New Dutch bank bunq launches current account with Irish IBAN

[ryaner]

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.

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.

 

[nest egg]

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?

 

[Peanuts20]

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

 

[peemac]

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

 

[Peanuts20]

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

 

[MugsGame]

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!).

 

[ryaner]

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

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

 

[nephster]

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.

 

[nest egg]

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.

 

[Itchy]

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.

 

[ryaner]

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.

 

[peemac]

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

 

[nest egg]

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?

 

[peemac]

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

Plans | bunq

Discover bunq's plans: Easy Card, Easy Savings, Easy Bank, Easy Bank Pro and Easy Bank Pro XL. Compare benefits and pricing to find the perfect fit for you!

www.bunq.com

 

[peemac]

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

 

[presidenttttt]

Is it a MasterCard credit, or MasterCard debit

 

[peemac]

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.

 

[peemac]

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.

 

[tomdublin]

Quick question: does the Bunq "credit card" qualify as a real credit card (and thus attract 30 Euro tax each year) or does it qualify as a debit card? Since there is no line of credit it would seem to be a debit card but Bunq's app consistently refers to it as a credit card.

 

[RedOnion]

Bunq's app consistently refers to it as a credit card

It's a debit card, which is coded within the MasterCard scheme as a credit card. It's purely operational so that the card appears as a credit card, allowing you to use it to rent cars, book hotel rooms, etc, with operators that don't accept debit cards. In reality its a 'prepaid Credit Card', which is an oxymoron.

But there is no credit card 'account' to attract Irish stamp duty.