Dutch owned challenger bank Bunq was founded in 2012 when its CEO, Ali Niknam, set out to create “the bank of the Free”. In 2014, Bunq received its official banking licence from the Dutch Central Bank and a year later, it launched Bunq Business. Here, we look at Bunq’s business offerings in detail.
What types of business accounts are on offer?
Bunq offers 3 different types of business account:
- Easy Money business account
- Business Easy Green account
- Easy Bank business account
All have monthly fees, but these vary depending on which option you go for (more on this below).
The Easy Bank account is the most basic and offers 1 free physical card. The Easy Money and Easy Green accounts offer more features, but are also more expensive, and include 3 free cards.
Both the Easy Green and Easy Money accounts offer the option of a Metal card which is made from stainless steel and has a 50% longer life than a regular plastic card. With the Easy Green account, for every €100 you spend on the Metal card, Bunq will plant a new tree.
Some of the other features business users can benefit from include:
- Cheap international transfers. Bunq has partnered with money transfer service Wise, enabling you to send money in 39 currencies at low cost.
- Bookkeeping support. Connect your account and bookkeeping software so that you’ll have a real-time overview of your accounts.
- Sub-accounts. Open as many sub-accounts as you need to give you a clear overview of your finances. Each comes with its own International Bank Account Number (IBAN) so you can use them for direct debits, online payments and your cards too.
- Invoice payments. Scan invoices and the Bunq app will fill in all payment details for you. Or copy email invoices to the Bunq app directly from your phone.
- Instant employee access. Add or remove a director with ease, simply by using the app.
- Earn interest. Interest is paid at a rate of 0.09%. Payouts are monthly.
- Flexible banking. Manage your accounts from the app, your desktop and your Apple Watch.
Easy Green and Easy Money business account holders that use Google Ads can also receive up to €120 of Google Ads credit.
What fees are there?
The table below outlines the main fees for the 3 business accounts.
|Easy Bank Business||Easy Money Business||Easy Green Business|
|Extra sub-accounts (per 25)||n/a||€19 per month (25 included)||€19 per month (25 included)|
|Add extra directors||Only one director possible||First 3 are free, then €2.99 per director per month||First 3 are free, then €2.99 per director per month|
|Sending/receiving instant payments or sending instant requests||€0.11 per payment per request||€0.11 per payment per request||€0.11 per payment per request|
|Sending requests paid instantly via debit or credit card||2.5% + €0.22 per payment||2.5% + €0.22 per payment||2.5% + €0.22 per payment|
|Receiving bunq.me payments with debit or credit card||2.5% + €0.22 per payment||2.5% + €0.22 per payment||2.5% + €0.22 per payment|
|Top up with debit or credit card||0.5% for EEA cards or 2.5% for non-EEA cards (first €500 free per month)||0.5% for EEA cards or 2.5% for non-EEA cards (first €500 free per month)||0.5% for EEA cards or 2.5% for non-EEA cards (first €500 free per month)|
|Sending payments using Wise||€0.11 per payment plus the real exchange rate||€0.11 per payment plus the real exchange rate||€0.11 per payment plus the real exchange rate|
|Receiving SWIFT payments||€5 to €25 depending on the amount||€5 to €25 depending on the amount||€5 to €25 depending on the amount|
|Direct debit||€0.11 per payment||€0.11 per payment||€0.11 per payment|
|Cash withdrawal||First 5 withdrawals per month are €0.99 each, and the remainder are €2.99||First 4 withdrawals per month are free, the next 5 are €0.99, and the remainder are €2.99||First 4 withdrawals per month are free, the next 5 are €0.99, and the remainder are €2.99|
How to apply
As a result of Brexit, opening new Bunq accounts from the UK has been temporarily paused.
However, if you live in any of the following countries, you can simply enter your phone number on the Bunq website and you’ll be sent an invitation to download the app and open a business account:
- Cheap international money transfers, thanks to its partnership with Wise.
- Three different pricing options to choose from.
- Bookkeeping, budgeting and invoicing support.
- Quick and easy sign-up.
- Sub-accounts to make budgeting easier.
- Accounts cannot currently be opened in the UK.
- Transaction and account fees can quickly stack up.
- Limited free ATM withdrawals.
- You’ll need a Bunq personal account to qualify for a business account.
To be eligible, you will also need to have a personal account with Bunq and be permanently residing in the country where your business is registered.
Is it safe?
Bunq has a Dutch banking licence which means that up to €100,000 of your funds are protected thanks to the Dutch Guarantee Scheme of the Dutch National Bank (DNB). This means that should Bunq cease trading, you’d still get your money back.
Pros and cons
If you live in any of the European countries listed above and you’re looking for a business account that offers features such as bookkeeping and budgeting support, as well as cheap international transfers, Bunq could be right for you.
However, for those based in the UK, or even for those who would prefer not to pay such high monthly fees, seeking out a more competitive business account is likely to be the better option.
Get started by visiting Bunq’s website and sign up for an account. If you have read this review and decided that Bunq’s account is not for you, you can also compare other business accounts on the market.
Frequently asked questions
More guides on Finder
Business banking statistics
4 in 10 (43%) of UK business account holders have never switched banks and do not intend to switch in 2022.
Revolut Pro review: A business account for freelancers
Our review explores the new Revolut Pro account designed specifically for freelancers, including its cashback offer and instant payment options.
Compare current accounts
If you don’t feel like you’re getting much from your bank account, switching has never been easier! Banks and building societies offer up cash and vouchers when you switch, and will handle the boring bits for you.
Compare savings accounts
If you don’t feel like you’re getting much from your savings account or want to open a new one, switching or opening has never been easier!
Account types: ISAs, LISAs, JISAs and SIPPs explained
We explain the different account types that you’ll come across when signing up with an investment platform.
Compare Worldpay card machines
Discover more about Worldpay card machines to see if they could work for your business
Chase Saver account review
Find out whether the Chase Saver account is the best place for your savings.
4 ways Amex Business Cards can help SMEs boost cash flow
You don’t need to be a world-class juggling act to manage your business’s cash flow effectively. (Paid content.)
What is a demo account for trading?
Demo trading accounts give investors the chance to test out different trading strategies in a risk-free environment. Here’s how they work.
Barclays bank account review
Find out whether it could be worth switching to the Barclays bank account.
Ask an Expert