Information about personal banking in Netherlands, opening an account, banking services, ATM machines, internet banking, PIN cards, credit cards and the Dutch terminology for common banking transactions…

LARGEST DUTCH BANKS

The largest Dutch banks are ING, Rabobank, ABN AMRO and Volksbank (which owns SNS, ASN and Regiobank).

OPENING A DUTCH BANK ACCOUNT

Expats from within the EU with valid proof of identity can often open a Dutch bank account online without having to go into a bank office.

Expats from outside the European Union can open a bank account in person with the following documentation:

• Valid passport
• Proof of address (such as a utility bill)
• Some banks may also request proof of employment, BSN number and/or residency card (or proof of residence permit application)

Banks usually run a credit check and may register new foreign clients with the Central Credit Registration office (Bureau Kredietregistratie, BKR). If the account holder develops poor payment habits, it will be noted in the BKR record.

Once a bank account is open, a bank card (PIN card) will be sent to the account holder. The PIN number needed to activate the card will be mailed separately a few days later.

NOTE: Special rules apply to expats who hold United States citizenship. Dutch banks can refuse to open an account for American citizens due to U.S. government FATCA requirements.

DUTCH BANKING SERVICES

Most banks offer similar services and types of accounts with regard to personal banking in Netherlands including:

• Savings account (spaarrakening)
• Current account (betaalrekening)

A PIN (debit) card is used to withdraw money from any ATM cash machines (geldautomaten) regardless if it is the same or a different bank. The card is also used to pay for goods and services in shops. Credit cards are not always accepted, especially in smaller stores and those located outside tourist areas. Checking accounts are not offered by Dutch banks and not accepted as payment anywhere in the Netherlands.

PAYING BILLS WITH A DUTCH ACCOUNT

Invoices for one-off services are generally paid by bank transfer. This can be done online or with the bank’s smartphone app.

Utility, telecom and other service contracts with monthly installments usually require payment by automatic debit (automatische overschrijving). An authorization form (machtiginskaart) must be signed by the account holder, allowing the company to deduct money from the account every month.

SMARTCARDS

Dutch PIN/debit cards have a microchip embedded in them which allows for the payment of small transactions (for example, a parking meter) by simply holding the card against the Chipknip reader (no PIN number is required).

The credit balance on the chip needs to be manually replenished when it runs out. This limits the financial loss to the balance on the chip in the event the card is stolen or lost.

DUTCH BANK HOURS

Most banks in the Netherlands are open from Monday to Friday 09:00-18:00. In larger cities, some branches may also be open on Saturday mornings.

INTERNET BANKING IN NETHERLANDS

Internet banking by computer or smartphone allows transactions to be performed online, including paying an invoice, checking on deposits and transferring money between accounts. The Netherlands has one of the highest rates of internet banking usage in the European Union.

INTERNATIONAL TRANSACTIONS

Dutch personal accounts do not allow international payments by default for security reasons. The account holder can change this in their account profile. Typically the change can be made with one of the following options: a) for a single transaction, b) for a specified time frame or c) on-going. It can take up to 24 hours after the request is submitted for the permission change to be processed.

Similarly, Dutch bank cards are, by default, blocked from use at ATMs and POS terminals located outside the European Union. The security lock can be turned off by the account holder via internet banking.

DUTCH BANKING INDUSTRY

Banks operating in the Netherlands must comply with the conditions set forth in the Dutch Act of Financial Supervision (Wft). This is enforced by the Dutch National Bank (DNB). They must also have been granted a banking license by the European Central Bank (ECB). The standard ECB license allows activities such as accepting financial deposits, financial leasing, investment advice and portfolio management, market trading and securities management.

Most banks in Netherlands are members of the Dutch Banking Association (NVB). The organization lobbies the government on finance-related legislation on behalf of its member banks and provides an interface between the Dutch banking industry and consumers through marketing campaigns.

ONLINE/MOBILE BANKS

Over the past few years, a number of online/mobile-only banks have been established in the Netherlands and elsewhere in the European Union. They function primarily through mobile apps and do not have physical locations.

The most popular mobile bank in the Netherlands has been Bunq, founded in 2015. It operates strictly by mobile phone apps available in the Apple and Google Play stores. The apps are available in 6 languages (including English). The company offers several unique benefits such as multiple PIN numbers per card tied to separate accounts, payments by QR code and 3 cards per account (Maestro, Mastercard and a Travel card). Accounts offer standard direct deposit and direct debit. A big benefit for expats is being able to open an account before having a BSN number (required by most other banks to open an account). The BSN can be supplied up to 90 days later.

BANKING IN NETHERLANDS TERMINOLOGY

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Related information…

DUTCH CREDIT CARDS

DUTCH INSURANCE POLICIES