Openbank Open Payment Account

€ 0
Monthly Fee
- Unlimited domestic and EU transfers
- € 0 debit card
- Exclusive travel benefits
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Openbank Open Payment Account
€ 0
Monthly Fee
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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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Similar to traditional banks, online banks in the Netherlands offer a number of useful features, including:
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.
Here’s what to consider when you’re looking for a challenger bank:
Here are a few things that you may not know about using your mobile as your main point of contact with your bank:
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.
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.
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.
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.
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.
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.
There are a number of mobile banks available in the Netherlands. These include:
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.
Once you’ve set up your banking app, you can do the following:
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.
To register with an online bank in the Netherlands, you’ll need the following:
Setting up mobile banking is relatively straightforward. Here’s what to do:
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
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