Understanding Money Transfers: How to Send Money to The Netherlands

Did you just relocate to the Netherlands or will be making the move soon? Chances are, you will need to know how to transfer money from or to the country. How come? First, you will need a bank account, or need a bit more cash than planned for accommodation. Or, better yet, you want to make an international wire transfer back home, so your family can come. 

If that’s the case you’re in, then this article is for you.

Money Transfer to The Netherlands

If you aren’t really sure how to send money from and to the country, you’ll be happy to hear that there are several different methods, from traditional banks to online transfer companies, and handy mobile applications. The best method will depend on your preferences, the amount of money you want to be transferred, and how quickly it should appear on the preferred bank account.

Online Transfers

Bank transfers, often the most straightforward options, can charge large fees. That’s why we people are turning to online money transfer methods as they are more convenient, secure, and won’t cost you an arm and a leg. Online money transfer companies like Wise, which uses local bank accounts in different countries—so you pay into their account in your country, and they pay your recipient locally abroad. This avoids traditional bank fees and hidden exchange rate markups. With a Wise account, you can hold 50+ currencies, receive money with local bank details.

Mobile Money 

You can also send money internationally with fintech technology, or in simpler terms, money transfer apps. Mobile money is a digital way of storing, sending, and receiving money using a mobile phone instead of a traditional bank account. It works through a network of agents (like shops or kiosks) where people can deposit or withdraw cash, which is then reflected in their mobile money balance. While this won’t send money to your Netherlands bank account directly, it allows you to store money on your phone while you get things sorted out.

Online Transfer Services

You can also carry out money transfers to the Netherlands with online transfer services. This option helps you save time and money as you don’t have to go to any bank or kiosk. All you need to do is open your browser in your laptop or phone, and simply wire the money with a few clicks using the online transfer service you prefer. If you’re already using Paypal, you can use the money on your account there, or if you want to send it to a friend’s or pattern’s account, just wire them the money and they’ll give you the cash when they pick it up.

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Bank Transfers

Money transfers to Holland (and from) can also be done the traditional way, i.e., bank transfers. You can send and receive money globally with the SWIFT, or Society for Worldwide Interbank Financial Telecommunication code. The majority of banks will charge a flat fee for sending money abroad, which can be a good thing if you want to transfer a larger sum (some online platforms might charge a percentage of the amount), but keep in mind that the exchange rates aren’t always the best.

Cash Remittance

Cash pickup, or remittance can also be a good option. These services (such as Western Union), enable people to send money without the need for formal banking services. 

It works simply by depositing your money (in cash) to an agent who then wires the sum to another agent in the world. They then convert it into the currency of the country and wait for the recipient to pick it up.

How To Transfer Money From and To The Netherlands

For the sake of simplicity and comfort, here’s a short walkthrough of the things you need to do if you want to send money to the Netherlands online. 

Opening an Account

Once you made up your mind about which transfer service you’d like to use, opening an account is a simple process. Create a user profile by filling out the necessary details (email address, date of birth, phone number, etc.). For the sake of security, some platforms may also want to verify your identity. 

On that note, don’t be surprised that getting the verification process and being able to use the platform’s services may take a few days. With this in mind, it’s best to get started in time, a few days before you’d actually need the money.

Choose Your Options

Once you can transfer money, you’ll need to give further details, such as the currency (or currencies) you’d like to use, and the sum of money you wish to send. 

Typically, you’ll also be able to pick at this step whether you want a fast transfer or it could wait a few days. Sped up processes might cause you a bit of extra, so take this into account to avoid waiting unnecessarily.

Add Further Details and Pay

If you are sending money back home, receiving money from abroad from the Netherlands can’t be completed without the recipient’s details. This might only mean name and email in some cases, but if you are using more elaborate and bank-like platforms, you’ll also have to provide an account number.

Once you have all the info required, you can pay the money to the transfer company with your debit or credit card, or even via standard bank transfer. As a security measure, you may need to enter reference numbers and other additional codes to ensure the money gets to the right place.

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The transfer will start when the platform receives your payment. As mentioned above, the entire process may take a few days but you will get updated when the money arrives.

On that note, the transfer may take up to one or two working days tops. It mainly depends on the transfer service you choose, and whether you want to speed the process up or not. Cash transfers may take a couple of minutes, while bank transfers can take up days (especially if you’re sending money outside of the EU). Online transfers may also take a few days if you are sending larger amounts of money.

Money Transfer to (and from) the Netherlands: Fees and Rates

The fees you will end up paying will depend on the following factors:

• The speed at which you want to transfer the money
• The amount you are sending
• The currency you’re using and whether it needs to be exchanged
• How much the transfer company or bank charges for the service

Never forget to check what the total amount would be. Sometimes, the charges are low but they can pile up because of exchange rates, double conversions, and so on. Be diligent about choosing the transfer service and you can always opt out if you deem a method too expensive. 

Understanding Markups and Exchange Rates

When you transfer money internationally, the exchange rate you see is rarely the true interbank rate (the rate banks trade with each other). For example, if the real EUR/USD rate is 1.113 and a provider offers you 1.083, the difference of 0.03 per euro equals a 2.69% markup. This margin is how many providers make their profit, before adding service fees or commissions.

Again, to avoid losing money on a money transfer to the Netherlands, take the time to check the final amount, or do your research in advance and do business with a company which works with rates most acceptable for you.

How to Get Better Deals on Transfers

No matter whether you want an online bank transfer to send money to the Netherlands, or just looking for different provider options, there are a few things that can help you reduce transfer fees:

• Send larger amounts less often: Multiple small transfers are usually more expensive than one larger money transfer to Holland.
  
• Plan ahead: Urgent transfers cost extra. If your payment isn’t time-sensitive, choose a standard option for cheaper money transfer Netherlands services.
  
• Check for minimums: Some companies won’t process smaller transfers, so confirm this before you commit.
  
• Lock in good rates: Some providers let you fix an exchange rate or only transfer when your target rate is reached. This is a great option if you can wait.

Reliable Money Transfer Services

A few widely used services for money transfer to Netherlands include:

• Wise
• Currencies Direct
• XE
• CurrencyFair

Each of these platforms will have different fees and rates, so don’t forget to compare them before choosing to transfer money to the Netherlands. 

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Extra Tools Providers Offer

Beyond simple transfers, many platforms give customers helpful features such as:

• Real-time exchange rate charts: This can come in handy if you want to know the exact exchange rate when you want to transfer the money.
  
• Rate alerts and notifications: You can set up pop-up reminders that will notify you if you’ve reached your target rate.
  
• Currency converters: If you aren’t sending euros directly, using currency converters can help you get an estimate about the actual amount you will be able to pick up once conversion’s over (and the accompanying fees are deducted).
  
• Guides and glossaries for first-time users: If all this sounds too much and foreign, some providers offer short guides and how-to articles to better understand what you should be doing and why.
  
• Business payment solutions for freelancers and SMEs: Additional features for business professionals who might not be sending money to family but to other companies or pay government fees (taxes, and so on).

For Businesses and Freelancers

If you’re self-employed or run a small company, you may often need to transfer money to the Netherlands or send payments abroad. While you can use a standard bank account, specialist money transfer Netherlands providers usually offer better rates and lower fees than traditional banks, especially for larger amounts.

At the end of the day, whether it’s a personal remittance or business payment, the best way to save on a money transfer to the Netherlands is to compare providers, understand markups, and choose the transfer option that fits your needs.

Need More Help?

The truth is that banking can be a hassle, especially if you aren’t that familiar with how international transfers, conversions, and other transactional fees work. If you want more information about basic financials (like the Dutch payslip), feel free to check it out in our blog section. Or, if you are thinking about applying for a job, just create a profile and apply. Our recruiters will be reaching out to you soon.