03 Sep Bunq simplifies group payment tracking and adds analytics – TechCrunch
European challenger bank Bunq is announcing a handful of updates today. You now get a better overview of your account with more insights on how you spend money. If you’re going on vacation with someone else, you can now choose to automatically add transactions to a Slice Group. There are also improvement to VAT management for business users.
Slice Groups are shared accounts for owners of the Bunq Travel Card. You can create a group with multiple Bunq users and then add expenses to the group. You can’t add money to a Slice Group directly. It is essentially a group accounting feature that lets you keep track of who paid for what, who has a positive balance and who has a negative balance.
While you could easily add Bunq transactions to a group, you still had to manually add them every time there are some new transactions. You can now turn on AutoSlice, a feature that lets you temporarily add all card transactions to a Slice Group.
In other news, Bunq wants to give you more information about your spending habits. It starts with a new feature called Bunq Insights. As the name suggests, your payments are now automatically categorized so that you can see a breakdown of what you do with your money.
When you travel, Bunq now gives you information about your travel destination, such as the exchange rate as well as tips and tricks for that country. Bunq users can add recommendations for other Bunq users.
And if you’re always wondering if you’re spending too much money after getting paid, Bunq now tries to predict how much money you’ll have left at the end of the month. The company analyzes your past transactions to predict how much you’re going to spend over the coming weeks.
Finally, Bunq is updating AutoVAT for business users who have to deal with VAT in Europe. In addition to setting aside VAT you’ll have to pay back, the app now counts how much VAT you’ve paid so far so that you know how much you can reclaim. By combining these two figures, you get the exact VAT amount for your taxes.