Hey bunqers ๐
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, Polish Zลoty, Bulgarian Lev, Danish Krone, Swedish Krona, Canadian Dollar, Turkish Lira, Czech Koruna, Romanian Leu, United Arab Emirates Dirham, Australian Dollar, Norwegian Krone, and South African Rand. Convert them within the app anytimeโจ
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 do I open a Local Currency account?
You can see how here ๐
Who can use this feature?
As of August 23, 2022, the opening of Local Currencies sub-accounts is possible only for Easy Green and Easy Money bunqers residing in ๐ณ๐ฑ The Netherlands, ๐ฉ๐ช Germany, ๐ช๐ธ Spain, ๐ฎ๐น Italy, ๐ซ๐ท France, ๐ฎ๐ช Ireland.
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, we work with our counterparty to secure 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. ๐ช
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.
How do I receive money in my Local Currency account?
โก๏ธ Learn more here
- Important note: As of June 24, 2022, users from Latvia ๐ฑ๐ป, Lithuania ๐ฑ๐น and Poland ๐ต๐ฑ with already active Local Currencies sub-accounts won't be able to receive payments or transfers there due to service restrictions based on our Acceptance Policy.
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- Important note: As of August 3, 2022, users from Bulgaria ๐ง๐ฌ with already active Local Currencies sub-accounts wonโt be able to receive payments or transfers there due to service restrictions based on our Acceptance Policy.
What are my Local Currency accepted activities?
Our partner Currencycloud has a 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 Local Currency 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 โ
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 Local Currency account?
We're constantly updating our product and adding features, and this one is on the list, but not available yet! ๐ช
Can I use AutoSave for Local Currencies? ๐ธ
We currently only offer Savings accounts in EUR, which means that payments made via Local Currency accounts won't contribute to your AutoSave account.
What about trees with Local Currencies? ๐ณ
Trees are planted for each payment over โฌ100. As long as your payment in a local currency is equal to or larger than โฌ100, a tree will be planted.
Are there gonna be more currencies?
Absolutely yes! And this is where you can be heard - vote for the local currency you want to see in our app next right here ๐ช
Related topics
Want to learn more? Explore more bunq knowledge here ๐
