | ✘ | ✘ | ✘ |
Apple & Google Pay | ✘ | Yes | Yes | Yes |
How Do You Open A Bunq Bank Account In Germany?
To open an account with Bunq you just need your phone and a valid identification document.
You can do it in just a few minutes with your mobile phone after downloading the app from the Apple or Google Play store. No paperwork is needed or visits to a physical branch.
To open your Bunq account, you need to be a resident in one of the countries it operates in, have a valid identification document, and have a compatible mobile phone (minimum: iOS: 11.3+ and Android Lollipop 5.0+).
People of all ages can open an account. People under 18 can also open a Bunq account but they need the permission of a legal guardian.
The steps to open an account in the app are:
- Download the app and select personal account
- Fill in your personal information (name, date of birth, address, contact info, etc)
- Enter the code sent to your phone
- Choose the type of account you need
- Choose a document to verify your identity
- Photograph both sides of your ID
- Record a short video for identification (instructions will be on the screen)
And that’s it. You will be able to start your 30-day free trial and at the end of it, you can choose another plan if you prefer or stay with the same.
You can deposit money with a bank transfer, or your debit or credit card, and start using your account. Your bank card will be sent to your address.
Bunq Germany Review For 2024
Bunq is a Dutch online bank founded in 2012 (but only launched to the public in 2015) by serial entrepreneur Ali Niknam, with a team of other programmers.
They call themselves “the Bank of The Free” for their user-centric approach. The Dutch digital bank operates under a full European banking license given by the Dutch Central Bank.
With a user-friendly app full of useful features and no hidden fees, Bunq makes online banking easy and accessible to everyone.
Like Tomorrow Bank, Bunq puts forward a sustainable banking approach that can appeal to eco-conscious customers.
However, unlike other online banks such as N26 or Revolut, Bunq doesn’t really offer any free accounts (they do offer a savings account for free but with no cards, as well as a free 30-day trial period).
Subscription Options
Bunq offers 3 subscription options that are paid, plus one option made specifically for savings, which is free. Any person who has a personal account can also open a business account.
Let’s take a look at the different Bunq account tiers.
a) Easy Savings (Free)
Easy Savings is not really a true bank account, because there are no cards associated with it.
This is essentially a savings account where you can manage and save money while earning interest.
As of November 2023, the interest on personal accounts is 1.56% annually, paid on a weekly basis, over the first €100,000. Interest rates are set by the European Central Bank and can fluctuate over time.
Easy Savings has no monthly fees, and you can make 2 outgoing (non-instant) payments per month.
Receiving money is free and without limitations. Your Easy Savings plan also includes a free Joint Savings Account.
b) Easy Bank
At €2.99 a month, the Easy Bank plan offers you basic online banking for everyday use.
It includes one physical card (Mastercard Credit, Mastercard Debit, or Maestro), but no virtual card. However, you can easily link your card to your Google or Apple Pay.
With Easy Bank you don’t have free cash withdrawals, but the first 5 every month are €0.99.
You have international fund transfers with Wise at a cheaper rate, and the possibility to invite up to 9 people to your joint account.
You also benefit from earning interest on your savings account.
Multiple sub-accounts, local IBANs, cashback rewards, and other special perks are not available on this plan. There is also a 1.5% Mastercard fee plus a 0.5% network fee on card transactions abroad.
c) Easy Money
With a monthly fee of €8.99, you get access to a more premium banking experience.
The motto is “bank like a local”, as you can receive, send, spend, and save in up to 16 currencies. You also have access to 6 free ATM withdrawals per month, 1% cashback at restaurants and bars, and up to 25 sub-accounts with their own IBAN.
The Easy Money account offers you the ZeroFX feature for your transactions abroad, which means you only pay the real Mastercard exchange rate, plus a 0.5% network fee.
With this plan, you also have access to Easy Investments, where you can easily invest money right from the Bunq app.
d) Easy Green
Charging a monthly fee of €8.99 and with all the perks found in the other plans, the Easy Green account stands out for its environmental dimension.
With this plan, every time you spend €100, you plant a tree, actively offsetting your carbon footprint.
Besides a 1% cashback on restaurants and bars, you also have a 2% cashback when you spend money on public transportation, paid weekly.
One other extra perk is the purchase protection and extended warranty. No other insurance is included.
e) Business Accounts
You can open a Bunq business account if you are already a user with a personal account.
Anyone residing in the Netherlands, Belgium, France, Germany, Austria, Spain, Italy, Portugal, or Ireland who operates a registered company can open a business account.
The features are similar to the personal accounts.
Some extras include the AutoVAT feature, where the Bunq app automatically calculates and sets aside on a savings account the VAT on all your incoming and outgoing payments.
You can also integrate your bookkeeping software with Bunq in seconds.
The monthly fees for business account users are:
- Easy Bank Business – €6.99
- Easy Money Business – €12.99
- Easy Green Business – €22.99
Fees & Charges
It’s time to take a look at the least fun part of dealing with money – the fees.
Bunq tries to be transparent about their fees, and you are able to check the full pricing here. These are the fees associated with personal bank accounts.
All transactions in Euros are free, as well as all direct debits. Sending and receiving instant payments within Bunq is also free.
Bunq Bank Fees & Charges | ||
Monthly Prices | Easy Savings | €0.00 |
Easy Bank | €2.99 | |
Easy Money | €8.99 | |
Easy Green | €17.99 | |
Extra Sub-Accounts (Per 25 sub-accounts) | €19 Per Month (For all plans) | |
Cash Withdrawals | Easy Savings | N/A |
Easy Bank | First 5 withdrawals per month are €0.99 each Thereafter €2.99 each | |
Easy Money | First 6 withdrawals per month are free The five after are €0.99 Thereafter, €2.99 per withdrawal | |
Easy Green | ||
Card Payment (In a foreign currency) | Easy Savings | N/A |
Easy Bank | 1.5% of the amount + 0.5% (Network fee) | |
Easy Money | 0.5% (Network fee) | |
Easy Green | ||
Send Requests, Paid Instantly Via Debit Or Credit Card | 2.5% (Applies to Easy Bank, Money & Green Plans | |
Receiving Swift payments (Up to €10,000) | €5.00 per Payment (Applies to Easy Bank, Money & Green Plans | |
Receiving Swift payments (Between €10,000 and €100,000) | €10.00 per Payment (Applies to Easy Bank, Money & Green Plans | |
Receiving Swift payments (Above €100,000) | €25.00 per Payment (Applies to Easy Bank, Money & Green Plans | |
Easy Investments | Easy Savings | N/A |
Easy Bank | ||
Easy Money | 0.99% over the average invested annual amount, charged in monthly instalments | |
Easy Green | ||
Additional Mastercard Or Maestro Cards | €9.99 per card + €3.49 per month per card (Applies to Easy Bank, Money & Green Plans | |
Metal Card | €89.99 (Applies to Easy Bank, Money & Green Plans | |
*** Unless indicated otherwise, most services and their corresponding fees are not applicable to the Easy Savings Bunq Plan. | ||
Bank cards
In the Easy Bank plan you have access to one physical card. In the Easy Money and Easy Green plans you can have 3 physical debit cards and up to 25 virtual cards. You can use these cards for online payments and payments in Europe and outside.
You can have a debit Mastercard or a Mastercard credit card, which are connected to your bank account.
Bunq’s credit card is an official credit card but it works as a prepaid card.
This means you need to add money to your Credit Mastercard before you can use it for payments.
Nevertheless, this card is advantageous for certain payments that may not accept debit cards, such as car rentals and hotels. You don’t have a credit line, which also means you don’t have the risk of falling into debt. Bunq doesn’t offer overdrafts or loans.
Your debit card or credit card can also be conveniently paired up with your Google and Apple Pay.
Cashback benefits
Bunq offers you cashback benefits on the Easy Money and Easy Green plans.
In both plans, you have a 1% cashback on payments with your credit or debit card in Restaurants and Bars.
With Easy Green, on top of the 1% cashback on restaurants and bars, you also have a 2% cashback on public transportation, with the goal of promoting a greener way of transport.
The payments that are eligible for earning Cashback are determined by the categories assigned by Mastercard’s Merchant Category Codes. According to Bunq’s website, these are:
Restaurants and Bars:
- Fast Food Restaurants
- Eating Places, Restaurants
- Bars, Cocktail Lounges, Discotheques, Nightclubs, and Taverns – Drinking Places (Alcoholic Beverages)
- Caterers
- Bakeries
Public Transportation:
- Transportation – Suburban and Local Commuter Passenger, including Ferries
- Passenger Railways
- Bus lines
- Transportation Service
Important
If the merchant has a different Mastercard category from the ones above, you won’t earn cashback.
You can earn up to 500€ per calendar year. Business accounts also benefit from the cashback rewards.
Perks & Benefits
Your Bunq account offers several interesting online banking services and perks that make each user’s experience unique and sometimes even exciting.
- Users can transfer money abroad with Wise, which has good rates for international transfers
- Local IBANs – You can have multiple bank accounts with different IBANs (Easy Money and Easy Green)
- Local currencies – You can save and spend in more than 15 currencies (Easy Money and Easy Green)
- Savings accounts with interest on your deposits
- Multiple sub-accounts to easily organize your money
- Bunq joint account to easily bank together with other people
- Cashback on Restaurants, bars, and public transport
- Wheel of Fortune – You get one spin every day for the chance to win prizes that you can keep or gift to a friend.
- Insights – Bunq categorizes your spending automatically to better track your money.
- Easy Investments – Choose from low, medium, and high-risk portfolios and start investing in seconds from the app (Easy Money and Easy Green)
- Plant trees for every 100€ you spend (Easy Green)
- Green Tribes – plant trees with other friends and compete with other teams (Easy Money and Easy Green)
- Places – discover all the places your friends recommended to you
- Purchase protection (Easy Green)
- Bunq.me – Create your own payment link with a personalized URL to share with anyone who wants to send you money.
- In-store deposits
- Accounts for those under 18 and for businesses
Investments
Bunq has partnered with Birdee, an investment platform that has a focus on sustainability and a portfolio of socially responsible companies.
This means that when you invest through the Bunq app, you are opening an account with Birdee, which invests your money on your behalf.
The mobile bank offers you a feature called Easy Investments, available for premium and joint users (Easy Money and Easy Green), where you can automatically invest some of your money.
You will have to choose between 3 risk levels, from lower risk and less expected return, to higher risk and higher expected return.
You can choose to add to your investments every time you pay, by having your payments round up to the nearest euro, and the difference added to your investments portfolio.
Through the app, you can monitor the progression of your investments in real time. You will also get instant notifications whenever there’s a change to your portfolio and get updated predictions on the growth of your investments.
Important
Remember that investments always involve the risk of losing capital.
Mobile App
The Bunq mobile app offers a user-friendly and seamless banking experience, paired with a modern-looking layout. Overall, the reviews on the app are positive. Through the app, you are able to access all banking features and benefits.
One aspect that stands out compared to some other banks is the emphasis on personalization.
Beyond the standard banking services, users can tailor the app to suit their unique preferences.
Whether it’s creating sub-accounts for specific savings goals, setting up automatic budgeting rules, or customizing transaction categories, Bunq empowers users to mold their financial journey according to their individual needs.
Through the app, users can effortlessly navigate through their bank accounts, conduct transactions, and gain real-time insights into their financial landscape.
Creating savings accounts or setting up a Bunq joint account is easy with the app.
Unlike many traditional banks, there is also a focus on sustainability that several features of the app promote. Through the app, you can also invest with just a few taps, and easily keep track of it.
Security features
Bunq Bank is as secure as other online banks, putting in place a set of security measures to protect your money.
This includes the possibility to freeze the card, change the PIN and CVC, or cancel the card with just a few taps within the app, in case you lose your credit or debit card, or if it gets stolen.
Bunq offers two-factor identification, which means you always have to verify payments in the app whenever your account details are used online.
You can also add an extra security feature by setting up a face or fingerprint ID so only you can log in to your Bunq mobile app.
Customer Support
Customer service by Bunq is not its strongest point, unfortunately.
This is not uncommon in challenger banks like Bunq, as most digital banks struggle to keep up with support needs from customers. You can find many reviews stating that it’s difficult to have a proper response from the support team.
Bunq has a 24/7 in-app chat where you can get assistance from guides in your local language.
This is likely the fastest way to get support.
You can also contact customer support through email if you prefer to seek assistance this way. There is also a phone line, but only for emergencies (don’t expect phone support for most cases).
Bunq also has a forum, called Bunq Together, where you can start discussions or read previous discussions on specific topics. Here you may find answers to a question you might have.
Bunq Bank Pros & Cons
Pros
Debit Mastercard accepted everywhere.
Credit card is optional (But no credit line)
Up to 25 sub-accounts with different IBANs.
Joint accounts to save together.
Savings accounts with the interest rate paid weekly.
Up to 6 free ATM withdrawals per month.
Low-cost international transfers through Wise.
Relatively low fees for SWIFT transactions.
Eco-conscious bank with green features (Plant a tree for every 100€ spent).
Modern and user-friendly mobile app with many cool, user-centric features.
Investment options through the app.
30-day free trial.
In-store deposits.
Accounts for personal and business use.
Parental access for people under 18.
No Schufa check.
Apple and Google Pay.
Cons
All accounts have a monthly fee (Except the savings account)
Limited free ATM withdrawals (A fee applies to withdraw money)
The cheapest plan has a 2% foreign currency fee.
No travel insurance included, as well as overdrafts or loans.
Some negative reviews about unresponsive customer support.
FAQs
Yes, Bunq is a real Dutch bank.
It has a European banking license provided by the Dutch Central Bank.
Bunq is a trustworthy financial institution, just like any other licensed European Bank.
Your money is protected by the Deposit Guarantee Scheme backed by the government of The Netherlands, up to 100,000€.
Yes, all users with German bank accounts who reside in Germany can get a German IBAN.
Except for the Easy Savings account, all Bunq accounts have a monthly fee, from 2.99€ to 17.99€.
Yes, you can add money through your cards, through a regular bank transfer, or do cash deposits in partner stores.
No, Bunq doesn’t require a Schufa check or a credit history.
Conclusion
Bunq stands out for balancing user-centric features, eco-conscious initiatives, and transparent fees.
As a real Dutch bank with a European banking license, it provides expats in Germany with a trustworthy and innovative digital banking solution, albeit with some limitations such as monthly fees on all accounts.
We hope this Bunq review clarified any questions you had about opening a Bunq account and provided you with enough information to make a well-informed decision about the Dutch digital bank.
