Opening a Bank Account
Moving to the Netherlands and need to open a bank account? You’re in the right place. Having a Dutch bank account is essential for anyone planning to live, work, or study in the Netherlands for an extended period. From receiving your salary to paying for groceries, a local bank account will make your daily life significantly easier and more cost-effective. The good news is that opening a bank account in the Netherlands is relatively straightforward, especially when you have the right documents and know what to expect. Both residents and non-residents can apply for Dutch bank accounts under certain conditions, making it accessible for international newcomers.
Who Is Eligible for a Dutch Bank Account?
Opening a Dutch bank account is possible for most foreigners moving to the Netherlands. The basic eligibility requirements include:
Age and Identity Requirements You must be over 18 years old and possess valid identification in the form of an EU ID card or international passport.
Residency Status While you don’t necessarily need to be a permanent resident, you’ll need proof of a Dutch address or evidence of an upcoming stay in the Netherlands. This could be through a lease agreement, utility bill, or confirmation of employment or study.
BSN Requirements The Burgerservicenummer (BSN) is your unique Dutch citizen service number. While many traditional banks require this upfront, some online banks like Bunq allow you to open an account without it initially. EU citizens have more flexibility with BSN requirements compared to non-EU citizens.
Residence Permits Non-EU citizens typically need to provide their Dutch residence permit, though some banks may allow account opening for those with pending applications or confirmed future residence.
Required Documents Checklist
Having the right documentation ready will streamline your account opening process. Here’s what you’ll typically need:
Essential Documents
- Valid passport or national ID card
- Proof of Dutch address (lease agreement, utility bill, or municipal registration)
- BSN number (if available)
- Dutch residence permit (for non-EU citizens)
Additional Requirements
- Proof of income (payslips, employment contract) – particularly for traditional banks like ABN AMRO
- Identity verification through phone camera or in-person branch visit
- For joint accounts, both parties must provide complete documentation sets
Types of Bank Accounts Available
Understanding the different account types will help you choose the right option for your needs.
Checking Accounts (Betaalrekening) These are your standard everyday accounts for deposits, withdrawals, and online banking. They provide access to SEPA transfers using your IBAN and are essential for daily transactions.
Savings Accounts Dutch banks offer various savings options, from instant access accounts to long-term investment products. Bunq currently offers some of the highest savings interest rates in the Netherlands, with monthly interest payments.
Online Bank Accounts Digital-first accounts typically require minimal paperwork, offer competitive fees, and provide excellent mobile banking experiences. They’re particularly popular among international residents.
Specialized Accounts Many banks offer tailored products for students, young people, and joint account holders. Student accounts often come with reduced or waived fees.
Understanding Account Costs
Dutch bank account fees have increased significantly in recent years, with costs rising by approximately 42% over the past five years. Monthly fees typically range from €2 to €30, depending on your chosen bank and account package.
Popular Banks and Their Fees
- ABN AMRO: €1.55 – €3.95 per month
- ING: €1.95 – €2.50 per month
- Bunq: Free standard account, premium plans €3.99 – €18.99 per month
- SNS Bank: €2.58 – €2.75 per month
- Knab: €6.00 per month
- ASN Bank: €2.30 per month
Most accounts include basic services like deposits, withdrawals, and a Maestro card. Some banks offer Mastercard or Visa debit cards for fee-free ATM withdrawals, which can be particularly valuable for international users.
How to Open Your Account: Online vs In-Person
Online Account Opening Digital account opening has become increasingly popular due to its convenience and speed. The process typically involves:
- Providing personal information (email, address, phone number)
- Selecting your preferred banking plan
- Completing identity verification
- Receiving your bank card by post
Banks like Bunq pride themselves on 5-minute account setup directly from your smartphone. Other popular online options include N26, Wise, and Revolut, all offering 24/7 mobile banking services.
In-Person Account Opening Traditional branch-based opening requires more time but offers personal assistance. The typical process includes:
- Scheduling an appointment with your chosen bank
- Bringing all required documentation and ID
- Completing application forms and identity checks
- Receiving account details and PIN by post
- Activating your account and online banking access
Be aware that some banks conduct credit checks through the Central Credit Registration Office (BKR) before approving new accounts. If you don’t speak Dutch, choose a bank offering services in your language, as some institutions operate exclusively in Dutch.
Why You Need a Dutch Bank Account
Having a local bank account provides numerous practical and financial benefits:
Essential for Daily Life Many Dutch services require local bank account details, including salary payments, insurance contracts, phone subscriptions, and gym memberships. Landlords often require Dutch bank details for rent payments.
Cost Savings International bank accounts incur foreign transaction fees that quickly accumulate. A Dutch account eliminates these charges for local spending and transfers.
iDEAL Payment System iDEAL is the dominant online payment method in the Netherlands, used by virtually all Dutch e-commerce sites. Access requires a Dutch bank account.
Faster Transactions Local SEPA transfers are much quicker than international transfers, making bill payments and money transfers more efficient.
Cultural Considerations Dutch consumers generally avoid credit cards, preferring debit payments. Many local stores and supermarket chains don’t accept credit cards, making a Dutch debit card essential.
Comparing Major Dutch Banks
ABN AMRO ABN AMRO stands out for its expat-friendly approach, offering 24/7 customer service in Dutch and English. They provide comprehensive support including banking, insurance, and housing guidance for international residents. Their standard current account costs €1.55 monthly, making it one of the cheapest among traditional banks. Students can access free accounts, though savings interest rates are minimal.
ING As the Netherlands’ largest retail bank, ING offers excellent convenience and accessibility. Their standard account costs around €1.95 monthly and can be opened online or at numerous physical branches. They claim 20-minute setup times with complete documentation. Most of their website and mobile app are available in English, and they offer complimentary accounts for students and young customers. Like ABN AMRO, savings interest rates are very low.
Rabobank Known for advanced security features and innovative payment methods like Apple Watch Pay, Rabobank appeals to environmentally conscious customers with green deposit options. Their standard account costs €1.55 monthly, but online setup isn’t available – requiring in-person appointments. A significant drawback is their Dutch-only website and internet banking, with no guaranteed English service in branches.
SNS Bank With over 200 branches nationwide, SNS Bank emphasizes customer accessibility. Their standard account costs €2.75 monthly, and they accept EU applications without requiring a BSN upfront. However, their lack of English-language website or app creates challenges for non-Dutch speakers.
Bunq This online-only “green bank” commits to ethical investing and environmental responsibility, planting trees for customer spending. They offer easy online applications without requiring a BSN initially. Their standard account is free, with premium plans available. Bunq provides services in multiple languages (Dutch, English, German, Spanish) and offers significantly higher savings interest rates than traditional banks – reportedly nine times higher. They also provide innovative budgeting features and zero currency exchange costs for international spending.
Tips for Choosing the Right Bank
Research Thoroughly Take time to compare account types, interest rates, fees, and customer satisfaction ratings before committing. Consider your specific needs – do you prioritize English-language support, low fees, or environmental values?
Language Considerations If your Dutch is limited, prioritize banks offering comprehensive English support. This includes not just customer service, but also mobile apps and online banking platforms.
Temporary Residents If you’re staying temporarily or don’t yet have a residence permit, contact banks directly to discuss your options. Some institutions are more flexible than others for short-term residents.
Multi-Currency Needs Consider banks like Bunq or Wise if you frequently handle multiple currencies or travel internationally, as they offer better exchange rates and international banking features.
Getting Started
Opening a Dutch bank account is an essential step in establishing your life in the Netherlands. Whether you choose a traditional bank with physical branches or a modern online-only institution, having local banking will significantly improve your daily experience and financial efficiency.
Start by gathering your required documents, researching banks that match your language and service preferences, and considering whether online or in-person opening suits your situation better. With the right preparation, you’ll have your Dutch bank account ready to support your new life in the Netherlands.