Bunq enters ireland

Yggr of Asgard

https://www.boards.ie/discussion/comment/120214974#Comment_120214974

That used to be the case, but when the interest changed to a single account only (instead of on all accounts or a selected), they introduced a specific sub account called Savings Account that gets the mass interest. Sure, it's a sub account but it's a specific type and only that will now get interest.

A billing account is the account to which any fees will be charged that occur during a billing period (i.e. additional ATM withdrawals etc.) at the start of the next month.

inel

https://www.boards.ie/discussion/comment/120215080#Comment_120215080

Thank you for the explanation. Yes, the confusing aspect is that it does not allow me to delete a sub account if it is the billing account (keep in mind that it asks me to delete all sub accounts manually to be able to downgrade).

But at the same time when I try to set my existing Savings account as the new billing account it forces be to disable the savings nature of my account, basically convert it to a normal sub account with no interest.

I assume that when I accept that and then switch to the Easy Savings plan, the same account will then automatically become again a Savings account which will be receiving the interest..

Yggr of Asgard

https://www.boards.ie/discussion/comment/120215125#Comment_120215125

That should be the way; once the plan change is through, you should see the nature of the account and confirm that you will receive mass interest in it. You can always contact customer service for confirmation.

Too bad that you did not find the whole package a good value for yourself and are downgrading, but at least a savings account only is still a customer.

inel

https://www.boards.ie/discussion/comment/120215136#Comment_120215136

Easy Green (€17.99/month) seems to be too expensive for my current needs, but definitely I find the Easy Bank (€2.99/month) package a good value and will consider upgrading to it in the near future.

But first I need to close the BOI account with all these charges.. Unless they soon decide it is wise to remove the current monthly charges for customers, especially now that the interest rates have been increased...thinking out loud..

Yggr of Asgard

I just noticed that you now could add cash to the Bunq account in Ireland via Paysafecash at any Payzone outlet.

Limits are extremely low and it's not cheap but seemingly it works:

How to make cash deposits with PaysafeCash 💸 - bunq Together

Yggr of Asgard

I have been banking for years now, fraud protection usually is good and reliable, but somehow, I am getting the feeling that banks have something against Bunq!

Paying from Revolut - have to sit through videos about fraud - ensure I confirm it's really something I want to do - watch another video - confirm again

Paying from PTSB - getting a call from PTSB fraud protection to validate that I really want to make this transfer

Is there so much fraud at Bunq of is this some sort of effort to make Bunq as unattractive as possible?

Just imagine someone else wants to pay and gets this sort of treatment, they really are going to hate paying someone with Bunq Account.

Mimikyu

https://www.boards.ie/discussion/comment/120218785#Comment_120218785

That's strange, I haven't noticed anything different sending from Revolut or KBC to my Bunq account compared to sending to any other bank. I think the first time Revolut asked me was I sure, but they do this any time I send to a new bank or Revolut user.

Yggr of Asgard

@inel They must have read your complaint, the new version now makes it easier to downgrade:

"If you'd like to downgrade to Easy Savings from any other bunq plan, we'll automatically transform your last active sub-account into a savings one"

inel

https://www.boards.ie/discussion/comment/120222926#Comment_120222926

I was surprised the other night, when I saw this app version update on my phone. Indeed they must be reading us :)

Mimikyu

Anyone on Android and not getting notifications? Not sure if it's just Google Pay or all debit card transactions but I'm not getting them.

I was on to support and they said it's a known issue but I couldn't see it listed on the link they sent of known issues.

masterboy123

Hello,

I have Revolut.

Any extra advantage for me to open up a Bunq account?

Thank you

Mimikyu

https://www.boards.ie/discussion/comment/120228854#Comment_120228854

Unless you need a joint account or a savings account I can't think of any advantage to having a Bunq account. The interest on their savings account is currently 1.56%, one of the best on the market, and has risen a number of times since December.

masterboy123

https://www.boards.ie/discussion/comment/120228935#Comment_120228935

Thanks so much. I will stick with Revolut.

clacks

I find the Irish IBAN handy but rumour has it Revolut will get that soon.

Explosive_Cornflake

https://www.boards.ie/discussion/comment/120230133#Comment_120230133

It's more than a rumor, it was announced a few weeks ago. ~end of march.

awec

https://www.boards.ie/discussion/comment/120218785#Comment_120218785

AIB also routinely block my Bunq top ups.

The way I do it now is top up Revolut and then transfer from Revolut to Bunq.

Mimikyu

https://www.boards.ie/discussion/comment/120236958#Comment_120236958

AIB block payments from my Bunq account to my AIB credit card for some reason. I've to go the opposite way than you, bunq to Revolut to AIB.

The J Stands for Jay

https://www.boards.ie/discussion/comment/120236958#Comment_120236958

I avoid that by having my salary paid into bunq

TablesAndChairs23

What due diligence should I do if I'm considering depositing a future house deposit in a bunq savings account? Or is that just too risky? Obviously money I can't afford to lose. 

What are the risks I should be aware of?

I appreciate bunq are protected by the Dutch Deposit Guarantee Scheme up to 100k. Does this cover both insolvency and fraud? What if the Dutch DGS don't have the funds to pay out - do the Dutch government step in and pay out? 

I'm ignorant about fintech banks and technology in general and so a bit anxious. At the moment my deposit is sitting in an Irish bank earning no interest but I have peace of mind. So I wouldn't use the bunq app (other than the initial setup) as I would be worried if my phone got stolen. I would solely access my bunq account from a computer. 

To log into my Irish bank account online there's a three step security; I need my card number, my password, and 3 random digits from my 6 digit passcode. There's even a fourth security step - SMS verification - when transferring money. How do bunq compare to these multi-step security features? 

Thanks for reading.

Yggr of Asgard

https://www.boards.ie/discussion/comment/120345614#Comment_120345614

First, welcome to boards.ie and congratulations on doing your due diligence!

Web banking:

Web banking at bunq requires your phone to scan a QR code to log on and for that you need to be logged into the App (see below).

So, no web banking unless you have the app open.

Alternatively, if you don't want to use the QR you need to log in with your phone number/e-mail and your 6-digit passcode and record a video in your browser reading out a set of numbers and then an AI will validate you identify based on your original ID verification.

App Banking

You can use a biometric method (Face ID/Fingerprint) or phone number/e-mail and your 6-digit passcode combination.

You can define when you should be logged out and essentially forcing the App to make you log on every single time the app starts.

On certain transaction you will need to enter your 6-digit code, however you can define those amounts yourself; even down to 0.00€, so in effect every time you make a payment via the transfer function you need the 6-digit code.

In addition, the daily limit for outgoing transactions per account can be set yourself, the default is 5000€.

So, keep your 6-digit security code secret it's the cornerstone of security.

On some occasions you also might be asked to identify yourself with an AI video recording. They used to do a handprint scan which was handy but that caused to many complications.

Savings Account Restrictions

I assume you are after the interest, in that case remember that you can only make two withdraws a month from the savings account, so if you really want to avoid risk, you could do two small withdraws and therefore it's impossible to do more withdraws without going through some hoops which would require your 6-digit security code. There is a way to do another withdraw but you require your 6-digit security code.

Make sure your 6-digit passcode is safe is the cornerstone of having a secure banking app!

Wait until Wednesday next week

Bunq is going to announce new features in their next update on Tuesday, so you might want to wait until after that announcement to see if there are any changes to the App or Account offerings before you decide.

Protection

I would suggest your read the Information of De Nederlansche Bank (Dutch Central bank) about this, they are having english language information Dutch deposit guarantee (dnb.nl).

My opinion

This is my opinion and experience, others might have different opinions and experiences, so please continue your due diligence.

Please don't forget to take into consideration the way customer service works with Bunq which can be a drawback for some people.

Yggr of Asgard

With Bunq 22 they finaly allow more cash withdraws:

Enjoy more withdrawals & higher limits.

Our Easy Money & Easy Green users asked for more flexibility when it comes to ATM withdrawals, so we’ve done just that! We’ve raised the daily limit from €500 to €1000, and you can now make up to 6 free ATM withdrawals per month instead of 4.

And for once no change to the price plan.

BU22 | bunq

awec

https://www.boards.ie/discussion/comment/120360327#Comment_120360327

The customizable categories for transactions is the only new feature that really interests me. The social stuff I don't care about and I can't remember the last time I withdrew cash.

Mimikyu

Anyone have problems with Irish banks accepting Bunq statements for a loan because they don't show a running balance?

Currently in the process of applying for a mortgage and two banks aren't happy with the Bunq statements. From looking into it it seems this is standard for Dutch banks so waiting to hear back but it has me nervous.

Jim2007

https://www.boards.ie/discussion/comment/120395177#Comment_120395177

Perhaps they might accept Bunq certified balances as an alternative?

Mimikyu

https://www.boards.ie/discussion/comment/120396608#Comment_120396608

Thanks for the suggestion. From what I can gather the problem isn't the balances in the accounts, it's that the statements don't have a running balance on them, the amount in the account after every transaction. They just show a starting and final balance at the top of the statement and all your transactions below.

AIB have noted it on the application that this is a standard statement from our bank and our broker is looking into it for us.

Explosive_Cornflake

https://www.boards.ie/discussion/comment/120395177#Comment_120395177

Interesting, I was was fully sure statements from other banks I used last year didn't include the running balance, but they do.

You can try the following.

Download a PDF and CSV for the same time period.

On the 2nd line of the CSV,

add in column 1 the Date from the start of the PDF. Column 3 add the opening balance from the PDF.

Label Column H as Running Balance.

Set H2 to be =C2

Then, set H3 =H2+C3

Then expand that series down.

You'll get a running balance then.

Here's an example from before I really started using the account.

EDIT: Expanded screenshot slight to make it clearer.

Nickindublin

I am currently with N26 but am interested in Bunq especially for the 1.56% interest on your money. I travel abroad a 4 times a year and find my N26 great as there are no fees using the card for local currency transactions. Looking at Bunq i get confused. They seem to have a network fee of .5% and and a Mastercard Fee of 1.5% for easy bank while easy money and easy green have just the network fee. Is this on top of the usual mastercard fee of 1%?

Mimikyu

https://www.boards.ie/discussion/comment/120396785#Comment_120396785

Thanks for that. I'll wait and see what they come back with and offer that if they're still not happy with the statements. I'll post back what the outcome is because I'm sure it will be beneficial for others to know.

https://www.boards.ie/discussion/comment/120398746#Comment_120398746

Not too sure about the fees, I use Revolut for foreign exchange, but if you're happy with N26 for your day to day banking you could open an easy savings account with Bunq for your savings and their 1.56% interest and keep using N26 for your current account. Their easy savings account doesn't have a monthly fee.

Yggr of Asgard

They now offer 2% interest if you are based in the Netherlands, hopefully this will be coming to the rest of us soon.

It's the first time in a while that they have different rates depending on where you are. 11 days ago, for example they offered German customers 2.55 for 4 months, looks like they are starting to tailor it to countries.

Yggr of Asgard

https://www.boards.ie/discussion/comment/120398746#Comment_120398746

That is one of those elements where bunq tries to be transparent about the cost they have to pay others but fails to make clear the impact and cost to the customer.

Bunq in general is great, but foreign currency charges are in the time of revolut a little bit strange. In my opinion foreign currency is not really a strong part of their offerings.

On Easy Green and Easy money, you pay 0.5% if you use foreign currency, on Easy bank you pay 2% (0.5% network fee and 1.5% transaction fee).

More info about the network fee is here: Network fee - bunq Together

Now if you are Easy Green/Easy Money customer and where you travel is supported by the Local Currencies you can just open a sub account in that currency ($/£ etc.), pay 0.5% network fee when you convert money to the account and then don't pay a fee every time you use the card as the card will take it from that sub account. Still the same amount and you take the currency fluctuation risk, but you know what you convert in the first place.

For travel you might want to take Revolut/Wise etc. and with SEPA instant you can load those from Bunq within a few seconds.

Or keep N26 for day to day and just open an easy savings for your savings.