Foreigners Who Visit The Netherlands On Holiday
While we often discuss the benefits of opening accounts in countries that you frequent on holiday, the Netherlands is a rare case where we dont think this makes sense. Given the account opening difficulties, youre better off opening accounts in another country that provides the same currency benefits but allows for easier account opening.
How To Select A Bank To Open An Account
When an individual chooses to open a bank account in the Netherlands, the best way to select a bank is to understand the advantages and disadvantages of the options that are available.
The bank you choose depends on various factors and also on individual circumstances. Below factors are taken into consideration when choosing a bank to open an account in the Netherlands
Costs- The less a bank charges for its fees, the more the chance of banks to get selected by the customer. Fees taken by the bank can be included in any type of format. You can consult Odint Consulting to get more details regarding the costs of various banks.
Services offered by the bank Banks in the Netherlands offer loan services to their customer. You might want to know more different types of an offer by the banks.
Accessibility Easily availability of the banks, increase the customer base of the banks. Internet banking also increases the number of customers of the bank.
English speaking services Living in Dutch creates a barrier in language. So, banks that offer English-speaking services have a higher customer base.
Now that you have decided the bank, the next step is to know the details and method to open a bank account.
Ready To Open A Bank Account In The Netherlands
If you need help sorting out your banking options, are struggling with account opening, or just arent sure where to turn, we can help.
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Costs Of Bank Accounts In The Netherlands
Most banks in the Netherlands charge a monthly or yearly fee for having an account with them. However, if youre a student, you can usually open a Dutch bank account for free.
Other costs to consider are additional services such as insurance or a credit card. Also, keep in mind that theres usually a small fee associated with international bank transfers.
Why Should I Open A Dutch Account
From moving to the country for work to setting up a tax-favourable account for your business, there are many different reasons to open a bank account in the Netherlands. Fortunately, the Netherlands is home to some of the largest and most profitable banks globally, known for their excellent checking accounts. It’s therefore no wonder that the Dutch make about four times as many card payments per year as the neighbouring Germans do.
The Netherlands has a large and stable banking sector, supported by one of the most stable economies in Europe, and Dutch banks maintain subsidiaries and branches all across the world. As an account holder, this means that your capital is safe in the Netherlands. Moreover, the Netherlands also has a relatively stable inflation rate and an attractive real estate sector.
In short, if you’re moving to the Netherlands from abroad, then a local bank account is very helpful, as you’ll be able to make instant payments through the iDEAL payments network. However, if you already have a bank account in another Eurozone country, this will be perfectly sufficient for day to day use in the Netherlands , and it’s probably the best option if you plan to live in the Netherlands for a shorter period.
Interestingly, Dutch banks usually don’t carry out credit checks for those moving in from abroad. This means that you should be able to open a bank account in the Netherlands without any problems .
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Mobile Banks In The Netherlands
Mobile banks are becoming ever popular particularly with the younger generation and offer a raft of mobile app-based features.
Knab An online and app-based bank set up in 2012 by financial group Aegon. Knab has just over 300,000 customers. It offers the following packages:
- a standard Knab Plus account or joint account for 5 per month. This includes up to 5 sub-accounts and the possibility of applying for a free credit card.
- a business account for 6 per month which offers 5 sub-accounts and 1,000 free transactions per year.
Knab offers package holders various savings products and other financial services such as investments, crowdfunding and mortgage. Knab does offer a customer service contact option via telephone.
What Documents Do I Need To Open A Bank Account
To open a bank account in the Netherlands, you will need the following documents:
- A BSN number, which youll receive when you register at the municipality
- A valid form of ID
- Proof of address
- A residency permit, if you come from outside the EU
The waiting period until you get your appointment and bank account depends on the bank and the time of year. You may find that the waiting period is longer in September because many students apply for a bank account at this time of year. Some universities have deals with banks to give their students priority in the waiting queue. Therefore, reaching out to your Universitys international office and asking if they have any partnerships with banks cant hurt.
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Open A Traditional Bank Account In The Netherlands
The Netherlands is an international country with a cosmopolitan culture. However, its local banks are relatively strict when it comes to opening a bank account without a local residence. For example, ING points out the following on its website:
When opening a current account without a valid Dutch identity document you will need to prove that you either live, work, study or own a house in the Netherlands.In almost all cases youll need an additional document as proof of evidence.
However, some Dutch banks allow non-residents to open a bank account without much fuss. If you’re a non-resident in the Netherlands, Dutch banks will be interested in your motivation for opening an account. For example, if you choose to bank with Rabobank to access its extensive network of partner banks, your application will likely be accepted without much hassle.
Here’s an overview of Dutch banks relevant to non-residents and expats:
ING is the largest bank in the Netherlands and is active globally. While it’s possible to open a bank account as a non-resident, this is subject to some conditions. For example, you’ll only be able to open a bank account at ING as a non-resident if you live, work, study, or own a property in the Netherlands.
The account opening must be done in a local branch and requires various documents . You can find information about opening an account for non-residents at ING here.
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How To Open A Corporate Bank Account In The Netherlands
Investors in the Netherlands are required to open a bank account with a Dutch bank or another bank in the Single Euro Payments Area . This area includes the EU member states as well as Iceland, Liechtenstein, Switzerland and Norway. An IBAN account is required in order to do business and the quick scan Dutch business bank account program allows for a faster process. The quick scan addresses entrepreneurs who have already started the process of registering with the Dutch Chamber of Commerce and are applying for a residence permit.
When applying for the program, the entrepreneur will need to provide details obtained from the Netherlands Foreign Investment Agency . Three banks that participate in this project and entrepreneurs who choose to open a bank account in the Netherlands with these will enjoy the faster process. However, this does not mean that participating in the quick scan Dutch business bank account program is the only manner of opening the account for a future business in the country. Our team of lawyers in Netherlands can provide mode details on this program as well as the general options for account formation.
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How Do Bank Accounts Work In The Netherlands
A current account is the name for a personal bank account thats used for day-to-day spending, saving and receiving money. Youll receive a debit card along with your account for using at ATMs or shopping online.
With a current account, you can receive payments from anyone in the Netherlands, as well as transfers from overseas using your unique IBAN number. You may also send money directly from your bank account to pay others, or for goods and services.
Here are some bank account functions to know about:
Corporate Tax Efficiency Hunters
Dutch lawmakers have been architects of international tax efficiency since the early days. Like the British, the Dutch created their own tax havens in the Caribbean , and effectively passed profits back and forth to reduce taxes. In more recent years, they have created such profit shifting mechanisms as the Dutch Sandwich to enable international companies to avoid EU withholding tax and more.
For the most part, such mechanisms have been toned down. And following an overhaul of the Dutch tax code in 2019, it seems like the Netherlands is trying to rebrand itself as a more onshore-esque place to do business. With this in mind, businesses looking to operate from Europe may still find that the Netherlands offers interesting opportunities. And if you plan to do business here, you will need to open bank accounts.
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Managing Your Dutch Bank Account
You can choose how you manage your money and finances with Dutch banks, whether via counter services or remotely. The majority of Dutch banks now offer:
- Face-to-face banking Physical banking has declined in popularity in the Netherlands as the country has embraced digital banking. There are still around 1,500 bank branches across the country where you can go and make payments, access financial advice, and more.
- Online banking you can enjoy 24/7 access to your account through online banking. This is a key feature of most modern banks. Most services and products, including loans, are also available online and some banks now have live online chat systems to deal with issues.
- Mobile banking mobile banking has taken off in the Netherlands, with many of its tech-savvy residents preferring to manage their finances from smartphone devices. Mobile-only banks offer all their services through an app in fact, they dont use physical branches at all. You can manage your funds, access services, and make a range of payments all at the touch of a screen
What Documents Are Required To Open A Bank Account In The Netherlands
With the majority of banks, you will have a choice between opening your bank account via the internet or in person, and youll need to prepare to provide the following documents:
- Your passport or national identity card
- Proof of your address – for example, a signed rental contract or a recent utility bill serves the purpose
- A BSN, short for burgerservicenummer, a unique personal citizen service number, issued for every Dutch resident. European citizens do not need to provide it.
Be aware that different banks have different requirements – and will ask for different things, for example when opening an instant account via mobile app, where you will often be asked to take a photo of yourself and send it in. You will always be asked to bring some kind of proof of your residency – and pretty much any bill and document with your address does that job. Options range here from rental agreements or mortgage statements, to utility bills, to bank or credit card statements provided by the bank. And if youre a student, a birth certificate or university registration will suffice.
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Reasons To Invest In Netherlands
The Netherlands offers a unique combination of important business advantages, starting with a good business climate and a favorable location in Europe that allows for the development of international businesses. Investors have the option to relocate their company to the Netherlands entirely, for example, relocate from the UK, meaning that they can also relocate their personnel to the country.
Below, our team of Dutch lawyers lists some of the most important reasons why the Netherlands is a world-class business destination.
What Do You Need
Dutch banks are generally pretty strict if youre signing up. Below you will find the requirements you need for most banks. The above mentioned banks make it much easier to sign up.
- Passport or identification: a valid passport, ID card or dutch drivers license.
- BSN Number: Dutch banks require you to give your Dutch tax number. Above mentioned Revolut and N26 are not Dutch banks so they are not required to ask for your BSN. Bunq requires your BSN, but you can provide it within 90 days of signing up.
- Basic information: Name, date of birth, sex, phone number, e-mail adress etc.
- Proof of income: Not required for Bunq, Revolut or N26
- Proof of address: Not required for Bunq, Revolut or N26
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Companies Who Dont Actually Need To Bank In The Netherlands
In most cases, having service providers, suppliers, or customers in a country is a great reason to open local bank accounts. But given that your business genuinely requires a local presence in order to open with most Dutch banks, your chances of opening here are limited.
If youre interested in learning more, just click the chat box below and let us know what youre looking for, wed be happy to help.
What Documents Do I Need
To open a bank account in the Netherlands, whether you go in person or set it up online, youll need to provide the following information:
- Proof of Identity: A passport or national identity card are recommended. Note: Depending on the country it was issued in, a drivers license isnt always considered a valid form of ID.
- Proof of address: A signed rental contract or recent utility bill are generally acceptable. But more on other options in a minute.
- BSN : Each resident of the Netherlands, whether native or expat, is issued their own unique, personal citizen service number. Youll find it on your residence permit or registration with the Foreign Police. If youre an EU national, though, you can skip this part.
Individual banks may differ in what they accept as an address proof. As a general guide, as long as they include your name and address, the following documents are considered valid:
- A tenancy agreement or mortgage statement
- A gas, electric, or water bill from the past three months
- A bank or credit card statement from the past three months.
- If youre a student, you can usually bring your certificate or registration from your university.
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Gather Your Identification Documents And Bsn
To open a Dutch bank account after youve arrived in the Netherlands, youll need to find the following documents:
- Proof of address
- Your Dutch residence permit or registration with the Foreign Police
- Citizen service number
You receive your BSN when you register with your new Dutch municipality. If you dont have a BSN number yet, some banks, like bunq or ABN AMRO, allow you to provide this later.
Joint Bank Accounts In The Netherlands
In the Netherlands, you can also easily open a joint account together with your partner. Depending on your Dutch bank, you can open a joint account directly via their banking app, or you can arrange a meeting in your local branch.
Sometimes banks offer a number of packages to choose from when setting up a Dutch joint account, so check which services your bank provides.
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