Banking

Steps

1. Register with the municipality (BRP) to obtain your BSN: many banks ask for it when you open an account (each bank's own requirement, to be checked).
2. Choose your bank and present your passport or European identity card; the bank checks and records your identity data.
3. If a bank refuses, remind it of your right to a basic payment account as a legal resident of the EU: it cannot refuse you on the grounds that you do not yet live in the country, but it can refuse if you do not comply with the anti-money-laundering rules (and, in some EU countries, if you already have a basic account at another bank in the country; to be checked for the Netherlands).
4. Use your foreign IBAN in the meantime: for SEPA transfers and direct debits (bills, online purchases, taxes, tax refunds, benefits), a business or an administration that accepts Dutch accounts cannot refuse an IBAN from another EU country (in case of refusal, you can complain to the competent authority of its country).
5. For a mortgage, have the home valued by an expert (taxateur), declare all your debts (credit, leasing, student loan: this is mandatory) and compare offers, with or without NHG.

Documents

• Passport or European identity card.
• BSN number and address in the Netherlands (often requested).
• For a loan: employment contract, payslips, statements of current debts, valuation report on the home.

Costs and timelines

• Current account: fees vary by bank (to be compared).
• Deposit guarantee: €100,000 per account holder and per bank (per person for a joint account), and in some cases up to €500,000 more (ask your bank or the DNB, the Dutch central bank).
• Mortgage: 100% of the home's value at most; the income-based ceiling is set every year by law and depends on the interest rate and the fixed-rate period. The notary deed, transfer duties (for an existing home bought "kosten koper"), valuation and advice are at your expense on top of the loan, since you cannot borrow more than the home's value.
• Transfers in euros within the EU: no more expensive than a domestic transfer.

Common pitfalls

• Arriving without a BSN: without registration at the municipality, opening an account and signing a lease may be blocked; book an appointment at the municipality as soon as you arrive.
• Forgetting a debt in your loan application: declaring all your financial obligations is a legal obligation.
• Counting on a 100% loan to pay for everything: purchase costs remain at your expense.
• Foreign income or a recent contract: banks apply their own conditions for newcomers (not detailed on the official pages consulted).

What changes by country of origin

• EU residents: right to the basic payment account and protection against IBAN discrimination.
• Swiss and British nationals (including Scots): once resident in the Netherlands, same conditions as other residents; the fees for their transfers from Switzerland or the United Kingdom depend on their bank of origin.