Receiving your salary, paying bills, and accessing everyday services like online shopping and public transportation. One of the first steps when settling in the Netherlands is opening a Dutch bank account. Having a local bank account is essential for. Here’s a step-by-step guide to opening a bank account in the Netherlands.
1. Why You Need a Dutch Bank Account
A Dutch bank account is crucial for several reasons:
Receiving Salary: Most Dutch employers will require you to have a local bank account to pay your salary.
Paying Bills: You’ll need a bank account to pay for utilities, rent, and other recurring expenses.
Online Shopping and Payments: Many Dutch services, including online shops and public transportation apps, require payment via iDEAL, which is linked to a Dutch bank account.
Access to Benefits: If you’re entitled to government benefits, like healthcare or rent allowances, these will be paid into a Dutch bank account.
2. Types of Bank Accounts
There are two main types of accounts you can open:
Current Account (Betaalrekening): This is the most common type of bank account for daily transactions. It includes features such as online banking, a debit card, and access to mobile banking apps.
Savings Account (Spaarrekening): A savings account is designed for saving money and typically offers a small interest rate. This account is often opened in addition to a current account for those looking to set money aside.
3. Documents Required to Open a Bank Account
To open a bank account in the Netherlands, you will need to provide several key documents. These may vary slightly between banks but generally include:
Valid ID: A passport or EU/EEA national ID card.
BSN (Citizen Service Number): Most banks require you to have a BSN, which you receive upon registering with your municipality.
Proof of Address: A rental contract, utility bill, or registration certificate from the municipality showing your Dutch address.
Proof of Income (Optional): Some banks may request proof of employment or income, such as a job contract, particularly if you’re opening a specific type of account.
Residence Permit (for non-EU/EEA nationals): Non-EU nationals may need to show a valid residence permit.
Make sure to have both physical copies and digital copies of these documents, as some banks may allow online applications while others may require in-person verification.
4. Choosing a Bank
There are several banks in the Netherlands to choose from, each offering slightly different services and account options. Some of the most popular banks include:
Bunq: A fully mobile-based bank with a focus on sustainability and digital convenience. Bunq allows you to open an account quickly via their mobile app.
It’s a good idea to research the fees, services, and ease of use of each bank to find the one that best fits your needs. Many banks offer accounts with different features, such as student accounts or premium services for expats.
5. How to Open a Bank Account
There are two main ways to open a bank account in the Netherlands: in-person at a branch or online.
a. Opening an Account In-Person
Visit a Local Branch: Make an appointment at the nearest branch of your chosen bank. Some banks allow walk-ins, but it’s recommended to schedule an appointment to avoid long wait times.
Bring Required Documents: Bring the necessary documents (ID, BSN, proof of address, etc.) to the appointment. The bank staff will verify your documents and help you complete the application process.
Receive Your Debit Card and PIN: After your account is approved, you will receive your debit card (pinpas) and PIN in the mail within 5-7 business days. Some banks may also provide temporary account details for immediate use.
b. Opening an Account Online
Most major Dutch banks, including ING, ABN AMRO, and Bunq, allow you to open a bank account online. Some banks in the Netherlands operate exclusively online. Examples of these online-only banks include Bunq and Revolut, which offer easy account management through mobile apps and online platforms. These banks are ideal for those who prefer managing their finances entirely online and often come with lower fees and innovative features tailored to digital banking.
Complete the Online Application: Visit the bank’s website or download their mobile app to start the application. You will need to upload copies of your documents (ID, proof of address, etc.).
Verify Your Identity: Some banks require a video call or a visit to a local branch to verify your identity. Others, like Bunq, allow you to complete the process fully online.
Receive Your Debit Card and PIN: Once your application is processed, your debit card will be mailed to you, along with instructions for setting up online and mobile banking.