A new challenger bank is launched today in Ireland with the aim of recruiting customers from Ulster Bank and KBC’s closing Irish business.
Dutch fintech Bunq was founded in 2014 and already operates in 30 other European countries.
Its new Irish offer has a major advantage over its rivals Revolut and N26: it is the first “challenger” bank to offer Irish IBANs.
The lack of Irish international bank account numbers has prevented many consumers here from switching to tech-focused newcomers. Although by law employers here must accept IBANs from Single European Payment Area IBANS accounts, in practice many still refuse.
What is Bunq?
Bunq offers personal ‘easy bank’ accounts from €2.99 per month while a savings account is free to use. It also provides a “green” account that plants a tree for every €100 spent and comes with a plastic-free debit card.
His account comes with all the bells and whistles expected of tech-focused banks, including a mobile app with notifications, bill splitting and expense categories. A feature that sets it apart is the ability to create sub-accounts with their own IBANs, according to Wired.
The bank’s entry into the Irish market comes after it was cleared by the Central Bank of Ireland last month under EU passporting rules.
Bunq has also acquired Capitalflow, an Irish commercial lender, and plans to start offering commercial services and finance to Irish businesses.
Bunq Chief Operating Officer Gerald Gruber said in a statement: “By offering a wide range of financial products and services, Irish people can finally experience the true value of fintech as an alternative to traditional banking. “.