Bunq launches “local currencies” for its users

As international travel restrictions are being lifted, bunq announces the launch of the Local Currency feature. 

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This allows users to easily receive, exchange and spend in all kinds of currencies within their bunq account.

The introduction of this new service follows shortly after the addition of IBANs from European countries, regardless of the user’s place of residence. 

Where other banks still need proof of residency to register a country IBAN, the challenger bank lets its users link the new multi-currency accounts directly to multiple European IBANs, without having to leave the bunq app.

This makes Bunq the first bank in the world with cross-border bank accounts for the growing number of digital nomads.

Ali Niknam, founder and CEO of Bunq, says, “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.”

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Bunq was founded in 2012 and now operates in 29 countries. In July 2021, bunq participated in the largest series A round ever organized by a European fintech, in a deal with British private equity firm Pollen Street Capital. 

The challenger bank raised 193 million euros, while the company’s valuation rose to 1.6 billion euros.