What is bunq?

bunq is a modern, app-based bank founded in 2012 and headquartered in Amsterdam. Often referred to as “the bank of the free,” bunq prides itself on offering a user-centric, tech-savvy approach to banking, with sustainability and transparency at its core. It’s fully licensed and supervised by the Dutch Central Bank, giving you peace of mind that your money is safe.

Key features for expats

1. Ease of account opening

bunq makes it incredibly easy to open a bank account. Unlike traditional banks, there’s no need to visit a branch or deal with piles of paperwork. With just your passport or ID, proof of address, and a smartphone, you can open an account within minutes via the bunq app. The process is available in English, which is a major plus for non-Dutch speakers.

2. Multi-currency accounts

One of bunq’s most appealing features is its multi-currency support. With bunq, you can hold, exchange, and spend in over 15 currencies without the hassle of opening separate accounts. This is particularly handy if you receive income in one currency and spend in another.

3. No BSN needed initially

Most Dutch banks require a BSN (citizen service number) to open an account. bunq allows you to open a temporary account without a BSN, giving you some breathing room to settle in before dealing with Dutch bureaucracy.

4. Flexible plans

bunq offers several plans to cater to different needs:

• Easy Bank (€2.99/month): A no-frills account for basic banking.
• Easy Money (€8.99/month): Ideal for everyday use with features like budgeting tools and multiple sub-accounts.
• Easy Green (€17.99/month): Adds a sustainability focus by planting trees with your spending.

Each plan includes a free debit card, access to the bunq app, and free SEPA transfers.

5. Shared and joint accounts

Sharing expenses with roommates or family? bunq makes it seamless to create shared accounts or split payments, which is perfect for expats living in shared housing.

6. English-language support

Unlike some traditional Dutch banks, bunq provides its services and customer support in English, making it far more accessible to expats.

7. Green initiatives

For eco-conscious expats, bunq’s Easy Green plan plants a tree for every €100 you spend. So far, bunq users have planted millions of trees globally.

Downsides to consider

While bunq has a lot to offer, it may not be the perfect fit for everyone. Here are a few potential drawbacks:

• Monthly fees: Unlike traditional banks, bunq accounts come with monthly fees. While these fees are reasonable for the features provided, expats on a tight budget might find it less appealing.
• Limited physical presence: bunq is 100% app-based, which means no branches or in-person service. This could be a downside if you prefer face-to-face interaction.
• Card acceptance: While bunq cards are generally accepted across the Netherlands, some smaller establishments that only accept Maestro might be a challenge. Make sure to double-check compatibility.

Why expats love bunq

Expats rave about bunq for its ease of use, transparency, and international-friendly features. Whether it’s the ability to manage multiple currencies or the option to open an account without a BSN, bunq removes many of the headaches traditionally associated with Dutch banking.

Who is bunq best for?

bunq is an excellent choice for:

• Tech-savvy expats who prefer app-based banking.
• Those who value sustainability and want to make a positive impact with their spending.
• People who need multi-currency support or plan to travel frequently.
• Expats who want to skip the hassle of traditional banking bureaucracy.

Final verdict

bunq is a breath of fresh air in the often complicated world of Dutch banking. With its intuitive app, expat-friendly features, and commitment to sustainability, it’s hard to find a better option for newcomers to the Netherlands. While the monthly fees may not suit everyone, the convenience and flexibility bunq offers are well worth it for most expats.

If you’re looking for a hassle-free way to manage your finances in the Netherlands, bunq is absolutely worth considering.