Accept direct debits in the UK

Jammy-Teal-Dolphin

In the UK they require your 6 digit sort code and 8 digit account number.
IBAN isn't used in the UK to pay bills or have wages paid in.
However Bunq is good for many other things, I just can't understand how Revolut can offer a local sort code and account number for the UK but Bunq can't and a IBAN for international things.
Bunq is great though in many other ways. 5 stars ⭐⭐⭐⭐⭐

It's not a criticism against Bunq in any way but all over Google people are asking the same question. Also some people in the UK won't sign up as they are to used to having a High Street bank with a 6 digit sort code and account number.

For me I'm using Revolut and Bunq it's a good combination.

So I'm really just asking this question as I've read it by people in forums by others and also I'm curious.

Bunq your great 👍😃🌟🌟🌟🌟🌟

NiB

JD I just can't understand how Revolut can offer a local sort code and account number for the UK but Bunq can't and a IBAN for international things

Quite simple: Revolut is based, licensed and supervised in the UK. bunq isn't. bunq could set up a UK entity to offer local accounts - but with the paperwork and licensing required, it's hard to see a viable business case to do so.

John-Aquamarine-Cheetah

bunq "launched" in the UK in October, but it's hard to see what that actually meant. No changes for UK users at all, as far as I can see.

Quote:
“We’re very excited to launch in the United Kingdom,” says bunq’s founder and CEO Ali Niknam. “In true startup spirit we’re keen to learn how to make life easy for our British users.”

GBP accounts with standing orders and direct debits would be an obvious place to start

Petrus-Olive-Tiger

John Taylor En vergis je niet, N26 met 5 miljoen klanten heeft zich juist teruggetrokken uit de Britse banken concurrentie. Er is in VK 🇬🇧 zoveel concurrentie van banken, dus als N26 er niets in ziet moet Bunq dat ook niet doen.

Jammy-Teal-Dolphin

Peter N26 according to Google only had 200.000 customers in the UK.

Petrus-Olive-Tiger

JD Klopt, Omdat er zoveel concurrentie in Engeland is, en N26 niet verder kon groeien. N26 was echt wel in VK gebleven als er een verdien model was.

Jammy-Teal-Dolphin

Peter Yeh I understand what your saying.

Still it would be nice go get a reply from Bunq on this issue even if its the same as yours.

As for Revolut I just spoke to live chat with Revolut they are not a fully registered bank where as Bunq is. Revolut have applied to be and need to make some small changes before this can happen in the UK.

As I said at the start Bunq and Revolut both offer different and unique things. My concern is that if Revolut didn't get whatever they need and closed UK accounts. Then neither Revolut or Bunq would offer a UK sort code or account number so customers would drop for Revolut in the UK. For me personally it would be a disaster.

I'll wait and see Revolut seem confident but then I once remember a chat with N26 and they seemed confident to. 🙄

John-Aquamarine-Cheetah

Peter N26 in the UK was a failure from the start, imo, because they completely misread the local market. Lack of direct debits at the start was a symptom of that.

Petrus-Olive-Tiger

JD Maar voor onze VK rekening houders, kunnen zij toch bij TransferWise een 🇬🇧 ponden rekening en een EU rekening openen? Zijn gratis rekeningen en als je van je VK rekeningen geld overmaakt naar je EU IBAN bij TransferWise, via Instant Sepa Payment (flitsbetalingen) direct geld overboeken naar je EU IBAN bij Bunq. (Bij TransferWise kun je ook automatische ponden incasso’s doen). Als Nederlander is het zeer lastig een rekening te openen bij een Engelse bank, maar vanuit Bunq - TransferWise heb ik toch een VK ponden rekening.

Jammy-Teal-Dolphin

Peter Good idea! 😀

John-Aquamarine-Cheetah

Peter Of course, there are other solutions. Why has bunq even supposedly launched in the UK at all and geared up to listening to UK customers, if it's just going up stay as it is?

Patrick-Navy-Turtle-1608571353

John Taylor Hello! I'm a French bunquer but I had a need to have a UK account with account number and sort code. I have found that with Transferwise ! It was very easy and fast to open an UK account, with UK 6digits sort code. And does run perfectly! Hope this helps in the meantime.