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Is bunq available in Canada?
You can't open a bunq account in Canada, but there are other digital banking options to consider instead.
European-based mobile bank, bunq, offers loads of convenient features including interest-bearing accounts, the option of opening multiple bank accounts with unique IBANs and an app available in 6 languages. Customers are protected by the same security features and low fees offered by other digital banks.
But can you take advantage of bunq’s features if you live in Canada? Are there any good alternative services in Canada?
Is bunq available in Canada?
Unfortunately, no. To open a bunq account, you must be living in the European Economic Area (EEA). Customers must provide an EU driver’s license, passport, ID card or residence permit. If they’re not from Europe, they must still have a European passport or residence permit. Foreigners living in the EEA might fulfill these requirements, but if you live in Canada, you’re out of luck.
Are there any alternatives to bunq in Canada?
Yes. There are a number of digital banking services in Canada that offer low fees, financial support tools and strong, user-friendly digital platforms. Read our reviews of the companies below to learn more about convenient ways to handle your money online and on your smartphone.
How does bunq work?
With bunq, everything is handled on the app – there are no physical branches. bunq offers a Premium and Premium SuperGreen account, both of which come with a monthly fee. The company also offers a travel card with no monthly fee, although there is a relatively small one-time setup fee.
Both Premium accounts allow customers to set up multiple IBAN accounts to manage their money. Using the app, account holders get access to tools for budgeting and setting up savings goals. Plus, they get free ATM withdrawals when traveling overseas and can use a personal payment link to receive funds easily from friends.
bunq business accounts
bunq Business and Business SuperGreen accounts accounts are available for a monthly fee. Customers can connect their business accounts with bookkeeping software to get a real-time overview of their financial activities. They can also scan invoices (including PDFs) into the bunq app, which will automatically populate payment details based on the information provided. Account holders can easily manage employee access to business accounts using the mobile app.
Pros and cons of bunq
- Customers can open multiple bank accounts, including accounts with unique IBANs
- Both bunq Premium and Premium SuperGreen accounts are interest-bearing
- Cheap international money transfers with TransferWise
- Accounts come with 3 debit cards
- No free bank account option (but there is a no-monthly-fee Travel Card)
- Maximum number of free ATM withdrawals per month
- Does not offer a full suite of banking products and financial solutions
How do I find the right digital banking company for my needs?
With a growing number of financial service providers popping up online, narrowing down your options may seem overwhelming. Consider the following points when comparing different online banking services:
Which companies offer the most suitable range of accounts and products?
Some digital banks like Tangerine offer a wide range of accounts and products and are prepared to be their customer’s primary banking platform. Other companies may be new to the market or intentionally focusing on offering a few products to service a specific need.
If you have limited and specific financial needs (i.e. transferring money to loves ones overseas or handling basic, everyday expenses), then you may want to take advantage of a service with limited, yet highly-competitive, offerings. But for more general banking needs, you may want to look for a digital banking service with a variety of products and financial solutions.
Which companies will keep my costs as low as possible?
Besides saving money by not having fully-staffed, brick-and-mortar branches, digital banking services may also cut down on costs by designing unique pricing tiers for their products. Some examples include monthly or yearly account maintenance fees, foreign transaction fees, money transfer fees or tiered interest rates on credit products. Look for companies that offer low fees and/or interest rates on the products you’ll use the most, and read the fine print to make sure you know what costs to expect.
Are there flexible options for managing my money?
The most popular digital banking companies tend to have easy, flexible ways of transferring to and from your accounts – including accounts held at other financial institutions. It’s not uncommon to find companies that offer free Interac e-Transfers, email money transfers and bill payments, while some charge a small fee per transaction. Check out customer reviews on sites like the Better Business Bureau and Trustpilot to find out which companies handle customers’ money safely and reliably.
What customer support options are available?
Perhaps the biggest trade-off of banking with a digital company is that you don’t have the familiarity and accessibility of interacting face-to-face with real customer service representatives. Look for companies that offers many ways to connect with support staff including live chat, phone, email and online contact forms. 24/7 availability is a huge plus. At the very least, it can helpful to have access to a robust online database of how-to articles and FAQs for when you can’t get in touch with representatives.
Compare other chequing and savings accounts in Canada
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