Bunq Review 2025 – Is It the Best Multi-Currency Account for You?

Bunq calls itself the “Bank of the Free” and an online banking solution that “makes life easy.” Bunq has brought lasting change to the European banking market and reshaped how people manage their money across borders. With its distinctive bright colors and user-friendly interface, Bunq appeals to those looking for an alternative to traditional banking institutions. The Dutch neobank has gained significant traction for its competitive exchange rates, sustainable banking initiatives, and flexible account options that cater to diverse financial needs. Bunq removes the bureaucratic hassle of conventional banks and combines modern banking technology with environmental consciousness. Is Bunq the best option for managing multiple currencies? Let’s take a deep dive into its features, fees, pros, and cons.

Overview: What Is Bunq?

Founded in 2012 by entrepreneur Ali Niknam and launched in 2015, Bunq is one of the Netherlands’ first fully digital banks with a European banking license. Unlike most fintech startups that rely heavily on venture capital, Bunq was initially self-funded with €44.9 million from Niknam himself. In 2021, Bunq secured €193 million in Series A funding, achieving a €1.6 billion valuation and confirming its unicorn status.

Bunq differentiates itself from traditional banks through its subscription-based model, zero physical branches, and strong focus on user experience and sustainability. The bank’s “Bank of The Free” philosophy emphasizes the idea of giving users complete control over their money while making positive environmental impacts through initiatives like its tree-planting program.

The platform operates on a straightforward premise: users can open an account remotely, manage multiple currencies through intuitive interfaces, and enjoy features like instant notifications, spending categorization, and collaborative banking. Bunq is particularly well-suited for European residents, frequent travelers, environmentally conscious consumers, and those seeking more transparency and flexibility than traditional banking offers.

Key Features of Bunq

Bunq’s multi-currency support stands as one of its strongest assets, allowing users to hold and manage up to 22 currencies including EUR, USD, GBP, CAD, AUD, and several others, all within a single account structure. This eliminates the need for multiple bank accounts across different countries, streamlining financial management for international users.

When it comes to exchange rates, Bunq generally offers competitive rates close to the mid-market rate, with transparent conversion fees ranging from 0.5% to 1.5% depending on the subscription plan and currencies involved. For premium subscribers, certain currency conversions feature reduced or eliminated fees.

International transfers through Bunq are facilitated via the SWIFT network and partnerships with services like Wise (formerly TransferWise), which enables money movement to over 100 countries. Transfer speeds vary from instant (within SEPA countries) to 2-3 business days for more distant destinations, with maximum transfer limits typically determined by subscription tier rather than rigid caps.

The bank’s account management system shines through its intuitive mobile app, available for both iOS and Android, featuring customizable notifications, spending insights, and easy navigation. Web access is also available, though the mobile experience remains Bunq’s primary focus. Customer support operates primarily through in-app chat and email, with response times averaging between a few minutes to 24 hours depending on the subscription level.

Security-wise, Bunq operates under a full European banking license from the Dutch Central Bank (DNB), which ensures deposits are protected up to €100,000 under the Dutch Deposit Guarantee Scheme. The platform implements strict security measures including biometric authentication, transaction verification, and real-time fraud monitoring systems, which positions it as one of the more secure digital banking options available.

Fees & Costs

Bunq operates on a tiered subscription model rather than offering a single free account with hidden fees. The monthly subscription costs range from €3.99 for the bunq Core plan to €18.99 for the bunq Elite plan. Each tier unlocks additional features, higher limits, and reduced fees on various services.

For currency conversion, Bunq charges between 0.5% and 1.5% above the interbank rate, depending on your subscription level and the currencies involved. While not the absolute cheapest in the market, these rates remain competitive when compared to traditional banks that often charge 3-5% in hidden markups.

Sending and receiving domestic transfers within SEPA countries is generally free across all subscription levels. However, international transfers outside the SEPA zone involve additional fees ranging from €0.15 to €0.99 per transaction plus a percentage-based fee (0.5-1.5%) depending on destination and subscription tier.

Users should also be aware of less obvious costs such as the €0.99 fee for replacement cards, dormancy fees on inactive accounts (after 12 months of inactivity), and potential currency conversion costs when paying in non-account currencies while traveling.

Pros & Cons

Pros

• Exceptional multi-currency management with competitive exchange rates
• Strong environmental focus with tree-planting initiatives
• Superb budgeting tools and spending categorization
• European banking license with €100,000 deposit protection
• Innovative features like joint accounts and sub-accounts
• Transparent fee structure without hidden charges
• User-friendly mobile app with regular updates

Cons

• Limited availability outside Europe (primarily EU/EEA countries)
• Higher subscription costs compared to some competitors
• No physical branches for those preferring face-to-face banking
• Customer service response times vary by subscription tier
• Some features locked behind higher subscription levels
• Not ideal for those needing extensive cash deposits or withdrawals
• Limited support for certain non-European currencies

How to Open an Account

Opening a Bunq account is straightforward and can be completed entirely through the mobile app in about 10 minutes. The process begins by downloading the Bunq app from the App Store or Google Play and selecting your preferred subscription plan.

You’ll need to provide basic personal information including your name, date of birth, email address, and mobile number. The verification process requires a valid government-issued ID (passport, national ID card, or driver’s license) and proof of residence within the EU/EEA (utility bill or bank statement from the last three months).

The app guides you through identity verification using a combination of document scanning and video verification, where you’ll take a selfie and briefly record yourself following simple instructions. This biometric verification helps prevent fraud and ensures compliance with banking regulations.

Most accounts receive approval within minutes of completing verification, allowing immediate access to your digital account. Your physical card, if requested, typically arrives within 3-5 business days. Non-EU residents or those with complex situations may experience slightly longer verification times, occasionally requiring additional documentation.

Who Should Use Bunq?

Bunq is ideally suited for European residents seeking an alternative to traditional banking, especially those with international lifestyles or financial needs. Digital nomads and frequent travelers benefit particularly from Bunq’s multi-currency capabilities and favorable foreign transaction terms, eliminating the hassle of juggling multiple bank accounts across countries.

Environmentally conscious consumers will appreciate Bunq’s sustainability focus. For every €1,000 spent, every Bunq user earns one tree. All bunq Elite users plant one tree for every €100 spent. For each tree earned in the Bunq app, Bunq finances the planting of one real tree. This makes it one of the more environmentally impactful banking choices available.

Small business owners and freelancers can leverage Bunq’s business accounts with features like simplified invoicing, expense tracking, and multiple cards for team members. If you frequently collaborate on finances with partners, friends, or family, Bunq’s joint accounts and bill-splitting features offer significant convenience.

For example, if you’re an EU-based freelancer working with clients across different European countries, Bunq allows you to accept payments in multiple currencies without excessive conversion fees. This potentially saves hundreds of euros annually compared to traditional banking arrangements.

Competitor Comparison

When compared to other digital banking platforms, Bunq occupies a unique position with its strong environmental focus and European banking license, though it faces stiff competition in the multi-currency space.

Wise (formerly TransferWise) generally offers slightly better exchange rates than Bunq, with mid-market rates and transparent fees averaging 0.4-0.5% per conversion compared to Bunq’s 0.5-1.5%. However, Wise lacks the full banking license and comprehensive financial management tools that Bunq provides.

Revolut matches many of Bunq’s features and offers free accounts with limited currency exchange amounts before charging fees. While Revolut provides support for more currencies (30+ compared to Bunq’s 16), it applies weekend markup fees (0.5-2%) on currency exchanges and has faced more regulatory scrutiny.

N26, another European neobank, offers simpler fee structures but fewer multi-currency features than Bunq. N26’s standard account is free but charges a 1.7% fee on foreign currency transactions, making it less suitable for frequent currency exchangers.

PayPal remains widely accepted globally but charges significantly higher currency conversion fees (typically 3-4%) than Bunq, making it an expensive option for regular international transactions despite its convenience.

For business users specifically, Payoneer offers specialized services for marketplace sellers and freelancers with competitive receiving fees but lacks the comprehensive personal banking features that Bunq provides to individual users.

Conclusion: Is Bunq Worth It?

Bunq delivers exceptional value for users looking for a comprehensive digital banking solution with strong multi-currency capabilities, particularly those based in Europe. Its greatest strengths lie in its user-friendly interface, environmental initiatives, and the flexibility to manage multiple currencies without excessive fees or administrative complexity.

For frequent travelers, environmentally conscious consumers, and those managing finances across European borders, Bunq represents one of the more compelling banking options available in 2025. The subscription model, while initially seeming like an added expense, often pays for itself through reduced currency conversion fees and additional features unavailable with traditional banks.

However, if you primarily need the absolute lowest exchange rates and rarely use additional banking features, Wise might serve you better. Similarly, if you need banking services beyond Europe or require extensive cash handling capabilities, traditional banks with a global footprint may still be necessary.

Ultimately, Bunq provides an excellent primary banking solution for Europeans who value both financial efficiency and environmental impact. Before committing, take advantage of their trial period to test the features that matter most to your specific financial situation and see if the subscription cost delivers adequate value for your particular needs.