Wise vs Bunq (2026)

Key differences

At first glance Wise and bunq look similar — both work for expats, both give you a European IBAN, and both can be opened without a local address. But they are built on fundamentally different foundations and optimised for different situations.

• Wise is an e-money institution whose core product is currency conversion. It holds your money in segregated accounts but carries no deposit guarantee.
• bunq is a fully licensed Dutch bank covered by the Dutch Deposit Guarantee Scheme up to €100,000. It costs at least €3.99/month but offers genuine banking infrastructure.

Who is Wise for?

Wise is the undisputed winner when international money transfers are your priority. If you earn in GBP, USD or AUD and need to convert to EUR regularly, Wise gives you the mid-market exchange rate — the same rate you see on Google — with a small transparent fee (typically 0.4–0.6%). No hidden markups, no nasty surprises.

With a Wise account you also get local bank details in 10+ currencies (including a Belgian IBAN for EUR), making it easy to receive salaries and payments from overseas clients. The physical debit card costs a one-time fee of around €7, but virtual cards are free and unlimited.

For expats whose main financial activity involves moving money between countries, Wise is simply the most cost-effective tool available.

Who is bunq for?

bunq targets expats who want a real bank account from day one — not just an e-money account. The Dutch banking licence means your deposits are protected up to €100,000, the same as ING or ABN AMRO. This is a significant practical and psychological advantage for expats who plan to hold meaningful savings in their account.

bunq is also the only fully licensed EU bank that lets you open remotely without a local address. If you are moving to the Netherlands, Belgium or anywhere in the EU and need a genuine IBAN before your residency paperwork is sorted, bunq is the standout option.

The multiple Budget accounts (up to 25, each with their own IBAN) are ideal for expats managing rent, savings and daily spending in separate pots.

Fees compared

Bottom line

If international money transfers are your dominant use case — receiving a foreign salary, paying overseas contractors, converting savings from another currency — Wise wins on pure economics. The exchange rates are unbeatable and the fees are fully transparent.

If you want a proper EU bank account with deposit protection, multiple sub-accounts and the security of a full banking licence, bunq is worth the monthly fee. Many expats use both: Wise for transferring and converting money, bunq as their primary EU current account.