Opening a Bank Account in the Netherlands as a Foreigner

Many people have dreams of living in the Netherlands, from physical and care workers seeking a good income to the creative class planning an international career to high-earning expats relying on reliable employment and business opportunities to international students drawn in by the excellent Dutch university system and their educational offer.

Thinking of relocating to the Netherlands? A local bank account can be among the first things you require.

In this article, we will go over everything you need to know about opening a bank account in the Netherlands, including the required paperwork and the most frequently asked questions.

What is needed to open a bank account in the Netherlands?

In the Netherlands, creating a bank account does not actually follow a set procedure. Opening an account might take anything from a few minutes to a few days because each bank has its own rules.

Worry not, it should be sufficient to open a bank account if you have a passport and can demonstrate that you reside in the Netherlands. Additionally, some banks like to see proof of income. Furthermore, having your burgerservicenummer on hand never hurts. The following items are recommended to have on hand while opening your account:

1. Your citizen service number, also known as a BSN, or burgerservicenummer
2. A legitimate ID
3. A rental agreement or a power bill serving as proof of address
4. If you come from outside of Europe, you need a residency permit

You will just need to wait until your new "pinpas" arrive or your account is approved after the details have been processed.

Opening a bank account with a traditional bank

In person:

• Find the paperwork your bank requires and print it.
• Make an appointment and visit a nearby bank office with your paperwork.
• Respond to some inquiries and have the cashier confirm your identification.
• Await the postal delivery of your confirmation, card, PIN, and other required paperwork.
• Activate your online banking and account.

Online:

• Check to see whether you can create an account online with your bank.
• Select the account type you want to open.
• Fill out the application; most banks will not let you continue without Dutch residency.
• Upload copies of your identification documents; alternatively, the bank will start a video verification process however, this choice is uncommon for conventional banks.
• Await the postal delivery of your confirmation, card, PIN, and other required paperwork.
• Activate your online banking and account.

Note: Most application forms and customer service are only available in Dutch on some traditional bank websites.

The majority of Dutch banks impose an annual or monthly fee for maintaining an account however, opening a Dutch bank account is typically free for students.  

Extra services like insurance or a credit card are extra expenses to consider. Also keep in mind that foreign bank transfers also typically come at a modest cost.

How long does it take to open a Dutch bank account?

The procedure varies from "a little inconvenient" to "I need to take a day off work." It is explicitly stated by Bank A that you must go to a branch. Bank B demands more documentation than usual. Prior to presenting you with the fine print in Dutch, Bank C is all smiles, online, and in English.

It might take anywhere from a few minutes to a few days to open a bank account. If you do not speak English, the procedure might be challenging. If your knowledge of Dutch is inadequate, try to find a bank that can communicate with you in your native tongue.

You may relax and wait for your card and bank account information after opening your brand-new Dutch bank account. The time it takes for everything to arrive is usually around a week (your bank card and the information you need to activate it are delivered separately).

Foreigners may quickly and easily use their mobile phones to create mobile-only accounts. Simply include your email address, physical address—which need not be in the Netherlands—and cellphone number.

If you have the essential documents prepared, you may open a Dutch bank account in as little as 30 minutes when applying in person at some institutions.

Can foreigners open a bank account in the Netherlands?

It may be challenging for foreigners to navigate the Dutch financial system. Like how Dutch people like cards and almost never use cash. But not just any card—debit cards are your key to practically everything in the Netherlands.

As a non-resident, you are able to open a bank account in the Netherlands. In such cases, several banks provide special "international" accounts. Utilising a local financial institution with a Dutch correspondent bank or an overseas office is an additional choice. This expedites the procedure and enables you to open an account before entering the nation. Your local branch will be there for you every step of the way.

You can open a bank account in the Netherlands as a foreigner or non-resident, as described above. Can a foreigner create a Dutch bank account online? The majority of Dutch banks accept this; thus the answer is yes. You can open an account as an expat in one of two ways: in person at a branch, or online through the bank's website. You could do well to pick a Dutch bank that operates internationally and supports the English language.

You must provide a BSN when creating a Dutch bank account online, just like when opening an account in person. Obtaining your RNI, or Registratie Niet Ingezetenen, is another route to obtain a BSN if you do not already have one. When you register as a non-resident in the Netherlands, you can obtain your RNI. Your BSN will be delivered to you automatically once you have this number.

However, as the majority of Dutch banks do not permit online establishment of foreign accounts, you cannot do so if you are creating a Dutch bank account from outside of the country. If there is a Dutch bank branch in your country, you must visit it. Alternatively, you might visit a foreign bank with Dutch operations or a bank that has agreements to act as a correspondent bank with a Dutch bank.

Opening a digital or mobile bank account is another option.

Can foreigners open a bank account in the Netherlands without BSN?

To open a bank account with the majority of Dutch banks, you need a BSN. But you may create a Dutch bank account with some (online) institutions without a BSN.

You must provide a BSN when creating a Dutch bank account online, just like when opening an account in person. Obtaining your RNI, or Registratie Niet Ingezetenen, is another route to obtain a BSN if you do not already have one. When you register as a non-resident in the Netherlands, you can obtain your RNI. Your BSN will be delivered to you automatically once you have this number. If you do not intend to stay in the country for more than four months, you may only obtain this number in person.

Can I open a bank account without an address in the Netherlands?

Unfortunately, you must have a Dutch address and a BSN number before applying for a bank account with the majority of Dutch banks.

Foreign nationals who reside in the Netherlands and work, study, or own a home there are able to establish a bank account there. Possessing a Dutch address is the easiest route. Utility bills are accepted by certain banks as proof of residence, whereas extracts from the Dutch Personal Records Database (BRP) are required by others.

Can I open a bank account in the Netherlands without a job?

Without a valid Dutch identity certificate, you will need to provide proof that you either reside, work, study, or own a home in the Netherlands in order to create a current account. You will nearly always require an extra document to serve as verification of the evidence.

A banking license is only held by legitimate banks

More businesses than ever before now provide financial services. Some companies even set you up with a debit card and IBAN however, that does not automatically make them banks. A bank must possess a banking license in order to refer to itself as a bank.

The banks in the Netherlands must adhere to strict requirements. A bank cannot get a license to conduct business in the Netherlands unless it has received permission from the European Central Bank (ECB), the Dutch Central Bank (DNB), and the Authority for the Financial Markets (AFM).

Payment authorisation using QR codes and scanners

The fun may start when you create a Dutch bank account and start shopping. You must authorise your payment before using your Dutch bank card to make online purchases. You may either accomplish this by using a small, convenient scanner given by your bank or by scanning a QR code with the banking app on your phone.

It really just boils down to your taste as to whether you utilise the scanner or your phone. Some financial institutions, like ABN AMRO, immediately give you their scanner (the "e.dentifier") and demand that you use it the first time you access their internet banking platform. After then, you may merely use QR codes; a separate gadget is not necessary.

Other financial institutions, like ING, utilise QR codes by default but will send you their "ING scanner" if you ask them to. If you do not have a smartphone or tablet or would prefer not to download the banking app on your phone, having a scanner is helpful.

Additional insurances through your Dutch bank account

You will probably be asked whether you want to acquire any insurance plans along with your account when you create a bank account in the Netherlands. In the Netherlands, banks frequently provide insurance for your house, automobile, and vacation. Examine the options provided by your bank and choose the one(s) that work best for you.

Monevium is the trading name of Advanced Wallet Solutions Limited, a company registered in the UK under company number 10251711 and is authorised by the UK’s Financial Conduct Authority under Firm Reference Number 766038.