Banking in the Netherlands
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If you are shifting to the Netherlands, you need to have a Dutch bank account to manage your finances. It will also help you in a lot of other administration purposes like electricity, phone line, paying gas, or just want to take a trip to grocery store.
How to find the best bank if you don’t speak Dutch? You can right-click anywhere on the page of the provider with your mouse (if you are using Google Chrome). A dropdown menu willappear with the text: “translate this page to English”. This will make it easier for you to make the right choice.
We have listed below the criteria by which we have listed a top 5 of the best banks in the Netherlands.
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#1 -The best Dutch bank Rating A bank made for expats and newcomers – low withdrawel fees, purely online bank –excellent conditions and a great app! | A bank made for expats and newcomers – low withdrawel fees, purely online bank –excellent conditions and a great app! | 8.7 | Visit n26.nl |
#2 Rating New player on the market. Sustainabiliy is central in their approach to banking. Fast growing with an excellent app and on boarding process for expats and newcomers | New player on the market. Sustainabiliy is central in their approach to banking. Fast growing with an excellent app and on boarding process for expats and newcomers | 8.5 | Visit Bunq.nl | #3 Rating ABN Amro is a top 3 bank from the Netherlands – lots of brick and mortar offices throughout the Netherlands – relatively low fees | ABN Amro is a top 3 bank from the Netherlands – lots of brick and mortar offices throughout the Netherlands – relatively low fees | 8.4 | Visit ABN AMRO.nl |
#4 Rating One of the largest banks in the Netherlands – used by most Dutch citizens – great online service and banking app is rated one of the best in the Netherlands | One of the largest banks in the Netherlands – used by most Dutch citizens – great online service and banking app is rated one of the best in the Netherlands | 8.6 | Visit ING.nl |
#5 Rating Large bank in the Netherland used by a lot of people in the countryside – great online experience and apps: almost everything can be arranged online | Large bank in the Netherland used by a lot of people in the countryside – great online experience and apps: almost everything can be arranged online | 8.3 | Visit Rabobank.nl |
If you don’t speak Dutch yet..
Finding a Dutch website that has an English version can be quite difficult. You can translate a Dutch page in your browser (only works with Google Chrome on desktop) by right clicking on the page – you will see a dropdown and click “Translate this page to English”. This will make it easier for you to make the right decision.
While opening a bank account in some countries could not be as straight forward, getting a Dutch account is quite handy. Most Dutch banks offer two types of account:
- Current account
- Saving account
The banks allow you to open an account either by visiting a branch in-person or online through their website. The documents required are:
- Valid identity proof (residence permit, if applicable)
- Proof of address (a rental contract, a utility bill are usually accepted)
- Evidence of income
- They may also check credit rating, and you will receive a bank card (usually a debit card) once the account has been opened.
Apart from the current and saving account, they also offer you to open a business account, joint account, as well as a bank account for your children.
The saving accounts starts from long-term deposit accounts to instant access savers, which can be used to save for things such as vacations or retirement. However, each bank offers different savings packages.
Also, opening a business account is quite easy with the same process as for opening a private account. Further, best banks in the Netherlands also provide loans and considered as a common method of lending money. However, there are a number of credit agencies, or you can always use credit cards if the amount you need is not so big.
There are so many websites that you can use to assess your options to see a Dutch bank account comparison when taking out a loan in the Netherlands. Otherwise, you can simply walk into your Dutch bank and speak with an advisor.
However, one of the most popular reasons why most expats prefer current account is because it gives instant access to your money, credit/debit card options, internet and mobile banking options and more. Banks offer different current accounts like standard account, student account, young person’s account, etc.
Most used Banks in the Netherlands
How to open an Dutch bank account
You can change your Dutch bank account or switch to another account at any time. The process for changing it might differ from bank to bank. With some banks, perhaps, you need to close the account online, whereas others may require you to visit a branch in-person and fill out a form.
If you have decided to close a bank account and switch to another one in the Netherlands, make sure to:
- Provide the bank with essential information like your passport or Valid ID-card, address proof (rental contract, utility bill, and official government document).
- Your BSN (Citizen Service Number) obtained at the municipal office, etc.
- Have some confirmation in writing, either on a letter or in a mail to ensure that the account is closed officially. This will avoid any extra charges gathering on an unsupervised account.
- Abandon your standing orders or direct debits on the account, or make them transferred to your new account.
- Inform your employer and anyone who is making regular payments to you that you are no longer using this account.
Before switching to another bank, compare plans and services that help you in opting for the best. A little research and consulting your friends and colleagues can help you get the best one.
Advantages of online banking in the Netherlands
The coronavirus pandemic has impacted the online banking platforms of the Netherlands, but online banking in the Netherlands is not something new. Traditional banking methods have not been appealing in the past year. With that in mind, several banking customers are benefitting from online banking solutions since the surge of the coronavirus. Let us look at the benefits of online banking.
- Convenient:The freedom to access banks wherever and whenever you want to is one of the primary benefits of online baking. With our mobile phones or computer, we can easily access our bank. It allows 24/7 banking access, and you can perform any bank tasks.
- Security:In online banking, there are several multi-factor authentications to the online bank account. Most applications will allow you to use fingerprint authentication to log in to your account. Without the MPIN, no one can access the account unless you tell them the pin.
FAQ about Banks in the Netherlands
Visit Bunq.nl is the best app-based bank which offers mobile and internet banking throughout Europe. Each Bunq bank account provides you with a free Mastercard debit card, which is accepted globally. You can use the app to lock or unlock your card, set daily spending limits, and reset your PIN anywhere across the world at any time.
The premium account enables you to have fee-free withdrawals worldwide. Any transaction on the card notifies you as push notifications on the app. The best part is its support is available in several languages.
There are more than 11 banks in the Netherlands. We have outlined some of the most important ones:
Visit Bunq.nl: The Bunq app offers every day free bank accounts to save, spend or keep track of your money and all that under one app. It also offers free Mastercard debit card, which is accepted worldwide. It has some great features like 3D secure for an extra layer of security. You can receive push notifications to stay updated, secured fingerprint login, stress-free bank transfers, tagging your transactions and lot more.
ABN AMRO: It is again one of the most preferred banks, especially by expats, students, athletes and entertainers. With this bank, you can easily apply for loans and make investments. Making payments is so efficient using the internet and mobile banking and credit cards. ABN AMRO has specialized staff with years of experience helping expats in the country. The advisers can help you in your financial matters.
ING: ING is ranked as a leader in the banking industry and have an ‘A’ rating in the MSCI’s ratings universe. Customer experience is what differentiates them, as they are constantly improving it. It offers job opportunities to new talents through an international talent program and empowers people to stay a step ahead in life.
Before you visit a bank to open an account, you need to pick which bank suits your requirements or principles. You should also remember that banks might charge a yearly fee for having an account with them. Once you have chosen your bank, you must check out all the details of the account to see whether they meet your needs.
Documents needed for a Dutch bank account are as follows:
- Your BSN number (Citizen service number)
- A valid proof of ID (identity card or passport as drivers license might not be acceptable)
- Proof of address (electricity bill or a rental contract)
- Residential permit if you come from outside of Europe
- Once the details have been processed, you will need to simply wait until your new “pinpas” is received by you or your account is approved.
While finding the best bank in Netherland, you have to consider certain essential things. And, to get the best, there are some of the crucial factors that help you decide are- easy access to your account, service, customer satisfaction and withdrawal costs.
Get ready to have personalised banking with N26 that allows you to pick your contactless Mastercard from five attractive colours –Sand, Ocean, Rhubarb, Slate and Aqua. The bank will give you an extensive package of travel insurance, lifestyle and free foreign currency ATM withdrawals.
Travel light and cherish the freedom of knowing you are covered to get up and go, thankfully with a premium bank account that provides a package of mobility and travel insurance. Forget about foreign transaction fees and withdraw your cash for free in a particular currency from ATMs across the world. Pay with your N26 Mastercard online with zero fees.
