How To Open a Bank Account in the Netherlands

A bank account is essential for navigating daily life in the Netherlands. From receiving a salary to paying groceries, bills, rent, making purchases, etc. Almost everything relies on electronic transactions. 

Moreover, many services, such as signing up for a rental contract, or signing up for utilities, require proof of a Dutch bank account. Having a bank account ensures smooth financial management and access to various banking services. 

To open a Dutch bank account, you primarily have two options: doing it online or visiting a bank branch in person. 

This article will delve into the importance of a Dutch bank account, outline the process of opening one both online and in person, and provide insights into choosing the right bank and account type to suit your needs.

Types of Bank Accounts in the Netherlands

The Dutch banking system offers a variety of account types to cater to different clients financial needs. The majority of banks offer a basic range of account options, though particular offerings may differ amongst them.

Typically, Dutch banks offer three primary types of personal accounts: checking, savings, and joint accounts. Let’s break this down further.

Checking Account

A checking account, often referred to as a current account, is the most commonly used for everyday transactions. It provides convenient access to your money through debit cards, online banking, and ATMs. 

When t comes to opening a bank account in the Netherlands as a foreigner, most expats choose a current account because it provides instant access to funds, a variety of debit and credit card options, mobile banking capabilities, and more. Banks typically offer a variety of current accounts, including standard, young people’s, and student accounts.

Savings Account

Savings accounts, on the other hand, are designed for accumulating funds over time. These can include long-term deposit accounts that can be used to save for Dutch retirement or vacations, as well as instant access savers.

Most banks will provide various savings plans. While their interest rates are typically higher than those of checking accounts, they frequently have withdrawal limits. 

Joint Account 

A joint account is one that two or more people jointly hold and manage. Couples who are married or living together may find this to be a helpful money management tool.

EU Payment Account

Several traditional banks, like SNS Bank, also provide an EU Payment account in addition to these common account kinds. This account can be opened without a Dutch citizen service number (BSN) and is intended exclusively for people living in the European Union. In comparison to standard checking accounts, it might have fewer features but still offer basic banking services.

How do I Open a Bank Account in the Netherlands?

How to open a Dutch bank account? Generally speaking, you must be a resident of the Netherlands with a current Dutch address in order to open a bank account. While most banks have different requirements, there are some standard documents you will need.

1. First and foremost, a BSN number (Burgerservicenummer) is crucial. This unique citizen service number is required for various administrative procedures in the Netherlands, including banking. Additionally, you’ll need a valid form of identification, such as a passport or Dutch identity card. Proof of your Dutch address is also essential, which can be a utility bill or rental contract with your name on it.
2. If you’re a non-EU citizen, a residence permit will likely be required. Although not mandatory, providing proof of income, like a payslip or employment contract, can strengthen your application.
3. Once you have gathered the necessary documents, you can choose between two primary methods to open your account: in-person or online. Several banks provide the ease of opening a bank account online, which you can do from the comfort of your own home. Though it might not be available for all institutions, it is crucial to confirm if the bank of your choice offers this feature.
4. Alternatively, you can visit a bank branch to open an account. Most Dutch banks may require you to schedule an appointment beforehand, while others allow walk-in customers. Be prepared to provide the necessary documents and discuss your banking needs with a bank representative.

How do I Open a Bank Account in the Netherlands From Abroad?

While opening a Dutch bank account from abroad at some of the international banks can be challenging, it’s not impossible. The key hurdle is obtaining a BSN number, which typically requires registering as a resident in the Netherlands. Some online banks, however, cater to non-residents, offering basic EU Payment accounts without needing a BSN.

Only those who intend to relocate to the Netherlands are able to open bank accounts with certain traditional banks, while other banks offer more general international account options (though these might be limited to specific areas, like the EU/EFTA).

Still, moving to the Netherlands and getting the required paperwork in order is typically the first step towards opening a full-fledged checking or savings account. An alternative is to visit a bank that serves as a Dutch bank’s correspondent bank and try to open a Dutch bank account from there.

What Should You Do in the Netherlands If You Are Not Granted a Bank Account?

Being denied a bank account in the Netherlands can be frustrating, but it’s important to understand the reasons. Common causes of rejection include a lack of residency proof, a negative credit history in another country, or insufficient documentation.

Tips for improving applications:

• Contact the bank and inquire politely about the specific reason for the denial. It could be missing documents, insufficient proof of address, or even a negative credit history in your home country.
• Consider building a credit history in the Netherlands by using a prepaid debit card for everyday purchases.
• Consider factors like monthly fees, online banking features, and branch network availability before applying.
• While proof of income might not be mandatory, having payslips or an employment contract demonstrates financial stability and strengthens your application.

Additionally, explore alternative options like online banks and internet banking (such as N26 or Bunq) that often have more flexible requirements for non-residents or individuals new to the country. Or international money transfers such as Wise, Pay Pal, or Payoneer. 

These alternative options can provide basic financial services while you establish yourself in the Netherlands.

Common Terms You Need to Know When Opening a Bank Account in the NL

Opening a bank account in the Netherlands can be a daunting task, especially if you don’t understand the terms. But if you know how to read them, it’s easily manageable.

You will also be relieved to learn that the major Dutch banks are well-versed in working with foreign nationals and are sure to be of assistance to you. Here are the most common terms you should pay attention to:

• Betaalrekening/Betaalgiro – Transaction account
• Pinpas/Bankpas/Bankkaart – Debit card
• Spaarrekening – Savings account
• Pinnen – Paying by card/withdrawing money from an ATM
• Geldautomataat/pinautomaat – ATM 
• Transactie – Transaction
• Verzekering – Insurance
• Rekening – Account
• Betalen – To pay
• Lenen – To borrow
• Hypotheek – Mortgage

How to Choose an Alternative Money Transfer Option in the Netherlands

Here are some additional things you must consider when choosing an alternative money transfer option for expats:

• Security – Look for providers with strong security measures. This includes two-factor authentication, data encryption, and fraud prevention tools. Check online reviews and testimonials to see what other expats say about the security of the service.’
• Customer Support –  Is it available and if so, how is it rated? Does the provider offer customer support in multiple languages? How can you reach customer support (phone, email, live chat)? Read reviews to gauge the quality and responsiveness of customer support.

• Account Verification and Limits –  How easy and quick is it to verify your identity and open an account?
• Transfer limits –  Are there any limitations on how much money you can send or receive in a single transfer or over a certain period?
• Bill Pay – Can you use the service to pay bills in your home country or abroad?
• Investment Options – Do some services offer investment options for managing your finances as an expat?
• Tax Implications – Be aware of any potential tax implications for sending and receiving large sums of money as an expat. It’s always recommended to consult with a tax professional for this aspect.

Remember to always read the terms and conditions carefully before signing up for any service. This will help you understand all the fees and limitations involved.

Based on your individual requirements and priorities, compare a number of options. Don’t be afraid to open accounts with multiple services, depending on the situation. You can select the alternative money transfer option that best meets your needs as an expat by taking these extra factors into account.

How do I Change or Close an Account in the Netherlands?

While the specifics vary between banks, closing or changing a bank account in the Netherlands typically involves contacting your current bank.  Some banks may allow you to initiate the process online, while others might require a visit to a branch. 

Regardless of the method, you’ll likely need to provide:

• Your account information and personal details;
• Identification documents;
• Potential reason for closing or changing the account. 

It’s important to check your bank’s website or contact them directly for their specific requirements and procedures to ensure a smooth transition.

Best Banks in the Netherlands for Expats

The Netherlands has a thriving banking industry that is made up of both well-established banks and cutting-edge startups. Choosing the right bank for your needs is crucial for maintaining your financial well being.

Here is the list of the top 5 banks in the Netherlands for foreigners:

• ABN Amro
• ING Group
• Radobank
• Bunqu
• N26

If you are interested in learning more about how to find the right bank for expats in the Netherlands, read our comprehensive guide. 

Final Thoughts on Opening a Bank Account in the Netherlands

In conclusion, navigating the process of opening a bank account in the Netherlands can be straightforward with the right preparation. Here’s a quick recap: Gather essential documents like your BSN number, ID, and proof of address.

Research and choose a bank that aligns with your financial needs. Once decided, apply online if available, or visit a branch. Finally, after a successful application, your bank will guide you through activating your account.

Remember, this guide offers a general overview, so don’t hesitate to contact your chosen bank for any specific requirements or questions they may have. They’ll be happy to assist you in starting your financial journey in the Netherlands.

If you are currently in search of great job opportunities abroad, we invite you to take a look at our vacancy options in the Netherlands!