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How to Open a Dutch Bank Account

 

If you intend to live and work in Amsterdam or the Netherlands then you will need to have a local Dutch bank account. Generally, bank accounts can be opened once you have a job offer.

The best way to open an account is just to walk in to a branch near where you live or work and talk to a member of staff.

You will need to bring various documents with you to the bank in order to satisfy the usual bureaucratic requirements:

Identity Document - Passport or Dutch Driving Licence. ID cards from some EU countries may be acceptable.

Your BSN / SoFi number - This is the "Burger Service Number" (used to be known as the SoFi) which you get when you register in Netherlands. Similar to social security number in the US, tax file number in Australia or national insurance number in the UK.

Proof of Address - For example, utility bill less than 3 months old, Dutch Driving License, Rental / Purchase Agreement for your home, pay slip etc.

Proof of Income - You need to show an employment contract.

Now it can be the case that you don't yet have everything in place (eg - you have found a job but not a flat). This can be highly frustrating if the bank staff apply their rules to the letter - you may get to experience the "dat kan niet" ("that's not allowed") attitude prevalent amongst some Dutch service personnel. If you are lucky you will deal with someone who can show a degree of flexibility to get the application through. However if you come up against a brick wall then try another branch or another bank.

You will find branches of major Dutch banks in most towns and cities - although many Dutch now do their banking online. There are ATMs (PIN machines) located all over Amsterdam. Once you open an account you will get a local debit card known as a "PIN pass" which can be used to withdraw cash at the ATMs and make payments at retailers, buying train tickets etc. The card can also be Maestro branded for international transactions.

Expect monthly charges for running a current account and a PIN pass - this will be approximately €2.75 per month.

 

Bills are generally paid online or by direct debit. They can also be paid by filling in an "accept giro" invoice form which you then send to your bank - this is becoming less common with the rise of internet banking. An online payment system called "iDeal" is used by many Dutch online retailers which links securely to your Internet banking.

The Dutch do not use normal cheques - if you deposit a cheque into your account (even if denominated in euros) you will be charged a hefty €10-20 for the privilege.

 Dutch Retail Banks - main banking options in Netherlands: 
 

ABN AMRO - Popular Dutch banking giant with branches all over the city. ABN has a special expat service so they are used to dealing with foreigners, especially in the central Amsterdam branches.

abn-amro bankamsterdamEnglish is available with online banking. If you have a higher income (€5k per month) then you will get "Preferred Banking" status which entitles you to a more personal service and use of their lounge at Schiphol Airport (non-Schengen flights) when you travel.

As a sidenote, the name ABN AMRO originates from 2 Dutch banks which merged in 1991 - ABN bank (Algemene Bank Nederland) and AMRO bank (Amsterdam and Rotterdam Bank). ABN AMRO was purchased by a consortium of Royal Bank of Scotland / Santander / Fortis in 2007. However in 2009 (during the financial crisis) the bank was partly nationalised by the Dutch government along with Fortis Nederland.

ING - Internationale Nederlanden Groep, a major international banking, insurance and asset management group.

rabobank amsterdamThey are currently the largest Dutch retail bank having recently taken over the old Post Office bank Postbank (now rebranded to ING). No English pages available online so you will need to enquire at one of the Amsterdam branches. Received a cash injection from the government during the crisis but is paying it back in installments.

Rabobank - Large, privately owned Dutch bank and financial services group with roots in agricultural finance.

rabobank amsterdamMany branches in Amsterdam and all over Netherlands. Has been given a AAA rating by the main ratings agencies. Not much information is available online in English but go to one of the central Amsterdam branches and they should be able to help you.

SNS Bank - Samenwerkende Nederlandse Spaarbanken - one of the smaller Dutch retail bank (owned by financial services parent SNS Reaal) with Amsterdam branches at Bilderdijkstraat 50 and Ceintuurbaan 334. They also have ATM machines located in HEMA shops.

ASN Bank - Small Dutch bank (part of SNS Reaal group) focussed on ethical banking and sustainable investments.

Once your main current account is opened you can then open savings accounts and/or brokerage accounts if you want. "Ethical" savings accounts and investments are available with ASN bank and Triodos Bank - these are not liable for Dutch wealth tax. Some Turkish and Moroccan banks also operate in Netherlands and can offer higher interest rates - although risk appetites have decreased since the credit crisis which saw both Icesave (from Iceland) and more recently the DSB bank go under.

 

 

Note, Dutch bank accounts are officially guaranteed up to €100,000 by the Dutch central bank. If you happen to have more than €100k to deposit then spread it around via different banks.