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Bunq V3 Mobile update sucks - Worst mobile banking User Interface of 2020

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jackfrost

Entrepreneur
The problem simply is there arent really that many alternatives around with a bank license and that handle aml/ kyc so well (at least they did in the past). I have put absurd amounts for an EMI through them and never had an issue, aml/kyc once and it was sorted with very little paperwork instantly. Money always insured, proper statements, instant sepa, 25 accounts etc pp.

Simply nothing that can compare. This v3 thing and their bad financial shape really sucks.
 

reesek

EU IBANs for everyone!
If you have proper source of funds it can work with any financial intermediary although I agree there are very few that are safe, have accounts directly with central bank and cost peanuts to operate
 

jackfrost

Entrepreneur
Yes the proof of funds is no issue at all. Its just that traditional banks are not nearly as flexible and well setup digitally compared to the EMIs but the EMIs usually dont have bank licenses so issue with larger deposits and in general those also have problems with frequent large transfers. Thats why bunq was so nice. Bank license with all the digital goodies and good support.
 

reesek

EU IBANs for everyone!
Good support or rather a communication channel is very important with every financial counterparty. Part of the benefit that you get if somebody introduces you is that you can solve problems
 

botero

New member
I've been a premium member since 2018 and closed my account last week. My girlfriend is happy since she always complained about how gay the debit card looked lol.

In regards to Bunq's support, I found them to be decent for simple issues. However, for everything else, they were awful to deal with.

During my travels last year, I tried to withdraw cash using my Bunq card at an ATM and it failed. I didn't receive any cash (or receipt) but was still charged by the ATM.

I contacted Bunq's support and they kept on telling me that they can't do anything and that I needed to contact the bank in charge of the ATM. It was painstaking to use Bunq's support chat. Every time I sent a response in the chat, I needed to wait a couple of hours to a day for a response. The person responding was always someone new who didn't seem to know what was going on. Bunq told me I had to contact the bank in charge of the ATM and that Bunq couldn't do anything.

I didn't speak the language so it was difficult having to communicate with the bank of the ATM. After I left the country, I needed to make long distance calls to contact their support (there was no English support). Thankfully, a friend who lived in the country (and who spoke the language) called and helped me figure out that the bank requires my bank (Bunq) to initiate some kind of chargeback process. I communicated this to Bunq and they said they cannot initiate anything until there is proof that the other bank investigated and they found an issue during the time of transaction. The other bank couldn't initiate anything until Bunq contacted them or started the chargeback process. I was in a ridiculous loop and Bunq didn't show any empathy in solving the issue.

After a few months of dealing with Bunq's useless support, I pretty much gave up and considered the money gone. I then decided to post about this on social media. After getting Bunq's attention, someone from Bunq contacted me directly and got my refund processed without any questions asked.

Out of curiosity, I contacted one of my brick-and-mortar banks and asked them what they would do in such a scenario. They said they would have initiated a chargeback as soon as I had contacted them. Furthermore, they would never require a client to contact a foreign bank in such a case and that it's an internal process between the two banks.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
This v3 thing and their bad financial shape really sucks.

Bad financial shape is an understatement....lol. They were almost gone in 2018 if they didn't inject 10m euros in new capital. I can only imagine their 2019 figures are really bad and 2020 gonna be worse with customers leaving. After they banned me from together forum had no choice but to take my money and run. I want to see there 2019 accounts.

Bunq is just an EMI with a banking license that used to have a mobile app with a nice interface. They have no way forward financially other than selling 100 euro metal cards to Greta Thunburg types :confused:.
 

reesek

EU IBANs for everyone!
dude, dont worry about that, money is free for big institutions
tesla boeing borrowing billions (the latter actually 50b) for nothing
there will be deep pocketed investors to finance growth in this fintech space
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I don't think there is big partners lining up to throw money at a failing EMI with a banking license unless they want to move quickly into the banking space.

"The bank of the trees" not "The bank of the free" that is Bunq has got it all wrong. They made their name via innovation in the mobile app. Now they have completely lost their way with focus on trees and environment rather than innovation. What a waste of a banking license Bunq has been :rolleyes:.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
This bank share info with everyones do not trust ok

All your posts since joining today seem to be spam talking nonsense about banks sharing information and other posts about helping you as an Albanian.

Are you drunk or just trolling?

@Admin This guy is just spamming the forum with nonsense.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Seems bunq is in such bad financial shape it has moved into mortgage lending business...lol.


What makes me think they will cook 2019 financial statement ca#"!
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Bunq 2019 Financial Report Published


Like I expected for 2019 they are screwed financially. They made an even bigger loss i.e -13.9m euros 2019 compared to -11.1m euros in 2018. They had to inject yet more capital into the bank i.e 18.4m euros in 2019 compared to 10m in 2018 what a joke. This startup should be way past its J curve by now. It's a cash burner bank..lol.

This bank is fundamentally unprofitable and will remain so. Its business model is total garbage. They will need to increase income by 6 fold or ultimate shareholder will keep having to throw money at a failing bank until he gets bored or runs out of money and then bank collapses. Look at the number of capital calls below in 2020 already just to stay solvent !!!! eek¤%&

---- start quote

The shareholder made an additional capital injection of EUR 2.4 million per 20 January 2020, EUR 3.4 million per 26 February 2020, EUR 1.7 million per 25 March 2020, EUR 2 million per 22 April 2020and EUR 2.4 million per 27 May 2020

--- end quote

No wonder Ali Niknam is so desperate to find a niche for the bank but greenwashing the bank aint it mate. You pissed off all your customers and raised prices to make bunq one of the most expensive banks to bank with....lol.

See a review below

 

inty

New member
yeah i've followed this fiasco closely too.
on the app side everything has been said already.

my hunch:
- v3 was unavoidable as perhaps it allows them to cut costs
- green story is indeed a cover up to try and give themselves a reason to exist

fintech crap rarely makes money. it's often to try and get acquired by bigger boys.
 

Paper Chaser

Active Member
@Martin Everson Dang you really f*cking hate that bank, don‘t you? rof/%
Are there any other leading EMIs being in a bad (financial) shape? Sounds like you‘ve got quite a good overview of all the banks. Which ones would you really recommend avoid using besides bunq?
I’d be interested in a crypto-friendly EMI being able to handle six figure turnovers and daily deposits on Binance & Co.
 

Tax Cow

Moo Moo! I contribute 60% of my milk to the state.
Entrepreneur
Look at the number of capital calls below in 2020 already just to stay solvent !!!! eek¤%&

---- start quote

The shareholder made an additional capital injection of EUR 2.4 million per 20 January 2020, EUR 3.4 million per 26 February 2020, EUR 1.7 million per 25 March 2020, EUR 2 million per 22 April 2020and EUR 2.4 million per 27 May 2020

--- end quote

I have a vision! An irresistible path leading towards profitability.

Listen closely, CEO of Bunq!

You already have "low fees," "crypto friendly" and "remote opening" flairs! But you're missing "Seychelles IBC accepted."

My question to the CEO: You're going down anyhow. Why not do it in a fun way?
 
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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
My question to the CEO: You're going down anyhow. Why not do it in a fun way?

lol. He needs to put his oversized ego aside and admit he is a rubbish CEO and step down. Then let a real CEO with banking backrgound step in and run things rather than a programmer. The bank needs a new vision. What a waste of a Dutch EU banking license. He should sell the bank to Revolut or Transferwise and go hug some trees in the woods.

@Martin Everson Dang you really f*cking hate that bank, don‘t you? rof/%

I was there strongest advocate if you see my previous posts before this thread. Just a shame they turned out to be an ethical fraud, liars, breakers of commitments to customers and a Fintech bank that does NOT listen to customers at all...lol.


Which ones would you really recommend avoid using besides bunq?

Avoid Euro Pacific Bank. The bank is a fraud which hides its financials. At least Bunq publishes its own.

I’d be interested in a crypto-friendly EMI being able to handle six figure turnovers and daily deposits on Binance & Co.

You got wirexapp. But such volume is problematic in general for single EMI.
 
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JimBeam

Active Member
I'm Bunq user for couple of years now. A guy I know from Sweden told me about Bunq and that's how I started. Everything worked just fine and never had any issues with their service. I never had more than 25k on that account and mostly used it when traveling and for cashing out some cryptos... And I told other people about this cool new bank and was found of how they made things work so easily.

Then, they started with €100 metal card that plant trees - but I ignored that. It was quite odd for a bank to do such thing and I figured out it's a great up-sell for eco-friendly customers. Then their updates shows in Apple style were also quite odd... Their CEO showcased the new app features like he was presenting new iPhone (I don't get these iPhone things too) and looked like too big of a show just for a new feature in your baking app (makes no sense at all). Also, banks are usually conservative with their cash spending - and these looked like quite expensive so that was super-odd.

Recently I have upgraded to v3 until only to find out that the new user is weird and doesn't feel natural at all - I've seen many shitty banking apps and some would improve over time... But these guys went the other direction and that's a shame.

After reading this entire topic, I'm ready to move out of the Bunq and just see what will happen in next year or two.

Martin, do you know of any decent alternatives?
N26?
 

Paper Chaser

Active Member
I'm Bunq user for couple of years now. A guy I know from Sweden told me about Bunq and that's how I started. Everything worked just fine and never had any issues with their service. I never had more than 25k on that account and mostly used it when traveling and for cashing out some cryptos... And I told other people about this cool new bank and was found of how they made things work so easily.

Then, they started with €100 metal card that plant trees - but I ignored that. It was quite odd for a bank to do such thing and I figured out it's a great up-sell for eco-friendly customers. Then their updates shows in Apple style were also quite odd... Their CEO showcased the new app features like he was presenting new iPhone (I don't get these iPhone things too) and looked like too big of a show just for a new feature in your baking app (makes no sense at all). Also, banks are usually conservative with their cash spending - and these looked like quite expensive so that was super-odd.

Recently I have upgraded to v3 until only to find out that the new user is weird and doesn't feel natural at all - I've seen many shitty banking apps and some would improve over time... But these guys went the other direction and that's a shame.

After reading this entire topic, I'm ready to move out of the Bunq and just see what will happen in next year or two.

Martin, do you know of any decent alternatives?
N26?
Be careful with N26, Revolut and some others if you're into Cryptos. Many cases about sudden closure of bank accounts can be found all over the internet.

I'm currently looking into solutions myself, but regarding some reasonable answers in here, I will look into Wirex, Dukascopy, Advcash and some others for my needs.
 

JimBeam

Active Member
My idea is to maybe keep Bunq just to accept these funds and then forward these to N26 or somewhere else..
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Martin, do you know of any decent alternatives?
N26?

If you mean that are crypto friendly and offer deposit protection then none come to mind right now that are cheap and cheerful.
 

Saho

Active Member
Be careful with N26, Revolut and some others if you're into Cryptos. Many cases about sudden closure of bank accounts can be found all over the internet.

I'm currently looking into solutions myself, but regarding some reasonable answers in here, I will look into Wirex, Dukascopy, Advcash and some others for my needs.
N26 is quite crypto-friendly. I've used them to exchange five-figure amounts on a monthly basis. Bunq is the opposite and asking for proofs of funds for less than 1k on the first deposit. I wouldn't use such a shit bank.
 
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