Bunq business banking review
Bunq is a Dutch-based digital bank that operates in the UK and across Europe, offering multi-currency business accounts, flexible banking features, and sustainable finance options. Known as “The Bank of The Free,” Bunq is designed for freelancers, entrepreneurs, and SMEs looking for a modern banking experience with full mobile functionality.
Key features of Bunq
1. Business current accounts
- Multi-currency support: Hold and manage funds in multiple currencies.
- Easy account setup: Fully digital onboarding in minutes.
- IBANs in multiple countries: Helps businesses operate seamlessly across Europe.
- Real-time notifications: Track expenses, payments, and transactions instantly.
2. Expense management and automation
- Auto VAT calculations: Helps businesses set aside VAT on transactions.
- AutoSave feature: Automatically rounds up transactions and saves spare change.
- Instant payment categorisation: AI-powered expense tracking.
- Integration with accounting software: Sync with Xero and QuickBooks.
3. Payment and card options
- Mastercard debit cards: Virtual and physical cards available.
- Apple Pay and Google Pay compatibility: Contactless and mobile payments.
- Tap & Pay functionality: Use NFC-enabled smartphones for payments.
- Customisable sub-accounts: Create up to 25 IBANs for different purposes.
4. Sustainability and ethical banking
- Tree planting with transactions: Bunq automatically plants trees based on spending.
- Green investments: Deposits are invested in eco-friendly initiatives.
- Carbon footprint tracking: Helps businesses monitor and offset their environmental impact.
Bunq fees and pricing
1. Business account plans
- Easy Bank Plan: From €2.99/month, includes basic banking features.
- Easy Money Plan: From €8.99/month, adds multi-currency support and advanced features.
- Easy Green Plan: From €17.99/month, includes all features plus eco-friendly initiatives.
2. Transaction fees
- SEPA payments: Free within the Eurozone.
- SWIFT payments: Fees apply for international transactions.
- ATM withdrawals: Free up to a limit, then a small charge applies.
- Foreign currency exchange: Competitive rates with a minor markup.
3. Additional costs
- Extra IBANs: Additional fees for multiple IBANs beyond the included limits.
- Premium customer support: Available at an extra charge for priority assistance.
Pros and cons of Bunq
Pros
- Multi-currency business accounts for international transactions.
- Eco-friendly banking with tree-planting and sustainability initiatives.
- Fast digital onboarding with no physical paperwork required.
- Highly customisable with up to 25 IBANs and sub-accounts.
- Seamless integrations with accounting and financial tools.
Cons
- Monthly subscription fees apply for all business accounts.
- Limited free ATM withdrawals, with additional charges for extra withdrawals.
- No traditional lending options like overdrafts or business loans.
- SWIFT payments incur fees, making non-SEPA international transfers costly.
How Bunq compares to competitors
| Feature | Bunq | Revolut Business | Wise Business | Starling Bank |
|---|---|---|---|---|
| Multi-currency accounts | Yes | Yes | Yes | No |
| Monthly fees | €2.99 – €17.99 | Free – £100+ | Free – £20+ | Free |
| IBANs in multiple countries | Yes | No | No | No |
| Auto VAT calculations | Yes | No | No | No |
| Sustainability focus | Yes | No | No | No |
| Ideal for | Freelancers, SMEs, international businesses | Startups, global businesses | Businesses making FX transfers | UK-based SMEs |
Who should use Bunq?
- Freelancers and SMEs: Ideal for businesses operating across different currencies.
- Eco-conscious businesses: Those wanting to integrate sustainability into their banking.
- Digital-first businesses: Entrepreneurs who prefer a fully mobile banking experience.
- Companies with European operations: Useful for businesses needing multiple IBANs across Europe.
Our verdict
Bunq is a flexible, digital-first business banking provider that stands out for its multi-currency support, eco-friendly initiatives, and automation features. While it comes with monthly fees and limited lending options, it is an excellent choice for businesses needing international banking and financial automation.
For businesses looking for a modern, customisable, and sustainability-driven banking experience, Bunq provides a unique and innovative alternative to traditional banks.