Dutch neobank Bunq has expanded to all countries within the EU

Business Insider | 10/2/2019 | Lea Nonninger
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Digital - Banking - Startup - Bunq - Markets

Digital banking startup Bunq has launched in 22 additional markets including Norway, Iceland, and the UK, according to TechCrunch, making it available in all European Union markets. Additionally, the startup recently launched Apple Pay support for its Travel Card users in the Netherlands, France, Belgium, and Ireland.

Bunq offers four different types of accounts: Its premium account that costs €7.99 ($8.71) a month, a business account with a €9.99 ($10.89) monthly fee, joint accounts for €9.99 ($10.89) a month, and a Travel Card for a one-off fee of $9.99 ($10.89) for production and shipping. Only its Travel Card, which consumers can use after topping up an electronic wallet, is available in the new markets, while users can open full-fledged bank accounts in the markets it was already present in.

Bunq - Fee - Structure - Users - Firm

Here's what it means: Bunq's fee structure may deter some users, but it could also help the firm become a more sustainable company.

There are a number of neobanks in the EU that offer accounts without fees, meaning Bunq is facing some tough competition. N26 and Revolut, which are both present throughout the region, offer accounts with no initial or monthly fees next to their premium accounts, for example. These players also offer full bank accounts to consumers in all the countries they operate in, which could make them more attractive to users without the necessary cash to splurge on bank accounts. Of note, Bunq is targeting a slightly older user base with its services...
(Excerpt) Read more at: Business Insider
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