Openbank Open Payment Account
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Bank accounts in the Netherlands
Explore the range of accounts available in the Netherlands and find out how to pick the best one for you.
If you’re moving to the Netherlands or just need a Dutch bank account, there are a number of options to consider. This guide will take you through how bank accounts work in the Netherlands and what you need to know to find the right account for you.
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How do bank accounts work in the Netherlands?
A current account (betaalrekening) is the name for a personal bank account that’s used for day-to-day spending, saving and receiving money. You’ll receive a debit card (known locally as a “Pinpas”) along with your account for using at ATMs (geldautomaat) or shopping online.
With a current account, you can receive payments from anyone in the Netherlands, as well as transfers from overseas using your unique IBAN number. You may also send money directly from your bank account to pay others, or for goods and services.
Here are some bank account functions to know about:
How to open a bank account in the Netherlands (4 steps)
From selecting the best account for you to submitting your application, here’s a step-by-step guide to applying for a bank account in the Netherlands.
Step 1: Choose a type of bank account
Before opening a bank account in the Netherlands, you’ll have to be clear about the type of account that you have in mind. This will depend on your reason for opening an account. For example, partners looking to split shared expenses might opt for a joint bank account. On the other hand, individuals interested in saving up for a long-term goal might prefer savings accounts instead.
Here are the most common account types offered in the Netherlands.
- Current accounts (betaalrekening). These everyday bank accounts are great for sending and receiving money, such as paying bills, spending on groceries, or receiving your salary. You can also get a joint bank account if you plan to share your account with someone.
- Savings accounts. In the Netherlands, savings accounts are a place for you to store your money separately from your bank account. While savings accounts are a great option to keep growing your money, interest rates in the Netherlands are quite low. A standard savings account rate can range from 0% to 0.5% p.a.
- Online bank accounts (neue banken). Online bank accounts, also known as digital bank accounts, are accounts that may be accessed and managed completely online. These accounts are offered by both traditional banks and digital banks. The main difference between the two is that traditional banks offer in-person assistance at their branches, while digital banks only provide in-app customer support.
- Business bank accounts. Corporate bank accounts are everyday spending accounts for your Netherlands-based business. These accounts come with features like competitive international transfer rates, spending insights tools, and even integration with third-party accounting platforms.
Step 2: Compare bank providers and choose the best bank account for you
There’s no single best bank account in the Netherlands as we all have different banking needs. What’s best for you might not be best for someone else.
So when you’re comparing your Dutch bank account options, make sure to consider some of these factors:
- How do you conduct your banking? Do you prefer to do everything online, or do you need a face-to-face human interaction every now and then? If digital is your preference, then you may want to consider going with a digital-only bank that is tailored to your needs as a digital native, such as the feature-rich digital bank bunq or expat-friendly N26 smartphone app. Otherwise, you will want to make sure you choose a bank with physical branches, such as ING or Rabobank.
- Will you be using cash? One of the biggest differences between banks is what they charge for ATM withdrawals, even though most people go cashless. Another point to consider is that ATMs tend to close down overnight for security. So while an account might charge you for some withdrawals or limit your number of free withdrawals, it may not be that big of an inconvenience.
- Want help budgeting and saving? Some banks, in particular digital banks, offer great financial budgeting tools. Digital banks such as Monese, N26, bunq and Revolut all offer impressive in-app features. Expect to find a breakdown of your expenses by category (e.g. food, travel), multiple sub-accounts, and the ability to “round up” transactions to the nearest Euro, depositing the difference into your savings account.
- Do you need to share your account? Several banks now offer shared bank accounts to let you manage your finances with one (or more) other people. This can be especially useful for couples or households who frequently need to split bills or share costs. Consider banks such as Monese and bunq which provide joint accounts easily managed from a single app.
- Do you travel frequently or need access to multiple currencies? Another big point of difference between current accounts on offer in the Netherlands is how much they charge for overseas spending and overseas ATM withdrawals. Digital banks tend to stand out in this regard, with providers such as Revolut allowing you to hold multiple currencies in a single account, competitive exchange rates, and free in-network ATM withdrawals overseas. There’s also an in-built cryptocurrency exchange in case that’s your thing.
- What language do you need to do your banking in? Many large banks and digital banks in the Netherlands offer support in multiple languages, including English.
- Do you need to open your account from abroad? Some banks will let you open a bank account while you’re still living in another country, so you can be set up before you arrive.
Step 3: Apply for your bank account
Why do the banks need to verify my ID?
The Money Laundering and Terrorist Financing (Prevention) Act was introduced by the Dutch government to prevent money laundering and the financing of terrorism. Due to this act, all banks in the Netherlands are required to verify the identity and eligibility of their customers.
Step 4: Wait for approval and receive your chosen card
Your account will typically be ready within a week. Some digital banks let you open an account within minutes, but you will have to wait for your card to get delivered. You’ll then receive your chosen debit or credit card via mail. Once your account is ready, you can then request online banking features. Do note that digital bank accounts come with these features upon account approval.
Switching to another bank
If you already have a Dutch bank account and are looking to switch, you can use the Dutch Switching Service (Overstapservice). Using this service, your new bank and old bank will work together to make sure all of your payments and direct debits are switched over. The process takes 13 days and is an easy way to make sure your new account will be set up correctly.
Top banks in the Netherlands
The three largest banks in the Netherlands, also known as “the big three”, are:
ING Bank NV
Established in 1927, ING Bank is the largest Dutch bank in the country. Headquartered in Amsterdam, ING offers banking services across the Netherlands, the rest of Europe, North America, Latin America, Asia, and Australia. Its facilities include a mobile banking app and an online ‘My ING’ account with both English and Dutch versions.
International students and graduates can also enjoy the convenience of opening a free ING bank account from abroad.
Cooperative Rabobank UA
Rabobank, the second-largest Dutch retail bank, is a highly-rated bank that provides a wide range of services, including retail and corporate banking, financing, investments and insurance. However, Rabobank’s website and banking platforms are only available in Dutch, which may not be suitable for English-speaking only expats.
ABN AMRO Bank NV
Headquartered in Amsterdam, ABN AMRO Bank is the third-largest bank in the Netherlands in asset size. It has physical branches all around the country, as well as free mobile and online banking. International students can also benefit from a free student package.
ABN AMRO Bank is also highly popular with English-speaking expats since it’s the only ‘traditional’ bank that provides all information in English. So if you’ve just moved to the Netherlands, ABN AMRO Bank can be an ideal choice to start with.
Compare bank accounts in the Netherlands
Disclaimer: The products listed on this page are not representative of the whole market.
How much do Dutch bank accounts cost?
Many bank accounts in the Netherlands won’t charge you a monthly fee, which makes them appear as though they are “free”. However, many account features come with a limit after which will be charged a fee. Digital banks usually offer free account options alongside paid options, whereby you get access to more features.
Regardless of which type of account you choose, make sure to get acquainted with the following fees and features you can expect to find.
- Monthly maintenance fee. Some banks will charge a monthly fee for operating the account. This can be influenced by things such as how much money is in the account (it may need to have a minimum amount of euros in it each month), the “tier” of the account (many digital banks now offer premium accounts) as well as account activity (whether the account been dormant for an extended period of time).
- ATM withdrawal fee. Fees charged for ATM withdrawals are one of the largest points of difference with Dutch banks. Banks rely largely on the size of the bank’s ATM network. For instance, most banks don’t charge you if you use their own ATM network, but using another bank’s may set you back anywhere from €1.50 to €3.
- International money transfers. Many of the major banks in the Netherlands charge high fees for international wire transfers outside of the EU. Most banks use the SWIFT network and charge anywhere from €5 euros plus a small commission for each international bank transfer. Consider a digital bank or specialised money transfer service if you would like to keep that cost as low as possible.
- Card issuance and replacement. Keep an eye on whether your bank charges you when it issues your first debit card. These are typically free but can start to cost if you choose a premium tier. Also, keep in mind how much they charge for a lost or stolen card.
- Overseas spending and withdrawals. When spending money overseas, banks will usually charge a fee in one of two ways (and sometimes both at once). The first is a flat-rate fee for any overseas purchase using your card, as well as a flat-rate fee for using a foreign ATM (for example, €3). The second is charging a percentage of the overall amount of a purchase or withdrawal (for example 0.1% on each foreign purchase, or 0.3% on each ATM withdrawal). Thanks to the Eurozone some of these fees can be avoided when spending in EUR, but it varies with each bank.
In addition to the standard features outlined above, you might also find some of the following features included with your bank account as complimentary, or for an additional fee.
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