The banking scene has experienced lots of competition in the descent past and most of the established banks are feeling the impacts. The latest entrants such as Bunq have established a customer base and it is gaining public recognition. It is facilitating easier transactions by incorporating technical advancements like the use of mobile apps which has made it convenient for most users. I have provided this Bunq review to help you have an in-depth insight into it. Read on and find out.
What is Bunq review
Bunq is one of the latest challenger apps that seek to provide financial solutions by offering an alternate solution through its banking app. Additionally, it also supports various transactions and you can also access your bank account using its banking app. It also comes with a debit card that allows users to make purchases and withdraw their cash via an ATM. The most unique thing about it is that all the transactions will be reflected in the app. Bunq has also made partnerships with Transferwise to facilitate international transactions.
However, it is limited to Euro-based accounts but if you are in the UK then you are lucky because you can still use the debit card just the way you could have used it in other platforms. Bunq offers there accounts namely premium, joint and business accounts. From this basic review, you have an idea about what Bunq is right?
What can you do with Bunq
If you are having Bunq you can do the following:
- You can make instant payments
Bunq allows you to make fast transactions. You can send money to your family and friends or you can make payments for your purchases. This process will only take a few minutes and you are done.
- Dual pin code generation
If you have multiple accounts and you don’t want to have several cards then you can generate multiple PIN and still have money debited in your account and you can access your funds with a single card. This makes it more reliable since there is no need of walking around with multiple cards which might get misplaced in the long run.
- Create savings goals
If you like to save bunq allows you to customize your savings goals. It also helps you to track your saving progress as you prepare for the house deposits or other activities that you might require to make prior savings irrespective of whether it is small or big.
- You can create up to 25 sub-accounts
Bunq allows you to create other sub-accounts alongside your main account. Having multiple accounts can be helpful especially in keeping your funds organized. For instance, if you are saving for holidays you can put the savings in one account so that you don’t get mixed up when attending to other recurrent expenditures.
- Instant card freezing
Sometimes you can find yourself in an uncompromising situation whereby your card is stolen or it gets lost. Therefore, to avoid inconveniences which are brought by making long phone calls which might take time for intervention to be effected you can change your pin or freeze your card within a very short period.
- Free cash withdrawal
You can make up to 10 free cash withdrawals on any ATM In any part of the world. This condition requires you to not make more than 10 withdrawal within a month. Therefore, you will not have to pay for commission and fees when using your card at the ATM.
No foreign exchange fees
Bunq users can transfer their money into foreign currency without paying for the commissions.
Is Bunq safe?
Well, if you are wondering whether bunq is safe then the answer is yes. Your safety is guaranteed. There is a Deposit Guarantee scheme which is included in the license given by the Dutch national bank. Therefore, bunq operated under this full European banking license that insures up to 100,000 of your money.
They also ensure that your personal data is accessed and tracked to ensure you comply with legal obligations, processing payments and registration of new clients. Third parties will only be provided with relevant information to ensure your private details don’t get out of hand. Such measures are full proof that you can trust Bunq because they are working hard to ensure your money is safe from any case of fraud.
Additionally, they have also provided some safety guidelines to help you stay safe when processing your transactions. You are required to ensure you keep the confidentiality of your login details and ensure the phone which you use to access the app is fully secured and free from any spyware or malware that can predispose you to fraudulent activities.
Bunq credit card
Bunq credit card is very important especially for those users who have lots of daily expenses. Once you register for a credit card it will take the shortest time and you will get it. After approval, you can use it via Google pay or apple pay on your phone even before you get the physical card. The good thing is that there are no monthly payments and foreign transaction fees which makes it effective and reliable.
Therefore the good thing with bunq is that it is easy to sign up since you don’t require lots of paperwork. You will get to experience the best of bunq and it will surely change your financial lifestyle and life will be easy on your end.
Bunq has proven to be competitive because of explicit performance in the banking field. If you use euros in meeting your family expenses then you will greatly benefit from it. If you have any queries they have competent customer support that will offer timely solutions to your problem. Generally, bunq is the most reliable banking option that will meet your needs.