By Oliver Smith on Tuesday 26 October 2021
Get paid like a local in dollars, pounds, francs, Lev or złotys, regardless of where you live.
Dutch neobank Bunq is today launching ‘local currencies’, a new account feature that lets users receive, convert, hold and spend multiple currencies.
While multi-currency accounts are nothing new, Bunq’s unique take is to offer multiple local IBANs along with those accounts, regardless of where a user is based.
So starting today users can store US dollars, British pounds, Swiss francs, Bulgarian Lev and Polish złotys regardless of where in Europe they live—with more currencies coming later this year.
The addition of local European IBANs, regardless of residency, is a digital banking first, and means users can be paid like a local wherever they live and without having to set up a local bank account.
Since then the firm has been dramatically expanding its hiring, led by new chief operating officer Jon Fath from Transmetrics.
Last month Bunq launched in Spain, where it first trialled its multi-IBAN accounts, and in March became the first fintech to join the TARGET Instant Payment Settlement network developed by the European Central Bank, giving its users access to instant payments with banks both in its native Netherlands, but also across Europe too.