Hey bunqers 🌈
In the interest of your safety and that of the banking industry as a whole, it's crucial to understand the expected usage of Personal and Business accounts and to ensure your use of bunq aligns with the requirements for the product you use. In this topic we’re going to provide you with insights into the guidelines and expectations set by bunq for both Personal and Business account holders.
What can I use my bunq Personal account for and what not?
Which account uses are tolerated?
Personal accounts are intended for day-to-day spendings and savings. You can use it to receive your salary, scholarships, allowances or even birthday gifts from friends and family. In terms of spending, you can use Personal accounts to pay for groceries, shopping, travel, or anything you need to pay for in daily life.
Personal accounts can’t be used for commercial activities. If any commercial activities are detected, you’ll be asked to open a Business account, if available in your country, or discontinue business-like activities to avoid potential account closure.
Which account uses aren't tolerated?
Additionally, in order to limit the risks some activities and transactions may pose to the financial system, we do not tolerate using your bunq Personal account predominantly for the following activities:
- Gambling or betting activities
- Trading or investing in crypto assets or other unregulated markets
- Excessive cash withdrawals
- Receiving, spending, or sending money to countries that are considered high-risk by the European Union or have a low score on the Corruption Perception Index from Transparency International
- Intermediate account usage - transfers via payment service providers or to and from various counterparties
What can I use my bunq Business account for and what not?
Which account uses are tolerated?
Business accounts are intended to accommodate your regular business-related payments, relevant to the business sector of your company, as well as savings. That means that the transactions on your bunq Business account should resonate with the information you provided to us during onboarding in regards to expected account use, transactional volumes, clients and suppliers, etc.
Which account uses aren't tolerated?
Additionally, in order to limit the risks some activities and transactions may pose to the financial system, we do not tolerate using your bunq Business account predominantly for the following activities:
- Gambling or betting activities
- Trading or investing in crypto assets or other unregulated markets
- Excessive cash withdrawals (one of our main goals is to help you become CO2 free)
- Receiving, spending, or sending money to countries that are considered high-risk by the European Union or have a low score on the Corruption Perception Index from Transparency International
- Intermediate account usage - transfers via payment service providers or to and from various counterparties unrelated to your Business
What will happen if I don’t use my bunq account as intended?
Our advanced monitoring system regularly reviews the activities on all Personal and Business accounts. If we detect that an account isn’t used for its intended purpose, we’ll reach out to you and let you know in the app. You will receive a notification that will be visible in your Profile tab under ‘Awaiting Events’ where we’ll ask you to adjust your account usage accordingly. Upon receipt of this notification, it's necessary for you to create a new, separate Business account. Please be aware that it's not possible to convert your existing Personal account into a Business account.
This is part of our commitment to ensuring a safe and fair banking environment for all our users.
We understand that the above-given example activities may not be illegal. Our sole purpose with establishing this Fair use policy is to contribute to a safe and secure banking system.
In case we discover you continue using your account outside our Fair Use policy, this can lead to us having to permanently terminate your account. We advise you to review and adhere to our requirements that are in line with our Terms & Conditions: Chapter 10.1 Duty of Care and 10.2. Financial misuse
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