Did you know that you’re saving money every time you pay in another currency with your bunq cards?
With bunq, you save money on conversion when spending abroad by getting the real exchange rate. Soon you’ll also be able to receive, convert, hold and spend in multiple foreign currencies without having to leave your bunq app with Local Currencies.
To enable this we need to create and maintain a complex Network of branches, entities and partnerships that come at a significant cost. Additionally we need to cover the risk of currency fluctuations whilst the FX markets are closed. To cover these costs we’re introducing a ‘Network fee’ of 0.5%.
How does it work?
In order to make sure you save money when paying in other currencies, we:
- Do not charge you any conversion fees.
- Make sure your international card payments and ATM withdrawals always get the latest exchange rate.
For this reason, it is important that you always pay in the local currency when you’re abroad, instead of choosing to pay directly in euros.
What does it change?
When you are paying on a terminal or withdrawing money at an ATM in a country using a different currency, you will often be asked to choose whether you want to process this transaction in the local currency or in euros. If you decide to pay directly in euros, the amount will be deducted from your account using a conversion rate that was calculated up front. However, if you decide to pay in the local currency, you will enjoy the latest and accurate conversion rate we provide for all transactions made with your bunq cards. 🎉
How much money can be saved when paying with the exact conversion rate?
The amount you’ll save with the real-time exchange rate of the bunq card, versus the average conversion rate you’re offered by merchants, is about 8%! This can save you a lot of money over the entire course of your holiday!
So be sure to keep in mind: To save money, always pay international card payments and ATM withdrawals in the local currencies, and never in euros. 🌍
Want to learn more?
Explore more bunq knowledge here. 🌈