bunq, what’s that? Easy banking explained to you
Let’s get straight to the point: you’re all probably wondering, what in the name of God is bunq? Simply put, it is a new app which will make easy banking possible for all you fellow students and fresh graduates out there. After reading this last sentence, your skepticism will probably grow and maybe some frowns will start to form. No need for that! A simple, truthful breakdown will follow below. Here at College Life, we always keep it 100 percent real!
So, what is it?
Before we can get into all the details and crazy features this easy banking app has to offer, we should start by explaining what it is. Bunq was founded in 2015 by CEO Ali Niknam (That’s him up there ^) and is a true Dutch production. With its headquarters in Amsterdam and about 100 people working for the firm, it is safe to assume bunq is becoming quite the deal.
Simply put, bunq is a banking app which allows you to have total control over your money through your phone. You will no longer have to go through one million steps and hours of waiting in some bank office. You can simply transfer, pay, order your card and much more through this one, simple app. As millennials who crave efficiency and less time wasted by talking to one person after the other, this sounds like a dream come true.
Easy banking, but how?
So you may have read “easy banking” about four times by this point, but what do we mean by that? As mentioned before, everything can be done through the app. And when we mean everything, we actually mean e-ve-ry-thing. Not only can you create an account through the app and sign up for all the features, you can even order your cards without having to leave the comfort of your home.
Bunq is ideal because you can set up your account in just 5 minutes. No hassle, and no long administrative processes. In a first instance, the app will ask you to provide basic information such as an email address and your first and last name. Moving on, it will ask you to agree with the terms and conditions, and provide a phone number to which they can text a security number. Even better, bunq doesn’t require you to have a BSN upon making an account. You can still add that up to 90 days after installing your bunq account, which is incredibly handy when you’re just moving to the Netherlands. This means you can already start organizing your money, savings, and payments without having to wait for your BSN from the government. See? Easy banking at its finest.
Moreover, you will be able to set up not just one or two, but over ten accounts for any utility you could need. This will allow you to easily have an overview of your expenses over for example, utilities (electricity, water, gas etc.), clothes shopping, groceries, rent and more. No more calculating with pen and paper, bunq has the answer for you!
Sharing is caring
On top of being able to manage your accounts and set everything up through the app, you are now able to share accounts with an endless amount of people. Imagine this: you live in a student house with about nine other fellow students, but would like to easily sort out things such as rent and groceries. You can new set up a specific account on bunq titled “groceries”, and add your nine other housemates. Everyone will be able to send money to the account and make transactions, ensuring that you’re never late for your rent again.
But is it safe?
A big feature we all consider when thinking about placing our money somewhere is safety. The last thing you would want is waking up one day and notice that your hard-earned money has disappeared through some sort of scam or safety hazard. Bunq thought this all through and came up with some game changes.
First of all, you no longer have to think about hiding your CVC code if your card ever gets stolen, because your card no longer has one! Bunq removed the CVC code from its cards, and placed it in your app, ensuring no one else could have access to it but you.
Another strong value bunq has made its top priority, is that not a single penny of your money is used for shady investments. Unlike other banks, bunq does not touch your money in order to invest it left and right. Everything in your accounts remains there, safe and sound. And in case you are still not fully convinced, up to 100 thousand euros of your funds are protected by the Deposit Guarantee Scheme of the Dutch National Bank.
Some last bits and bops
In case you were still hesitant about how bunq is oh so different from your current bank, here’s a list of some extra features:
- You can have up to three different cards, being Maestro or Mastercard
- Receive real-time notifications of any transactions that are made with your cards, instantly
- Instantly switch between the linked accounts that are linked to your card
- Up to two pins connected to one card, meaning that depending on the pincode you type, money will go off of a specific account
Would you like to give bunq a try after reading this honest breakdown of the service? Make sure to hit up bunq’s website and give it a try, today!
Make sure to stay tuned for more articles on bunq, ranging from honest reviews by users, an interview with bunq and many more! In the meantime, if you can’t get enough of college life, make sure to hit up our magazine and read up on interesting topics such as housing, career and much more.