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Opening a Bank Account in The Netherlands

August 09, 2020
For some reason, a lot of people often forget to open a local bank account when they move to a new country. Even if they're only staying there for a little while, it won't hurt to open a new account. It's going to be easier to store any money you earn in that country if you do. And the same goes for when you stay in the Netherlands. Though you're not legally required to open a bank account when you move here for work and such, it's better if you do. Most especially if you're earning in Euros here. And here's why.
Opening a Bank Account in The Netherlands
 

The Need for a Bank Account in The Netherlands

In a way, you need to set up your own bank account in the Netherlands. It's not a legal requirement if you have to move here for work, family issues, and such, but you'll need it in the long run. Why? To save money, literally. And that just doesn't mean saving money in a local bank for future use. If you try to continue using your own bank account from your own country, transacting from there to here will cost you a lot of money. International transfers, conversion of currencies, and the like can have very high fees. 

 

Opening a Bank Account from Outside The Netherlands

The good news is even before you leave your home country, you can already set up a local bank account here in the Netherlands. Though it's rather limited, it's still worth a shot. Most of the time, international banks from the Netherlands will have branches in different parts of the world. If one has a branch near you, then you're can simply go to it and set up your account there. Then there's also the online option, which most Dutch banks have nowadays. But the problem here is that only a limited number of Dutch banks allow foreigners to set up an account online. 

 

Opening a Bank Account in The Netherlands

 

Required Documents You Need

If you're opening up your own local bank account in the Netherlands, you'll need a few documents with you. They include a valid ID, proof of address, your Citizen Service Number, and if you're a foreign national, your residence permit. For the valid ID, you can simply show your passport while for proof of address, a utility bill or your rental contract with your landlord will be fine. As for tour Citizen Service Number, you'll need to register for such in the local tax office. All of these are legally required to set up an account. You won't be able to if you don't have any or all of them. 

 

Bank Accounts for Kids in The Netherlands

It's fairly common for children and teenagers to have their own bank accounts in the Netherlands. And if you want to set up one for your kids, you can easily do so in any Dutch banks. Though the terms vary from bank to bank, it's typically you, as the parents, who'll have to do the heavy lifting. Some banks even allow parents to simply open their kids' bank accounts online for an easier and hassle-free process. And to set up their accounts, you'll typically need the same requirements as well as their own IDs to do the job. Don't worry, it's a simple enough process to do. 

 

Opening a Bank Account in The Netherlands

 

What to Consider when Choosing a Bank

Now, when choosing a bank, there are few things to consider. First are the costs. How much are the internal fees you have to pay for in order to do certain things? Is there a fee for international money transfer? How much will you have to pay if you lose your ATM card? And is there a fee for when you decide to close down your account? Secondly, the range of services, can you get a loan from this bank? Do they offer insurance as well? And finally, accessibility! Does the bank have its own online platform? Is there a branch near you? Can you work with that branch's schedule? 

 

Best Banks to Go For

With all that said, here are some great Dutch banks worth looking into for when you decide to set up an account in the Netherlands. ING is the largest retail bank in the country so you won't have trouble finding a branch near you wherever you may have settled. ABN AMRO, on the other hand, is known to be expat-friendly with English-speaking staff who can help you throughout the process of opening your bank account. And Rabobank is known for its very accessible digital platform to make online banking that much easier and hassle-free! Any of these banks will do for you! 

 

Opening a Bank Account in The Netherlands

 

If you ever plan to move to the Netherlands, make sure you open your own local bank account. Handling money in this country will be a lot easier and more manageable if you do! Fortunately, the process is easy, quick, and not much of a hassle! 


And once you've set up your account, you can finally invest in a nice Netherlands luxurious apartment for your home here. Go on, you deserve it!