Accept incoming international currencies

Daan-Silver-Lion

People working abroad getting payed in international currencies like US Dollars or GBP. If Bunq would accept instant payment in these currencies it would be very interesting for a lot of expats.

johannes

Daan Instant Payments in USD? bunq is working together with TransferWise, you can just open up a TransferWise Borderless account and withdraw the money to your bunq account in a few sec, thanks to SEPA instant.

Daan-Silver-Lion

Johannes 🇦🇺 Does this work if you are on the receiving end of the salary being paid?

johannes

Daan With a TransferWise Borderless Account you get local bank account details for USD, GBP, EUR (not important for us), AUD, NZD and PLN, with more to come. Here more infos: https://transferwise.com/borderless - When you received the money you can just convert it with the real exchange rate + a little fee (not Mastercard or SWIFT wannabe exchange rate :p) and transfer it to your bunq account, with SEPA inst it arrives in a few sec.

Daan-Silver-Lion

Johannes 🇦🇺 Thanks for the info, I will dive in to this topic and see if this solves my issue. I will get back to this topic when all is confirmed.
Thanks Johannes

johannes

Daan Perfect. I'm using it every month with my GBP details and so far it worked really well.

Petrus-Olive-Tiger

Daan Klopt. Ik heb ook een TransferWise borderless account. Als je een overboeking doet wordt het met Instant Payment, binnen 10 seconden op je rekening bijgeboekt!

Jfmurciego

For dealing with multiples currencies at the same time, my favourite option is REVOLUT or Transferwise BORDERLESS account.

The first one gives you the best possible exchange rate, the forex spot, and also you can have multiple accounts, one per currency.

Bunq unfortunately is only focus in Euros, maybe in the future they evolve further on that direction

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Tim

Hi everyone 👋

I see this topic is changing into a combined topic for 2 ideas. This topic is explicitly about the idea of being able to receive other currencies, or bunq being able to automatically exchange them when receiving a transfer. At the moment bunq accounts can only accept EURO transfers.

If you wish to vote for the idea about holding different/other currencies you can leave your feedback here: https://together.bunq.com/d/1021-accounts-in-other-currency

Suzanne-Pink-Tiger

Hier nog een vote voor currencies kunnen ontvangen. Ik snap niet dat Bunq de wereld kleiner wil maken zoals Ali laatst noemde in de POM podcast maar dan alleen maar euro’s ontvangt.

New-Turquoise-Kiwi-2928004516

Another vote for receiving money in another currency, USD. Otherwise moving to Revolut which supports this

Jakob-Y

Ronan This feature has already been announced at the last update and is currently in Beta testing phase with 100 users. See: https://together.bunq.com/d/45257

With these accounts you can receive SWIFT payments in the respective currency of the account and then either exchange it into Euro (or another supported currency), use it for card payments or send it along.

New-Turquoise-Kiwi-2928004516

Thanks Jacob, appreciate that. Just checking how the exchange rate compares to Revolut

New-Turquoise-Kiwi-2928004516

Sorry Jakob

Jakob-Y

Ronan

Edit: Updated information is now available in the official announcement post over here https://together.bunq.com/d/45414 and pricing information is available here https://together.bunq.com/d/46469

No worries ;) You can already find the pricing information in the Pricing Sheet (subject to changes before the official launch of course!). A few main points:

~~Opening the first local currency account for a given currency costs 9.99 Euros, but afterwards you can create more sub-accounts of the same currency for no extra costs.~~
Exchanging between currencies costs 0.5% of the amount. The exchange rate is actually a bit unclear to me (I'm a beta user myself). In the pricing document it says "Mastercard exchange rate" but in my experience so far the rate was actually better and closer to mid-market rate.
There are transaction fees for receiving and sending SWIFT payments. Incoming is 10 Euro/payment and outgoing is also 10 Euro/payment for shared cost. But you will also be able to get local payment details for select currencies, and receiving such a payment costs only 70 Cents.
You can connect your cards to the local currency account and pay directly from it. For example when you pay for something in USD from a USD account, there are no fees at all.

All in all, pretty similar to how it works at the competitor that you mentioned ;)

Andreas-Silver-Quokka

Jakob Pleased correct SWIFT Feedback, they are now depending in transfer value and Up to 25 Euro

New-Turquoise-Kiwi-2928004516

Thanks Jakob (3rd time lucky spelling it correctly!!)

Jakob-Y

Andreas The post is indeed from 2021. Conditions at bunq are subject to change. The official threads that I also linked to should be up to date :)

Andreas-Silver-Quokka

Jakob Right