How is BUNQ? Anyone had a frozen account?

[shitcoinbro]

I'm thinking of using Bunq for selling crypto with a Dutch exchange that themselves use Bunq

Has anyone used them before for crypto and larger volumes (mid-5 figures monthly)?

Anyone get any account freeze/frozen funds? Did they return the money or freeze you out completely? Concerned about this after dealing with Revolut, N26 etc

 

[Gediminas]

I'm thinking of using Bunq for selling crypto with a Dutch exchange that themselves use Bunq

Has anyone used them before for crypto and larger volumes (mid-5 figures monthly)?

Anyone get any account freeze/frozen funds? Did they return the money or freeze you out completely? Concerned about this after dealing with Revolut, N26 etc

I would avoid any mass-market financial institution.

 

[carz]

I'm thinking of using Bunq for selling crypto with a Dutch exchange that themselves use Bunq

Has anyone used them before for crypto and larger volumes (mid-5 figures monthly)?

Anyone get any account freeze/frozen funds? Did they return the money or freeze you out completely? Concerned about this after dealing with Revolut, N26 etc

As long as you have some form of official documentation (like a tax return; statement etc..) you should be fine. Be honest when they ask you about your activities/source of funds. Know a lot of people doing 6 figures a year without any problems (edit: I also know of people who did 7 figures, but this was 2 years ago not recently, so can't really say).

I personally don't know of any other bank that's as understanding as Bunq when it comes to crypto, in the EU ofc (Although not a must, using bitvavo wouldn't hurt as well).

PS: Just to clarify I'm not associated with Bunq. I come from a country where it's impossible to cash out cyrpto locally, and this is the only solution I've found whilst I'm still here.

 

[holywater]

My account was closed because i did arbitrage trading. They said my activities are not allowed and they closed my account.

 

[uplana]

No issues so far with Bunq!

 

[legrant]

Same as the user above, never had an issue with them. (even though I've done things that might be considered suspicious)

 

[Piano]

As long as you have some form of official documentation (like a tax return; statement etc..) you should be fine. Be honest when they ask you about your activities/source of funds. Know a lot of people doing 6 figures a year without any problems (edit: I also know of people who did 7 figures, but this was 2 years ago not recently, so can't really say).

I personally don't know of any other bank that's as understanding as Bunq when it comes to crypto, in the EU ofc (Although not a must, using bitvavo wouldn't hurt as well).

PS: Just to clarify I'm not associated with Bunq. I come from a country where it's impossible to cash out cyrpto locally, and this is the only solution I've found whilst I'm still here.

Besides of Bitvavo , which exchanges does Bunq accept to desposit/withdraw money to ?

 

[carz]

Besides of Bitvavo , which exchanges does Bunq accept to desposit/withdraw money to ?

Bitvavo and ftx for sure, not sure about others (I'm sure there are many more, ppl above will probably comment).

 

[melea]

Don't use BUNQ for crypto trading. Bunq is not a crypto-friendly bank. They will close your account sooner or later because crypto-related activities are in volation of their Terms and Conditions. You might lose your funds as Bunq reserves the right to hold your funds indefinitely as per their Terms and Conditions.
Personal accounts can only be used for "day-to-day purposes" as stated in Chapter 40 of Bunq's Terms and Conditions.
You are not allowed to use business accounts for crypto-related activities. See here: Why do I have to provide business activity information? - bunq Together
You should read all the horror stories about Bunq on TrustPilot, read all the 1 star comments where people talk about their experiences of getting their account closed, losing all their funds and regularly crypto-related activities being the reason for these draconian actions by Bunq.
I hope you will stay safe, my recommendation is to stay far away from Bunq. I signed up here to warn you about this from a legal perspective. It is, however, beyond me how Bitvavo can offer crypto-related services using their Bunq account NL23BUNQ2291234129.

 

[carz]

Just to clarify i was talking about personal accounts, and all the experiences i know of are with personal accounts up until 2-3 months ago.

Of course do listen to people who are saying they are closing their accounts. I would ask for more information here: did you tell bunq that your activities involve crypto? You should have had someone from compliance chat with you at some point or an automatic message asking for documentation.

I assume they build a profile about you so it’s important to be honest and consistent.

Another option (if you don’t mind taking the ask first, do later approach) - why not just ask bunq support via the bunq app? Ask if you can withdraw x amount from y exchange, or whatever you want to do.

I hope the OP finds something that works for him. The EU is going nuts with crypto so things might have changed idk.

 

[dimitri]

I'm thinking of using Bunq

Best to stay away from Bunq as far as possible. Had a problem with them and it is impossible to get any kind of human and logical thinking support. Talking to their customer service is worse than talking with a chatbot. I can guarantee you that if you get a problem you will keep that problem, because their customer service will not help with anything.
I cancelled my account there. Bunq used to be nice, but it is all about money and efficiency now.

 

[Rzeznik]

Best to stay away from Bunq as far as possible. Had a problem with them and it is impossible to get any kind of human and logical thinking support.

After I have some long chat jurney with Bitstamp I don't want next one have with them. Like OP I was wondering to use it also to crypto related stuff. Not arbitrage some cashing out move money to broker etc. I was marking that I would use account to crypto related stuff on their platform.
I am shocked that they have not blocked me or informed imediatley it is not line with they terms. As about terms and "terrorism" even buying toilet paper can be revolutionary move if they will insist. I am so frustrated that more and more in EU thing are not going in right direction.

Thanks guys for warning - I will keep stratedy from crypto then transfer there not much more than you willing to lose.

(even though I've done things that might be considered suspicious)

have you went over AML 10k - 16k Euro limit on your all transactions ? In most countries such lvls of activity trigges KYC. (in Bitstamp it can be even lover)

 

[legrant]

After I have some long chat jurney with Bitstamp I don't want next one have with them. Like OP I was wondering to use it also to crypto related stuff. Not arbitrage some cashing out move money to broker etc. I was marking that I would use account to crypto related stuff on their platform.
I am shocked that they have not blocked me or informed imediatley it is not line with they terms. As about terms and "terrorism" even buying toilet paper can be revolutionary move if they will insist. I am so frustrated that more and more in EU thing are not going in right direction.

Thanks guys for warning - I will keep stratedy from crypto then transfer there not much more than you willing to lose.


have you went over AML 10k - 16k Euro limit on your all transactions ? In most countries such lvls of activity trigges KYC. (in Bitstamp it can be even lover)

All my transactions have been below that amount, between 0-8000 Eur and close to but not over 6 figures in total (in around 7 months). All of it was crypto related

 

[botero]

I used Bunq to withdraw from BL3P, a crypto exchange in the Netherlands that also uses Bunq. I only withdrew small amounts monthly, 1000-3000 EUR. I never had an issue or was asked any questions.

What I did have issues with was Bunq's support. While traveling abroad, I tried to withdraw cash from an ATM but it gave an error and no cash was dispensed. However, I was debited by Bunq account for the withdrawal.

Afterwards began a 3 month long ordeal of having to deal with their terribly organized support. I was tossed around different support agents like a hot potato without any real solutions to my problem. In the end, they said they couldn't do anything and that I had to contact the bank that managed the ATM and have them investigate. Bunq said that they would need a letter from the other bank saying they investigated the malfunction and found an issue.

As I had left the country, I had to make many long distance calls to the bank and use Google Translate to explain in a foreign language what I needed. The other bank told me they couldn't do anything and that Bunq needed to send an inter-bank (chargeback?) request to start the process. I told Bunq this and they said that the other bank is wrong and that they needed to investigate the ATM. I finally connected with someone who spoke a little English at the other bank and they said they would investigate. Their investigation showed that no malfunction had occurred and emailed me a letter saying the same. I sent Bunq the letter and they said they couldn't help me any further. I then gave up and considered it a loss.

It was only after complaining on social media and a personal finance forum did I get Bunq's attention. Someone from Bunq saw my post, contacted me with his apologies, and refunded my account for the failed withdrawal.

As @dimitri mentioned above, their support chat is useless when you have an issue that requires any type of thinking or investigation. I thought that paying 8 Euros a month would entitle me to some kind of decent support. However, their support was actually worse than the support for some of the free banks and services I use around the world.

 

[legrant]

I used Bunq to withdraw from BL3P, a crypto exchange in the Netherlands that also uses Bunq. I only withdrew small amounts monthly, 1000-3000 EUR. I never had an issue or was asked any questions.

What I did have issues with was Bunq's support. While traveling abroad, I tried to withdraw cash from an ATM but it gave an error and no cash was dispensed. However, I was debited by Bunq account for the withdrawal.

Afterwards began a 3 month long ordeal of having to deal with their terribly organized support. I was tossed around different support agents like a hot potato without any real solutions to my problem. In the end, they said they couldn't do anything and that I had to contact the bank that managed the ATM and have them investigate. Bunq said that they would need a letter from the other bank saying they investigated the malfunction and found an issue.

As I had left the country, I had to make many long distance calls to the bank and use Google Translate to explain in a foreign language what I needed. The other bank told me they couldn't do anything and that Bunq needed to send an inter-bank (chargeback?) request to start the process. I told Bunq this and they said that the other bank is wrong and that they needed to investigate the ATM. I finally connected with someone who spoke a little English at the other bank and they said they would investigate. Their investigation showed that no malfunction had occurred and emailed me a letter saying the same. I sent Bunq the letter and they said they couldn't help me any further. I then gave up and considered it a loss.

It was only after complaining on social media and a personal finance forum did I get Bunq's attention. Someone from Bunq saw my post, contacted me with his apologies, and refunded my account for the failed withdrawal.

As @dimitri mentioned above, their support chat is useless when you have an issue that requires any type of thinking or investigation. I thought that paying 8 Euros a month would entitle me to some kind of decent support. However, their support was actually worse than the support for some of the free banks and services I use around the world.

I agree, their support is trash and most of the times you'll be wasting your time

 

[boomy]

If you use BunQ for regular banking purpose like we use Wise how would you say it could work for me? I don't use any investment instruments or similar. I send invoices to my customers and they pay them.

 

[anotherone]

Stay away from Bunq, they also locked some transactions. They wanted "legit PDF supporting documents". I withdrew my money and closed my account. The transaction amount was only 2800 euros. This had nothing to do with crypto. This is their AML policy.

 

[legrant]

Stay away from Bunq, they also locked some transactions. They wanted "legit PDF supporting documents". I withdrew my money and closed my account. The transaction amount was only 2800 euros. This had nothing to do with crypto. This is their AML policy.

I've never had this happen to me and my transactions are 95% crypto-related. Never had anyone ask for any documents or my account frozen. What was the source of that transaction? Maybe that was the issue

 

[anotherone]

I've never had this happen to me and my transactions are 95% crypto-related. Never had anyone ask for any documents or my account frozen. What was the source of that transaction? Maybe that was the issue

Source was my own current account under my name.

 

[flashbang]

Stay away from Bunq, they also locked some transactions. They wanted "legit PDF supporting documents". I withdrew my money and closed my account. The transaction amount was only 2800 euros. This had nothing to do with crypto. This is their AML policy.

Exactly.

I had €50k frozen for 10+ days..