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.
โ๏ธ Important: Our Local Currency partners (Currency Cloud) are temporarily pausing their BGN services due to technical difficulties with their provider. Therefore, the processing of BGN payments will be paused for now. What does that mean for you:
- September 26, 2023 will be the last day you'll be able to convert funds and process payments in BGN for now;
- You won't be able to receive funds in BGN;
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 my balance on Local Currency account(s) protected under the Deposit Guarantee Scheme?
Your (non-Euro) Local Currency account(s) arenโt eligible for protection under the Deposit Guarantee Scheme. For more information on how the Dutch Deposit Guarantee works click here .
Are my Local Currency Accounts secure?
bunq always aims to keep your funds 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 isnโt sensitive to any credit-risks from our counter party.
This way, we ensure that your funds 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 Local Currency Accounts are secure 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.
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 offer Savings Accounts in EUR, USD, and GBP, which means payments made vie 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.
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
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