Finally! There’s a mobile bank on the market that sweeps all the other mobile banks under the rug.
As expats in Germany, it’s never been easier to set yourself up with an (ENGLISH) bank account. We’ve come quite far in just a matter of years. Many banks now promote the fact that it takes 5 minutes to set up your bank account, and you’re done. Yes, it’s really that easy now. You also have quite a few options to choose from.
However, while setting up a bank account in 5 minutes is dandy and all, there’s more that we as expats should be looking into when setting up a new bank account.
What to look for when signing up for a bank account
- You should be able to decide what happens to your money
- You should be able to travel far and wide with your card without any problems
- Your privacy should be the bank’s #1 priority
- Your user experience should be easy
The issue with some of the mobile banks today is that they may offer a beautiful credit card that matches the color of your wallet and charge 0 Euros to open an account in less than 5 minutes, but they aren’t all secure – some have sold their customers’ data for a higher profit, some have also made their privacy settings so weak that customers’ accounts were quite vulnerable to hijackers.
This brings me to introduce you to bunq – the new revolutionary mobile bank for expats.
Like I said, finally, a mobile bank on the market sweeps all other banks under the rug.
bunq, the bank of The Free, is an independent and mobile bank created with expats in mind. Their interface is entirely mobile which allows you to travel wherever you’d like. Their Maestro and Mastercards can be used anywhere in the world, you receive 10 ATM withdrawals per month for free, and there are no foreign exchange fees. It also means you can get the support you need regardless of where in the world you are.
It’ll take you a few minutes to set up your bank account with bunq. You will fill in your personal information (phone number, identification, and EU address), choose from 7 different languages (English, French, Italian, Spanish, Dutch, Portuguese, or German), and then gain access to your account immediately.
Before I actually knew the name of this revolutionary mobile bank, multiple friends of mine from around Europe started telling me about this incredible mobile bank app where they’re able to organize all their finances and budget their spending. Nothing sells better than word of mouth right? So I dug deeper!
All of these perks are great, but what makes bunq such a revolutionary option is…
Their customer support team
Unlike other mobile banks, it’s actually quite easy to get in touch with the bunq customer support team. They are a large group of dedicated team members from more than 30 different countries (which means speaking English or German isn’t your only option). They also offer e-mail services, notifications, and a support chat right in their banking app.
Their budgeting feature
This is the first thing that sold me when I started digging into opening a bank account with bunq. In your bank account app, you can create 25 different sub-accounts with the click of a button. For example, you could organize your purchases by category (groceries, entertainment, insurances, vacation, baby fund, etc.) and create saving goals where every time you purchase something, the bank rounds it up to the nearest Euro and automatically sends the additional cents to your different sub-accounts where you’d like to start saving.
They provide you freedom of choice
You decide where your money goes when to take it out, and whether or not you’d like to make interest on your money. If you do want to make interest, bunq offers a 0.27% interest rate (approx. 9 x’s what other traditional banks offer). You can also decide where your money is invested. If you prefer not to make interest off of your bank accounts, you can easily switch the option off in the app.
They take ethical and safety practices very seriously
bunq has a very strong purpose-driven and ethical core ideology. They make sure that your money and data stays yours. They promise to keep all your information private, forever. They do not use your money for risky investments nor do they sell any of your personal information.
They are completely transparent
There are no hidden fees when registering for an account with bunq. It costs 7,99 Euros per month for a premium account or 9,99 Euros per month for a business account. If you’d rather test it out before making any big decisions, they also offer a one-month free trial period for their premium account.
If you’d like to open an account, make sure you know exactly which type of account suits your needs best.
Premium Account – € 7.99 /month
If you’re planning on only using your account for personal use, their premium account is their cheapest and best option. You can also try their premium account for free for one 1-month, no strings attached, so you can see if it works for you. If helping save the planet is something you’d like, you can become a member of the Premium SuperGreen subscription. Not only will bunq plant a tree for every 100 Euros you spend with each card at bunq, but you’ll also receive a stainless steel Metal Card which uses 50% less plastic and lasts 50% longer than any regular plastic bank card.
Business Account – € 9.99 /month
A business account is a great option for expats who are looking into becoming freelancers and running their own businesses. With the business account, you also have the option of subscribing to their Business SuperGreen service which, just like the premium account, will allow bunq to plant 1 tree for every 100 Euros you spend with your bunq cards and you will also receive a stainless steel Metal Card which is made from 50% less plastic and lasts 50% longer than your average plastic bank card.
You can also choose a new type of card as well:
Travel Card – € 9,99 one-time fee
The travel card is the most widely accepted card which allows you to always get the real exchange rate regardless of where you go. You can also enable/disable your card whenever you’d like and create Slice groups which allow you to keep track of who paid what and when, when you’re traveling with friends.
Looking for more inspiration? Check our favourite banks over on Life in Germany.
