Bunq is a complete on-line only bank fully licensed from the Dutch banking authorities. It is very much a real bank 🏦
Contrary to traditional banks where you can walk in and chat with agents or call a phone number, all at bunq is virtually done using the App as centre piece where all official communications and support are connected. All your banking activities can be done from the App (and most of them via the Web interface). To offer the great amount of features the traditional idea of a bank had been re invented, that is why it is important to understand how it works and what is what 🤩
When you open an account, you provide all the needed documentation to have your identity verified.
The bunq account itself does not have any bank account, it is just your user ID verified and enabled over the bunq systems.
Once you get verified and your bunq account is activated, automatically the first bank account, normally called at bunq "sub account" gets created and assigned to your bunq account (you). After the first sub account is created, you can view it form the bunq App and then see the IBAN (which is the international EU bank account identification) and the additional pointers to your bank account (BIC/SWIFT number) and start banking.
Depending on which country you opened your bunq account in, the first sub account will hold a local IBAN number if your country is NL, DE, IE, ES or FR (more to come in the future hopefully). If your country of bunq account is not in the previous list, you will get by default an NL IBAN.
Depending on the plan you choose (remember, in trial mode you are assigned automatically the Easy Green plan) you have options to create new sub accounts which each gets its own IBAN. All sub accounts are visible on the main App screen. Local IBAN (NL, DE, IE, ES. FR) sub account are available to everyone (depending from the chosen plan) and also local currency sub account (remember local currency sub account will get a GB IBAN as they are managed from UK).
Saving Goals and Easy Investment account all create a new sub account with its own IBAN all gathered under your bunq account in the main page with its own tile that can be easily re arranged and grouped under the same folder.
Then you can, again depending from your plan, create cards which you can use right away, with out having the physical card, using it on line or adding it to Apple Pay or Google Pay. Bunq by default DOES NOT create or send you any card. If your plan allows it you have to create and request cards.
Once a card is created, it needs to be connected to one of your sub accounts. When you spend using a card, the amount will be deducted immediately from your sub account you have connected earlier to the card.
You can request a physical card and it will be mailed in the post.
Remember that there are two types of cards offered, always via Master Card.
Debit Card (marked as MAESTRO) which is mostly used in NL and BE but widely accepted worldwide in any shop where Master Card is accepted. Debit Maestro is not very good and not widely accepted for on line transactions (Web shop, PayPal to mention few).
Credit Card are accepted anywhere, but again in NL and BE you might get more shops accepting only the Debit Maestro.
As bunq does not offer credit, also the Credit and Debit cards offered do not have a credit limit. All you can spend needs to be available on the linked sub account and money are pulled immediately as you swipe/use it. Also safe deposits are pulled temporarily from your account availability and eventually credit back when deposit is not needed any more. Credit and Debit cards to YOU work the same, but for the vendor it makes a difference sometimes as they might state that only Credit cards are accepted. So if vendor requires a CREDIT card, you need to have available a bunq Credit Card (not a Maestro debit).
All these information and more about the tons of features offered from bunq can be view on line on the main bunq page:
Remember to read, understand and check what different plans offer to avoid surprises with unwanted billings:
I hope this helps... maybe can be used to create a better document in the FAQ "bunq strile" 🌈
Have a great day ☀️