Bunq and Revolut are both popular digital banking platforms that offer a wide range of financial services. While they have some similarities, there are also distinct differences between the two.
Bunq is a European-based digital bank founded in the Netherlands. It offers personal and business banking services with a strong focus on sustainability. Bunq's core offering includes free multi-currency accounts, real-time notifications, budgeting tools, and the ability to send and receive payments. Bunq also has a unique feature called "Connect," which allows users to connect their accounts to other financial apps for easy money management. It's worth noting that Bunq has a subscription-based pricing model, offering different plans with varying fees depending on the features and services desired.
On the other hand, Revolut is a UK-based digital banking platform that has gained significant popularity worldwide. Initially known for its travel-focused services, Revolut has expanded its offerings to include personal and business accounts, as well as additional features like commission-free stock trading, cryptocurrencies, and money transfers across borders. Revolut offers standard features such as budgeting tools, spending analytics, and the ability to create virtual cards. Revolut's pricing structure consists of free and premium plans, with the premium plan offering enhanced benefits for a monthly fee.
In terms of user experience, both Bunq and Revolut provide user-friendly mobile apps and web interfaces, allowing customers to manage their finances conveniently. They also both offer mobile payment solutions like Apple Pay and Google Pay.
One key distinction between the two platforms is their approach to customer funds. Bunq is a fully licensed bank in the European Union, which means that customer deposits are protected up to a certain threshold under the applicable deposit guarantee schemes. On the other hand, Revolut is not a licensed bank. Instead, it operates as an electronic money institution. Customer funds held with Revolut are ring-fenced at regulated banks and are not covered by traditional deposit insurance.
Ultimately, the choice between Bunq and Revolut depends on individual preferences and needs. If sustainability and fully licensed banking services are a priority, Bunq might be a better fit. On the other hand, if a broader range of features, including stock trading and cryptocurrencies, is desired, combined with competitive pricing, Revolut may be the preferred option. It's a good idea to thoroughly evaluate the features, pricing, and customer protection measures of each platform before making a decision.