Hey bunqers 🌈
Receive, convert, hold and spend in your favorite currency without having to leave your bunq app. Now you can create a sub-account and enjoy handling finances in Dollars, Pounds, Swiss Franc, Poland złoty or Bulgarian lev. Convert them within the app anytime✨
Bank like a local by making payments in the local currency from your bunq account. Paying the rent in Dollars is now possible without any intermediary, so you can really feel at home.
How to get a Local Currency account?
- Go to the Home tab
- Press on +Add account
- Choose 💵 Local Currencies
How can I convert money?
- Go to your brand new local currency account
- Click ‘More’
- Click Convert ✨
How can I make a payment in a Local Currency for a new recipient?
- Go to your Local Currency account
- Click on 🟠 Pay
- Enter the amount you want to send
- Select + New Recipient
- Enter all the required info **
- Select “Send Payment”
- Ready 🚀
Different countries require different information regarding the recipient so please make sure to fill all boxes required.
Who can use this feature?
The feature is available for our Easy Money and Easy Green users, no additional fee when you open your Local Currency sub-account. 💸
Is there a deposit guarantee for my funds in different local currencies?
We always aim to keep your funds safe and sound with us. Therefore, our counterparty helps us with this for your Local Currency accounts.
The Local Currency accounts are excluded from the Deposit Guarantee Scheme of bunq. Your funds are held in a third-party account which isn't sensitive to any credit-risks from our counterparty. So yes, your local currency deposits are absolutely safe. 💪
How do I receive money in my Local Currency account?
You can find your account details in the app, like your IBAN.
- The Local Currency IBAN is a UK IBAN and has a BIC/SWIFT code: TCCLGB3LXXX.
When someone sends money to your Local Currency account, this is mostly a SWIFT payment. It takes time for these payments to arrive. SWIFT payments can take up to 5 days. There are also fees involved in receiving a SWIFT payment. You can learn more about this here
For GBP accounts, you have local account details in addition to your IBAN. If someone sends Pounds using these account details, it's processed as a Fast Payment (FPS), which is way faster and cheaper than a SWIFT payment. A local account transfer in GBP arrives in seconds!
The ACH routing number for USD accounts isn't yet available, but we plan to offer it soon! ✨
Why do I get a UK IBAN on a Local Currency account?
The foreign currency isn't held in the Netherlands, but in the UK.
Are there any fees? 💸
Open a local currency account in seconds. It's totally free for Easy Money and Easy Green personal and business users, cool right? However, you can check the rest of the fees applied with this feature explained here
And what about limits?
You can check all of your daily limits with you Local Currencies account here 🙌
Important for Incoming payments
Limits
To keep local currencies safe and available at all times, incoming transactions over £90.000,00 cannot be processed and are returned sender.
Bounce fees
For an incoming payment that’s bounced, transaction costs apply. These cost are deducted from the payment upon return
Can I receive all kinds of currency payments on my Local Currency account?
You can only receive payments in the same currency, so for example a USD payment to your USD account.
Can I do a Direct Debit on my Local Currency account?
We're constantly updating our product and adding features, and this one is on the list, but not available yet! 💪
Can I receive payments from all sources of funds?
To keep the Local Currency safe and responsible, not all sources of funds are allowed. The following sources are restricted for funding a Local Currency account:
- Businesses related to weapons
- Multi-level marketing
- Pawnbrokers
- Political organisations
- Precious metals and stones
- Adult entertainment
- Drug paraphernalia
- CBD and related products
- Carbon credits
- Crypto currencies
- Gambling
- Ponzi / pyramid schemes
- Firms involved in the servicing of illegal goods/services including but not limited to: counterfeit goods/trademark infringement, human trafficking, child labor, prostitution.
What happens if money comes in from a restricted source or in a currency that’s not supported?
When you receive money in an unsupported currency, or when the money comes from one of the above sources, the funds are returned to the sender. 🚀
Are there gonna be more currencies?
Absolutely yes! And this is where you can be heard - please make sure to vote for the local currency you want to see in our app next right here 💪
Want to learn more?
Explore more bunq knowledge here 🌈
