Bunq enters ireland

Yggr of Asgard

Bunq on occasion (large transfers, login from a suspicious device) ask you to do a life selfie validation again to protect your account.

And if you log in the first time on the web interface you have to go through a self-identification, clear your cookies and you have to do it again in my experience.

They used to ask for a hand scan via your mobile, but that has been retired a long time ago.

Plus, what they do is not so different from what most classic banks do in Europe where even the good old banks are now having an app you open with biometrics and don't require you to enter TAN's anymore. DKB for example required a TAN from a separate app (or card reader) for each transfer and you could only log on with confirmation a push notification on your device if you tried the web. Now it's all in one App.

Or look at PTSB - to log in (anywhere) you have to enter 3 digits of your PAN and then you are free to go unless it's the web where you than get asked to confirm it via the device with 3 digits of your PAN.

Security will always rely on a balance of customer experience and security requirements (and the Dutch Central Bank has some rather strict ones).

In all my years of using Bunq I never had any issues with my accounts while my PTSB Card was compromised several times (despite very seldomly used and being in the sock drawer) and it always is a pain to get support. They got better recently but it's not as easy as going into the app and block the card.

And if you only have the savings account, then it's even restricted where you can transfer the funds too. So even if someone manages to steal your phone, laptop the damage is limited.

coolaboola1357

You can log into bunq, setup a payee and move 50k out of the account without a second verification, crazy .

To do the same thing with aib requires a card reader

I have moved large amounts out of bunq to another IBAN with no questions asked, when I did the same with aib , they put a hold on the transfer and called me to make sure it was authentic

Comparing bunqs security with the likes of aib is nuts

Jim2007

https://www.boards.ie/discussion/comment/120796593#Comment_120796593

Have you actually moved 50k without any issues and to where? I'd expect it might be possible to know accounts, but MLA should kick in in all other cases.

And as I have said before, it is up to the particular bank what the level of security they decide to implement. The big question is what happens when it goes wrong? If they are willing to swallow the loss without much hassle then that is their problem.

Yggr of Asgard

No raise in € interest raise for non-Dutch customers - still 1.56%.

But they launched savings in £ and $, 3.71% interest.

And interest is now paid weekly on what is called "Payday".

But there are some limitations especially if you use the Auto Save function and the funds are not guaranteed with the bank protection etc. Best to read the fine print very carefully.

In addition, there is a beta to get at least 1% cashback on restaurant, bars for easy bank customers and easy green get 2% for public transport and 1% for restaurants and bars. Also paid weekly. Payments need to be with the CREDIT card not the Debit or Maestro.

Birka

https://www.boards.ie/discussion/comment/120870548#Comment_120870548

Are funds not covered by the Dutch Deposit Guarantee Scheme? Or is that scheme flawed?

Yggr of Asgard

https://www.boards.ie/discussion/comment/120875540#Comment_120875540

The multi currency savings accounts are not covered, it's not that the scheme is flawed, it's just that the accounts are actualy provide by a 3rd party in the UK.

Multi-Currency Savings Accounts 🗺️ - bunq Together

Hibernicis

And interest is now paid weekly on what is called "Payday".

What is the benefit of interest being added weekly ? Feel good ? Anything else ?

Yggr of Asgard

https://www.boards.ie/discussion/comment/120878875#Comment_120878875

Feel good i would say, Bunq has quite frankly stopped innovating for a while now and every update is just another thing done slightly different with a fancy name to look like there is progress.

Sure, paying weekly is nice because it gives you access to your interest on a weekly basis, but essentially, it's just a gimmick to say look we have "Pay day" which gives you all your interest on the same day of the week.

Stewball

So dollars & sterling savings are not covered by the Dutch, but savings kept in Euro are still guaranteed?

Yggr of Asgard

https://www.boards.ie/discussion/comment/120883995#Comment_120883995

Yes, all euro funds are covered by the Dutch bank guarantee scheme.

Just funds in one of the $/£ sub accounts or savings account not.

Jim2007

https://www.boards.ie/discussion/comment/120884193#Comment_120884193

That sounds very strange... The government guarantee is a deposit guarantee and banks don't get to decide which accounts the government will guarantee which they won't... so how do you get to a situation where some part of your deposits are not being taken into consideration for the guarantee? Are they actually savings/deposit accounts or some other product in the guise of a deposit??

Yggr of Asgard

https://www.boards.ie/discussion/comment/120885372#Comment_120885372

Those accounts are not with Bunq, you can see them in the Bunq app but they are with The Currency Cloud, you get TCCLGB2LXXX swift code (next to local bank account details).

Remember how in the early day Revolut for example just was an app on top of different 3rd party providers, this is similar, it's all integrated, i.e. you can link one of your cards to the foreign currency account etc. but it's serviced and maintained by Currency Cloud.

Local Currencies 💸 - bunq Together

Jim2007

https://www.boards.ie/discussion/comment/120885416#Comment_120885416

That does not make be feel any better... Who's licence is being used? An institution needs to be supervised within the EU to accept deposits from the public and as such would be covered by the guarantee scheme... If Bunq is accepting deposits on behalf of an other institution and is stating that they are not covered by the guarantee scheme, then I'd want to know a lot more before I'd be willing to do business with them.

Yggr of Asgard

https://www.boards.ie/discussion/comment/120887140#Comment_120887140

Which is why I specifically called it out when I shared the new account type/interest rate.

pat_sconce

Currency Cloud is owned by VISA.

Current valuation of VISA is $490 billion.

Jim2007

https://www.boards.ie/discussion/comment/120888562#Comment_120888562

The current valuation of a financial institution as well as its financial rating is irrelevant when measuring financial strength from a depositors point of view. The T1 ratio is really the only thing that counts. UBS survived 2007 because it had a ratio of 21%, while Irish banks were at about 3%. On top of which you’d have no direct claim on Visa.

pat_sconce

https://www.boards.ie/discussion/comment/120888629#Comment_120888629

I see your point, but at the same time VISA is a financial behemoth and highly profitable. They are also not a bank, but a payments company and therefore have a low risk profile compared to a bank.

Yggr of Asgard

The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 and the Payment Services Regulations for issuing of electronic money and the provision of payment services with FCA registration number 900199.

So, like most of the FinTech where the company is not a bank, they are using an e-money license.

I agree it's a strange construct, a Dutch bank offering savings/current accounts in foreign currency in their own app that are electronic money from a UK provider, but hey it's FinTech, we have seen stranger things like a UK company with electronic money using an UAE based off the shelf solution claiming to be innovative (as if) until they had enough VC capital to actually build their own real product.

As with all financial products, it's down to the customer to investigate and make their own risk assessment.

Stewball

I was trying to figure out over the weekend how to turn off 'payday' every Saturday and revert back to having monthly interest payment - can't be done according to their X account.

Hibernicis

It’s ridiculous. Another step when preparing Annual Tax returns…. Add up 52 weeks of Bunq Gunk before calculating DIRT liability.

Explosive_Cornflake

I don't see the option to pay interest to the savings account, or am I looking in the wrong place? These seems like a terrible update.

awec

https://www.boards.ie/discussion/comment/120924564#Comment_120924564

It looks like they've taken away the interest options.

It used to be in the "Freedom of Choice" menu item, you could decide whether or not you wanted interest, and what account.

Now the option is gone. I had interest disabled cause I didn't want to bother paying DIRT, I hope they don't start paying it by default!

derekbro

https://www.boards.ie/discussion/comment/120924901#Comment_120924901

Found it in the savings account on the interest payout line under the IBAN and BIC, if you disable bunq payday it disables the interest. Seems stupid to not allow it to be changed back to monthly. Also gets paid to current account and not savings account now.

Furze99

https://www.boards.ie/discussion/comment/120870548#Comment_120870548

What's current think on Bunq etc? Apart from a slightly better interest rate, is there any advantage to putting money there other than diversifying savings in excess of €100K?

Had money in Rabo years ago and it worked out well, easy to use and decent enough interest at the time.

Hibernicis

https://www.boards.ie/discussion/comment/120925066#Comment_120925066

Rabo was a serious banking operation with a robust banking platform. BUNQ is a "disruptor" with a system that has a "made up as they went along while sitting on bean bags and doing their bank of the free blue skies thinking" feel about it. The hunt for a demand availability home with modestly better interest is the only justification that I can think of.

Their most recent "feature", being able to switch off savings interest, should seem them nominated for the Darwin Awards

awec

https://www.boards.ie/discussion/comment/120925201#Comment_120925201

Being able to switch off interest isn't a new feature, been there since day 1.

@Furze99 I moved to Bunq from Revolut a year or so ago because their sub account and joint account features are light years ahead. They also gave 3 physical cards for free on the plan I'm on (Revolut only gave 1).

I use it for day to day banking, not sure I'd bother for savings.

The app is better than Revolut, but still has some junk in it.

Furze99

https://www.boards.ie/discussion/comment/120927483#Comment_120927483

OK have you. For business purposes I use one of the three main banks here and our personal account with same. I note that the personal account costs will be rising, so perhaps time to investigate likes of Bunq for personal account spending.

Explosive_Cornflake

Bunq is probably still miles better than any of the "regular" irish banks, but they do the usual tech company stuff and try to bring out new features rather than improving what they have already.

Yggr of Asgard

Cashback is now out of beta.

Still limited in what they give cashback to but at least for those of us who regulary dine out, it's 1% on that.

Yggr of Asgard

Be carefull with doing payments from the local currency account provided via Currency Cloud.

It appears that instead of the previous 0.70 € payment charge some payments now are charging Swift fees of up to 40€.

Only sending to UK/US accounts via local details (NO IBAN) will remain at 0.70, everything else is now Swift and costs.

Same for receiving, if it comes via Swift it's 10€ now, only if it comes via fast payments or ACH it's 0.70.

So $ payment from/to Revolut is now 10€ for example.

Wow that makes the account absolutely useless for payments.

https://together.bunq.com/d/46469-what-are-the-local-currencies-accounts-fees