Is Bunq a Legitimate EU Bank with Global Reach

Bunq is a digital bank that's been making waves in the EU with its global reach. Bunq is authorized and regulated by the Dutch Central Bank, which is a member of the European Central Bank.

Bunq's global reach is not just a claim, it's backed by its presence in over 32 countries. Its customers can use their Bunq cards worldwide, without any foreign transaction fees.

Bunq's EU banking license allows it to offer a full range of banking services, including current accounts, savings accounts, and credit cards. This means customers can manage their finances, make payments, and even apply for loans all in one place.

Bunq's commitment to EU regulations is evident in its adherence to the EU's Payment Services Directive (PSD2), which requires banks to provide secure and transparent payment services.

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bunq operates under a full European banking license provided by the Dutch National Bank (DNB), which is a significant distinction from other fintech apps.

This license comes with a Deposit Guarantee Scheme (DGS) that insures up to €100,000 of your money, providing a safety net for your deposits.

Having a full European banking license means bunq is a legitimate online bank that prioritizes the security of your funds.

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bunq has a significant international presence, allowing businesses from various countries to sign up for a bunq bank account.

Businesses registered in Austria can sign up for a bunq bank account for businesses.

Legal business entities registered in the following countries can also sign up: it's worth noting that this information is specific to businesses, not individuals.

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Bunq, the second largest neobank in the European Union, has applied for a New York banking license to bring its services to digital nomads in the US.

The company aims to target almost 5 million digital nomads, including expats, international entrepreneurs, and professionals working remotely, who are EU or US citizens.

Bunq has been operating in Europe for nearly a decade and has now expanded to every EU country, along with Norway and Iceland.

The company's reach has been significant, acquiring Belgian FinTech TriCount last year, which brought in 5.4 million new users.

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However, turning users into sustainable revenues has been difficult, with under 10% of consumers using FinTechs as their primary bank account.

Convenience is the top reason consumers choose neobanks, cited by 55% of those surveyed, followed closely by speed, mentioned by 54% of consumers.

Security is a concern for some, with 19% of users citing it as a reason for choosing neobanks, while 39% of those who prefer traditional banks avoid digital-only operations due to security concerns.

Businesses can operate internationally with the right banking solution.

bunq offers a bank account for businesses in several countries, including Austria, where legal business entities can sign up.

This means that entrepreneurs from Austria can easily manage their finances across borders.

bunq also offers availability in other countries, but the specific details are not mentioned in the provided information.

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