bunq announced the introduction of Belgian IBANs. With this, the challenger now offers simple, fast access to local accounts for the country’s significant and growing population of expats and internationally-mobile workers.
As the political heart of Europe, Belgium is home to a dynamic and mobile population who have been long underserved by traditional banking. „With 36% of the population having a foreign background, there is a clear demand for a flexible, borderless banking solution simplifying life across countries.” – according to the press release.
„With a fully digital experience that allows users to open an account in just five minutes, bunq users can now skip the financial admin that comes with an international move – holding their Belgian account alongside up to 25 separate bunq accounts, each with its own individual IBAN, giving them the flexibility to spend, save, and pay without paperwork or branch visits.” – the bank said.
Building for the future shouldn’t be reserved for those who stay in one place. With bunq Savings, users earn a variable gross interest rate of up to 3.01% annually, paid out weekly rather than once a year. The rate is tiered: a base rate applies up to each user’s personal threshold, with a higher bonus rate above it. Interest paid on balances up to €100,000 per person.
The rate is variable and can change over time. Interest is subject to 30% Belgian withholding tax, and, as with any savings, credit and inflation risk apply. bunq also offers automatic round-ups from everyday spending, making saving even more effortless. Deposits up to €100,000 are protected by the Dutch Deposit Guarantee Scheme.
“Belgium is home to change-makers from all over the world – whether they are building a business or building policy. They deserve a bank that’s as international as they are,” says Ali Niknam, founder and CEO of bunq. „With Belgian IBANs, we’re making it easier for people in Belgium to grow their money through everyday decisions, wherever life takes them.”
Alongside the introduction of local IBANs, bunq launches Wero, the secure payment system from the European Payments Initiative, in Belgium and France. This gives users another way to pay and get paid effortlessly, directly from their bunq app. Wero will be rolled-out to more participating European markets in the coming months, unlocking cross-border payments throughout Europe. These updates continue bunq’s rapid growth driven by making life easy for its users, following the recent launch of Italian IBANs and filing of its Mexican banking license.
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bunq, Europe’s second-largest neobank, has built the first user-centric bank. As the world’s first GenAI-powered bank, bunq offers its users safe, secure and simple 24/7 financial support—user-centricity at scale. bunq was the first bank to get a greenfield European banking permit in over 35 years, raised the largest series A round ever secured by a European fintech (€193 million), and was the first EU neobank to achieve structural profitability. As part of its mission to build the first global neobank, bunq has also received its US broker-dealer license and applied for its US and Mexican banking license, with more global expansion to follow.
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