New Current Account App bunq.com (Netherlands)

Duncanwooly

Bunq told me to order a new card and have promised to refund the cost. It's now a waiting game for it to arrive

Yggr of Asgard

A damaged card, that is unfortunate, hope the new card will work for you.

Yggr of Asgard

Opportunity to visit bunqHQ and do testing of new bunq features:

https://together.bunq.com/topic/test-the-new-bunq-features

Yggr of Asgard

Initial feedback after the update 5 session just now.

I don't like the new pricing they just announced, it's a rather large price hike.

7.99€ a month is just a too high price to pay, sure you get 2 mastercards (with some nice extra security features) and a maestro card with no additional cost for standard transaction (10 ATM transaction included) but it's a rather big price hike from the current 1€ plus usage fees.

Let's see what all the details are when they publish the full details and new app later on.

Sure Mastercard is nice and that there is no CCV on the card but rather in the App is nice too.

Delta2113

Yes €7.99 a month is too much. I'll stick with PTSB Current Account and Revolut.

Yggr of Asgard

It looks like existing customers can continue on their current price plan until they want to get a new card or any additional IBAN, than they need to update to premium.

They offer a 3 month premium test for free to test out the new functions and service but I'm not sure that in light of N26 charging 2.90€ (well in theory it seams to be waved for ever) with no currency conversation rate that this is a good offer.

Revolut also is better for foreign currency, but bad for ATM withdraws.

What is good about bunq is the original features for Direct Debits, the multiple IBANs, the new NFC integration in the app (no need to go via Android Pay) and the 10 free ATM withdraws worldwide (however with a rather high 1.5% currency conversion).

I'm rethinking my approach to then.

Savman

I think they've shot themselves in the foot with this pricing. The free package is virtually useless and the Premium is too expensive with no option in between the two

Duncanwooly

I think the pricing is a bit expensive. I only wanted the thing for the funky rainbow card :S. Reading through their blurb; they don't appear to have a discernible revenue stream. Revolut can maybe do it through currency conversion and through credit when they start doing that. Bunq don't want to offer credit cards or overdrafts.

Yggr of Asgard

Banking in the Netherlands is not free or cheap and it's their core market, but even for the Netherlands the new premium price is higher than anything comparable.

The fact that they overnight changed their pricing and disabled essential offerings of the old price plan (new cards, new IBAN numbers etc.) is not a good behavior and does send a wrong signal for the long term customer relationship.

The new premium plan has some nice features for those who want transaction security (NFC directly out of the bunq app, changing ccv number of the mastercard, on the fly change of accounts the cards are linked too) but the overall proposition of this plan is just "premium" without the premium function.

N26 offers nearly all the basic functions for 2.90€ (well currently free) including free purchase currency conversion and a premium card for 5.90€ which offers even no foreign exchange fee on ATM's. Yes it only offer 5 ATM withdraws but they are also higher in their limit.

Bunq now offers 10 ATM withdraws for free but each of them is limited to 500€ (and that is a daily limit) and non € are charged a whopping 1.5% fee.

Bunq is pricing themselves out of the EU market against N26 for the standard users that just wants a mastercard with a good bank account.

They certainly have some nice security features and an excellent customer service (unlike N26) but the premium for that features are not in relation to the services provided.

I don't know what their long term goal is, but most certainly I'm not going to stay with them just for the ability to have multiple accounts that I can link my card to on the fly. As good as that function is (for security, budget etc.) it's not worth 7.90€ a month.

If my main bank (DKB) would just have a better App I would not even look around. They have the best conditions around but their app is just so outdated and with all of that fraud these days real time notifications are just a must.

Overall a shame that bunq went down this road with virtually no notice.

Yggr of Asgard

And there we go just got an e-mail which addresses some issue, best is that they are allowing people to stay on the old price plan and will allow again the creation of 10 IBAN's with old Maestro card orders.

In our rush we disabled the option to create up to 10 bank accounts for everyone who had not upgraded to Premium. We are going to fix this. Additionally we will offer the option to order the old Maestro-cards again. Under the previous terms and for another month, until September 4th, 23.59. We're currently updating our code-base to accommodate this. Expect availability as of tomorrow 10.00.

So if you signed up under the old price plan (before yesterday) you now can continue to enjoy the same functions and prices once the update is rolled out.

maxell

Yggr of Asgard wrote: »

I'm not using it as my main account....

Yggr of Asgard- Can I ask you what is your main account? I am a little sick of feature less Irish Banks and although there seems to be a few alternatives like Bunq, most are fintech alternatives are still in Beta. So the list is still fairly limited. You have written on the subject quite a bit. Would love to know your reccommendation in 2018?

Yggr of Asgard

maxell wrote: »

Yggr of Asgard- Can I ask you what is your main account? I am a little sick of feature less Irish Banks and although there seems to be a few alternatives like Bunq, most are fintech alternatives are still in Beta. So the list is still fairly limited. You have written on the subject quite a bit. Would love to know your reccommendation in 2018?

I once did a list (it might be a little outdated now):
https://www.boards.ie/vbulletin/showthread.php?p=104452555

My main bank account is with DKB, but they won't take you if you don't speak German (and there is no legal requirement for them to take you either).

Bunq is a good alternative (and it's not in beta), they have an excellent product, great service and the cards are good too. The only bad thing is that if the app dies you won't be able to use your MasterCard online as you need to get a rotating CCV out of the app. They had that recently twice.

N26 is not bad if you want free but I don't trust them as much as I used to. They have a good product but they still have massive kinks to sort out.

Otherwise all of the others are "beta" or not a full bank account (no direct debit etc.).

maxell

Yggr of Asgard wrote: »

I once did a list (it might be a little outdated now):
https://www.boards.ie/vbulletin/showthread.php?p=104452555

My main bank account is with DKB, but they won't take you if you don't speak German (and there is no legal requirement for them to take you either).

Bunq is a good alternative (and it's not in beta....

Thanks for that. Bunq seems the most versatile for sure. They have mastercard now also. Fire looks interesting in that it’s IRISH . but their website does not instill confidence.

Yggr of Asgard

Fire is also no full current account, it does not allow direct debit and the fees are high for cash withdrawal and card usage.

BUNQ is a good alternative for those willing to pay a fee for an account with great features.

Didactic Ninja

Yggr of Asgard wrote: »

Fire is also no full current account, it does not allow direct debit and the fees are high for cash withdrawal and card usage.

BUNQ is a good alternative for those willing to pay a fee for an account with great features.

opinion on monese?

Hibrasil

Am I correct in assuming that the only verification process open to Irish residents is the Videocall (rather that deposit to account from one's existing bank account)

Yggr of Asgard

Hibrasil wrote: »

Am I correct in assuming that the only verification process open to Irish residents is the Videocall (rather that deposit to account from one's existing bank account)

Nobody trusts Irish Banks.

Yes a video call is the only option right now as Irish banks don't work with the require data transfer sofort or ideal use.

Delta2113

https://www.bunq.com/features/travel-card - Finally a card that can save you the €30 Irish Government stamp duty per year?


It does not offer you credit and you have to load up money but other than that it's a credit card if I read this correct?

msmx5

I'd recommend a Revolut card instead, no initial €9.99 and no fees for online or POS transactions or ATM withdrawal up to €200 per calendar month. (2% fee after that for ATM cash)

The one benefit seems to be that the card is encoded as a credit card, rather than a prepaid-credit card, so as stated in their FAQ you can use it for car hire.

(Although you can normally use Revolut for paying for car hire as long as you secure the booking/excess using another regular credit card)

Yggr of Asgard

Delta2113 wrote: »

https://www.bunq.com/features/travel-card - Finally a card that can save you the €30 Irish Government stamp duty per year?


It does not offer you credit and you have to load up money but other than that it's a credit card if I read this correct?

Well the chance here is that in theory as the underlying account for the cards is not a credit account you should not be liable for stamp duty. But if they offer this as a credit account with 0€ limit than stamp duty would have to be paid.

So we have to wait until someone opens the account and looks at the terms and conditions.

If it's a simple curent or holding account which has no credit agreement and the card is simple coded to behave like a credit card card with a simulated limit of your account balance than most likely the card only would attract the atm withdrawal tax.

Remember it's not where the account is that attracts stamp duty, it's that you are a resident of Irland.

The advantage over revolut is that it is coded as credit card so can be used at more places. But it behaves the same, any authorized amount is blocked and you can only block what is on the account.

So if you check into a hotel they estimate your final bill (room plus estimated food plus minibar etc) and tham block that amount.

On a real credit card that just takes away your possible ability to go further into debit, on revolut or this card it blocks the amount.

Only benefit is that for credit cards the final release is usually better handled and you can see your reserved money back sooner.

Delta2113

No way can I see this attracting the €30 Irish Government yearly stamp fee but yes if used in an Irish ATM the 12 cent charge would kick in although i cant find anything about this from Bunq.

The big thing is that it's coded as a credit card so in theory it will work flawlessly anywhere that insists on payment via a credit card.

"If you want to use your bunq Travel Card for a deposit, such as for a rental car or hotel room, the merchant will accept your card just like they would a traditional credit card. Since no credit is used when making the payment, the entire retainer of the deposit will be deducted directly from your account at the time of purchase.
This means you need to have the available funds in your account when paying the deposit. Once the deposit is released, you will then receive the funds back in your account and you won't risk having a negative balance or falling into debt."

Delta2113

This is coded a credit card so I take it you wont have to pay the 12 cent Irish Government duty on Irish ATM withdrawals?

Depending on what account you have with Bunq you might have to pay 99 cent for each worldwide ATM withdrawal.

Yggr of Asgard

Delta2113 wrote: »

This is coded a credit card so I take it you wont have to pay the 12 cent Irish Government duty on Irish ATM withdrawals?

Depending on what account you have with Bunq you might have to pay 99 cent for each worldwide ATM withdrawal.

Stamp duty has nothing to do with how the card is coded but the underlying account when it comes to the cards.

You will either pay the credit card account stamp duty or the Atm withdrawal tax.

It will come down to how bunq codes the account that the card is linked to.

From the latest FAQ it looks like it's a deposit account that you can load via other cards and Sepa but does not offer anything else. As it does not have a credit agreement associated it should not be hit with credit card account stamp duty but rather atm tax.

But it will come down to how Bunq will report these to revenue. Therefore best is to ask them. But I don't think they will know at this point.

Yggr of Asgard

I give you example of what I mean.

My german bank account gives me a credit card with a limit so I pay the credit card stamp duty.

My savings account gives me a card that is coded as credit card but does not have a credit agreement so I only pay atm tax.

Both cards look and work the same but because one is having a credit limit it is taxed different.

Now why the savings account is a credit card is down to for the longest time German banks did not issue debit cards on Visa or Mastercard but had (and have) their own solution. So the only visa card you got was credit even if it was not really credit.

Delta2113

Anyone get a Bunq Travel Card yet?

Yggr of Asgard

Delta2113 wrote: »

Anyone get a Bunq Travel Card yet?

I got a free one via a promotion.

Good
Coded as a credit card
Loads of load options from bank transfer to debit/credit card
CCV not on the card but in the app only

Negative
Transaction log is horrible
No Apple / Google Pay yet
Debit card load cost a fee
No signature panel despite signature being a credit card option for US terminals
Limited security options compared to other bunq cards

From the T&C it looks like it is only going to be the ATM tax because no credit is extended so we should not pay stamp duty on it.

So in summary good if you need something thay a shop sees as credit card rather than a debit or prepaid card with the same requirements as a debit / prepaid card (funds available for blocking) and no debt possible.

Delta2113

@Yggr of Asgard - please keep us posted of any future advantages or disadvantages etc.

revz

Does anyone have a referral code that they could PM me please? If I'm picking it up correctly from the forum, after three referrals the referrer gets their initial fee refunded, and the referee gets €3 off the initial price when ordering.

Thinking it might be worth getting/using for the €0.99/ATM withdrawal charge when abroad, after using up free allowances on Revolut/Curve/Monese

Yggr of Asgard

Bunq changed how referrals work for the travel card.

One needs to enter the email of the referred person online and it sends out an invite.

No codes as prefab.

If you still need one, pm me an email address and I am happy to send you an invite.

Delta2113

https://together.bunq.com/d/13926-free-travel-card-referral-faq - If not already a member you can get a FREE card once you invite 3 friends via app.

Is the referral available for everyone?

This referral option is only available for users who have ordered a Travel Card outside of a membership. This does not apply for Premium, Business or Joint users who have ordered a Travel Card within their membership.

Can I send the invites through email?

The invites can only be sent to a phone number and not through email.

How does it work for the friends I invite to get the 30% off?

The invitees will then need to use the same phone number when signing up with bunq in order to get the 30% off.
Can invitees also get a Travel Card for free when they invite 3 people to bunq?

Yes they can! Friends who sign up with the invite link will get the option to get a card for a reduced price (6,99) or get a card for free by sending out 3 invites.