The steps for opening a bank account in the Netherlands.
So you’ve relocated to the Netherlands, or are giving serious consideration to doing so. You are already well-versed in stroopwafels and the appropriate applications of the term gezellig, but how well do you know your Dutch finances?
A personal bank account in the Netherlands is required in order for you to be able to receive payments or make payments to local businesses. Continue reading to find out what steps you need to do next.
What advantages does having a bank account in the Netherlands provide me?
There is a good chance that you will investigate the possibility of creating a regular checking account, which the Dutch refer to as a betaalrekening. You are able to transfer money between other Single Euro Payment Area (SEPA) accounts without incurring any fees since your Dutch bank account has been assigned an International Bank Account Number (IBAN).
You may make deposits and withdrawals, as well as use internet banking, using a Dutch betaalrekening, which is the Dutch equivalent of a checking account. On the other hand, it will undoubtedly cost you money, and not simply for things like transferring money to another country. There is a “maintenance fee” that is charged on a monthly basis by the majority of retail banks in the Netherlands. Our advice?
Choose one that includes budgeting tools, sub-accounts, and comprehensive travel insurance as standard features in its premium plans. The fundamentals need to be provided at no cost. Your account will be equipped with a Maestro card, which is the payment method that is most generally accepted throughout the whole of the Netherlands.
A debit card issued by Mastercard or Visa is likely to serve you better if you want to go outside of the country. In particular, when it comes to withdrawing cash from an ATM without having to pay a significant cost. No matter what kind of card you have, you shouldn’t have any trouble integrating it with Apple Pay or Google Pay.
Spreek je Nederlands? Find a financial institution that caters to your linguistic needs if you are still working on perfecting your Dutch skills. At the absolute least, you should know English.
Even if you already have a bank account in another SEPA nation, it’s a good idea to create one in the Netherlands as well. In order to apply for necessary services such as health insurance and social payments, you will be required to have a bank account in the Netherlands.
What are the requirements for opening a bank account in the Netherlands?
If you are not a Dutch citizen… No worries. In order to establish a bank account in the Netherlands, you need to be at least 18 years old, in possession of a passport, and have a Dutch address. Before you begin, the bank must to make it quite clear if there are any additional requirements of any kind.
It is possible for citizens of other countries to create bank accounts in the Netherlands so long as they are residents of the country and either work, attend school, or own a home there. Having a Dutch address is the route with the fewest hurdles to overcome.
While some banks need an extract from the Dutch Personal Records Database as evidence of residence, others may take a utility bill as proof of address (BRP).
Show your employer your pay stubs and/or job contract if you have one. Please display your school identification if you are a student. Having a BSN, often known as a hamburger service number, is advantageous, although it is not required.
What are the requirements for opening a bank account in the Netherlands consist of?
You should be able to create a bank account in the Netherlands with only your passport and some evidence that you reside in the country if you can do that. It’s also important to certain banks to show that you have a steady source of income.
And remembering your burgerservicenummer is never a bad idea in any situation. When you go to create an account, you should have the following items on hand for the highest chance of success:
ID or passport
Documentation attesting to the current residence (utility bill or rental contract)
BSN (burgerservicenummer)
Documentation to support the claim that you are earning (payslips or employment contract)
Is there nothing missing?
You may need to bring your papers to a branch, submit them online, or show them to a bank representative through video chat, depending on the type of identity verification that your selected bank employs.
What is the standard procedure to follow?
Can I establish a bank account using the internet?
The establishment of a bank account in the Netherlands does not actually follow any kind of standard procedure. As a result of the autonomy enjoyed by each financial institution, the process of opening a bank account might take anything from a few minutes to a few days.
The procedure varies greatly from one of the “Big 3” Dutch banks to the other, from “a bit inconvenient” to “I have to take a day off work.” You are required to visit a branch, as stated categorically by Bank A.
The requirements for documentation at Bank B are above average. The easygoing, online, and English interface of Bank C is only interrupted by the presence of legalese written in Dutch.
The procedures followed by conventional banks aren’t quite mind-boggling, but neither are they particularly simple. You will have a much simpler time if you deal with an online bank instead of a traditional one.
Download an app, follow the instructions to upload and validate your information, and you’re finished. A shorter amount of time than it takes to find out why the Dutch football team is called Oranje.
Creating an account with a conventional financial institution
Face to face:
Find out what papers your bank need and then print them off.
Make an appointment and bring all of your paperwork to the branch of the local bank.
Please verify your identification with the cashier once you’ve answered certain questions.
Patiently wait for your confirmation, card, PIN, and any other required paperwork to come in the mail.
Turn on your account as well as your internet banking.
Online
Check with your financial institution to see whether you may set up a new account through the internet.
Make your selection according to the kind of account you want to create (betaalrekening).
Fill out the application form (the majority of Dutch banks won’t let you advance without a permanent residency there).
You have the option of uploading copies of your papers and identification, or the bank will conduct video verification instead, however conventional banks don’t often provide this option.
Patiently wait for your confirmation, card, PIN, and any other required paperwork to come in the mail.
Turn on your account as well as your internet banking.
*The websites of several conventional banks, along with the vast majority of their application forms and customer service, are only accessible in Dutch.
The process of creating an account with an online bank
- Check that your email address and phone number are correct.
- Install the mobile banking app offered by your financial institution, then choose the kind of account you wish to open.
- Complete the steps required to register.
- Carry out the required in-app ID verification.
- You will need to generate a PIN and then wait for your card to come in the mail (your account is immediately active).
A banking license can only be held by legitimate institutions.
There are now a greater number of institutions than ever before that provide financial services. Some will even provide you with an IBAN and a debit card to use. However, this does not always mean that they are banks. A banking license is required in order for a financial institution to legally refer to itself as a bank.
The banking industry in the Netherlands is subject to stringent regulations. A bank that wishes to do business in the Netherlands must first get permission to do so from the European Central Bank (ECB), the Dutch Central Bank (DNB), and the Authority for the Financial Markets (AFM) before receiving a license to do so.
With the proper banking license, a corporation is authorized to provide the full range of services that customers anticipate from a conventional bank. From the most fundamental, such deposits and withdrawals, to the most complex, like overdrafts and loan options.
The most essential benefit is that it ensures the safety of both your personal information and your financial assets, with the former protected up to a maximum of 100,000 euros under the Dutch Deposit Guarantee Scheme.
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