Relocating to a new country comes with its fair share of challenges, and one of the first tasks many expats face in the Netherlands is opening a local bank account. Whether it’s to receive your salary, pay bills, or simply make everyday transactions, having a Dutch bank account is essential to navigate life smoothly in the country. In this blog, we’ll explore everything you need to know about banking in the Netherlands, from the types of accounts available to tips on how to open one, and the most popular banks for expats.
Why you need a Dutch bank account?
As an expat in the Netherlands, you’ll soon realize that cash is rarely used, and most transactions are carried out through digital payments, either by bank transfer or with a debit card. Having a local bank account is crucial for several reasons:
- Receiving your salary: Employers in the Netherlands typically pay salaries directly into Dutch bank accounts. Without a local account, receiving your income can be complicated and costly, as international transfers often involve extra fees.
- Paying bills: In the Netherlands, many bills (like rent, utilities, and insurance) are paid through direct bank transfers. A Dutch bank account will make it easier to manage these payments automatically.
- Making everyday transactions: While international debit and credit cards are accepted in many places, using a Dutch bank account will make day-to-day transactions smoother. You’ll also be able to take advantage of local payment systems like iDEAL, a popular online payment method in the Netherlands.
- Building your financial history: Having a local bank account helps you establish a credit history in the Netherlands, which may be important for future loans, mortgages, or renting a home.
Banking in the Netherlands- types of account types
Most Dutch banks offer a variety of account types, but for expats, the main options are:
- Current account (Betaalrekening): This is the standard account for daily transactions, such as receiving your salary, paying bills, and using a debit card. It often comes with features like online banking, mobile banking apps, and the ability to set up automatic payments.
- Savings account (Spaarrekening): If you want to save money separately from your current account, a savings account is a good option. Dutch savings accounts usually offer interest, although rates may be low.
- Joint account: If you are living with a partner or spouse, you might want to open a joint account. This allows both account holders to access and manage the account equally.
- Business account: If you plan to start a business in the Netherlands, you will need a business account. This account is separate from personal accounts and typically comes with specific features suited for managing business finances.
How to open a bank account in the Netherlands?
Opening a Dutch bank account is relatively straightforward, but the process can vary slightly depending on the bank. Here’s a general guide to getting started:
1. Choose a bank
First, you’ll need to decide which bank best suits your needs. Some of the largest banks in the Netherlands include:
- ING: One of the two most expat-friendly banks we have in the Netherlands. ING is one of the largest and most widely used banks in the Netherlands. They offer English-language support, easy-to-use mobile and online banking, and a variety of accounts for expats. ING is particularly known for its straightforward onboarding process and its focus on customer service.
- ABN AMRO: The second expat-friendly bank. ABN AMRO is another major Dutch bank with a solid reputation. They offer services in English, including expat banking packages that cater to newcomers. ABN AMRO is also known for its strong digital banking platform.
- Other banks such as Rabobank and Bunq are also banks that are chosen by expats, however from our experience they’re less experienced with expats than ING or ABN AMRO.
Researching the fees, services, and accessibility of each bank is key to making the right choice for you.
2. Provide documentation
Typically, you’ll need to provide the following documents to open an account:
- A valid passport or European ID card
- A residence permit (if applicable)
- Proof of address in the Netherlands, such as a rental contract or the extract of your registration with the municipality.
- A BSN (Burgerservicenummer), which is the Dutch social security number. This can be obtained after registering with the Dutch municipality (Gemeente).
- Tax ID in your home country (called TIN)
- Proof of employment (such as a work contract) or a student ID (if you’re studying).
3. Go to the bank
While some banks allow you to open an account online, others may require you to visit a branch in person, especially if you’re an expat. During your visit, the bank will verify your documents, and you’ll be able to set up your account.
4. Activate your account
Once your account is open, you’ll receive a debit card and PIN. Most banks will also offer access to online banking, which you can use to manage your finances, view transactions, and make transfers.
Banking in the Netherlands; fees
One thing to keep in mind when opening a bank account in the Netherlands is that most banks charge fees for certain services. These may include:
- Monthly account maintenance fees (especially for premium or business accounts)
- Transaction fees for international transfers
- ATM withdrawal fees outside of the bank’s network
- Debit card issuance or replacement fees
Make sure to check the fee structure of the bank before opening an account, as these can vary significantly between providers.
The Dutch online payment system: iDEAL
One of the most convenient features of Dutch banking is the iDEAL payment system. iDEAL allows you to make secure online payments directly from your bank account. It’s used for everything from paying online shopping bills to paying rent or taxes. Most Dutch banks support iDEAL, making it an easy and popular payment method.
Final thoughts on banking in the Netherlands
Opening a bank account in the Netherlands is one of the first steps to settling in and enjoying life as an expat. With a local bank account, you’ll have access to all the financial tools you need to manage your money, pay bills, and receive your salary. By understanding the options available and choosing the right bank for your needs, you’ll be well on your way to a smooth financial journey in the Netherlands.
If you’re in the process of relocating, consider researching your banking options early and reach out to the bank directly if you have any specific questions about their services for expats. At Anywr Netherlands we are also more than happy to assist you with choosing the right bank and opening your account. Do you wish to receive more info on our assistance? Please send us a note on info.nl@anywr-group.com.
Happy banking!
