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Openbank Open Payment Account review

Enjoy useful features and easy payment for no ongoing fee.

Openbank’s Open Payment Account can be used for easy everyday banking, thanks to features including quick transfers and convenient withdrawals.

In this review, we take a look at exactly what you get with an Open Payment Account, including the fees you can expect and the sign-up process involved.

€ 0

Monthly fee

0%

Currency conversion fee

Details

Product NameOpenbank Open Payment Account
Monthly fee€ 0
Card deliveryN/A
Supported currenciesEUR
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More Info

What is Openbank’s Open Payment Account?

The Open Payment Account is an online IBAN account with minimal fees. There are no application or maintenance fees and you can make Euro transfers across Europe for free. The account comes with both a debit card and a travel card with extra features.

Key features

  • Free domestic transfers. Money transfers made in Euros within the Netherlands or the greater EU region are free.
  • Complimentary Я42 debit card. The Open Payment Account comes with a free debit card that also doubles up as a travel card. You can enjoy exclusive travel privileges such as travel delay and baggage loss insurance with the Я42 Card for an additional charge of €7.99/month.
  • Free withdrawals. You can withdraw cash from any ATM in the Eurozone for free, up to five times a month. You can also enjoy unlimited free withdrawals at any of the 40,000 ATMs worldwide that are operated by the Santander Group.
  • European IBAN Account. With the Open Payment Account, you will be provided with a IBAN number which happens to be fully functional in the Netherlands due to European SEPA regulations.
  • Competitive exchange rates. You can use the Open Payment Account to pay in international currencies at competitive rates. All currency conversions are done daily at the Mastercard exchange rate, even on weekends.
  • Internet and mobile banking. With Internet banking or the Openbank app, you can control your card limits, freeze your card, and manage your password amongst a host of other helpful features.
  • Customer service. If you have any queries regarding your account, you can always contact Openbank’s customer service by giving them a call.

Fees and limits

The Open Payment Account comes with some fees and charges that you should take note of. They are charges related to:

  • Monthly fee: €0
  • ATM fees. You can enjoy five free ATM withdrawals per month.
  • Non-SEPA online debits: Min. € 15 + € 9,02 Swift fee
  • Non-SEPA withdrawals: 0,10% (Min. € 12,02)
  • Currency conversions: 0,2% (Min. € 3,01)
  • Card delivery: €1,99 for Mastercard, €0 for Maestro
  • Card privileges subscription: €7.99/month
  • Purchases in foreign currency: 1.5% of the purchase amount

Verdict

The Open Payment Account is a useful bank account for you to use for everyday spending. It comes with a free European IBAN, competitive rates and a host of useful features like online banking tools, all for minimal fees. Openbank is a great option to consider if you want a standard bank account for low costs. If you’re looking for extra features, such as budgeting tools or cryptocurrency and investing, you can consider a number of other digital banks.

How to apply

To sign up for an Open Payment Account, follow these easy steps:

  • Click “Go to site” on this page
  • Fill in your personal details and provide a password for your new account.
  • Verify your personal information through a video call or a bank transfer from one of your existing bank accounts.
  • Once the bank has approved your application, you’ll be sent a text message with a security code. Use this code to access your contract at the provided link and sign the contract. You may then proceed to use your account.

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