First off, let’s discuss what you will need a bank account in the Netherlands for. Opening a Dutch bank account is not a legal requirement, but you will find that you might need a local bank account if you wish to rent an apartment in the Netherlands. Why?
Using Dutch Bank Account While Renting in the Netherlands
Having a Dutch address means that you have to pay some fixed charges, like rent, electricity, and insurance. Your rental contract may say that you have to pay for these from a Dutch bank account, and in any case, it would make it much easier.
"Opening a bank account in the Netherlands is important to be able to pay for fixed charges, like rent, electricity and insurance."
Lack of Credit Card Options in the Netherlands
When opening a bank account, you will receive a debit card. In the Netherlands, using a credit card to pay for everyday items is uncommon. Most people use a debit card to pay for groceries, clothes, and other everyday items.
In most cases, you can even connect your debit card to your phone through Apple Pay or Google Pay, allowing you to pay for items with your phone!
Problems with Mastercard and Visa Debit Card
Another important reason why you should open a bank account in the Netherlands is that in many places in the Netherlands, expats struggle to pay with a debit card from their current bank. Why?
Some places in the Netherlands, such as Albert Heijn, don’t accept Mastercard and Visa, only Maestro. This has been improved in 2023 but for now, having a Maestro card gives convenience while living in the Netherlands.
For all those reasons mentioned, getting a Dutch debit card is highly advisable.
Questions You Might Have About Opening a Bank Account in the Netherlands
Do You Have to Pay for a Dutch Bank Account?
Most banks charge you a small monthly fee for their services. Don’t worry, it’s a small fee, only a few euros a month. However, if you’re a student, here is some interesting information for you; in most Dutch banks you can open a free bank account that doesn’t include any monthly fees.
Money Transfers Between Your Current and New Bank Account in the Netherlands
The worry you might have is once you have your Dutch bank account, how can you fund it? You can easily transfer money between the bank account from your home country. How?
In your Dutch bank, you will receive an IBAN, which is an International Bank Account Number. You will use it in the field “account number of the receiver”. This way you can send money from your current account, as well as transfer money abroad.
Opening a Dutch Bank Account
Most Dutch banks allow you to open a bank account in the Netherlands online, but in some cases, you will need to make an appointment and go to one of the physical branches. Since Dutch cities are not too big, most probably, your nearest one is just around the corner!
However, even if this is a traditional bank, you can usually do it smoothly on the website of the bank or via an app. Just give some personal details, apply for an account, and wait for a response via mail. It will take you less than 10 minutes!
The requirements for opening a Dutch bank account are generally the same for all Dutch banks. Read carefully what you need to prepare before opening a Dutch bank account.
All Documents You Need to Open a Dutch Bank Account Explained in Steps
Step 1
You need a valid form of identification and a Dutch residence permit.
Our top four choices all allow foreign passports as a form of identification, and if you are an EU citizen, you don’t even need to show a Dutch residence permit.
Step 2
Additionally, you need a BSN number. How to get it? You will receive it after registering at your municipality.
Step 3
Lastly, you need proof of address which can be a Dutch utility bill or just your rental agreement.
Is That Everything I Need to Open a Bank Account in the Netherlands?
Be prepared that some banks might request some form of evidence of income like an employment contract or a payslip. However, this is not so common and mostly happens in the case of a business account. In general, you only need the documents mentioned above.
Once everything has been checked and accepted, your account will be opened. Check your post box regularly since in a few days you will receive a debit card with a four-digit PIN code.
Everything You Must Know About Dutch Banking
The Citylifer understands that all people have different needs and desires. To help you make the best choice for your preferences, we have created a guide to get you through this process.
Which Type of the Bank Account in the Netherlands Should I Choose?
First, you have to know what types of accounts most banks offer. At The Citylifer, we have selected three options that are most relevant for you as a student or a professional in the early stages of your career. Choose the best Dutch account for you:
Regular Bank Account
- The most common option is this regular, standard account, also called a personal account, available for everyone over 18 years old.
- The regular account gets you a debit card, which you can use to pay everywhere in the Netherlands.
- With such an account, you can pay with Apple or Google Pay through contactless payment.
Student Bank Account
- A second common option for young people is the student bank account, which is available for anyone between the age of 16 and 30 who is registered at a Dutch MBO or HBO school or university.
- This bank account will give you the exact same perks as the regular bank account whilst being totally free of charge!
- Such a student account is definitely the best option for international students, but also Dutch residents are more than welcome.
Joint Bank Account
- The last type of bank account that may interest you is opening a joint or shared bank account.
- This type of bank account helps to have a good overview of your combined financial situation.
- In case you are splitting an apartment you will probably have to pay rent through just one account, so a joint account is a perfect option for you.
- A joint account gets you the same perks as a regular bank account, but it allows multiple bank account holders to keep track of the balance and it usually gives you two debit cards, in some cases against an additional fee.
Best Banks in the Netherlands with Best Options for Young Professionals and Students
Now that you know what types of accounts Dutch banks offer you need to select which bank suits you most. For this, The Citylifer created a top four choices.
Our selection of the best Dutch traditional banks is based on the following criteria: monthly costs, customer service, and focus on sustainability.
Note: the prices in this article are relevant as of January 2024. You can find the link to the current pricing by clicking on the price per month.
Best Choice: ABN Amro
With over 4.5 million account holders, it is one of the largest banks worldwide. ABN AMRO offers a regular or joint account at €3,25 per month, while student bank accounts are totally free of charge!
The main reason why we rate ABN AMRO this highly is their sustainability policy. With ambitious goals related to climate change, ABN AMRO is one of the front-runners in terms of sustainability.
However, a downside to ABN AMRO is the customer service. An impartial organization that investigates client satisfaction in the Netherlands, Consumentenbond rated ABN AMRO lowest out of seven Dutch banks in their research.
Cheapest Option: ASN Bank
ASN Bank is a smaller bank, but offers a regular and joint account at only €2,70 per month, while also offering a student bank account for free! It’s a perfect option for those with a tight budget who don’t want to spend too much money on their bank accounts.
Similarly to ABN AMRO, ASN Bank is one of the front-runners in sustainable banking in the Netherlands. However, in contrast to ABN Amro, they have excellent customer service! It was rated second best by the Consumentenbond in 2023.
Most Popular Choice: ING
You probably heard about ING already since it is one of the major banks worldwide.
ING offers a regular bank account at €3,20 per month and a joint account at €4,30 per month.
Being one of the larger banks in the Netherlands makes this traditional bank extremely reliable, and with offices all across the country, its customer service is always within reach.
Best Offer: Knab
Offering a bank account of €7,00 per month, this bank may seem expensive at first, but realizing this allows you to open up to five different bank accounts, this might be the cheapest option for you!
What is also important to mention, Knab offers unlimited savings accounts and if you’re a student or young professional, having a savings account is an investment in your future!
According to the Consumentenbond, Knab ranks third in terms of customer service so it is also a big plus for this bank.
What is also interesting, Knab has a strong focus on self-employed people. Hence, if you’re an entrepreneur, this can be a great opportunity for you.
"Did you know that in every one of Citylifer's bank choices you can open a bank account online?"
Online Banking Services in the Netherlands
All banks in the Netherlands make online banking possible. Internet banking allows you to use most of your banking services online, do many transactions, and solve most issues regarding your bank account online, even using an app on your mobile phone.
How to Open a Dutch Bank Account Online?
Internet banking has never been so simple. You can open a bank account online from any place in the world in 10 minutes!
Did you know that in every one of Citylifer’s bank choices you can open a bank account online? The only thing you have to do is fill out the form on their website, with all the personal details and the documents we mentioned before. You can do everything online; the bank will not require you to visit their branch.
After a couple of days, you will get your debit card and bank account number via mail. In some of the banks, you also get the e.identifier, which you can use to activate your bank card online.
Mobile Banking Apps: Are They Safe?
Many banks offer a mobile banking app, such as the ABN AMRO app. Such apps bring a lot of conveniences, especially in situations when you need to do something immediately. They make doing quick transactions and checking account balance possible via phone.
Some people are scared of using banking apps, thinking that they are unsafe to use. However, Dutch banking apps are fully secure. How is this security provided?
Different banks have different strategies to ensure safety but usually, you have to set up your own personal code for the app. With that, you can be sure that no one else can access the app, even if you’re going to lose your phone.
Moreover, your app can’t be accessed by other apps, so there is no risk of other apps looking at your banking app.
Open a Dutch Bank Account Now! It's a Piece of Cake
Opening a bank account in the Netherlands is not so complicated. Visiting a bank branch or opening an account using online banking will not take much time and having a Dutch debit card will definitely make your life in the Netherlands easier.
We explained everything that you must know about our top four choices. Pick the one that suits you best and enjoy having your new account! However, if you eventually decide to go for a different option, just remember that Dutch banks work the same as most other banks in other countries so opening a bank account even in the Netherlands is nothing too complicated.
