In the context of globalisation, cross-border transactions have become an important part of economic activities. However, traditional banks often charge high fees for foreign currency transactions, placing a considerable burden on consumers.

Recently, the Dutch online bank bunq not only waived foreign currency transaction fees, but also adopted a fairer and more transparent official MasterCard exchange rate, providing users with a more attractive option.

Key Features of bunq's Services

Founded in 2015, Dutch online bank bunq currently serves the countries of EEA, with services that include free personal accounts (Easy Savings) and paid accounts (Easy Bank, Easy Money and Easy Green), offering debit and virtual card services to customers. At the same time, bunq has partnered with Wise to offer its users an international money transfer service.

bunq's key features include:

• Global Debit Card: Allows for worldwide spending and ATM withdrawals.
• Virtual Credit Cards: Suitable for online and offline purchases, compatible with Apple Pay and Google Pay.
• Zero Foreign Exchange Fees: When using a debit card for foreign currency transactions, bunq adopts the MasterCard official exchange rates, eliminating fees of up to 3%.
• Comprehensive Currency Savings Accounts: Users can open accounts in euros, US dollars, and British pounds, earning interest.
• Zero Markup International Transfers: Collaborates with Wise to provide international transfer services at actual exchange rates, supporting up to 40 currencies.
• Eco-friendly consumption: for every €100 spent by users under 18, bunq will plant a tree to contribute to the reduction of CO2 emissions.

bunq Application Criteria

To become a bunq user, individuals must meet the following criteria:

• Be at least 18 years old.
• Reside in designated countries within EEA.
• Possess a smartphone and install the bunq app.
• Have a valid address in an EEA country.
• Hold valid identification documents.

bunq Account Opening Process

1. Log in to the bunq website, enter the supported region's phone number.
2. Receive a text message, click the link to download the bunq app.
3. Choose to open a personal or business account, and fill in personal information.
4. Verify email address and phone number.
5. Upload identification documents and undergo identity verification.
6. If necessary, use the location feature in the bunq app to verify the address or submit valid proof of residence.

Collaboration with Wise

bunq's collaboration with Wise provides users with a more convenient international transfer experience. Users can directly perform transactions within the bunq app and enjoy preferential exchange rates offered by Wise. Currently, bunq's international transfers support up to 40 currencies, including Hong Kong dollars, Chinese yuan, Japanese yen, and more.

Initiating a transfer within the bunq app is simple:

1. Click on "Pay".
2. Enter the transfer amount and select the recipient currency.
3. Input the recipient's name and account details.
4. Confirm the amount the recipient will receive.

bunq's Fee Structure

The main fees associated with opening and using a bunq account include:

• Opening fee: Free.
• Monthly fee: Easy Savings account is free, while other accounts range from €2.99 to €17.99 per month.
• Debit card/virtual card fees: Easy Bank account offers one free debit card, while other accounts provide additional free debit cards and virtual credit cards.
• Cash withdrawal fees: Easy Bank account charges €0.99 for the first 5 withdrawals per month, and €2.99 thereafter, with slight variations for other accounts.
• Foreign exchange transaction fees: Easy Bank account adopts a fee rate of 1.5% + 0.5%, while other accounts incur a fee of MasterCard exchange rate plus 0.5% network fee, among others.