Banking in the Netherlands

The Netherlands offers many opportunities, a high quality of life, and easy integration, with a large international community. While opportunities might abound, they come with a high cost of living. However, Dutch salaries are generally high enough to cover most people’s living expenses.

As a new international resident in the Netherlands, it is important to understand and comply with financial laws and regulations, which may differ from those in your home country. The Netherlands is home to some of the world’s banking giants and consists of 96 national and international banks, along with 140 local cooperative banks. De Nederlandsche Bank is the country’s central bank, regulating Dutch banking services alongside the Dutch Authority for Financial Markets.

Opening a bank account in the Netherlands is not a legal requirement, though it is convenient. We recommend that you open a local bank account if you need to receive salaries, pay rent or a mortgage for housing, or simply take a trip to the supermarket, where you can “pin” for groceries using debit cards, phones, or wearables. When opening a bank account, it’s a good idea to weigh the pros and cons of all available options and select the ones that best suit your needs and everyday requirements. These options might include:

• Costs: Most Dutch banks charge a small monthly fee (ranging from €0 to €5.50) to operate accounts. There may be additional surcharges, such as credit card fees or charges for borrowing and transferring funds. You can compare costs and services with other European banks by visiting www.thebanks.eu.
• Range of Services: Most banks offer loans, mortgages, insurance, investments, or special offers tailored to internationals.
• Accessibility: This includes online, mobile, and walk-in branch services.
• English-speaking services: Most banks accommodate English-speaking clients by offering customer service by phone, chat and email as well as online banking in English.

Types of Bank Accounts

Most Dutch banks offer two types of accounts:

1. Current Accounts: These are popular because they offer instant access to money, debit/credit options, mobile/internet banking facilities, and more. Current account features vary between banks.
2. Savings Accounts: These accounts are typically for short- to long-term deposits, which can be used to save for holidays, children’s education, or retirement.

Bank Accounts for Different Types of Account Holders

• Joint Accounts: Dutch banks offer joint accounts for married or cohabiting couples to manage their finances.
• Student Accounts: A student bank account is identical to a normal bank account. To qualify for a student account, you must provide proof of enrolment at a Dutch school.
• Business Accounts: Most Dutch banks offer business accounts for start-ups as well as established businesses and corporations. If the business is registered in the Netherlands, a Dutch business bank account is legally required. For unincorporated businesses (freelancers, sole traders, etc.), the process is similar to opening an individual account. If the business is registered with the Kamer van Koophandel (KvK)—the Dutch Chamber of Commerce—banks will typically only open a business account when the owners or directors apply in person. Additional documents, such as a passport/ID, residence card, BSN (citizen service number), a Dutch business address, and the business registration certificate, must be presented.
• Children and Teenager Accounts: Several Dutch banks offer bank accounts for children and teenagers. To open an account for a child, you need to provide personal details (ID, BSN, and address) for the parent and child. Parents can link the child’s account to their own for easier management.
• International and Offshore Accounts: Internationals living in the Netherlands may want to open an international offshore bank account to better manage their finances. These accounts are useful for those who work or spend time in more than one country, or who frequently transfer money across borders. The main advantage is a range of cross-border services and lower taxes on funds.

Documents Needed to Open an Individual Bank Account

To open a bank account in the Netherlands, you can visit a branch in person (with a prior appointment) or apply online through the bank’s website. Required documents include:

• Valid ID
• BSN number (new account holders have 90 days to submit this document)
• Proof of address (such as a Dutch utility bill or rental contract)

Depending on the type of account, additional documents like evidence of income (employment contract, pay slips) may be required. For joint accounts, documents from both holders are necessary. Dutch banks may check the credit rating of new customers with the Central Credit Registration Office (BKR). Upon approval, the account is opened, which usually takes about a week. The account information is sent by post, and the PIN code for cards is sent separately.

Banking Services

Internet banking is common in the Netherlands, both among locals and internationals. It is a convenient method of managing finances, being safe and secure, and allows for almost all transactions to be completed online. To log into a bank account via internet banking, users employ an E-dentifier, a card reader that safely logs them into their account and facilitates transactions. In some cases, banks provide additional security codes to ensure absolute safety. With smartphones, it is possible to make online transaction using banking apps.

• iDEAL: This is an online payment method using a debit card rather than a credit card, with the E-dentifier and PIN codes used for secure transactions.
• Single Euro Payments Area (SEPA): In effect since February 1, 2014, SEPA removes the distinction between domestic and cross-border euro payments within Europe.
• International Bank Account Number (IBAN): This unique number identifies your bank account and is accepted by financial institutions worldwide.
• Loans: Dutch banks offer loans, but there are also several credit agencies that provide these services. Factors such as age, income, financial assets, and residency status influence loan approval.
• Credit Cards: Credit cards are not very popular in the Netherlands, though it is possible to have one. Banks issue credit cards based on net monthly income, and repayment is typically done via direct debit. In case of delayed payments, higher interest rates may apply. Comparing different credit options in English is possible via www.creditcard.nl.
• Investments: Dutch banks offer various investment vehicles such as insurance plans, pension plans, mutual funds, and stock market investments. Information is available on their websites or through an investment advisor.

Changing or Closing Accounts

Changing or closing a Dutch bank account is possible but varies from bank to bank. Most banks allow account closures online. If you decide to close your bank account, always ensure you receive confirmation by email or letter as this helps prevent additional charges for unsupervised accounts. Also, be sure to cancel all direct debit standing orders and notify employers and others where regular payments are made into the account.

Getting Started…

The Final Word

There are as many options for banking in the Netherlands as there are financial institutions. By taking your time and carefully studying the variety of services on offer, you’ll be assured of finding the right bank for all your family’s needs. 

Major Banks in the Netherlands

• ABN AMRO
• ING
• Rabobank
• SNS Bank
• ASN Bank
• Triodos Bank

International Banks in the Netherlands

International banks based in the Netherlands provide an alternative to local banks. These include:

• Bank of America
• BNP Paribas
• Deutsche Bank
• HSBC
• NatWest

Mobile Banking

Mobile banking is gaining popularity as it allows access to all the benefits of a traditional bank from the convenience of a phone. Most mobile bank accounts do not charge monthly fees. Popular mobile banks in the Netherlands include:

• Bunq
• N26
• Revolut

International Money Transfer

There are alternative solutions to banks that offer cheaper and more convenient international money transfers. These include:

• Atlantic Money
• Wise
• XE

”Depending on the type of account, additional documents like evidence of income (employment contract, pay slips) may be required.”

As originally published in ACCESS magazine Banking in the Netherlands.  

For more information about Banking in the Netherlands click here.