A bank account is one of those things nobody mentions in the glossy brochures, and nearly everyone tells you to do first. You need it for a salary, a lease and the tax office's refunds. The good news: as a European you have rights, and the rules are not hard. This is how a bank account in the Netherlands works.
What do banks need to open a bank account in the Netherlands?
By law the bank must check and record your identity before it opens an account (the Wwft anti-money-laundering law). That means your passport or European ID card. In practice banks usually ask for more: your BSN and a Dutch address. This is a requirement of each bank, not a statutory rule, so it varies, and you should check your bank's page.
That is why the order matters. First register with your municipality and get your BSN; see BSN number in the Netherlands. Without it, opening an account and signing a lease can both stall, so book your registration appointment as soon as you land.
Do you have a right to an account?
As a legal resident of the EU you have the right to a basic payment account. A bank may only refuse on anti-money-laundering grounds, or if you already hold a basic account in the Netherlands. If a bank turns you away, remind it of that right and ask for the refusal in writing.
Fees for current accounts vary between banks and are worth comparing. Euro transfers within the EU cost no more than a domestic transfer.
If a bank has refused you, asked for a document you cannot get, or wants a Dutch address you do not have yet, Moovy can set out the official rules and help you write a clear message to the bank. You sign and send it yourself.
Can you keep using your foreign IBAN?
Yes, and you should for the first weeks. EU rules say an employer, a supplier or a public body that accepts Dutch transfers and direct debits cannot refuse an IBAN from another SEPA-zone EU country. Give your Dutch employer your foreign IBAN if your Dutch account is not ready, and ask for it to be changed later.
Also give your bank account number to the tax office so refunds arrive; see DigiD in the Netherlands. If you receive a salary or allowance, you will want a Dutch account soon.
How safe is your money?
The Dutch deposit guarantee scheme protects €100,000 per account holder per bank (per person for a joint account). Some temporary deposits, for example from the sale of a home, can be protected up to a further €500,000.
What about a mortgage?
If you plan to buy, you can borrow up to 100% of the home's value, within income norms that the law sets each year. A valuer sets the value, and you must declare all your debts (credit, leasing, student loans). It is a legal duty. Purchase costs are usually paid from your own savings. Banks apply their own conditions to newcomers, such as a recent contract or foreign income, and the official pages do not detail them. See buying property in the Netherlands.
What traps should you avoid?
- Arriving without a BSN or address. Book the municipality appointment before you travel.
- Forgetting a debt on a loan application.
- Counting on a 100% mortgage to cover everything. The costs of buying come on top.
- Not telling the tax office your account number.
- Foreign transfer fees. Swiss and British banks set their own fees for transfers to and from the Netherlands.
How do you choose a bank for a bank account in the Netherlands?
Compare three things. First, the fee information document that the bank must give you before you open the account, which lists the main services and their fees; you also get a statement of fees at least once a year. Second, whether the bank will open an account for you without a Dutch address yet, since that requirement is each bank's own. Third, the service: an app and support in English matter when you are new.
If you are legally resident in the EU, a bank cannot refuse a basic payment account because you live in a different country. A basic account covers everyday transactions such as deposits, cash withdrawals, direct debits and card payments, and it should include a payment card and online banking where available.
Will the bank copy your passport?
Banks must check and record your ID details under the anti-money-laundering law. According to Rijksoverheid, they are not obliged to make a copy or scan of your ID, although many do. They can also store the details in their systems another way. If you are uncomfortable with a copy being kept, you can ask how the bank stores your data. Keep your BSN out of any request that does not come from a bank, a government body or your employer.
What about switching, ATMs and fees?
If you later change banks within the Netherlands, the new bank should handle the switch, including cancelling your old standing orders and redirecting payments. You may still pay a fee for closing the old account, and the bank must refund costs caused by its own mistake. Withdrawing cash in another EU country cannot cost more than withdrawing it at home, though currency conversion fees are outside those rules. Joint accounts are covered separately for each holder by the deposit guarantee.
What does an IBAN do for you, and is IBAN discrimination allowed?
Your IBAN is the number that identifies your account in every euro payment. EU rules say that a payee in the Netherlands who accepts Dutch direct debits and transfers cannot refuse an IBAN from another EU country. That is the rule against IBAN discrimination, and it is useful when your employer, landlord or utility insists on a Dutch number. Show them the rule politely, and open a Dutch account as soon as you can so the question disappears.
Can you open a bank account in the Netherlands before you move?
It depends on the bank, so ask before you travel. Banks must check and record your identity in any case, and many also want a BSN and a Dutch address, which you only get once you have registered with your municipality. Plan accordingly: book the registration appointment first, then the bank. While you wait, keep your home-country account and use its IBAN, which EU rules protect for most payments.
Prepare a small folder for the bank counter: your passport or ID card, your BSN letter or registration extract, your employment contract if you have one and your lease. If you are a student, an employee or someone who wants to open a bank account as an expat for a short posting, the bank will decide what else it wants, and the official pages do not list it. Ask for the list in writing so you know what to bring.
Remember that the bank is a private company with its own rules, within the law. If one refuses you without a reason you can accept, try another, and remind it of your right to a basic payment account as a legal resident of the EU.
What about Swiss and British citizens?
Once resident in the Netherlands, you have the same conditions as other residents. The fees for transfers from Switzerland or the UK depend on your home bank. British citizens whose registration is waiting for a residence permit may be delayed at the bank too; see moving to the Netherlands from the UK.
Once the account is open, moving to the Netherlands shows what comes next.