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Bunq review - crypto friendly bank from NL

gigi2gigi

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Feb 8, 2018
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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
 
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Reactions: JohnLocke and negon
great review OP!
 

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