BUNQ used to have a product called BUNQ FREE, there was no paid subscription. When BUNQ introduced PREMIUM, it contained all features of FREE, but it was also the most expensive subscription ever seen in the Netherlands.
BUNQ has been quite bad at communicating. Some FREE users got a message their FREE subscription would terminate when their Maestro card end date was reached. Some received a message that they would be PREMIUM users at that end date.
Eventually BUNQ offended them in an even worse way: the end of FREE for its most faitful supporters by communicating a “no-strings-attached” upgrade to Premium for free for 3 months. In reality, after these months they would automatically have to pay €8/month.
Note that most of these people want to pay Bunq a fee. They simply don’t use 70% of the Premium features and therefore have been waiting for BUNQ to come up with a “Light” subscription.
Note that these users were people that use BUNQ has their main, default bank for banking. They are now all looking for an alternative.
Why is REVOLUT not an option for them, even though some of them might already use Revolut just for the creditcard? Simple:
- No iDEAL support. You can’t live a normal live in the Netherlands without having a bank account that supports iDEAL. It’s the SOFORT of Germany but 4x better.
- No JOINT accounts. People that buy a house together are required to have such an account for their mortgage. But it’s a no-brainer for any couple that lives together.
- No instant SEPA. Though definitely not required, it would be the +1 to pull thousands of users in.
Add those first two options in a FREE or LIGHT (paid) subscription and REVOLUT would instantly become the default bank for a huge number of Dutchies.