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Why bunq?

Daniel shared this question 8 months ago
Question

I am thinking about choosing default digital only bank. The question is why bunq a not N26 or any other one?


Thanks for your insights.

Comments (29)

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29

For me, I love the innovations that bunq frequently has.

The bunq debit mastercard (bunq premium) allows me to pay online with international merchants but instead of the amount that I've spent being deducted from my bank account at the end of the month, every payment is immediately deducted and visible in my account. Also you get push notifications for all payments if you want.


The new feature of having 2 pins on a debit card allows you to assign the card to two independent bank accounts. Great if you just want to take one card with you.

Other nifty features:

- create and remove bank accounts on the fly

- immediately change your pin from the app

- the mastercard has a rotating cvc code for extra security


And then, bunq is very user friendly, has a great community and doesn't invest your money in any business except government bonds (which are mandatory for them to get a licence).

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I agree with René. bunq has a fresh new look on banking, very cool features (and sure many more to come) and excellent customer service. They are the most passionate people in the business.

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18

I use Revolut App and Bunq Free together. Works for me!

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Which is better in your opinion?

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Are you Dutch or from UK? For dutch payments I use BUNQ. International payments I use Revolut.

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@Daniel:

Two different products.


bunq:

+ much more stable and reliable

+ much better (available) customer service

+ proper bank with license and deposit guarantee scheme

- not much support for non-SEPA payments / non-EUR currency (except for card payments)

- expensive for basic usage (incl. card) on their new pricing scheme


Revolut:

+ heavily geared towards foreign currency transactions / payments

+ basic card usage is inexpensive (though their pricing seems unsustainable in the long run)

- “bank account” features feel tagged-on

- they’re a non-bank (but E-Money institution)

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Bunq

+ speed in SEPA transactions and also very good/quick top up from SOFORT and iDEAL ...


Bung is ideal transaction account ...

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29

I was thinking to use my N26 account as my primary bank account, but I switched to bunq instead mainly for the following reason: N26 is too cheap to survive on their own. They have partnered with so many third parties in the last months and the whole app is just a big advertisement right now. They have so many features that are just there to cost me money, but i dont need them.

Bunq on the other hand is just a mobile bank with a fresh concept and very nice and friendly supporters. I definitively like this concept and will try my best to support it! :)

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I totally agree with Jan. To be for free N26 needs to cooperate with insurance, savings product corps. to earn commissions and of course needs to lend you money to earn interest (overdrafts etc). Im not sure if thats enough for N26 to survive long-term so I guess they will try sell some premium products for fees as well like they already do with their "black mastercard". Recently even asked customers how much the would pay monthly for a metal card... thats just insane. Guess we will know with the Apple Pay launch rumored in September / Oktober or at least before the end of the year. Cause thats another opportunity to sell you a premium service with Apple Pay. For me the opportuniy to use Apple Pay in the future is the only thing left making N26 sexy... but thats pretty much it. ... (dont forget bunq would offer AP sooner or later as well when it become available in NL)

Now bunq... well ok it has to be priced 7,99... I learned myself after doing some math. If you dont need overdraft (longer than just a few days according to bunq policies) bunq is perfect and one reason they have to charge a monthly fee. (no overdraft - no interest income for the bank).

big advantages that N26 lacks of:

- they listen to your user experience

- they react quickly, are open to new idea and give feedback to that

- there is an open and moderated community board

- they update App much more often than N26

- the updates bring features and not boring products

- the app is much snappier than N26

- your data is Apple like privacy safe cause they are really independet

- no account web access that makes it even more secure, so app only

- never read or heard of any security leaks

- direct link to Mastercard

- direct debits waiting for your approval within 5 days or get rejected

- no embossed cards... you are save from imprinting desasters (a restaurant tried my N26 Maestro) and annoying conversations with the supermarket cashier in Germany "this is a credit card?!... we dont take credit cards"

- all push notifications work... even for direct debits... bunq just work and if notifications wouldnt work Im sure they would fix it in hours while Berlin is failing here for months

And finally, think its no coincidence, but Ali Niknam remembers me Steve Jobs so much that I am thrilled about the future. :-)

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N26 has (German) neighbouring banks that have provided free accounts and maestro cards for decades. I've been a client with several. There are many free credit cards too, some even bank-independent. Additionally to N26 cards which work well here in NL, I currently have a free American Express that pays you to use it by means of points, similar to air miles. They give you 2000 points just for ordering the card - I believe that gets you 20 € value on a future purchase.

If N26 were to become the most expensive bank in DE, or pull a surprise change of policy stunt like bunq did in NL, a large chunk of their clients would simply switch to one of their rivals. The more justifications I see here for high bank fees, the more I think of Christmas dinner poultry cheering for December to come along.

I use bunq despite above mentioned stunt, because:

  • changing banks is quite time consuming for me,
  • none of its Dutch rivals offer a free IBAN yet, and,
  • despite EU's best efforts, foreign IBANs still run into compatibility issues.

So, while bunq enjoys the luxury of being somewhat shielded from its international competitors, it's free to dictate pricing. I see no reason to pay more than other Dutch banks though. Who knows, it's also possible that all EU banks will start charging Spotify-level fees at some point as the Eurozone continues downhill. Anyways, for now, as long as bunq has a free option, I can tolerate a few short comings, some of which I've listed here or in various other entries.

However, I should mention, these underlying issues should in no way reflect on their support staff, who are doing an excellent job at trying to keep people happy, even when the odds are against them.

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-Great Friendly Cool Customer Service

-Total Control of Transactions (MasterCard, Direct Debits...)

-Pay with Smartphone

-Multi Banking Accounts

-Plain Cards


What i dont like

-Very low NFC Limits

-A Card Payment cant be fixed to an account, the card must be fixed at the time on the account wich should be used

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can you please elaborate on "-A Card Payment cant be fixed to an account, the card must be fixed at the time on the account wich should be used"? I would like to understand that better, thanks :).

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I think he means, you cannot tie a recurring payment you made with the MasterCard to a specific IBAN permanently. It's sort of a lottery from which account your, e.g., monthly subscription is deducted, if you frequently connect your MasterCard to various accounts.

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Ah yes, thanks for explaining!

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Monthly payments from the Mc debit card now need a dedicated card fixed to one iban in order to have them always deducted from the right account. Please fix this. Let us choose the Iban which is connected to the recurring payment, so that we can use the card freely

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Indeed Guido, once that's fixed I might opt more often for the Mastercard, but right now I like to avoid it with recurring costs..

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Hey guys!


Good news, we just released that exact feature! 🎉

Check out the announcement right here

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Thank you all for your feedback. I am amazed about the bunq community.

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I think, bunq Premium is to expensive.

N26 have Services in THW Free Account, with bunq you get these Services only in Premium.


- Debit Mastercard

- Maestro

- 3/5 free ATM withdrawels

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5 Euro i think are okay. But nearly 9 are tooo much. I think that many Users will close their Accounts After the 3 month testing. I am afraid i am one of these users.

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And with N26 you get crazy expensive investments, a third party integration for savings accounts and international transfer which can all read your private data. Sounds nice.. :P


You have to keep in mind that bunq and N26 have very different targets and concepts. Bunq is worth the money if you fully understand the thoughts behind this project and think the same, at least that's what my opinion is right now.

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18

While N26 uses a third party (TransferWise) for international transfers, at least they do support international non-EUR transfers. Contrary to bunq, which doesn't offer anything such at all.

Sure, I can do it manually and might TransferWise anyway. But that's just cumbersome.

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As you already said, you can just use TransferWise (or any other service) for international transfers. So you can use your favorite service as with N26, but all the other customers (me included) don't have anything to do with a third party the will probably never use.. And a second aspect: bunq will remain independent..

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Verry soon moneyou create will come to live and it sounds like some compatition for bunq

BAM! Fase 1 Moneyou Create live!,Een tijd geleden gaf je aan dat je het fijn zou vinden als we je op de hoogte houden van de ontwikkelingen rondom Moneyou Create, waar we samen met jou bedenken hoe de ideale bank eruitziet.


We hebben nu een goede reden om je een update te geven: fase 1 is live! Fase 1?We starten met een pilot voor een kleine groep gebruikers, zodat we kunnen testen, feedback verzamelen en Moneyou Create verder kunnen verbeteren. Daarna geven we de volgende groep gebruikers toegang, waaronder ook jij. Zo kunnen we straks iedereen de aandacht geven die hij of zij verdient. We zijn nu al razend benieuwd naar jouw ideeën, dus stay tuned!


I have no clue regarding costs etc so lets wait and see, for now bunq permium is best for me, I there feature not so shure

Api and many accounts are for me the main reasons, the support is a nice to have, the rest is better with other banks en/of accounts, a solution when cards are lost/stolen, savings accounts etc. Bunq is 8 euro for not a complete bank service.

Thay do thair best so lets wait and see the comming monts

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I've used N26 as my main bank (with a black membership) for a year and recently switched to bunq because N26 has grown so much that they've become worse than a conventional bank and also more expensive. Their app is buggy, often things just don't work and you frequently have to unpair your smartphone, uninstall the app, re-install, re-pair. Annoying if you're just trying to buy a train ticket on the run! Their customer service is inefficient, and will rather be rude to you than admit something is wrong on their side.


I'm really happy with Bunq so far. Only issues I've had that frustrated me are:


1) MasterCard 3D secure is currently very buggy and often will not work from a desktop. I've missed out on concert tickets, I've been unable to pay utility bills directly from Bunq and on those cases was happy I have other debit cards from Revolut and Transferwise that I could use instead.


2) As soon as you have more than 3 accounts and several recurring scheduled payments, things get messy and it's hard to get a useful overview, without clicking on each transaction to understand how much money goes where from where and when.


As a digital nomad I've tried many fintech banks and none of them was perfect and it's good to have a backup.


Bunq has an amazing customer support and an awesome community where they crowdsource ideas. And they really listen!


I recommend Bunq, but with a backup card, and if you travel and do international transfers, I recommend Transferwise for that.

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Hi Daniel,


It’s great that you have joined us and that you are enjoying your bunq experience so far! Your feedback is always appreciated 👍.


In regard to the issues you addressed:

(1) I see that you have reported this issue with us and we are working to fix any bugs as soon as possible 💪. We will be sure to notify you when there’s news!

(2) We actually have a Scheduled payments button that allows you see all of the various recurring payments that you have enabled. You can find this to the right of the search tab on the ‘Events’ screen.


Thanks for your kind words and please continue sharing your constructive feedback 🙂


Cheers!

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Hi Elise!

Yes, it is exactly this "Scheduled Payments" tab I'm referring to as messy and confused. All my scheduled payments just have my name in this tab. And I know my name already. I want to be able to see account names and from which account the payment is scheduled! Right now, this tab just shows a long list of my name repeated again and again.

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You could take a look at bunq.love or is you are Dutch there is a very cool site called: spreadsomebunqlove.nl :) 🌈

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Those are pretty cool 😃

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