Hey bunqers 🌈,
Save money and earn interest in 8 global currencies with Foreign Currency Savings Accounts.
Foreign Currency Savings Accounts are available to bunq Free, bunq Core, bunq Pro and bunq Elite users residing in 🇫🇷 France, 🇩🇪 Germany, 🇮🇪 Ireland, 🇮🇹 Italy, 🇳🇱 The Netherlands, and 🇪🇸 Spain with an active Personal or Business account.
Which foreign currencies can I save in?
You can save and earn corresponding interest in the following currencies on your Personal Savings Account(s):
🇦🇪 AED, United Arab Emirates Dirham — 2.02%
🇦🇺 AUD, Australian Dollar — 3.56%
🇬🇧 GBP, British Pound — 3.01%
🇳🇴 NOK, Norwegian Krone — 3.32%
🇵🇱 PLN, Polish Złoty — 2.12%
🇹🇷 TRY, Turkish Lira — 27.06%
🇺🇸 USD, US Dollar — 3.01%
🇿🇦 ZAR, South African Rand — 4.03%
Additionally, you can earn the corresponding interest in the following currencies on your Business Savings Account(s):
🇦🇪 AED, United Arab Emirates Dirham — 1.54%
🇦🇺 AUD, Australian Dollar — 2.72%
🇬🇧 GBP, British Pound — 2.30%
🇳🇴 NOK, Norwegian Krone — 2.53%
🇵🇱 PLN, Polish Złoty — 1.62%
🇹🇷 TRY, Turkish Lira — 20.68%
🇺🇸 USD, US Dollar — 2.30%
🇿🇦 ZAR, South African Rand — 3.08%
❗Please note that the interest and exchange rates can fluctuate over time — always check your app for the latest rates.
How can I open a Foreign Currency Savings Account?
To open a Foreign Currency Savings Account, just follow these steps:
Go to the 💰 Savings tab
Tap on Add an Extra Savings Account
Select Foreign Currency
Choose your preferred currency to save in
Personalize your account and tap on Create
Done ✅
You can immediately top up your Foreign Currency Savings Account by:
Selecting the amount you’d like to add
Selecting which account you’d like to top up from
Taping on Convert
Your Foreign Currency account is set and topped up — happy saving!
What’s currency volatility and how can it affect my savings?
Savings in foreign currencies can change in value. This is due to currency volatility, which is how much and how quickly a currency's value changes. It is mainly caused by inflation, interest rate changes, and a country's political and economic stability.
How does inflation impact volatility?
When inflation is high, it can make the currency less stable and result in high volatility. The value of a currency with high volatility can move up or down quickly. This brings more opportunity for gains — and a higher risk of loss.
When inflation is low, the currency is more stable and results in low volatility. The value of a currency with low volatility stays relatively stable and predictable.
If you save in a foreign currency, its value isn’t fixed. When the exchange rate changes, the amount you’ll get in euros changes with it. This means that the money you save in foreign currencies can grow or lose value when converted back to euros.
How volatile are the offered Foreign Currencies?
This is how volatile the foreign currencies offered for Foreign Savings Accounts have behaved historically with respect to the Euro:
🇦🇪 AED — Very low volatility. Its value is pegged to the USD, meaning its price is officially linked to the US Dollar, which makes it very stable against the Euro. A remote risk of the peg being abandoned is present.
🇦🇺 AUD — Medium volatility. The AUD is perceived as a commodity currency and with strong links to global growth. AUD value is strongly correlated to global trade and commodity prices.
🇬🇧 GBP — Medium volatility. The volatility is driven by the difference in economic performance and interest rates setting between the Eurozone (EBA) and the UK (Bank of England). A risk is present as trade frictions with the EU impact the value of GBP against the Euro.
🇳🇴 NOK — Medium volatility. This currency’s value is influenced by global energy prices and the Norge’s Bank’s monetary policy. The value of the NOK is heavily dependent on the performance of the energy sector.
🇵🇱 PLN — Medium volatility. This is because the value is influenced by Poland’s domestic inflation and regional stability. PLN value is vulnerable to the political stability in Eastern Europe.
🇹🇷 TRY — Very high volatility. This is because of high domestic inflation. The ongoing economic challenges and political uncertainty make TRY a highly volatile currency.
🇺🇸 USD — Low to Medium Volatility. The EUR/USD is the world’s most traded currency pair, driven by monetary policies of the ECB and the Federal Reserve in the US. The US dollar is classified as the global standard and the main safe-haven currency.
🇿🇦 ZAR — High volatility. This currency’s value is influenced by the country’s political uncertainty and economic instability. ZAR value tends to be weakened by any period of global instability.
The euro value of foreign currencies can fluctuate as a result of currency volatility. Only open a Foreign Savings Account if you understand the risks which come with currency fluctuations.
Are there any costs for using Foreign Currency Savings Accounts?
Aside from the monthly subscription costs for bunq Core, Pro, and Elite, there are no additional charges for the use of Foreign Currency Savings Accounts.
If you don't already have the foreign currency you’d like to save in, you have the option to convert your euros directly within the bunq app. To safeguard you from currency fluctuations, we apply a 0.5% mark up to the most recent rate when markets are open. This guarantees steady rates, providing you with the best possible value when converting your euros to your preferred currency.
How is MassInterest calculated?
You can see how to calculate your MassInterest rates here.
When will I receive my interest payout?
MassInterest will be paid out each week based on your Payday settings.
Is my Foreign Currency Savings Account's balance protected under the Deposit Guarantee Scheme?
Foreign Currency Savings Accounts aren’t eligible for protection under the Deposit Guarantee Scheme and are subject to value fluctuations. This is because the foreign currency deposits are e-money accounts and are held by Currencycloud. For more information on how the Dutch Deposit Guarantee works, click here.
How does Auto Round Up work with Foreign Currency Savings Accounts?
You’ll be able to save money in all the available Savings currencies: 🇦🇪 AED, 🇬🇧 GBP, 🇳🇴 NOK, 🇦🇺 AUD, 🇵🇱 PLN, 🇿🇦 ZAR, 🇹🇷 TRY, and 🇺🇸 USD. If you enable Auto Round Up for any of your Foreign Currency accounts, you’ll automatically save into the corresponding Foreign Currency Savings Account for that currency.
Simply enable the Auto Round Up feature for the Foreign Currency account you want to save from, and your funds will be rounded up or saved directly into the matching Foreign Currency Savings account — easy as that.
Here’s how you can enable the Auto Round Up feature:
Go to 💰Savings tab
Tap on your Foreign Currency Savings Account
Go to ⚙️Settings
Select Auto Round Up
Tap and enable Auto Round Up
Select the Bank account(s) to Auto Round Up from
You’ll be able to use the Auto Round Up option to 1 Savings account per currency. Further information on Auto Round Up can be found here.
Important information about Foreign Currency Savings Accounts
Foreign Currency Savings Accounts count toward the Bank Account limit for each plan. For bunq Pro and bunq Elite, they are part of the 25 Bank Accounts available. For bunq Core, the Foreign Currency Savings Account is included in the 5 Bank Accounts allowed, and for bunq Free, it counts toward the 3 Bank Account limit.
Funds can be withdrawn 2 times per calendar month for each currency. Keep in mind that this will count towards your total Savings withdrawal limit.
Interest can be earned on foreign currency deposits equivalent to €100,000, based on the Mastercard exchange rate.
A Foreign Currency Savings Account can’t be converted into a Euro Savings Account. Keep an eye on our updates for further future details here.
To see the general principles applying to our services, check our Terms & Conditions.