bunq Together

Declaring local IBANS?

Nyhxius

So i know nothing about this kind of stuff but if you use a local IBAN. Do you still have to go through a process to declare your account?

And would it be as a local or foreign account?

Jakob-Y

James Do you still have to go through a process to declare your account?

Belgish law seems unchanged in this regard from what I told you last year: https://together.bunq.com/d/35297/4 Right now bunq only offers Local IBANs for Germany, France and Spain. Is your question about a hypothetical Belgish IBAN being offered by bunq in the future?

And would it be as a local or foreign account?

According to bunq, all their bank accounts are Dutch bank accounts irregardless of what country's IBAN is used. That would mean if you live in The Netherlands, they would be domestic accounts. And if you live in any other country, they would be foreign accounts.

Quote from Terms of Service:

When you open an account with us, you will be entering into an agreement with bunq B.V., a Dutch financial institution, and not with any of our foreign branches. This means you will have a Dutch account, regulated by Dutch law, regardless if a non-Dutch International Bank Account Number (IBAN) is linked to your account.

Nyhxius

Ok thank you!

So even when Belgian IBANs be home available we still have to declare em as foreign accounts.

Jakob-Y

James That's my interpretation of it. Of course: I'm not a lawyer. But it would seem to me that reporting these accounts* cannot hurt and for example your tax obligations don't change, so I would recommend to do it as long as you're not told otherwise by the relevant authorities.

* Of course, no idea if or when bunq will offer Belgian IBANs. Public company info does indeed suggest that it could happen, though.