Bunq bank to target currency exchange users
The newest bank to launch in the Irish market is counting on zero currency exchange fees, Apple Pay and 'ethical investment' options to attract customers.
Bunq, an online bank with operations in seven other European countries, says that its biggest source of income will be a €7.99 monthly fee.
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The bank's founder, Ali Niknam, told the Irish Independent he is betting that this "transparent" approach to cost will appeal to younger banking customers who are suspicious of "traditional banks and their hidden fees".
The financial institution has integrated the currency-exchange service TransferWise into its app so that its customers can send money home to a non-euro destination such as the UK. Mr Niknam claims that this process is up to eight times cheaper than a traditional bank.
"For Irish people working in the UK, we think this might be a big benefit," he said. "You don't have to pay any exchange fees if you are making payments or taking out cash abroad."
The new banking service is also appealing to entrepreneurs through an app service that scans invoices and integrates with accounting software from a user's phone.
Bunq will also let its customers decide where their funds are stored and how they are used, including options such as the avoidance of tobacco industry returns.
"People like to have this choice," said Mr Niknam.