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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. Equivalent to Social Security / National Insurance number in the US / 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 can be paid online, by direct debit or filling in an "accept giro" invoice which you then send to your bank. 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. An online payment system called "iDeal" is used by many Dutch online retailers which links to your internet banking.
There are a few Dutch retail banks:
ABN Amro - Has a special expat service so are used to dealing with foreigners, especially in the central Amsterdam branches. English is available with online banking. If you have a higher income (€5k per month) then you will get "Preferred Banking" which entitles you to a more personal service and you can also use their lounge at Schiphol Airport when you travel. ABN Amro was purchased by Royal Bank of Scotland / Santander but was partly nationalised during the financial crisis.
ING - Major international banking, insurance and asset management group. They took over the running of Postbank which has branches at the Post Office. Some expats have reported it is easier to open an account with them. Recently received a cash injection from the government.
Rabobank - With roots in agricultural finance this is one of the Netherlands's biggest banks. Not much info is available online in English but go to one of the central Amsterdam branches and they should be able to help you.
SNS - Smaller Dutch retail bank.
Note, Dutch bank accounts are guaranteed up to €100,000 by the Dutch central bank. If you have more than €100k to deposit then spread it around via different banks.
Once your main current account is opened you can then open savings accounts or brokerage accounts if you want. "Ethical" savings accounts are available with Triodos bank and ASN bank - returns are low but they are not liable for wealth tax. Some Turkish and Moroccan banks also operate in Netherlands and 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.