bunq Business Review 2026: Not for Malta or Cyprus

bunq markets itself as “Easy Money for Business,” and on paper it is one of the slickest business banking apps in Europe: a real licensed bank, local IBANs in several countries, sub-accounts, expense cards and a pioneering open API. But before any Malta- or Cyprus-based founder gets excited, there is one decisive fact to clear up first — and it shapes this entire review.

Availability in Malta and Cyprus: the dealbreaker

As of mid-2026, bunq does not offer its Business account to companies registered in Malta or Cyprus. According to bunq’s own Help Center, to open a bunq Business account your company must be registered in the Netherlands, Belgium, France, Germany, Austria, Spain, Italy, Ireland or Portugal. Malta and Cyprus are simply not on the list.

There is a common point of confusion here: bunq personal accounts are available in many more EU/EEA countries, including Malta and Cyprus. But the business product is restricted to the nine countries above. bunq also requires that all directors and ultimate beneficial owners reside in the EEA, that the company is an active registered legal entity with no more than four ownership layers, and it excludes certain sectors outright — notably pharmaceuticals, weapons and, importantly, financial services.

So if you are a Maltese Ltd or a Cyprus limited company, the honest answer is: you cannot open a bunq Business account today. Everything that follows is useful for context and comparison — and relevant if you also operate an eligible-country entity — but it is not a product you can sign up for from Valletta or Nicosia.

Regulatory status and deposit protection

Where bunq genuinely shines is its regulatory standing. bunq B.V. holds a full banking licence from De Nederlandsche Bank (DNB), the Dutch central bank. That makes it a real bank, not an e-money institution. The practical consequence matters a great deal: eligible deposits are covered by the Dutch Deposit Guarantee Scheme (DGS) up to €100,000 per person, per bank.

This is true deposit insurance backed by the Dutch state scheme — fundamentally stronger than the “safeguarding” model used by e-money fintechs (where your money is held in a segregated account at a partner bank but is not covered by a guarantee fund if the EMI itself fails). For a business that parks meaningful balances, that distinction is the single biggest reason to prefer a licensed bank like bunq over an EMI — which makes it doubly frustrating that the product is closed to Maltese and Cypriot companies.

Pricing and plans

bunq uses transparent, flat monthly tiers. Figures below reflect bunq’s pricing as of its January 2026 pricing sheet.

Beyond the free allowance, instant payments cost about €0.13 each and payment requests €0.27. ATM access varies by plan: the Free plan charges roughly €2.99 per withdrawal; Core gives the first five withdrawals a month at €0.99 (then €2.99); Pro and Elite include around six free withdrawals monthly, then €0.99 for the next five. Foreign-currency conversion carries a markup of about 0.5% during market hours, with an additional weekend surcharge of roughly 0.15%–0.5%. A metal card is €99, and Tap to Pay carries a 1.5% fee. bunq also offers a “Pack” group discount of up to 30%.

Key features for small businesses

• Local IBANs in NL, DE, FR, ES and IE — you are not stuck with a single foreign IBAN, which helps when local counterparties are wary of “foreign” account numbers.
• Multi-currency: hold balances in 22 currencies and send in around 39.
• Sub-accounts: up to 25, each with its own IBAN — excellent for ring-fencing VAT, payroll and projects.
• Expense cards: up to 10 company/employee cards on higher tiers.
• Open API: bunq was an early mover on bank APIs, with integrations for Xero, QuickBooks (via connectors), FreshBooks, Sage and Jortt, plus real-time accounting feeds.

Pros

• Genuine licensed bank with €100,000 Dutch deposit-guarantee protection.
• Local IBANs across five EU countries.
• Up to 25 sub-accounts, each with an individual IBAN.
• Strong open API and broad accounting integrations.
• Up to 10 expense/company cards.
• Transparent flat-fee pricing and a free tier for sole proprietors.

Cons

• Not available to Malta- or Cyprus-registered companies — disqualifying for most readers of this site.
• FX markup (~0.5%+) is uncompetitive next to specialists like Wise.
• No business loans or credit facilities.
• Cards work prepaid-style, needing manual top-ups.
• Phone support is reserved for paid plans.
• Financial-services and several other industries are excluded.

Who should use bunq Business?

bunq Business is a great fit for SMBs, freelancers and startups registered in the Netherlands, Germany, France, Spain, Italy, Ireland, Austria, Belgium or Portugal who want a real bank — with deposit protection — wrapped in a modern app, sub-accounts and an API. It is not a fit for Malta- or Cyprus-based businesses (they are ineligible), for heavy FX users, or for anyone who needs credit lines or loans.

Verdict

bunq is one of the best-designed deposit-guaranteed business banks in the EU — but for the audience of this review, that praise is academic, because Maltese and Cypriot companies cannot open one. If you also run an entity in an eligible country, it is well worth a look; if your only business is in Malta or Cyprus, look elsewhere — Paysera being the obvious EMI alternative, or a local licensed bank. Rating: 3.5/5 — an excellent product held back, for our readers, by simple unavailability.

Fees, plan inclusions and country eligibility change frequently. Always confirm the current terms on bunq’s official website before opening an account.