# New Dutch bank bunq launches current account with Irish IBAN



## Brendan Burgess (4 May 2022)

Dutch bunq launches accounts with Irish IBAN
					

Dutch digital bank bunq enters the Irish market today with a banking service that uses Irish international bank account numbers.




					www.rte.ie
				




Irish consumers interested in signing up for a bunq account should download the bunq app today from the Apple App Store or Google Play. bunq has a banking licence from the Dutch Central Bank.

CiaranT wrote about it 6 years ago.






						Bunq - New Current Account Entrant
					

A Dutch bank, called Bunq.com, has entered the Irish, and EU wide, current account market via an app based service.   [broken link removed]  Some interesting features: - 10 IBAN's linked to your current account.  - Direct Debit requiring approval each time (instead of automatic approval).  -...



					www.askaboutmoney.com


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## Brendan Burgess (4 May 2022)

Well my first attempt to find out about them is not good.


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## Brendan Burgess (4 May 2022)

There appears to be two main options.


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## tomdublin (4 May 2022)

Neither of which looks very attractive.  I wonder if users outside Ireland have to pay the same charges.


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## Brendan Burgess (4 May 2022)

That is from the .com website, so I would say that they are standard.

If you get a fully functioning bank account for €3 a month, I think it's good value.

Depends on the level of service.


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## Itchy (4 May 2022)

Happy user for the last few years. Quick and flexible service. App is good, great for joint current account/savings etc. Pay the fee to avoid having to deal with Irish bank bureaucracy (paperwork, time delays etc.). Loads of facilities, receive credit card payments, instant transfers etc. I intend to use this as my main current account after KBC leave. The look and feel is very different to an Irish bank and its European in design i.e. there will be a small fee for most services. SEPA, DD, Google/Apple pay all included. Some fees for cash withdrawals. More comprehensive than Revolut but I'm not familiar with the banking service yet.


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## ashambles (4 May 2022)

There may be 0.09% interest up to 10,000 (massinterest they call it - not sure if it applies to the Irish accounts), if so that's 9e a year, so could bring the annual cost to 27e. (BOI is 72e a year at the moment by contrast)

I'd be interested to see how the "investing in stock automatically" works - if that's just shares in companies that might be useful as the taxation side should be straightforward enough.

But all I can see online seems to be a choice of 3 funds (low, medium, high risk)  - which would be fine except for deemed disposal etc.. I could see them running up with the same problem as Rabobank did with complicated fund taxation that was the responsibility of the customer.


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## ryaner (4 May 2022)

A fee for an Irish IBAN. Assuming the service matches up with the likes of Revolut or N26 it'll be worth it. While SEPA discrimination isn't meant to be a thing, it is still widespread enough that even RTE mention it in their coverage


			
				RTE said:
			
		

> It is the first so-called neobank to offer accounts with Irish IBAN, which means customers will be able to set up direct debits, and make and receive payments including monthly salaries - services not available to Irish customers without an Irish IBAN.


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## ryaner (4 May 2022)

Actually based on https://www.bunq.com/benefits/local-iban, the local IBAN may be €8.99 per month


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## The Oggster (4 May 2022)

ryaner said:


> Actually based on https://www.bunq.com/benefits/local-iban, the local IBAN may be €8.99 per month


Looks to me like "bank like a local" is a facility to have an IBAN in a different country.









						Compare plans | bunq
					

Compare bunq's plans and choose what fits your needs best.




					www.bunq.com
				




Spanish, French, German and Dutch IBANs are all available on the €2.99 a month package so maybe they just haven't updated that yet.


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## cloughy (4 May 2022)

I also see they have the option for business to open accounts, providing director has an account in own name. Maybe an option for small 2 person LTDs to replace existing UB current account.

Only quickly looked at it online, so maybe it's jot suitable/available


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## peemac (4 May 2022)

Reviews on the app store are poor - even taking into account the usual distain for any financial institution 

Main issue seems to be the near non-existent customer service if something goes wrong. Same as revolut.

So effectively its Revolut with an Irish Iban. So unlikely to be a contender as a primary bank account for many people


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## ryaner (4 May 2022)

The Oggster said:


> Looks to me like "bank like a local" is a facility to have an IBAN in a different country.
> 
> 
> 
> ...


I just completed the sign up for a saving account and it appears to come with an Irish IBAN.

The signup itself was painless and one of the better ones compared to other banks, Revolut/N26 included there. I definitely am not a fan of how unclear the pricing is. For foreign payments via card as an example, Fee_Information_Document_Easy_Bank_Personal_EN.pdf says "Mastercard exchange rates" while consumers_business_pricing_EN.pdf says "1,5% of the transaction amount + 0,5% (network fee)".

There is also a deposit holding fee for >100k which has increased since it was initially added back in 2020. Given the interest available, it isn't clear how this will work out either.


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## nest egg (4 May 2022)

ryaner said:


> I just completed the sign up for a saving account and it appears to come with an Irish IBAN.
> 
> The signup itself was painless and one of the better ones compared to other banks, Revolut/N26 included there. I definitely am not a fan of how unclear the pricing is. For foreign payments via card as an example, Fee_Information_Document_Easy_Bank_Personal_EN.pdf says "Mastercard exchange rates" while consumers_business_pricing_EN.pdf says "1,5% of the transaction amount + 0,5% (network fee)".
> 
> There is also a deposit holding fee for >100k which has increased since it was initially added back in 2020. Given the interest available, it isn't clear how this will work out either.


The savings account though is free, right?


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## lledlledlled (4 May 2022)

peemac said:


> Reviews on the app store are poor - even taking into account the usual distain for any financial institution
> 
> Main issue seems to be the near non-existent customer service if something goes wrong. Same as revolut.
> 
> So effectively its Revolut with an Irish Iban. So unlikely to be a contender as a primary bank account for many people



It's a contender for me, as the only thing missing from Revolut banking for me was the ability to have a joint account, which appears to be possible with Bunq.


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## peemac (4 May 2022)

lledlledlled said:


> It's a contender for me, as the only thing missing from Revolut banking for me was the ability to have a joint account, which appears to be possible with Bunq.


I had an issue with revolut where they stopped a direct debit payment to Sky & Revenue for a "security check". I approved both payments in the app, but they did not clear them and left both accounts "unpaid" as the subsequent re-application was not processed either.

When I finally got on chat to a person (over 2 hours later - at least they send you notification the person is there, so you can do something else whilst waiting), it was the most abysmal customer service experience I had. Basically "not their fault" as the second payment application came on a  weekend!!!! I was told to ask Sky & revenue to set up payments again. Asked if I could talk to someone else and directed to making a report on an online form. 

So handy as a back-up account. Not fit for a primary account.

Bunq seem to have the same service issues - basically non existent for anything other than very basic enquiries answered by call centre staff.


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## Brendan Burgess (4 May 2022)

peemac said:


> Main issue seems to be the near non-existent customer service if something goes wrong. Same as revolut.



OK, then it can only ever be a back up and should not be relied upon for a critical bank account.


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## Itchy (4 May 2022)

The great thing about direct debits with Bunq is that you can set an upper limit on the amount depending on the originator, so it won't automatically debit the account if it is a huge amount. Also you can set it that you have to approve each DD in the app manually. Great when you are leaving Vodafone or Eir when they think they can keep rolling the DD's.


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## Baby boomer (4 May 2022)

Itchy said:


> The great thing about direct debits with Bunq is that you can set an upper limit on the amount depending on the originator, so it won't automatically debit the account if it is a huge amount. Also you can set it that you have to approve each DD in the app manually. Great when you are leaving Vodafone or Eir when they think they can keep rolling the DD's.


That is actually an incredibly useful feature!


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## Peanuts20 (4 May 2022)

Itchy said:


> The great thing about direct debits with Bunq is that you can set an upper limit on the amount depending on the originator, so it won't automatically debit the account if it is a huge amount. Also you can set it that you have to approve each DD in the app manually. Great when you are leaving Vodafone or Eir when they think they can keep rolling the DD's.


these kind of features are quite common and most are part of the standard SEPA Direct Debit rules. Both Bank of Ireland and AIB for example allow for the upper limit rule and also allow you to set it up so DD's outside of certain dates to be rejected. No matter who you are a customer of, you are entitled to ask your bank for a refund of a DD for up to 8 weeks after it was taken,


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## ryaner (4 May 2022)

mojoask said:


> The savings account though is free, right?


Yeh, good way to test some basic things out without any cost IMO. You can access the same support via the free tier as the paid tier.



Peanuts20 said:


> these kind of features are quite common and most are part of the standard SEPA Direct Debit rules. Both Bank of Ireland and AIB for example allow for the upper limit rule and also allow you to set it up so DD's outside of certain dates to be rejected. No matter who you are a customer of, you are entitled to ask your bank for a refund of a DD for up to 8 weeks after it was taken,


Do BOI/AIB have the options online to set these these days? Also being entitled to and actually getting are very different. I personal had to threaten a bank with a complaint to the regulator before one was refunded in the past. This was via the banks own complaints process, and sort of hilarious looking back, they let the same company re-setup the DD and re-take all the money again after that refund.


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## nest egg (4 May 2022)

ryaner said:


> Yeh, good way to test some basic things out without any cost IMO. You can access the same support via the free tier as the paid tier...


Agree with that, just out of interest, was yours setup in the advertised 5 mins?


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## Peanuts20 (5 May 2022)

ryaner said:


> Yeh, good way to test some basic things out without any cost IMO. You can access the same support via the free tier as the paid tier.
> 
> 
> Do BOI/AIB have the options online to set these these days? Also being entitled to and actually getting are very different. I personal had to threaten a bank with a complaint to the regulator before one was refunded in the past. This was via the banks own complaints process, and sort of hilarious looking back, they let the same company re-setup the DD and re-take all the money again after that refund.


I don't know if it is online, I've a feeling it is via a form. it's certainly not an option on the BoI app. It's a pity UB are pulling out, their app is in a different class to the rest of the traditional banks


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## peemac (5 May 2022)

ryaner said:


> Yeh, good way to test some basic things out without any cost IMO. You can access the same support via the free tier as the paid tier.
> 
> 
> Do BOI/AIB have the options online to set these these days? Also being entitled to and actually getting are very different. I personal had to threaten a bank with a complaint to the regulator before one was refunded in the past. This was via the banks own complaints process, and sort of hilarious looking back, they let the same company re-setup the DD and re-take all the money again after that refund.


Both AIB & BOI have online set-up
https://aib.ie/our-products/current-accounts/online-bank-account-opening 
https://personalbanking.bankofireland.com/bank/current-accounts/ 

I read somewhere (might be another thread here) that it took about 5 minutes for the BOI process to open a joint account.

Certainly AIB (and seems BOI too) have seriously upped the usability of their online systems. The AIB business online set-up has meant I've had zero contact with an actual person in AIB for over 18 months


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## Peanuts20 (5 May 2022)

BOI set up was a doddle, all done on a mobile. they'll give you a little booklet in the branch with a QR code on it, scan that and away you go


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## MugsGame (5 May 2022)

I think the query was about AIB/BoI ability to limit/recall DDs through their online banking app/website, not enable online banking/open a new account. 

I certainly wasn't aware my AIB online account had that control over DDs (although I tend to avoid DDs for the very reason this functionality would be useful!).


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## ryaner (6 May 2022)

mojoask said:


> Agree with that, just out of interest, was yours setup in the advertised 5 mins?


It changed to the within 24 hours message, then about 5 minutes after that it was setup. So all told around 15 minutes from start to sign in.

I've confirmed the IBAN, even on the savings account, is unique to your account and supports SEPA instant. Transfers from an non-Irish bank arrives in seconds.

Been trying their support to confirm what the fees actually are and at least they are honest


			
				bunq said:
			
		

> There are currently 100 people waiting. The current waiting time for a guide is 19 hours.


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## nephster (6 May 2022)

ryaner said:


> I've confirmed the IBAN, even on the savings account, is unique to your account and supports SEPA instant. Transfers from an non-Irish bank arrives in seconds.


How interesting, re: SEPA Instant. Is this the first Irish bank (i.e., first bank with an Irish IBAN) to support it, I wonder?
I appreciate you can only make three withdrawals a month, but would be useful to know if a transfer *out* is instant. I would imagine one to say a Revolut Lithuanian one would be, while you'd still be waiting for one to AIB/BOI/PTSB until at least later that day, more likely the next.


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## nest egg (6 May 2022)

nephster said:


> How interesting, re: SEPA Instant. Is this the first Irish bank (i.e., first bank with an Irish IBAN) to support it, I wonder?
> I appreciate you can only make three withdrawals a month, but would be useful to know if a transfer *out* is instant. I would imagine one to say a Revolut Lithuanian one would be, while you'd still be waiting for one to AIB/BOI/PTSB until at least later that day, more likely the next.


As far as I'm aware there are several banks operating in Ireland, with Irish IBANs offering SEPA Instant, just none of them are commercial banks.


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## Itchy (6 May 2022)

nephster said:


> How interesting, re: SEPA Instant. Is this the first Irish bank (i.e., first bank with an Irish IBAN) to support it, I wonder?
> I appreciate you can only make three withdrawals a month, but would be useful to know if a transfer *out* is instant. I would imagine one to say a Revolut Lithuanian one would be, while you'd still be waiting for one to AIB/BOI/PTSB until at least later that day, more likely the next.



A transfer out to Revolut is instant. A transfer to an Irish bank may arrive same day but it depends on the bank and when they do their payments run. Normally its next day.


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## ryaner (6 May 2022)

nephster said:


> How interesting, re: SEPA Instant. Is this the first Irish bank (i.e., first bank with an Irish IBAN) to support it, I wonder?
> I appreciate you can only make three withdrawals a month, but would be useful to know if a transfer *out* is instant. I would imagine one to say a Revolut Lithuanian one would be, while you'd still be waiting for one to AIB/BOI/PTSB until at least later that day, more likely the next.


Just tried, Revolut got a transfer back straight away.


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## peemac (22 May 2022)

mojoask said:


> Agree with that, just out of interest, was yours setup in the advertised 5 mins?


The set-up is 5 minutes. But they then seem to check documents.

My set-up was under 5 minutes and had iban and confirmation account was ready a couple of hours later. Debit card is now on the way (you have to request it). Debit card already added to Google Pay. Balance in Revolut sent (revolut a/c now closed) and was in the account immediately (Today, Sunday) GooglePay tested and worked. 

All in all a very easy and hassle free process


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## nest egg (22 May 2022)

peemac said:


> The set-up is 5 minutes. But they then seem to check documents.
> 
> My set-up was under 5 minutes and had iban and confirmation account was ready a couple of hours later. Debit card is now on the way (you have to request it). Debit card already added to Google Pay. Balance in Revolut sent (revolut a/c now closed) and was in the account immediately (Today, Sunday) GooglePay tested and worked.
> 
> All in all a very easy and hassle free process


Thanks, does the free savings a/c come with a card, or have you signed up for one of the paid-for accounts?


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## peemac (22 May 2022)

mojoask said:


> Thanks, does the free savings a/c come with a card, or have you signed up for one of the paid-for accounts?


I signed for the €2.99/month account, but the plans suggest that there's no card with the free savings account








						Compare plans | bunq
					

Compare bunq's plans and choose what fits your needs best.




					www.bunq.com


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## peemac (5 Jun 2022)

Something to know about Bunq and their cards.

On the basic 2.99 account you get one card. I made the error of choosing a Maestro debit card.

It works in all physical transaction and when paying by phone, but will not work on many online stores as Maestro is very much a dutch/belgium payment - similar to the old Laser system here. Maestro, like laser, does not have the protection of Mastercard such as chargebacks or refunds. 

But Bunq's "credit" card is a Mastercard and works like a debit card in that the funds are taken (or reserved) from your account. So it is important to order a Mastercard "credit" card if you are using the 2.99/month account option.   

On the plus side, its easy to order a second card and then delete the first card when the 2nd arrives


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## presidenttttt (31 Aug 2022)

Is it a MasterCard credit, or MasterCard debit


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## peemac (4 Dec 2022)

6 months on and it's as good as I need.

Interest on credit balance is now just over 1% up to 100k credit balance.

@presidenttttt it's a "credit" card in terms of usage, but the money is debited immediately.


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## peemac (28 Dec 2022)

Nice added feature on Bunq today.

You can set up a personal handle (eg bunq.me/peemac ) to get paid  (this is not my real handle). Similar to revolut but easier

Someone owes me €40 - I simply share bunq.me/peemac/40 with them on WhatsApp or other app

They can then choose how to pay - debit or credit card.


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