If you're moving to Netherlands, here's how to manage your money
Opening a bank account in Netherlands is one of your first tasks after landing. The process varies depending on your visa type.
Banking Overview in Netherlands
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Netherlands
Foreigners can open bank accounts in Netherlands. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Netherlands. While you may be able to send money to Netherlands, full local account features may not be available. Check their website for the latest on Netherlands-specific services.
N26
N26 is not currently available in Netherlands. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Netherlands, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Netherlands is approximately €4,833 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Netherlands:
- When you shop, you'll be pleased to know you can use the RFID-enabled payment methods (contactless) for purchases under €25 for most banks. That way, you won't have to put your card in the machine, nor will you have to enter your PIN. Just hold your card against the machine for a few seconds, and your transaction will go through.
- You can also use contactless payments for higher amounts than €25. However, you'll need to enter your PIN code to confirm the transaction . You'll also need to enter your PIN if you've used your debit card contactless five times. The exception is if you're paying with your phone app ; you won't need to enter your PIN at any time if so.
- In the past, individual banks had their own ATMs , and you could use any of them without being charged a fee. However, there are fewer and fewer ATMs now, with the number decreasing by 33% in 2.5 years back in 2020. As of the same year, there were less than 5,000 ATMs in the nation now, and they're all owned by Geldmaat ; their ATMs are easily recognizable since they're bright yellow.
- Another popular method of online payments is Tikkie . This is an app made by the Dutch bank company ABN AMRO , but you can use it as a non-customer. After downloading the app, you can send and receive requests for payment of various amounts. In fact, many use it for transactions as small as €1.
- You should expect that most banks in the Netherlands will charge a monthly maintenance fee. Make sure to read the fine print so you don't have any unexpected surprises.
- Note that banks will charge a small fee for your physical bank card . So even if you share an account with your partner, if both of you have individual cards, you'll be charged two times the amount for the bank cards. You'll also have to pay for any additional debit cards you want.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Is cryptocurrency banking available in Netherlands?
Cryptocurrency regulation in Netherlands varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Netherlands.
Is mobile banking widely available in Netherlands?
Yes, most major banks in Netherlands offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
Can I get a credit card as an expat in Netherlands?
Credit card availability for expats in Netherlands depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
Does Wise (TransferWise) work in Netherlands?
Wise has limited functionality in Netherlands. You may need to rely on traditional banks for transfers.
How do international money transfers work from Netherlands?
You can transfer money from Netherlands via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
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