Bunq, a challenger bank based in Amsterdam, is updating its service to include a few new features. Existing and new Spanish users can now obtain an IBAN in Spanish.
European IBANs should work in Europe. You can't be forced to have a local IBAN by your employer or internet provider. But that is not always the case. You will likely open a bank account in your new country of residence when you move to Europe.
European fintech companies have joined forces to create an IBAN lobbying campaign called Accept my IBAN. However, Bunq and other challenger banks are now able to obtain local bank account numbers to help them as an intermediary. Bunq users have the option to associate IBANs of multiple European countries with an account. Each time you add a local IBAN to your Bunq account, you will be charged a 9.99 one-time fee.
Bunq also draws inspiration from Wise and Vivid Money, which will soon allow you to convert, receive and hold foreign currencies. Bunq accounts will allow you to receive your salary if you are going to a non Euro country to do an internship. Bunq has USD accounts as a starting point, with plans to add currencies in the future.
You can also receive reminders one day before direct debits occur, a subscription view that allows you to see current subscriptions and when they expire, an improved search function, and the ability for direct debits to be automatically accepted by your friends. Before enabling this feature, make sure to set a limit.
Bunq announced recently plans to raise $228million (193 million), at a valuation of $1.9 billion (1.6 billion). The Dutch banking regulator has not yet approved the investment round. Bunq currently operates in 29 European countries and has more that &billion user deposits.