bunq business review Ireland
Make fast payments and earn interest on your funds with bunq.
bunq is a mobile-only bank offering customers a choice of personal, travel and business accounts along with multiple cards. Launched in 2015, the Dutch bank now operates in 30 countries across Europe – including Ireland.
In this review we take a look at the key points of bunq’s business account to help you decide if it’s right for your company.
What's in this guide?
- How does bunq work?
- What features can I get with bunq Business?
- Compare all bunq for business products in Ireland
- What costs are there with bunq Business?
- Are my funds safe with bunq?
- How to sign up to bunq Business
- Compare bunq Business with other digital banks for businesses in Ireland
- Frequently asked questions
- Bottom line
How does bunq work?
Like other so-called challenger banks, bunq operates without any physical branches. Its mobile-first accounts are all managed via an app, which is accessible through your smartphone. bunq has four types of account: Joint, Premium, Travel and Business. You can sign up for a Bunq Pack for €19.99 a month and get four separate bunq accounts, or you can pay less to get its business account only.
What features can I get with bunq Business?
bunq Business has a range of benefits and these include:
- Fast and easy sign-up process
- 0.27% interest earned on your first €10,000 – paid monthly
- 10 fee-free ATM withdrawals per month, after which it costs €0.99 each time
- Free local and regular payments
- Send money to 15 non-Euro currencies via TransferWise
- Up to 25 free sub-accounts, each with its own IBAN so you can quickly organise your money
- Three bank cards, including a Mastercard direct debit
- Apple Pay and Google Pay are both compatible
- Send funds to other bunq users, 24/7
- Make instant payments and easily organise batch payments
- Generate personalised payment links for people or companies who owe you money. They don’t need to be bunq customers.
- Bookkeeping and accounting apps to help automate your business finances, including VAT calculations
- Instant notifications to track each card payment, direct debit or other transaction
- Customer support via the app or email
Compare all bunq for business products in Ireland
What costs are there with bunq Business?
There are a few different costs, fees and limits to consider when you choose a business account with bunq. These include:
- A €9.99 monthly fee applies
- €0.10 fee per transfer to, or from, other SEPAs (Single Euro Payments Areas) – see more below
- €0.10 fee per transfer, plus, a fee set by TransferWise, when you receive money from non-SEPAs (including the UK)
- For €19 per month, you can access 25 further sub-accounts
- It’s a euro-only account, so you can’t receive direct payments from foreign currencies
- You’ll still need another bank account for most of your financial needs
- Phone support is not available
- No physical branch
Are my funds safe with bunq?
Any funds you have with bunq are protected up to €100,000 by the Deposit Guarantee Scheme of the Dutch National Bank (DNB). If bunq were to go bust, your money will still be safe.
The card is also protected by a PIN, which you set yourself and change directly from your phone. If your card is lost or stolen, you can freeze it from the app and order a replacement card straight away.
How to sign up to bunq Business
bunq says it takes as little as five minutes to sign up to their business account. You’ll simply need your phone, ID and details of your business. During a short verification process, you’ll typically have to take a photo of your photo ID and record a short video. After signing up, you can then add funds to your bunq account.
Your bunq card should arrive within 10 working days, which will give you full access to your account.
Compare bunq Business with other digital banks for businesses in Ireland
Frequently asked questions
bunq certainly has the challenger spirit that is seen with many of the digital-only banks available in Ireland. One example of this was seen when the bank recently launched a metal card, called Green Card. If you pair this card with your business account, bunq will plant two trees for every €100 you spend. The fact that bunq pays an interest rate of 0.27% is another big positive, as are its range of finance tools and the ease at which transfers can be made Europe-wide.
However, if your business trades regularly with the UK then this business account may not be the best choice for you – as there are fees for exchanging funds from euro to sterling. Additionally, bunq still lacks the kind of cut through in Ireland as seen by the likes of N26 and Revolut so you may find that the ability to send money instantly to other bunq users isn’t a major benefit for you. So, before you settle on the question of where to do your business banking, you’ll want to compare plenty of other options on the market.
Ask an Expert