Your Guide to Dutch Banks

One of the most important tasks you’ll complete in your first week living in the Netherlands is setting up an account with a Dutch bank. Having a Dutch bank account will allow you to receive your salary, rent an apartment, and make everyday payments with ease. 

Currency

The Netherlands uses the Euro (€). Coins range from €0.05 to €2 and bills range from €5-500. Coins can be used for toilets, parking meters, markets, or small purchases while bills are used for larger purchases (where cash is accepted). While cash is accepted, many businesses prefer debit card payments, known as “pinnen.”

Major Banks in the Netherlands

  • ABN AMRO (offers customer service in English)

  • ING (offers customer service in English)

  • Rabobank (offers customer service in English)

  • SNS Bank

  • ASN Bank

  • Triodos (sustainability-focused)

Digital banks

A new option in the banking sector are digital banks, such as N26, Wise, and Bunq. These banks often offer lower fees and transparent pricing. It is quite easy to set up an account online and their mobile apps offer many  innovative features. Digital banks also are great for international transactions and managing multiple currencies (especially Wise). The main cons of digital banking are no physical branches and limited face-to-face customer service. Additionally they may not offer the full range of traditional banking services (e.g., mortgages, and investment options).

Sustainable Banks

Ethical or sustainable banks are focused on the social and environmental impacts of their investments and loans. For those interested in ethical banking, Triodos and ASN Bank are excellent options, focusing on sustainability and social responsibility.

Banking Services

Dutch banks offer all the services of a typical bank including:

  • Online Banking and Mobile Apps

  • Current Accounts

  • Student Accounts

  • Premium Accounts

  • Joint Accounts

  • Overdrafts

  • Loans

  • Mortgages

  • Investments

  • Insurance

ATMs in the Netherlands

ATMs in the Netherlands are called geldautomaten. As people shift from paying with cash to card and digital payment methods, the need for ATMs is going down. However, you can still find many ATMs across the country. In most cases you will only need to withdraw cash if you are going outside of the Netherlands. If your bank card has the Cirrus, PLUS or Maestro symbol, along with a four-digit pin code, you will be able to withdraw money from any ATM. You can typically find ATM’s within your bank’s network through their website. Or use the Geldautomaten Locator to find an ATM near you. (ING ATMs: There are no ATMs located inside ING branches).

Banking Fees

  • Monthly Fees: A bank account in the Netherlands will typically cost between €2 to €20 per month depending on the bank and the type of account.

  • Withdrawal Fee: Varies by bank with some offering free withdrawals at network ATMs. Keep in mind that ING does not have ATMs at their branches.

  • Additional features such as travel insurance

Opening a bank account in the Netherlands

To open a private bank account in the Netherlands you will need to make an appointment online or find your nearest branch and walk in with all your documents. Be aware that some branches don’t offer an in person account set up and you will need to open your account online.

To open a bank account in the Netherlands you will need the following documents:
  • Your BSN number (Burgerservicenummer)

  • A valid form of ID (passport or identity card)

  • Proof of address (i.e. rental contract)

  • Residency permit if you come from outside of the EU

Steps:
  1. Make an appointment online or visit a branch

  2. Bring all required documents

  3. Wait for approval and receive your bank card by mail.

Opening a business bank account in the Netherlands

A separate bank account for your business is necessary if you are moving to the Netherlands on the DAFT visa. The steps are similar to opening a private account. To open a business bank account you will need all your personal documentation in addition you should have all the necessary information for your business. For example, your KvK number and a record of your turnover. Most banks have different types of business accounts based on the turnover of your company.

What is an IBAN

Your IBAN is your International Bank Account Number. It is your unique bank account number that is identified and understood by all financial institutions worldwide. For companies, your business IBAN number is required to be on all invoices. 

Payment Methods

Cash

With the rise of digital payments many businesses across the Netherlands are doing away with cash. Some places only accept debit cards and don’t accept cash at all. 

Pinnen (pronounced pin-na)

The most common and preferred method of payment in the Netherlands is with a debit card (pinnen). Either by inserting the card to a chip reader or contactless payments. Most businesses in the Netherlands also offer contactless payments, including cards with a chip, using your smartphone, smart watches, or other wearable devices.

iDeal

iDeal is a secure way to pay online through your bank. During the payment process you are asked to choose your bank, then you are redirected to your bank's app or online banking environment. Your payment is then transferred from your bank account directly to the merchant. Typically the payment is linked through a QR code on the screen. 

Credit Card

Credit cards are not widely used in the Netherlands. In some cases, it is not possible to pay by credit card at all. If you want to have a credit card it is possible to apply for a card through your bank. Visa and Mastercard are the most common options and most widely accepted. Most often, credit cards are only accepted in tourist locations or some chain stores.

Accepted bank cards in the Netherlands

  • Most Accepted

    • Maestro

    • VPay

  • Sometimes Accepted

    • Mastercard

    • VISA

  • Rarely Accepted

    • American Express

    • Discover

    • Other

Resources

International ATM Locators:

Mastercard ATM Locator

Visa ATM Locator

Discover ATM Locator

American Express ATM Locator

This guide should help you navigate the Dutch banking system and make settling into your new home a bit easier. If you have any questions, reach out! We love to hear from you.

Julia

Editor

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