bunq vs Wise in Belgium: which neobank to choose?

bunq and Wise are both available in Belgium, but they serve different purposes. bunq is a full Dutch bank with a DNB licence, Bancontact support, and a Metal credit card. Wise is an e-money institution specialising in international transfers at the real exchange rate, with a Belgian IBAN. Which one fits your life depends on what you actually do with your money.

How much do bunq and Wise cost in Belgium?

Wise works without a subscription. The Visa debit card costs €7 to order, then €0 per month. bunq offers four plans from free to premium.

In practice, bunq Free is a test account: without a physical card, you can't use it in shops. The first truly functional bunq plan is Core at €3.99/month — €47.88/year. Wise is a one-off €7. Over a year, the difference is €40.88 in Wise's favour.

What this means for you: if you need a secondary account for foreign spending, Wise is objectively cheaper. If you want a full banking account with sub-accounts, Bancontact and a savings rate, bunq Core is the entry point.

What IBAN do you get: NL or BE?

This is the most visible everyday difference. Wise assigns a Belgian IBAN (BE), bunq a Dutch IBAN (NL).

A Belgian IBAN works everywhere in Belgium without friction: direct debits for utilities, insurance, employer salary payments. SEPA Regulation 260/2012 prohibits IBAN discrimination by country, but the reality is different. During a test in spring 2025 with a Dutch IBAN, some Belgian providers rejected direct debit mandates without valid technical explanation.

Wise solves this at the root. Wise Europe SA is registered with the NBB (BCE 0713.629.988) and issues Belgian IBANs. Your employer, health insurer and energy provider won't see any difference from a KBC or ING account.

Key detail: if you use bunq as your primary account in Belgium, expect occasional direct debit rejections. A parallel Belgian account often remains necessary for two or three stubborn mandates.

How do exchange fees compare?

bunq charges a flat 0.5% on every non-EUR transaction, regardless of plan. Wise converts at the real interbank rate (mid-market rate) with a transparent fee of 0.33–0.57% depending on the currency pair.

On common currencies (GBP, USD, CHF), Wise is generally cheaper than bunq. For a €500 purchase in British pounds, bunq charges €2.50 in exchange fees. Wise charges roughly €1.65–€2.85 depending on timing — the gap is modest on small amounts.

Wise's advantage grows with international transfers. Sending €5,000 to a USD account via Wise costs between €16.50 and €28.50. bunq doesn't offer a dedicated international transfer service at the interbank rate — you'd need a standard SEPA transfer and the receiving bank's conversion, which is often more expensive.

For ATM withdrawals, bunq Core includes 5 per month at €0.99 each, then €2.99. Wise offers €250 in free withdrawals per month (increased from €200 to €250 in May 2026), then 1.75%. On €400 in monthly withdrawals, Wise costs €2.63 versus €4.95 for bunq Core (5 withdrawals).

What protection does your money have: bank or EMI?

This is the fundamental difference, and it matters.

bunq holds a full banking licence from De Nederlandsche Bank (DNB). Your deposits are covered by the Dutch deposit guarantee: €100,000 per depositor, reimbursement within 7 business days, under EU Directive 2014/49/EU. bunq also offers a savings account at 1.51% gross.

Wise is an electronic money institution (EMI) registered with the NBB. It is not a bank. Your funds are safeguarded — Wise places them in segregated accounts at partner banks — but they are not covered by deposit insurance. If Wise were to fail, you'd be a priority creditor, not a guaranteed depositor. Wise does not offer a savings account in Belgium.

In practice, this distinction matters most if you hold significant amounts. For a current account with a €2,000–3,000 typical balance, the real risk is low in both cases. For a primary account holding €20,000 or more, bunq's DNB guarantee offers a safety net that Wise's EMI status cannot match.

Do you need Bancontact or is Visa enough?

bunq is the only neobank that supports Bancontact, Belgium's dominant payment network. Worldline processed 1.9 billion Bancontact transactions in-store in 2024. Wise works exclusively via the Visa network.

For in-store payments, the Wise Visa card works at virtually all Belgian terminals. The difference plays out online: some Belgian e-commerce sites only accept Bancontact. Underground car parks and Ionity charging stations sometimes accept Bancontact only.

The other distinction is card type. bunq Pro and Elite give access to the Metal Credit Card (€99 one-time), a real Mastercard credit card. Wise only offers a Visa debit card. For car rentals at Hertz, Sixt or Europcar, a credit card is required for the deposit (often €1,200). A Wise debit card will be rejected at most agencies.

What this means for you: if your daily life is Belgian — groceries, parking, local online payments — Bancontact is a real advantage. If you mostly transact on international platforms (Amazon, Booking, Airbnb), the Wise Visa is sufficient.

Which profile should choose bunq or Wise?

The choice comes down to your primary use case.

Expat or international freelancer: Wise. The Belgian IBAN, 50+ currencies, international transfers at the real rate and zero subscription make it the ideal tool for receiving payments from foreign clients or sending money abroad.

Settled Belgian resident: bunq. Bancontact, the DNB deposit guarantee and a savings rate (1.51% gross) make it a more complete primary account for daily life in Belgium.

Frequent traveller outside the eurozone: Wise for card payments (slightly lower fees), but bunq if you need a credit card for hotel and car rental deposits.

Tight budget, minimal use: Wise. A total cost of €7 for a multi-currency account with a Belgian IBAN is unbeatable. bunq Free without a physical card isn't a viable alternative.

Maximum security on large balances: bunq. The €100,000 deposit guarantee via the DNB is a safety net that Wise's EMI status cannot provide.

A final note on taxes: the bunq account (NL IBAN) must be declared to the NBB's Central Contact Point (PCC) and reported in your annual tax return, with fines of €50–€1,250 for non-compliance (Article 445 CIR 1992). The Wise account with its Belgian IBAN is not subject to this PCC declaration requirement, which simplifies the paperwork.