When I started my journey in the Netherlands, I knew I need to open a Dutch bank account. Not only to receive my salary but also it’s way easier to have Dutch bank account in everyday life – doing groceries, paying rent, etc. Most of traditional banks will require proof of residence (Verklarking van woonplaats). When you just moved in and you are still waiting for the appointment at the gemeente to officially register, it gets tricky, because no one will issue this document for you until you are registered.
So you withdraw your money from the ATM every time you go to the store, because your VISA or Mastercard is not working most of the time and wonder how can you make it easier for yourself and skip this long waiting period to finally get your first Dutch bank account… Here is where Bunq has you covered.
Bunq is an online bank, which doesn’t require all the documents when you sign up. You can postpone the legal mumbo-jumbo and still be able to use their service. You don’t have to make an appointment to open a new account. Simply sign up online and download their app. Then you will have to do verification process. It takes couple hours to get verified and be good to go.
Bunq offers 3 cards when you sign up. You can apply for more, but then you will pay a fee. 3 basic cards are included in your membership.
- Bunq debit is a physical card that will be shipped to you in the mail. It’s Maestro card, so you will be able to use it anywhere cards are accepted in the Netherlands (unlike VISA/Mastercard).
- Bunq online is a Mastercard. Whenever you shop online, you can pay with this card. Card (and all the information such as number, expiration date and CCV) is available in your Bunq app.
- Tap & pay Maestro (NFC) is a card to use when you want to pay with your phone at the store.
Variety of accounts
With Bunq you have a one month free trial, so you can see how you like the service. After first month you can upgrade to premium or stay a free member. You can open up to 25 free accounts with premium. It can be either personal account, saving account or account you will share with your friends and family. Bunq also offers business accounts.
I never was a fan of opening too many accounts but when I started using Bunq, I see advantages of splitting up your money. Saving goals allows me to automatically save money after each transaction made from my account. But I also opened separate accounts for my rent and savings for upcoming trip. I don’t have to worry about them not being a saving goal account because Bunq pays you interest based on every account you own with them. How cool is this?!
Bunq – interest
Bunq pays interest every month based not only on your saving account but also on every other account that belongs to you. So you don’t have to worry about moving your money from savings accounts every time. You can use the option to split your accounts into couple of personal accounts and still get the interest, even though they are not technically ‘savings accounts’.
You can choose how your money is invested. That’s a nice option that most of traditional banks don’t have and if they do, most likely it’s for the more ‘advanced’ products, not your everyday – doing groceries – saving some cash – online banking. Here are the options you can choose if you want to receive interest from Bunq:
- Personal Lending
- Personal Mortgages
- Green Companies
- All companies
- Other Bank Loans
- Government Bonds (default)
- European Central Bank (default)
Bunq – is it safe?
You may wonder: if it’s an online bank that you can access through an app, is it safe to keep your money there? The answer is: yes, just like in any European bank. Even though it is modern online bank, it still has to meet basic standards, as any other traditional bank operating in European Union. It means that deposits up to €100 000 are covered by bank guarantee fund. If you have more than €100 000 to deposit in any bank, it’s safer to split it up into different banks.
Sign Up Bonus
But wait, there is more! If you use an invite link such as this one you will receive €10 after you use your card for the first time. I highly recommend opening your first Dutch bank account with Bunq, as it’s easy and it takes couple minutes to sign up and enjoy all of the advantages Bunq has.