Score 9.1
Regulation DNB
Bunq Business Card
Score 9.1
Regulation DNB

What is Bunq Business Banking?

A Dutch-owned mobile bank, Bunq Business was designed to make money management, accounting, and payments easier for SMBs and freelancers. It was founded in 2012, and its headquarters is currently based in Amsterdam. In 2019, Bunq expanded its services to include 30+ European countries, including the United Kingdom.

The bank is entirely mobile, and you won’t find any branches or physical locations. According to founder Ali Niknam, it’s a way for European consumers to reap various benefits without the need for a credit card. The current account includes accounting, invoicing, and foreign currency transaction features, making it useful for individuals and businesses alike.

What is it that makes Bunq such a popular banking application for individuals, freelancers, and businesses? Read our full review below to find out.

Key Details

Founded
2012
Users
1.1M
Headquartes
Amsterdam
Regulation
DNB
Based on 1,581 reviews
Bunq Key Details
Founded 2012
Users 1.1M
Headquartes Amsterdam
Regulation DNB
Get started with Bunq Business

Bunq Business Account Pros & Cons

Pros
  • green-check-mark Security and deposit insurance
  • green-check-mark Environmentally friendly (Bunq SuperGreen)
  • green-check-mark No currency exchange fees
  • green-check-mark 30 Days free trial
Cons
  • Euro accounts only
  • Relatively high monthly account fees

Bunq Business Banking Features

What is it that makes Bunq a good option for your business banking? Below, we’ll look at several of the features offered by the platform so that you can decide whether it will benefit you and your business.

Multi-Currency Accounts

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Bunq is a European financial service provider. As a result, it currently offers accounts exclusively in Euros.

Payments

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Bunq supports several types of payments. For example, you can transfer money by entering the name of a fellow “bunqer,” using an email address, phone number, or IBAN. Additionally, it offers instant or bulk payments. All Bunq business accounts are SEPA ones, and the platform may reject transactions to or from non-SEPA banks.
You can also use Apple or Google Pay to make contactless payments or transfer money to your accounts. For transactions in foreign currencies, Bunq uses the services of Transferwise, which means that users get excellent exchange rates.

Corporate Card

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If you have a business account, you’ll have access to the Bunq Business Card. It even has “Business” boldly stamped across the multicoloured front, and has a few benefits over the standard debit and travel card and is accepted by more merchants.
If you opt for a metal card over the normal one, you’ll also enjoy an extended warranty and purchase protection. That said, the cards available to you will depend on the type of account you have, so ensure that you check, first. You can order a new card via the app.

Accounting Tools

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Bunq integrates with 20+ different account applications and software. Whether you need to create or pay invoices, send statements to your bookkeeper, or automatically calculate your tax, there’s likely an app that works with Bunq to help you.
Some of the more well-known applications that work with it include Asperion, Nordveld. Dyme, Twunq and Gripp. SMBs can even integrate with Minox or Moneybird, making it easy to manage all your business finances in one location.

Roles & Permissions

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If you have a Bunq business premium or SuperGreen account, you’ll be able to manage your expenses and permissions easily. Quickly add or remove directors or employees, grant access to funds, and restrict it as required.
If you need to revoke access entirely, you can do that as well, or create a separate account for employees to cover day-to-day expenses. For safety, you can monitor the use of any account or card and get instant notifications. If need be, you can also block cards, adjust limits, or change pins to prevent abuse.

Integrations & API

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Bunq is dedicated to creating an open development community, and it actively encourages creators to use the public API to create new apps for users. For example, you can find bunqDesktop, a free and open-source desktop version of Bunq, on the website’s application page.
Others include payment applications SP Crowdsurance and Zapier. If Bunq continues to encourage its creative community, there may be many other integrations available in the future.

Security

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Bunq has several security features to make sure your money stays safe. Not only is it a licensed European bank, but the Dutch Deposit Guarantee will also protect your money for up to €100,000.
Other safety measures include the ability to hide your balance in public by tapping on the small eye icon, automatically updating your CVC security codes every five minutes, and online cards that you can delete immediately after use. If that’s not secure enough, you can use hand-scan login to protect your account in case your phone is stolen. You can also use Apple Pay, Google Pay, and Tap & Pay to avoid using ATMs.

Customer Support

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Bunq has an exciting customer service program, meant to teach all employees about the app and client concerns. If you’d like fast, direct help, you can contact the team via your app or social media. Alternatively, check the support page or blog for answers.
There’s also the “Together” community, where existing customers can help each other find the answers they need, make recommendations or request additional features while interacting with staff.

Perks

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There are a few perks that come with using Bunq over other banking apps. For one, it claims to have sustainability at its core. If you’ve ever wanted to cut back on your carbon footprint, you can do so through a premium or SuperGreen account. Not only will you receive a metal card instead of a plastic one, but if you choose the SuperGreen plan, you’ll also help plant trees to become CO2 free.
Other benefits include the use of TransferWise, which means better exchange rates. You’ll also get spending insights to help you save or get tips from a “travel assistant” when you’re abroad. These are just some of the fantastic benefits you get from having a Bunq account.

Plans & Pricing

There are a few different types of accounts you can get with Bunq Business.
We’ve listed the plans and related prices below.

BusinessBusiness
SuperGreen
Price per month€9.99€19.99
ATM withdrawal10 free
withdrawals/m
10 free
withdrawals/m
Sending/receiving
instant payments
€ 0.10
per payment request
€ 0.10
per payment request
Direct debit€ 0.10
per payment
€ 0.10
per payment
Automatically send
export statements
€0.20
per email
Digitizing receipts seconds€0.20 per
receipt
Business
Price per month €9.99
ATM withdrawal 10 free withdrawals/m
Sending/receiving instant payments € 0.10 per payment request
Direct debit € 0.10 per payment
Automatically send export statements close-mark-black
Digitizing receipts seconds close-mark-black
Business SuperGreen
Price per month €19.99
ATM withdrawal 10 free withdrawals/m
Sending/receiving instant payments € 0.10 per payment request
Direct debit € 0.10 per payment
Automatically send export statements €0.20 per email
Digitizing receipts seconds €0.20 per receipt

Fees & Pricing

As with any bank, specific fees apply to a Bunq business account. We’ve covered some of the most common ones below, but, depending on your transactions and the type of card and account you have, there may be additional costs that apply.

Additional Card Fees green-check-mark green-check-mark green-check-mark
Free Domestic Transfers close-mark-black green-check-mark green-check-mark
Free International Transfers close-mark-black green-check-mark green-check-mark
ATM Withdrawl Fees

€0.99 per withdrawal

green-check-mark green-check-mark
Additional Card Fees
green-check-mark green-check-mark green-check-mark
Free Domestic Transfers
close-mark-black green-check-mark green-check-mark
Free International Transfers
close-mark-black green-check-mark green-check-mark
ATM Withdrawl Fees

€0.99 per withdrawal

green-check-mark green-check-mark

FAQ

Who Can Open a Bunq Business Account?

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If you’d like to open a Bunq Business account, you’ll need to meet certain criteria. First, you must be an authorised representative of the company. Second, you need to be a resident in the country where the business is registered. Finally, the business must be registered in the Netherlands, Germany, France, Italy, Spain, Austria, Belgium or Ireland.

What Countries Can I Open an Account In?

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Bunq operates in the European Economic Area (EEA), and residents in member countries can open an account. Unfortunately, it’s not yet open to anyone outside of these territories.

What Documents Do I Need to Open a Bunq Account?

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Depending on where the business is registered, you’ll need specific documents. For example, Belgian clients are required to provide the BVBA/SPRL legal form, while Italian companies need to submit their Impresa Individuale.
You’ll also need to submit a detailed organisational structure, details of the company’s income, a Deed of Incorporation, written consent from all authorised directors, shareholders registry, and a proof of residence for the managing director.

How Do I Open a Bunq Bank Account?

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Signing up for a personal account is easy, and you just need a supported ID. However, you’ll need to follow several additional steps to get a business account. You’ll also need to provide the required legal documents, as we’ve mentioned above.

How Can I Access My Account?

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You can access your account from the app, browser, or most smart devices. Simply go to the app or the website and sign in with the details you provided during registration.

Is My Money Safe?

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When you open an account with a banking app, you might be concerned about how safe your money is. With Bunq, that’s not something you need to worry about; at least, not up to the first €100,000.
The bank holds a Dutch banking license and falls under the Deposit Guarantee Scheme. In other words, all deposits up to that amount are covered, even if Bunq goes out of business. There are also other security protocols in place to keep your money secure.

User Reviews

5/5
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I run my personal business with bunq, using it to scan expenses, send monthly my statements to my accountant, even if I am traveling… The only problem with bunq is the huge taxes they take on your money each month when you have more than 100K on your account.

By Brice Oct, 2020
5/5
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I love Bunq, I use it for my business. I find the functionality awesome, so many options, so many ways to track what happens with your money. And some extremely useful plugins/functions that make administration that much easier. I will say that the monthly fee’s are a little high though, and only worth it if you do make use of all the extras included.

By Colejam July 2020

Our Verdict

The service is an excellent choice for freelancers or SMBs. With an open-source API and an active developer and consumer community, you’ll likely be able to integrate the app with any accounting or invoicing software you’re using. If not, you can request it, and it might be available in the future.
If you’re a freelancer or business looking for a quality app, Bunq is definitely one to consider.