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Online banks in the Netherlands
Find out what you need to know about online banks before you sign up.
Compare a range of digital banks in the Netherlands
Neobanks put your finances at your fingertips 24/7. There's a range of challenger banks, digital-only banks and personal finance apps available now, designed to give you better, faster control of your cash. We've rounded up everything you need to know about digital bank accounts in the Netherlands.
Disclaimer: The products listed on this page are not representative of the whole market.
What are online banks?
Online banks, also called digital banks and challenger banks, are a new type of online financial institution that offers banking services designed to be managed entirely from a smartphone or web app. A digital bank account isn’t only convenient, but also often cheaper with fewer fees for travelling and foreign currency fees. You can also access other handy features such as budgeting tools, savings function, push notifications and other in-app functionalities.
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Why should you switch to a challenger bank?
Similar to traditional banks, online banks in the Netherlands offer a number of useful features, including:
- On-the-go banking via mobile app
- No physical bank branches
- 24/7 customer support
- Receive a prepaid credit card
- Customer support available via email and live chat
- Real-time expense reports
- Spend analytics and overview
- Block your debit or credit card remotely if lost or misplaced
Are neobanks ideal for expats in the Netherlands?
Digital banks can be a great option if you’re living in the Netherlands as an expat. All you need is your name, personal details and mobile phone number to sign up for an account. The application process will also require documents for identity verification (e.g. government-issued ID or passport).
Once you have set up a digital banking account, you can benefit from convenient money management tools and other benefits, such as competitive foreign currency transfers or even hold multiple currencies in one account. When you move back home or to another country, you can avoid the hassle of closing a traditional bank account and access this digital account anywhere.
How to find a digital bank for you
Here’s what to consider when you’re looking for a challenger bank:
- Cash withdrawals. Most digital banks only allow a limited number of free cash withdrawal per month, so make sure you’re aware of the fees before applying.
- Joint account. Not all online banks allow you to share your account, so make sure you find one with this feature if you need a joint account.
- Customer service. Some online banks offer customer support by phone, but others are fully digitised and can only be reached by email or chat.
- Foreign currencies. Most digital banks allow you to send and receive foreign currencies at the interbank exchange rate, and some even offer multi-currency accounts.
- Saving. Not all digital banks provide the option of opening an interest-bearing savings account. If they do, make sure to check for features such as saving goals and interest rates.
- Monthly deposit requirement. This may not be imposed by every digital bank, but make sure to check if you’re required to deposit a minimum amount every month to keep your account active.
- Card application. Many digital banks offer a physical payment card for free when you open an account. However, do check if you’d have to pay any shipping costs and if there are any card replacement fee.
- Security. Different banking apps come with different security features. Ensure that your desired banking app authenticates sign-ins and transfers using a combination of passwords, PIN codes, and biometric verification like fingerprint logins.
- Special offers. Also check out for special offers including insurance, discounts on subscriptions (e.g., Netflix or Spotify) and other unique perks that may influence your decision.
Six things you should know about digital banks
Here are a few things that you may not know about using your mobile as your main point of contact with your bank:
1. There are fewer fees
Most major banks in the Netherlands typically charge admin or transaction fees on bank accounts that can start from €5 per quarter. You may also be charged a fee for closing your account.
However, digital banks generally charge way fewer fees. You’ll find that most of these offer a “free” account option that charges €0 per month. If you wish to unlock more features, you can pay a monthly fee for the premium options. There may be ATM fees to look out for, but you’ll not need to pay extra for card transactions and or annual fees. You can also avoid some of the smaller charges by switching to a paid account.
2. Cash and cheques usually aren’t supported
Digital banks usually have limitations on the number of monthly ATM withdrawals and do not offer cheque facilities. So keep this in mind if you prefer to pay with cheques or cash.
3. Managing multiple currencies is easier
Digital banks tend to offer better services in terms of foreign currency. Some let you hold multiple currencies in your account while others let you make international transfers faster and more affordably than standard banks.
4. Everything is managed on your smartphone
If you sign up with a traditional bank in the Netherlands, you’ll usually have to apply in a branch and and bring along multiple documents. With a digital bank, you’d be able to apply directly via your smartphone. Some digital banks such as bunq don’t even require a proof of address to approve your account application. Do note that most digital banks don’t have an Internet banking platform, so you may not be able to access your finances from your computer.
5. Your money may not be protected the same way it is with traditional banks
Not every digital bank is licensed in the same way. For example, Revolut has been granted a European banking license which means your funds will be protected up to €100,000. N26 also holds a German banking license, which means its consumer deposits are protected up to €100,000 as well.
6. There are great security features
A key benefit of an app-based bank is having full access to your account at all times through your digital banking smartphone app. Lots of digital banks allow temporary freezing of your account if you lose your card, so if you do find it again, it’s not as much hassle to get a replacement. If you happen to forget your pin, digital banks also have access to a pin reminder after you complete a couple of security questions.
If your phone is misplaced or stolen, you’ll still be able to secure your account. Simply contact the digital bank (contact details will be on the website) to locked your account from your smartphone. If you manage to retrieve your phone, the bank will be able to set access back up again. Alternatively, you can set up the app on your new phone.
Which are the digital banks available in the Netherlands?
There are a number of mobile banks available in the Netherlands. These include:
- Revolut.Revolut is a global banking app that offers budgeting tools, international currency exchange, travel insurance, cryptocurrency facilities, virtual cards and more.
- N26. N26 gives you a digital bank account that lets you save and budget. It also lets you transfer money to other N26 users plus gives you optional travel insurance and cashback.
- bunq.bunq is a bank account designed for global citizens offering up to 25 bank accounts with unique IBANS, savings and budgeting tools, money transfers through Transferwise and no foreign exchange fees.
- Vivid Money.Choose between a standard and premium account and enjoy a number of benefits, including cashback.
- Monese. Digital bank Monese lets you set up a UK current account and manage it from any location. You’re also able to make foreign transfers in up to eight currencies and manage your money in multiple languages on the Monese app.
- Openbank. The Openbank Open Payment Account offers free domestic transfers, free cash withdrawals and more, all for no monthly fee.
Mobile banking and digital banks
Mobile banking is a way for you to carry out your banking activities remotely via a smartphone or computer. This typically involves accessing your bank account through a banking app or website. With mobile banking, you can verify your transaction history, transfer funds to other bank accounts, apply for loans or credit cards, monitor your investments and more.
Nearly every major bank in the Netherlands now offers mobile banking, not to mention the hugerange of digital banksthat exclusively offer mobile banking services only.
What features does mobile banking offer?
Once you’ve set up your banking app, you can do the following:
- Check the balance of your account in a few clicks
- Transfer money and make iDEAL payments
- Transfer money to another account you own
- Verify your transaction history
- Get free alerts on payments made to and from your bank account
- Monitor your investments
- Block your debit or credit card remotely if lost or misplaced
- Amend your payment profile to use your card outside of the Netherlands or the SEPA
- Contact customer support
How can I keep my information safe?
Though most app developers implement strict security measures within banking apps, you should still take care to avoid revealing your personal financial information. Here are some things you should consider doing to keep your account safe.
- Log out immediately after you’re done using the app, especially if your banking app does not have an automatic timeout feature.
- Avoid using your banking app when you’re on public Wi-Fi. Additionally, try not to enter your login information in public where there might be prying eyes.
- Do not divulge your login information even to trusted family members or friends. This includes not adding their biometric information to your phone as this may grant them access to your banking app as well.
- Turn on automatic app updates to ensure that your banking app is equipped with the latest security measures.
How to sign up with a digital bank
To register with an online bank in the Netherlands, you’ll need the following:
- Smartphone
- ID card or passport
- Valid phone number
- Valid email address
A step-by-step guide to getting up a digital bank account
Setting up mobile banking is relatively straightforward. Here’s what to do:
- Log on to your device’s app store and download your bank’s mobile banking app. You can also visit your bank’s website and find a link that will bring you directly to the app’s download page.
- Once the app has been downloaded, follow any given instructions to set up your account. You’d typically need to start off by providing a few of your personal details, including your full name, date of birth, address and email address.
- Next, you’ll need to confirm your identity and may need to deposit a minimum sum to your balance in order to activate the account.
- Once you’ve successfully set up an account, you can often use your account within minutes and request a payment card via the app.
- The card will typically be sent to your address within a few working days. If you encounter any issues in the set-up process, give your bank a call or head down to a local branch to get assistance.
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