Banking in the Netherlands
How can I open a bank account?
What are the requirements to open up a bank account?
What are the accounts and services offered by banks?
How does a current account operate?
The betaalrekening (current account) is typically used for day-to-day banking activities, such as depositing or withdrawing money. Your salary is normally paid by your employer via electronic transfer into your current account. You can also use this account for paying for goods and services by direct debit or bank transfer. You normally do not earn any interest on a current account; however, most banks will charge a fee for the its administration.
The current account operates from the day it is opened. After opening a current account, the bank will normally provide you with a debit card (PIN card) and an electronic identifier for use with secure internetbankieren (internet banking).
Depending on the bank will send it to you by post or notify you when your debit card is ready for collection. For the latter you will have to go to the banking personnel, carrying your passport or other acceptable identification document. Your PIN (Personal Identification Number) code will be sent to you separately by post. This is a personal four-digit number that you will require to access your bank account using the electronic identifier for internet banking, to check your balance and withdraw cash from a pinautomaat (bank cash machine or ATM) or to pay with your card for goods and services in shops and restaurants. The bank will expect you to memorise your PIN number, which must not be divulged to any other person. If you find it hard to remember your PIN number, you can change it at your bank’s cash machine. The card can be coupled with a credit card and an overdraft facility.