Work and living in a country usually require a bank account to be able to make your payments. Other reason is payments in the Netherlands are made by cash or debit card. And with the current situation more and more stores and small businesses allow payment only by debit card (pinning). Credit cards are only accepted in more touristic areas and more expensive shops and restaurants. For your normal day to day payments, we strongly advise to always carry a debit card with you.
There are several well known banks in the Netherlands. Also, the online banks are getting more and more the preference for cost reasons. There are several account options to choose from. The documentation is English, although sometimes limited. There are extensive packages, which can include up to more extra account numbers, which can be used, for example, for a joint account or a separate spouse account number.
In general to open a bank account you officially need a BSN number, which you received after registration with the local municipality or at one of the RNI Municipalities. Furthermore, you need to provide some personal details such as your address and copy of your passport. Once you shared all the required information the bank will provide you with your bank account number. Your bank card and pin code will be sent separately to your home address.
What are the options as far as different bank accounts are concerned?
- A debit account with debit card;
- With your debit card and pin code you will be able to withdraw money from all cash machines as well as pay at most shops or restaurants. This works, when you enter your debit card into the machine or paying small amounts (up to € 60) without your PIN just by hovering your card above to machine, no actual contact is required.
- A savings account (check current interest rates);
- Option for a 2nd debit card(extra costs may be applicable);
- A credit card for individuals with a net income of at least €1.000 per month (*amount varies per bank). A few months of regular salary deposits into the account may be required before you are eligible for a credit card;
- many other countries, credit cards are commonly accepted. However, in the Netherlands a credit card is accepted in hotels, restaurants, large department stores and tourist attractions. Supermarkets or smaller shops, the common method of payment is by pin with your regular debit card and of course the ordinary cash payment.
- Internet/mobile banking is common in the Netherlands as it is quick, easy and convenient. Although now a days a banking app is taken over more and more with the younger generation. Whether it is with online or mobile banking, paying bills directly or set up direct debits for regular payments it can be set up with the banking possibility of your choice.
Global Relocation Compass can support with opening a bank account before obtaining a BSN. However, the BSN remains necessary for the completion of your account