N.L Tayoh
How to open a bank account in the Netherlands this 2022? If you intend to live and work in the Netherlands, it is absolutely essential that you have a local Dutch bank account. If you have an income, you can usually open a bank account.
To open a bank account in the Netherlands, one will normally need to visit an Agency in person, preferably near your place of residence or work with certain supporting documents.
But we have other good alternatives. One of the best alternatives is to open an online bank account with new mobile banks. Opening an online account is then quick and easy. This is the preferred solution if you need to have a personal or professional account quickly.
Once registered with the Dutch authorities, you receive a BurgerServiceNummer the equivalent of our social security number. This number serves both as a fiscal number for processing taxes and as a general identifier for utilities and healthcare. You will need to provide this number to a bank when opening an account.
How Dutch bank accounts work
Once your checking account is confirmed, you get your bank code (IBAN) which has 18 characters in the Netherlands. Each bank also has a special BIC identification code.
You will shortly receive a local debit card that will allow you to withdraw money from ATMs and make payments by a chip or contactless card at merchants. The card bears the Maestro (Mastercard) or V-Pay (Visa) mark.
Contactless payments are possible up to a limit of € 50 per transaction.
Internet banking and mobile banking are popular in the Netherlands and can be easily set up with your account. Most banks will send you a special card reader or number generator to use to log in and transact online.
An online payment system called iDEAL is used by many Dutch online merchants. It is securely connected to your online banking portal to make direct payments free of charge.
Note that standard checks are not used in the Netherlands. If you deposit a check into your account, even if it is denominated in euros, you will probably have to pay a hefty sum of € 15-20.
Please note that Dutch bank deposits are officially guaranteed up to € 100,000 by the Dutch central bank. If you have more than $ 100,000 in savings, at least spread it across different banks or consider other international diversification strategies.
Open a bank account in the Netherlands this 2022 – Best banks to go in for
1. Mobile banks in the Netherlands
Mobile banks are the easiest to open, which can be useful if you are new to the Netherlands. Mobile banking is increasingly popular, especially among the younger generation, and offers a large number of functions based on mobile applications.
1.1 N26
N26 is a German bank based on a mobile app that offers banking services across Europe.
- The standard N26 account is free
- The N26 Smart account costs € 4.90 per month
- The N26 You premium account costs € 9.90 per month
- The N26 Metal account costs € 16.90 per month.
Account-holders receive a Mastercard debit card.
The N26 You account offers free withdrawals worldwide and Allianz travel insurance coverage. The standard account allows 3 free monthly withdrawals in euros per month, transactions outside the euro are subject to a charge of 1.7%. The N26 Metal account comes with a metal card and has additional insurance coverage for cell phones and car rentals.
All transactions made with N26 cards are signalled by instant notifications on the app. Support is available in English, French, German, Italian and Spanish. Accounts can be opened in 8 minutes via the app, but you will need your BSN number.
Balances up to € 100,000 in N26 are guaranteed by the German deposit system.
Documents required to open a bank account
To open a standard Dutch checking account at one of the major retail banks, you will need to bring the following documents to the bank:
- an identity document – This must be a valid passport (Dutch or international)
- a valid Dutch driving license
- an identity card from certain EU countries may also be accepted. If you have a residence permit card, you must bring it as well.
- Your BSN Number – BurgerServiceNummer
- Proof of income – The bank will require proof of income in the form of an employment contract, recent payslips or a social benefit statement. Without any income, you might not be allowed to open a standard checking account. Students must provide proof of their enrollment in their university or educational institution and in some cases how much money they will be able to earn in the Netherlands if they work.
- Proof of address – Sometimes the bank may ask you for proof of address, such as a rental agreement for your house / apartment or a recent utility bill.
1.2. The neobank bunq
Bung is a modern Dutch neobank created in 2015 and entirely based on an application available in English, Dutch, French, German, Italian, Portuguese and Spanish – which makes it a relevant choice for expatriates and especially for French people because it is now possible to open an account with a French RIB.
For individuals, it offers 3 offers:
- Easy Bank at € 2.99 per month
- Easy Money at 8.99 € per month
- Easy Green at € 17.99 per month. With this account, bunq plants a tree for every 100 € spent with the issued metal card.
The opening of a bunq account by the application (Apple / Android) can be done in 5 minutes with just your identity card and an address in Europe. You can even open an account if you don’t have your BSN number yet.
Holders of a bunq account benefit from the interest paid on balances up to € 10,000 (with the possibility of withdrawal), a Mastercard credit card with zero exchange charges, the possibility of sending a worldwide payment link which can be settled by credit card or bank transfer.
The app features instant notifications on transactions and makes it easy to set budgets and open sub-accounts. bunq also allows users to choose how their deposits are held and invested.
bunq is fully registered as a bank in the Netherlands and is covered up to € 100,000 by the deposit guarantee scheme.
The Bunq bank also offers business offers for entrepreneurs:
- Easy Bank at € 4.99 per month
- Easy Money at 10.99 € per month
- Easy Green at € 20.99 per month.
2. Open a bank account in the Netherlands – Best Retail banks in the Netherlands
We will now take a look at the main retail banks in the Netherlands. The most important and well-known banks are Rabobank, ABN AMRO and ING which have a significant market share.
Other recent banks like Knab are shaking up the current market and if you are looking for ethical banks, you can turn to ASN or Triodos.
2.1 Rabobank
Rabobank is a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. The group comprises 89 local Dutch Rabobanks, a central organisation, and many specialised international offices and subsidiaries.
If you are looking forth to open a bank account in the Netherlands this 2022, it is one of the best retail ban to go for.
Rabobank has numerous branches in Amsterdam and throughout the Netherlands. Unfortunately, its website and Internet or mobile banking services are not available in English, let alone French. To open an account with Rabobank, you need to go to one of its main branches in town.
There are almost ninety local Rabobank in the Netherlands, which each operate with a high degree of independence so they can better serve their customers and local communities. Rabobank also has sizeable international banking operations. They focus on international business and rural activities in general and on the Food and Agri sector in particular.
2.2 ING
The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services.
Non-Dutch nationals can open an ING account if they have a link with the Netherlands. You will need to present the following documents to the agency:
Your primary ID plus one of the following:
- if you live in the Netherlands, you can present an extract from the personal files database (BRP) of your municipality.
- if you work in the Netherlands, you can present an employment contract.
- If you are studying in the Netherlands, you can show proof of enrollment from the educational institution.
- If you own a house in the Netherlands, you must present an Ownership Information Document.
ING offers an English version of its mobile banking application and its online banking portal.
2.3 ABN AMRO
ABN AMRO Bank N.V. is a Dutch bank with headquarters in Amsterdam. ABN AMRO Bank is the third-largest bank in the Netherlands. It was re-established in its current form in 2009, following the acquisition and break-up of the original ABN AMRO by a banking consortium consisting of Royal Bank of Scotland Group, Santander Group and Fortis. Following the collapse of Fortis, who acquired the Dutch business, it was nationalized by the Dutch government along with Fortis Bank Nederland. It was relisted as a public company again in 2015.
The Dutch banking giant has branches across the country. ABN AMRO has a special division for international clients and is therefore used to dealing with expatriates, especially in large cities. It offers internationals a full range of financial services such as bank accounts, insurance, investments and mortgages.
In addition, it offers current accounts and insurance packages for international students in the Netherlands, it also has an office specializing in relations with international personalities in the field of sport and entertainment.
ABN AMRO has a full English version of its website, online banking portal and mobile banking application.
You can open an ABN AMRO account in two ways. By making an appointment online, then personally visiting the agency or sending documents by mail. This is possible for holders of European passports and the procedure takes around 5 days.
You can also download the ABN AMRO Mobile Banking app (Apple / Android) and make a request in the app. This is possible for international passport holders and you must upload a photo of yourself. The application allows you to obtain an account number within a few hours.
2.4 SNS Bank
SNS or Samenwerkende Nederlandse Spaarbanken is a Dutch bank created in 2017 which is part of the De Volksbank group which is owned by the Dutch state following nationalization in 2013. SNS Bank has around 200 branches in the Netherlands.
In banking, just offering a checking account, savings account or mortgage is not enough. SNS Bank wants to make sure that everyone in the Netherlands feels financially carefree.
SNS provides banking and financial services, with all of its banking and online services being in Dutch. However, an attractive option for some international customers is the SNS EU account. This account is reserved for people over 18 who do not have a BSN number or Dutch address, but who have the right to live in the EU and have some connection with the Netherlands.
Our take on how to open a bank account in the Netherlands 2022
For non-Dutch speaking internationals moving to the Netherlands if you want to open a bank account in the Netherlands, the best banking solution is probably to go for bunq mobile banking or ABN AMRO, then ING and German mobile bank N26. For those who speak Dutch or have some knowledge in the Netherlands to help them, you have more choices.