Bunq review - crypto friendly bank from NL

[gigi2gigi]

So I was looking for an online-only bank within EU that accepts transfers/deposits to and from cryptocurrency exchanges, for both personal use and business (company) use.

I've come to Bunq. After ordering Maestro and MasterCard and rolling some funds through them, I can only recommend.

Pretty much everything is built into the app: support, passport verification, ordering of cards, opening IBANs, cards/IBAN management etc.

Signup process
* mobile phone confirmation
* passport only confirmation; through their app you schedule a live "interview" with an employee that asks you some basic questions and takes some pictures of your passport. est. 3 minutes

Please note that the verification process is done by a 3rd part company, not by Bunq itself.

Good parts
* it is a fully online bank (BANK)
* you get your own free EUR IBAN with SEPA. Premium plan (8E/month) is required if you want Maestro/Mastercard platic cards
* up to 20/25 IBANs for the Premium plan (8E/m)
* sending and receiving of funds to EU exchanges are a breeze
* US citizens can also open up a bunq account

Bad parts
* they require TIN
* of course they "phone home" and report
* US citizens must provide additional info, which again gets "phoned home"

So at the end of the day, the only special thing about bunq is that it allows any US/EU citizen to have an EU SEPA ready IBAN for free.

Regarding their openness to crypto, they have a nice intro inside their forum,
Opening a business account for a cryptocurrency company

 

[gigi2gigi]

Missed the line in the forum rules where I'm not allowed to post links unless I make 25 posts first. Cannot edit the post, please remove the link or the thread altogether.

 

[cryptokid]

Thanks for the review.

Do you have to provide the with address verification or is just passport verification enough?

Would you happen to know if they ship cards to Bosnia?

 

[gigi2gigi]

They literally accept any country, but this changes so it would be best just to ask in their forums or directly through their app.

 

[Volex]

Only the residents of the European Economic Area can signup for Bunq.

 

[negon]

Thanks for the review OP, sounds good and worth to try.

 

[JohnLocke]

great review OP!

 

[Tepesch]

Do they accept Belize IBCs?

 

[Nyep]

Do they accept Belize IBCs?

Hell no. They only accept businesses in Netherlands, Germany, Austria, Italy, Spain or France. Personal accounts for EEA residents only.

 

[Milky Moon]

Bunq is Dutch -BANK- not EMI, so they have to (and do0) adhere to the strict Dutch AML/KYC rules. They have partnered with TransferWise for non SEPA payments. They have a limited footprint +EU+EEA and a subselection of those for business.