Review and Test of Bunq

Bunq provides you with the facility of transferring money any time anywhere using your mobile phone with phone tracking option. The bunq account of UK customers will function as IBAN account, and the fund’s transfer can be made without any hassle domestically and any extra charges internationally. The service is beneficial, especially if you are an ex-pat and need to send money to some other country.

Bunq neo bank provide an insight into saving money

The bunq neo bank have a built-in option of saving money at each payment. On each transaction, it rounds off the figure to the nearest sum and transfer the remaining amount to your savings wallet. For example if you shop something for 2.30 euros, the bunq will generate 3 euros amount from your card and automatically transfer 0.70 euros to your save wallet. You can even set goals of your savings, and the bunq app will keep on notifying you of the target.

Bunq neo bank rationalize the degree of expenses

The advantage of using bunq neo bank is, it rationalizes the degree of your expenses by categorizing it. For example, if you have to make Netflix payment every month, the bunq categorizes it by showing the amount you need to pay in the entertainment category. Hence it is quite convenient to see where the money is going for the whole month, and the spending can be made sensible.

Multiple card options

The bunq neo bank offers the debit card service like any other master card with premium, super green and travel formula categories. They work like any other master card but with much ease and convenience. The bunq debit cards provide the following facilities:

  • The card can be used for an online shop or in-store shopping.
  • It allows ten free of cost ATM withdrawals every month and after that only charge 0.99 euros/transaction.
  • Each expenditure is notified.
  • In case of losing or misplacing the card, there is a facility of enabling or disabling card at any point of choice with just a click on the mobile app.

Multiple account types

Bunq neo bank offers you the various options of accounts according to your choice. It offers premium, joint and business account with joint and business account being a little more expensive than the premium one. You can open your neo bank account with bunq by considering your type and get a debit card of your choice. 

Money save guarantee

The Dutch banking license with the Deposit Guarantee Scheme allows bunq to be safe up to 100,000 euros. Hence your money is protected, and deposit is guaranteed in case of bunq bankrupt condition.

                                     Demerits of bunq neo bank

Deals only with euros

Bunq neo bank has multiple advantages but only with the euro currency. Any other currency deposition will charge extra fees and taxes.

Do not fulfil complete banking facilities

Bunq account is an excellent second option because it has failed to provide traditional bank services in terms of loans, overdrafts, and mortgages.

Customer service disability

The customer service of bunq neo bank is excellent and available most of the time, but it can only be reached via app in chat options and therefore lack knowledge relating to the queries.

                                                 Final verdict

Besides being euro dominant and a slight weak customer care, the bunq neo bank is an excellent second option to open an account and balance the expenses. The minimum hassle in the account opening procedures and easiness in the transactions has made it quite advantageous for an individual user.

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