Bunq is a challenger bank that operates on the grounds of complete spending freedom throughout the world. Holders of a Bunq account can hold funds in up to 25 differen5 currencies, and no charges will be levied for spending in Europe.
There is an elephant in the room when it comes to Bunq, though, and it’s a doozy – this bank is only open to customers with a residential address within the European Economic Area, so UK-based SMEs and sole traders will not be eligible to apply.
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Bunq Bank business banking services
- Pros and cons of Bunq for business services
- Business current accounts
- Business overdrafts
- Business savings accounts
- Bunq at a glance
- Other business finance products
- Bunq reviews
- Bunq business eligibility criteria
- Bunq business finance alternatives
- Bunq additional considerations
- FAQ
Pros and cons of Bunq for business services
| Pros of Bunq | Cons of Bunq |
|---|---|
| ✓ Sliding pricing scale | ✗ Not available for UK-based traders |
| ✓ Free use of credit card overseas | ✗ Default currency is €, not £ |
| ✓ Socially conscientious | ✗ Limited customer support |
Business current accounts
Bunq offers three business accounts to members based in the EEA. Each of these accounts offers a 30-day free trial and provides an IBAN and SWIFT code, rather than UK bank details, so this bank will be difficult to use for domestic trade.
Easy Bank Business account
In exchange for a monthly fee of €6.99, you will have access to a single bank account and MasterCard business credit card for business spending. There are no transaction fees for using this card overseas, making Bunq a helpful account for frequent travellers.
Easy Money Business account
This account costs €12.99 per month, but you will enjoy access to considerably more details in-app bookkeeping software, as well as 25 different currency accounts and access to 25 digital credit cards. Spending caps can be assigned to these cards to manage outgoings.
Easy Green Business account
In exchange for a monthly fee of €22.99, Bunq will plant a tree every time you spend €100 on your business credit card, in addition to providing business customers with a steel card that offers greater purchase protection and insurance.
Business overdrafts
✗ Not available through Bunq. See best business overdrafts.
Business savings accounts
Bunq’s Easy Savings Business account offers an interest rate of 1.05%, and two withdrawals can be made per month without notice.
Bunq Bank at a glance
| Phone number | +31 208 083 666 |
| App downloads | iOS; Android |
| Website | www.bunq.com/business |
| Number of branches | N/A |
| FSCS protected? | Up to €100,000 is protected by the Deposit Guarantee Scheme in the Netherlands |
| Founded | 2012, Amsterdam |
Other business finance products
✗ Bunq does not provide additional financial services beyond the current and savings accounts we have discussed.
Bunq Bank reviews
What are other business banking customers saying about Bunq?
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 2.9/5 | 3,797 |
| Feefo | Not reviewed | N/A |
| Reviews.co.uk | Not reviewed | N/A |
| Smart Money People | Not reviewed | N/A |
| Which? | Not reviewed | N/A |
| Average score | 2.9/5 | 3,797 |
Bunq business eligibility criteria
As discussed, UK-based businesses are not eligible to apply for a Bunq account. You will need a presence in the EEA to take advantage of this service. If you do have an overseas address, you can open a Bunq account and use it in the UK.
Bunq business finance alternatives
If you are seeking an account that allows you to hold multiple currencies but you’re based in the UK, consider 3S Money, Airwallex, Wise, or Fair Everywhere as alternatives to Bunq – you can open any of these accounts with a UK trading and residential address.
Bunq Bank additional considerations
Bunq launched successful legal action against the Dutch Central Bank to permit this app to use AI to detect potential money-laundering activity. While this is theoretically a positive step for law-abiding citizens, not everybody will be comfortable with AI making judgments on such a complicated subject as business income.
FAQ
Yes, Bunq is a fully licensed bank and operates as a European bank. All depositors’ funds are safeguarded up to €100,000 in accordance with the Deposit Guarantee Scheme of the Dutch Central Bank. Bunq also offers some additional features that make it stand out from traditional banks, including no monthly fees, low international transaction fees, and the ability to open a bank account within minutes.
The process of opening a Bunq business account is simple and fast. All you need to do is select the ‘Business’ option when signing up, enter your basic information like name, address, and phone number, verify your identity with a valid ID or passport, and then link your bank account. Once that’s done, you can start using your Bunq business account right away.
Bunq does not charge any monthly or annual fees for its business accounts. However, there are some costs you need to be aware of when using Bunq. For example, they charge a foreign exchange fee of 0.5% per transaction and a 1% fee on payments using Apple Pay and Android Pay. Additionally, there is an ATM fee of €2 per withdrawal. You can find a full list of fees on the Bunq website.
Bunq offers a range of services and features that make it stand out from traditional banks. For example, they offer the ability to open an account within minutes, no monthly fees, low international transaction fees, and easy access to your funds through Apple Pay or Android Pay. Additionally, Bunq provides budgeting tools such as savings goals and categorization of transactions, as well as invoicing and international payments.
Bunq accepts a variety of payment methods including debit cards, credit cards, Apple Pay and Android Pay. Additionally, they accept payments from customers through SEPA transfers and international bank transfers. In order to make payments with Bunq, you will need to link your bank account or credit/debit card to your Bunq account.