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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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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:
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.
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.
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:
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.
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.
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.
The three largest banks in the Netherlands, also known as “the big three”, are:
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.
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.
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.
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.
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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