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Foreign Currency Charges

Oliver shared this question 11 months ago
Question

I find in the premium model should at least the foreign fees fall away from 1.5%! 7,99€ per month and foreign currency charges do not go!

Comments (9)

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30

Hey Oliver!

The fees for foreign currencies are set aside from the premium package due to the added expenses that they suppose. However we can of course take a look at this and examine it 👍

Thanks for the feedback 🌈

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22

Hi Francesc, What was the outcome of this? You still charge fee of 1.5% ?

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25

Hey there,


We've decided to keep this for now, this because we get extra costs ourselves for these payment that need to be covered.


I hope that explains it :)

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21

How does N26 does not charge any package fee and has no transaction fee for payment in foreign currency either?

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25

Hello Ji 👋

To answer your question, their model and vision looks entirely different from ours as we do not invest your money (other than government bonds which are a requirement).

This is why we have chosen to give you clear costs instead of investing your money 🙂

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18

I totally agree with Oliver.

I love the idea of bunq, the app and the features it offers. However, I think many of us would love to use bunq on vacation, business trips etc where we travel outside the EURO-area. Obviously this is possible, but if you use your bunq card for three weeks of traveling the fees will add up to a second annually premium fee which is simply too much. So I guess right now, most people will use a second account abroad. Are there any ideas/plans on changing that or offering a solution to solve this problem?

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21

Bunq does not cross-finance parts of their products with others. This means, that if you as a customer create additional expenses for bunq (what you do with currency exchanges), you have to pay for the service. I like this approach very much and hope that they will keep it like this!

For your example with the three weeks vacation: If you spend 50€ per day for three weeks, you pay appr. 15€ currency exchange fees in total. This is far away from the current annual bunq premium fee, so the example might be a bit exaggerated.. ;)

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15

Jan, this is a good point - thanks for clarifying. I also support the idea of not cross-financing the services. However, there may be alternative solutions: It could be possible to buy let’s call it a “travel pack”, where you get 5-10 withdraws or you can pay 50 times on a terminal in another currency for x,xx€. It may be easier for bunq to plan these expenses and hence offer a better rate to us.


Regarding your calculation: If I travel for 50€/day and this includes flights, boats, taxi rides, hotel, food, entertainment etc. - not sure if it would be a good trip. 😊

Just as an example I took 5000€ expenses for a trip - this adds up to 75€ fees - still not a full premium membership, but definitely a nice dinner for two. 😊

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4

Ever heard of Revolut? No fees... why can they do it?