Amsterdam based Neobanking Fintech bunq Introduces Local Currency Feature via Platform’s Banking App

Amsterdam-based neobanking Fintech Bunq has introduced a domestic currency feature for digital nomads that is available via the firm’s banking app.

Bunq clients are able to receive, convert, hold and spend in several different currencies without needing to exit the app. The first currencies that are available to clients are US dollars, British pounds, Swiss francs, Poland złoty and Bulgarian levin, with others to be added later.

Rolling out this feature, which has been part of various trials with users since August of this year, Bunq adds:

“Bank like a local by making payments in the local currency from your bunq account. Paying the rent in dollars is now possible without any intermediary, so you can really feel at home.”

In order to make use of the service, clients are required to open up a “Local Currency” sub-account, which gets linked to several European Ibans – independent of residency – for sending and receiving transactions.

Ali Niknam, founder and CEO at Bunq, stated:

“We’re truly excited to launch our Local Currency account today. This will bring huge benefits to all bunq personal and business users, giving them the freedom to easily use multiple currencies all in one app.”

As covered earlier this year, Pollen Street Capital invested €193 million in Bunq, a Netherlands-based digital bank. The investment represents a 10% stake in the Fintech valuing Bunq at €1.6 billion, according to multiple reports.

As reported in June, Bunq had committed to a €160 million round at a €1.65 billion valuation. Bunq also revealed that it would be acquiring a small business lender as part of the transaction.

Mastercard announced in May of this year that it named European challenger bank Bunq the first European issuer to launch Mastercard’s True Name feature across Europe to support transgender and non-binary communities.

Last year, Bunq reportedly managed to grow its mortgage portfolio by 400% within six months. Bunq began offering mortgages to Dutch clients in July 2020. The digital bank had teamed up with third-party broker, asset manager NN IP, in order to provide these new investment options.

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