Foreign Currency Account 💸

bunq · Feb 3, 2022

Hey bunqers 🌈

Receive, convert, hold and spend in your favorite currency without having to leave your bunq app. bunq Free, Core, Pro, and Elite users residing in 🇳🇱 The Netherlands, 🇩🇪 Germany, 🇪🇸 Spain, 🇮🇹 Italy, 🇫🇷 France, 🇮🇪 Ireland can now open a Foreign Currencies Account and enjoy handling finances in 21 currencies.

How do I open a Foreign Currencies Account?

Go to 🏠 Home tab
Tap on 🟣 + Add
Click on 🟢 Add a Bank Account
Select 🟠 Bank Account
Personalize your Bank Account
Choose Foreign Currency
Done

Further information can be found here.

Available currencies

The following currencies are currently available:

Euro
American dollar
British pound
Swiss franc
Polish złoty
Danish krone
Swedish krona
Canadian dollar
Turkish lira
Czech koruna
Romanian leu
United Arab Emirates dirham
Australian dollar
Norwegian krone
South African rand
Hungarian forint
Japanese yen
Chinese yuan
Thai baht
Singapore dollar
Mexican peso

Are my Foreign Currencies Accounts secure?

bunq always aims to keep your moeny safe and sound. As a result, in order to offer you the best product possible, without taking any risks, we partner with Currencycloud.

The way it works in essence is that your balance on your non-euro bunq accounts are technically held in a third-party bank account which isn’t sensitive to any credit-risks from our counter party.
This way, we ensure that your money are taken care of with the best protection, regardless of the fact that they are not covered from the Dutch Deposit Guarantee Scheme. So yes, your Foreign Currencies Accounts are secure 💪

Is my balance on Foreign Currencies Account(s) protected under the Deposit Guarantee Scheme?

Your (non-Euro) Foreign Currencies Account(s) aren’t eligible for protection under the Deposit Guarantee Scheme. For more information on how the Dutch Deposit Guarantee works click here.

Why do I get a UK IBAN on a Foreign Currencies Account?

The foreign currency isn't held in the Netherlands, but in the UK.

How do I receive money in my Foreign Currencies Account?

When someone sends money to your Foreign Currencies Account, it is usually a SWIFT payment, which can take up to 5 days to arrive. Additionally, fees may apply for receiving a SWIFT payment. To ensure the transfer is successful, the sender will need the following details:

The Foreign Currencies IBAN is a UK IBAN
BIC/SWIFT code: TCCLGB3LXXX.

More details can be found here.

What are my Foreign Currencies accepted activities?

Our partner Currencycloud has some legal restrictions on the type of industries, activities, and countries they support and service. Most of the activities are aligned with our Terms & Conditions, however make sure to check what are the Non-permitted activities and Permitted jurisdictions by Currencycloud - the payments from your Foreign Currencies Account are automatically processed and rejected based on the previously mentioned terms.

Why did I receive questions about my payment?

As your payments relate to currency conversion, this is done via our external partner payment provider - Currencycloud. Sometimes they need supporting information regarding these payments. If needed - you'll receive a notification regarding this and you'll asked to provide the needed information in the in-app chat ✅

After receiving the requested information, our team forwards it to our payment provider partner. Once accepted from their side - the payment is done successfully!

Please note that failure to provide a sufficient response in 72h after receiving the questions may result in potential rejection of the payment in future.

Can I do a Direct Debit on my Foreign Currencies Account?

We're constantly updating our product and adding features, and this one is on the list, but not available yet! 💪

Can I use AutoSave for Foreign Currencies 💸

We currently offer Savings Accounts in EUR, USD, and GBP, which means payments made via Multi-Currency Savings Accounts will contribute to your AutoSave account. Further information about Multi-Currency Savings accounts can be found here.

You can only choose to save in one Savings account at a time. This applies to all currencies available.

Does the app automatically deduct money from my Foreign Currencies Account?

Via our great feature AutoSelect, wherever you go and with whichever card you pay, the app will automatically deduct the money from the Bank Account with the corresponding currency.

Example: You go on a trip to the USA. Your card is linked to your EUR Bank Account, but you have an active USD Bank Account. When you make a card payment in the USA, the app will automatically deduct the money from your USD Bank Account so that you can save on conversion fees and extra costs 🚀

Are there gonna be more currencies?

Absolutely yes! And this is where you can be heard - vote for the foreign currency you want to see in our app next right here 💪