Using the Bunq app

Bunq is a modern online bank that works entirely through an app. No physical branches, no lines, you handle everything on your smartphone. In this guide we explain how the Bunq app works and how you can get the most out of it. Whether you are thinking about switching to Bunq or are already a customer and want to get more out of the app, this article will help you get started.

What is Bunq?

Bunq is a Dutch bank founded in 2012. Unlike traditional banks such as ING or Rabobank, Bunq has no physical branches. Everything goes through the app on your smartphone. Bunq holds a full banking license from De Nederlandsche Bank (the Dutch central bank) and is covered by the deposit guarantee scheme. So your money is just as safe as it is with other Dutch banks.

Why do people choose Bunq?

Bunq has become popular for several reasons:

  • User-friendly app: Modern, clear design
  • Multiple accounts: Easily create sub-accounts for different goals
  • Instant notifications: See right away when money comes in or goes out
  • International payments: Send money abroad easily and affordably
  • Sustainability: Bunq plants trees and invests green
  • Innovative features: Splitting bills, automatic saving and more

Opening a Bunq account

Opening a Bunq account is fully digital and takes about ten minutes.

Step 1: Download the Bunq app

Download the Bunq app from the App Store (iPhone) or the Google Play Store (Android). Search for "bunq" and install the official app.

Step 2: Start the registration

Open the app and tap "Open account" or "Sign up". Enter your email address and create a password.

Step 3: Verify your identity

To open a bank account, Bunq has to verify your identity. You do this by:

  • Taking a photo of your ID card or passport
  • Taking a selfie for facial recognition
  • Entering your address details

Step 4: Choose your plan

Bunq offers several plans:

  • Easy Bank: Basic account with limited features
  • Easy Money: More features for everyday banking
  • Easy Green: Includes sustainability features
  • Easy Bank Pro: Extended features for demanding users

Choose the plan that suits you. You can always upgrade or downgrade later.

Step 5: Your account is ready

Once your application is approved, your account is active right away. You receive an IBAN and can start banking.

Exploring the Bunq app

Let's look at the most important parts of the Bunq app.

The home screen

When you open the app, you see the home screen with:

  • Your total balance
  • Your different accounts
  • Recent transactions
  • Shortcuts to frequently used features

Managing accounts

One of Bunq's handy features is that you can create multiple accounts. That way you can divide your money clearly:

  • An account for everyday spending
  • A savings account for vacations
  • An account for fixed expenses
  • A pot for unexpected expenses

Each account gets its own IBAN, and you can give each one its own name and color.

Sending money

Sending money with Bunq is simple:

  1. Tap the account you want to pay from
  2. Tap "Pay" or "Send money"
  3. Enter the IBAN or choose a contact
  4. Enter the amount and a description
  5. Confirm the payment

Payment requests

Does someone owe you money? Send a payment request:

  1. Tap "Request" or "Receive money"
  2. Enter the amount
  3. Choose the recipient (via a contact, email or a link)
  4. Send the request

The recipient gets a message and can pay right away via iDEAL or a Bunq payment of their own.

Handy features in the Bunq app

Bunq has many smart features that make your financial life easier.

Automatic saving

Set up automatic savings rules:

  • Round up: Round every payment up and save the difference
  • Percentage: Save a percentage of every paycheck that comes in
  • Fixed amount: Automatically set aside a fixed amount per week or month

Splitting a bill

Been out to dinner with friends? Split the bill easily:

  1. Open the transaction you want to split
  2. Tap "Split"
  3. Select the people you want to split with
  4. Bunq automatically sends payment requests

Slice groups

For shared expenses such as a vacation or a shared household, you can create Slice groups. Everyone adds their expenses and Bunq calculates who owes what.

Ordering and managing cards

From the app you can manage physical and virtual payment cards:

  • Order a physical debit card
  • Create virtual cards for online purchases
  • Block or unblock cards instantly
  • Set limits per card
  • Link cards to specific accounts

Apple Pay and Google Pay

Bunq works with Apple Pay and Google Pay. You can easily add your Bunq card to these digital wallets and pay with your phone or smartwatch.

Bunq for international payments

Bunq is especially well suited to people who make a lot of international payments.

Favorable exchange rates

Bunq often offers better exchange rates than traditional banks. For payments in other currencies, the most favorable rate is applied automatically.

No extra fees abroad

With many Bunq plans you pay no extra fees for payments or cash withdrawals abroad. Ideal for vacations or business trips.

IBAN in other countries

With some Bunq plans you can get an IBAN in other European countries, such as Germany or France. This is useful if, for example, you have subscriptions that can only be paid with a local account number.

Bunq security

Bunq takes security very seriously.

Two-step verification

For important actions, you always need an extra confirmation via your phone or email.

Biometric security

You can secure the app with your fingerprint or facial recognition (Face ID).

Instant alerts

You get an alert immediately for every transaction. That way you see right away if something suspicious happens.

Blocking cards

Has your card been lost or stolen? Block it right away in the app. You can lift the block later if you find the card again.

Deposit guarantee scheme

Your money at Bunq is covered by the Dutch deposit guarantee scheme. Up to 100,000 euros per person is guaranteed.

Tips for getting the most out of it

Get more out of your Bunq account with these tips:

Create sub-accounts for your goals

Create a separate account for each savings goal. This keeps things clear and makes saving more fun.

Use automatic rules

Set up automatic transfers. That way you no longer have to think about saving or paying fixed expenses.

Check the insights

Bunq gives you insight into your spending pattern. Regularly look at where your money goes.

Keep the app up to date

Bunq regularly releases updates with new features and improvements. Make sure you always have the latest version.

Bunq versus traditional banks

How does Bunq compare to traditional banks?

Advantages of Bunq

  • Faster and more user-friendly
  • More flexibility with accounts
  • Innovative features
  • Better international options
  • More sustainable

Disadvantages of Bunq

  • Monthly fees for most plans
  • No physical branches for in-person help
  • More limited mortgage and loan options
  • Less suitable if you are not comfortable with apps

Frequently asked questions about Bunq

Is Bunq a real bank?

Yes, Bunq is a full-fledged bank with a banking license from De Nederlandsche Bank (DNB). Your money is protected by the deposit guarantee scheme up to 100,000 euros per person. Bunq must comply with the same strict rules as ING, Rabobank and other Dutch banks.

Can I have my salary paid into Bunq?

Yes, you can have your salary paid into your Bunq account without any problem. You have a Dutch IBAN that you can give to your employer. Many people use Bunq as their main account for all their everyday banking.

How much does Bunq cost per month?

Bunq has several plans. Easy Bank starts at around 3 euros per month; Easy Money and Easy Green cost more but also offer more features. Bunq adjusts its prices regularly, so check the current rates in the app or on the Bunq website. There are sometimes promotions with free months as well.

Can I use Bunq if I live abroad?

Bunq is available in many European countries. If you live in the EU, you can usually open a Bunq account. If you live outside Europe, unfortunately this is not possible. Bunq is ideal, though, for people who travel a lot or do business in different countries.

Conclusion

Bunq is a modern, user-friendly bank that appeals to many people. The app offers handy features for everyday banking, saving and international payments. Whether Bunq is right for you depends on your personal needs. Do you want a flexible, digital bank with innovative features? Then Bunq is definitely worth a try. You can download the app and take a look with no obligation before you open an account.

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