±JOIN OUR FREE NEWSLETTER
±Compare Expat Providers
±Expat Focus Partners
±Latest Financial Articles
· Life Down Under – 10 Things You Didn’t Know About Living In Australia
· The Top 5 Things American Expats Need To Know When Filing US Taxes Abroad
· Expat Focus Financial Update April 2018
· Expat Focus Financial Update March 2018
· Moving Abroad, Before And After Brexit
· Expat Focus Financial Update February 2018
· How To Navigate Brexit When Sending Money Abroad
· Expat Focus Financial Update January 2018
· Top Tips for Buying a Property Overseas in 2018
BankingBack to top Back to main Skip to menu
The Netherlands (Holland) - Banking
In recent years, the Netherlands has become a major financial and commercial centre and it is home to some of the biggest names in the banking world. The Dutch banking system has one of the highest indices of credit worldwide and the country’s banks have built a reputation for being extremely reliable.
Once you are settled in the Netherlands, it is high likely that you will want to open a Dutch bank account, especially if you intend to work in the country.
As in the majority of European countries, there is a range of banks to choose from in the Netherlands, including the central bank, as well as numerous commercial, mortgage, savings, and other accounts. The biggest and main banks are:
• ABN AMRO
Tel: 0900 - 81 70 or +31 10 - 241 17 23 from outside the Netherlands
Tel: + 31 (0) 30 216 0000
Tel: +31 20 5639111
• SNS Bank
Tel: 030 - 633 30 00
The majority of banks operate predominantly in Dutch, which can occasionally prove problematic for expats with a limited grasp of the language. ABN AMRO offers the most detailed information in English and also provides special expat packages. They have dedicated international clients services and branches in Amsterdam, Rotterdam, The Hague, and Eindhoven. SNS Reaal, which was nationalised in 2013, also offers products aimed specifically at English-speaking expats, as do a number of other financial institutions.
As a general rule, banks open between 9:00 – 18:00, Monday to Friday. Some banks open later on Mondays at 10:00 or 13:00. The majority of banks also open on Saturdays, from 10:00 to 13:00 or 14:00.
The major banks tend to offer a similar range of standard financial products, including current accounts (betaalrekening), savings accounts (spaarrakening), overdraft facilities, and bill payments. A number of banks also offer Foreign Currency Accounts (vreemde valuta rekening), which can be particularly useful for expats.
All of the main banks also offer internet and mobile banking facilities. In fact, internet banking is extremely popular in the Netherlands and a number of banks offer accounts that can only be accessed online. These types of accounts usually pay a relatively high rate of interest on credit balances, due to the lower bank overheads.
If you want to open a bank account, you will typically need to make an appointment in advance – this can either be done online or by visiting the bank itself.
When you’re considering opening an account in the Netherlands, you should always shop around for the best deals and the most suitable account for your needs. You should also ask people for their recommendations and advice.
In order to open the account, you will need to provide the following documentation:
• Your BSN number (Burgerservicenummer)
• A form of photo ID (usually a valid passport or ID card)
• Proof of address
• If you come from outside the EU, you will also need to present your Residency Permit and proof of registration with the IND (immigrate – en naturalisatiedienst)
If you are opening anything other than a savings account, you may also be asked to provide evidence of your income, such as an employment contract or a pay slip.
In addition to this, if you are opening a joint account, you will need to present the required documents for both parties named on the account. Those under 18 must be accompanied by at least one legal representative and must bring their own identification.
In most cases, the bank will also run a Bureau Kredietregistratie (BKR) credit check on you before they approve your application to open an account. This is done through the Central Credit Registration Office. Many expats won’t have a credit history in the Netherlands. If this is the case, the bank will register you on the BKR system.
Bank accounts are usually operational from the day they are opened. Once you have opened your bank account, you will be given a local debit card (Betaalpas or PIN pas), which can be used to withdraw cash from ATMs and also to pay retailers using chip and pin. You will usually have to collect the debit card in person from your local branch and present your passport or another approved from of ID.
Once you have collected your debit card, your PIN will be posted out to you separately.
MasterCard and Visa are the most commonly used credit cards in the Netherlands. Traditionally, credit cards haven’t been as commonly used in the Netherlands as they are in other parts of Europe. All major cards are now accepted, but not everywhere – hotels, restaurants, large department stores, and tourist areas shouldn’t be a problem, but some smaller retailers and even supermarkets still don’t accept them. This is because, whenever a payment is made by credit card, the retailer has to pay a percentage of each transaction to the credit card company.
To apply for a credit card, you will usually be expected to have held an open bank account in the country for a reasonable period of time, and also to be able to demonstrate that you have a sufficient income to handle the repayments. Credit cards usually come with an annual fee, a set rate of interest, and sometimes an additional monthly fee.
You should also note that the Dutch do not use standard cheques. If you deposit one into your account, you are likely to be charged around €15 - €20 in fees.
Read more about this country
Expat Health Insurance Partners
Our award-winning expatriate business provides health benefits to more than 650,000 members worldwide. In addition, we have helped develop world-class health systems for governments, corporations and providers around the world. We want to be the global leader in delivering world-class health solutions, making quality health care more accessible and empowering people to live healthier lives.
AXA - Global Healthcare
As the global healthcare specialists for AXA, the world’s number one insurance brand, we can help you get fast access to expert medical care, whenever and wherever you need it. All our plans include evacuation and repatriation, a second medical opinion service and extra support from a dedicated case manager if you’re diagnosed with cancer. You’ll also have 24/7 support from our caring multilingual team - we’ll always remember you’re a person, not a case number.
At Bupa we have been helping individuals and families live longer, healthier, happier lives for over 60 years. We are trusted by expats in 190 different countries and have links with healthcare organisations throughout the world. So whether you're moving abroad for a change of career or a change of scene, with our international private health insurance you will always be in safe hands.
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.