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Everything You Need To Know About The Netherlands Banking System 2022

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Everything You Need To Know About The Netherlands Banking System 2022—One of the first things you’ll need to do as an expat in the Netherlands is to open a bank account in the country. But before we go into that, let’s talk about the banking system.

What currency the country employs, where ATMs and branch locations may be found, as well as other financial services offered by local banks, are critical. When it comes to the details of your new financial life, you won’t have to worry about anything thanks to this handy financial tool.

96 national and international banks are part of the Dutch banking sector. As the country’s national central bank, the Dutch Authority for Financial Markets (AFM) supports and regulates the country’s banking services alongside the Dutch Central Bank (AFM).

314 percent of the country’s GDP will be accounted for by banking assets in 2020. As more and more people move their banking activities online, the number of Dutch banks with physical locations is dwindling. In 2010, there were 23 branches per 100,000 people in the country. By 2019, that number will be down to 12 branches per 100,000 people. Many residents and businesses in the country prefer electronic payments over cash, and mobile banking and banking apps are widely used.

The Dutch Guilder Is The National Currency

Europe and the Euro are a part of Dutch life, and the country’s currency is the Dutch guilder. As a result, the currency in circulation throughout the country is largely European in design. Notes in denominations of 5, 10, 20, 50, and 100 Euros are included. Above €50, most retail establishments do not take bank notes. Aside from it, the Netherlands also makes use of five-cent, 10-cent, 20-cent, 50-cent, and one-euro-euro-euro coin denominations.

The prevailing currency rates as of October 2021 were as follows:

US $1.16 = €1

GBP £0.84 = €1

AU $1.6 = €1

CA $1.4 = €1

ATMs And Cash Machines Can Be Found In The Netherlands

Major cities, business districts, and smaller towns around the Netherlands still have ATMs. Due to a decrease in customer demand for cash, however, their numbers are dropping. As a result of an upsurge in gang activity targeting isolated Dutch ATMs, banks are also closing ATMs around the nation. At the end of 2020, the Netherlands had half as many ATMs as they had in 2016. Between the hours of 00:00 and 07:00, most are closed.

There is no problem withdrawing cash from ATMs if you have a card with the Cirrus, PLUS or Maestro emblem and a four-digit pin code. There are exceptions to this rule, however, when you use an ATM that is not part of your bank’s network. The website of your Dutch bank or the websites of MasterCard Cirrus or Visa PLUS will typically assist you locate an ATM if you require one.

The Dutch Banking System

To find the bank that best meets your requirements and adheres to your core values, it’s critical that you do your homework on the many Dutch financial institutions. Not every bank in the Netherlands will be a good fit for your financial situation. Also, keep in mind that the terms and conditions of various banks’ goods and services may differ.

Commercial banks
In general, if you’re planning to live in the Netherlands, you’ll probably be using retail banks the most. Due to the fact that many customers rely on these banks on a daily basis. For most transactions and services, you can just go into a branch and obtain counter service. Regular office hours are fine for this. On weekdays, they run from 9:00 a.m. until 17:00 p.m. ATMs and internet services are also available.

A Wide Range Of Electronic And Mobile Banking Services
The Dutch have embraced mobile banking in its entirety in this modern era. In spite of the fact that these banks aren’t located in your community, they still offer the same services as traditional banks. In addition, they are known for their lightning-fast response times and top-notch security.





For-Profit Banks
High-net-worth individuals can take use of a variety of services offered by private banks. The reason for this is that retail banks are more widely used. There is a good chance that you will be assigned a personal relationship manager if you use their personal investment banking, financial services, or wealth management services. It is possible to contact them in this manner and arrange up meetings as required.

Investing Institutions
These banks are focused on assisting their customers with their financial decisions by providing advise and completing transactions on their behalf. While companies and governments are the most common customers of investment banks, certain extremely wealthy individuals may also make use of these institutions’ services. You should be able to get in touch with a relationship manager via email or phone.

Commercial And Corporate Banks
These institutions only work with corporations, which can range in size from microbusinesses to multinational conglomerates. A wide range of financial services is available from this company including commercial real estate financing, equipment lending, and trade finance loans. You may be able to go into some of these banks’ offices, but you’ll more than likely have to schedule an appointment first.

In the Netherlands, this is a list of the country’s most popular banks:




SNS Bank

ASN Bank


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Everything You Need To Know About The Netherlands Banking System 2022 3

Different Banking Options In The Netherlands

In the Netherlands, banks provide a wide range of services. While living in the country, these are some of the most typical services you’ll likely encounter. Keep in mind that the terms and conditions of the bank you choose will have a bearing on your decision. You can get product comparisons between Dutch banks and banks in the European Union at this page.

As Of Today’s Numbers
A retail banking service like this one is very prevalent in the Netherlands because this one is for personal use and part of that service. An overdraft facility and a debit card are included with every current account (betaalrekening). This card can be used to make purchases in most retail establishments and to withdraw cash from any ATM in the Netherlands or abroad. Standing orders or direct debits, and linked savings accounts, are often available as additional options. You can use a credit card, mobile banking, and international money transfers with these accounts.

Depending on your bank, you may be able to withdraw more money than you have on deposit. You may be able to limit the amount of money you can withdraw from your account. Keep in mind that overdraft fees are expensive.

Unsecured personal loans, secured personal loans and fixed-rate and variable-rate loans are all accessible in the Netherlands. In contrast to the first two, the last two offer either fixed or variable interest rates.

A specific sort of loan is available in the Netherlands for the purpose of purchasing real estate. When it comes to Dutch mortgages, there are a variety of possibilities. Annuity or payback mortgages (annuteiten hypotheek) and linear mortgages (lineaire hypotheek) are the most common.

In order to better comprehend your maximum mortgage amount, the length and cost of the monthly instalments can be calculated using this calculator. Expat Mortgages and Independent Expat Finance are two of the best mortgage brokers in the Netherlands for expats.

Low interest rates are now being offered by Dutch banks. Putting your extra cash to work can be a smarter financial move for you. In the Netherlands, banks allow investors to choose from a wide selection of investment options. For example, you could invest in shares, bonds, mutual funds, and securities. A broker can assist you in determining your level of comfort with risk and how to best organise your financial portfolio. You can also take a more “do it yourself” approach to investing with online brokers. Degiro, Trading212, and Bitvavo are a few examples (specializing in cryptocurrencies).

In the Netherlands, there are a plethora of insurance options. Only health, car, and social insurances are legally mandated. Home insurance is not mandatory but most mortgage providers will require it.

It is also possible that landlords’ home insurance does not cover renters’ things. People in the Netherlands frequently purchase personal liability insurance as a form of compensation for accidental harm. When providing consulting and advisory services, certain businesses require professional liability insurance. You can find out more about professional insurance in the Netherlands by checking out our comprehensive guide.

Creating a bank account in the in the Netherlands

It is feasible to reside in the Netherlands while using an overseas bank account to manage your funds, as opening a bank account is not required by law. However, this can be a challenge and a pricey endeavour. If you want to rent an apartment, get a new job, or apply for a Dutch mortgage, you’ll need a local bank account. To learn everything you need to know about opening a bank account in the Netherlands, refer to our guide.

In order to create a bank account in the Netherlands, you’ll need to submit the following documents:

If applicable, a Dutch residence permit and proof of identity.

your BSN, which you will get when you register with your local municipality. (gemeente)

Address proof (a Dutch utility bill or your rental contract in the Netherlands is usually accepted)

Payment Options In The Netherlands

Mobile banking is rapidly gaining popularity in the Netherlands. As many as 90% of Dutch bank customers use cellphones and tablets or computers to conduct their financial transactions. In 2018, mobile banking overtook internet banking in terms of usage.

Cash is becoming less and less relevant in the Netherlands as more and more people use mobile payment solutions. Despite this, cash was used in over one-third of all transactions in 2019, amounting to €32 billion in total. In addition, many merchants in the Netherlands only take debit cards as payment and will not accept cash.

Checks are rarely, if ever, used to make purchases in the Netherlands. For money transfers and traveler’s checks, banks may accept international checks.

Cards, Including Debit And Credit
However, it should be mentioned that credit card payment is not often accepted in the Netherlands. It’s not permitted in some circumstances. More than €3.6 billion was spent on credit card transactions in 2019. Through your bank, Visa and Mastercard are the two most popular options for a Dutch credit card. You shouldn’t have any problems paying with your foreign Visa or Mastercard credit cards at places that accept credit cards.

In the Netherlands, debit cards are the primary means of payment (pinnen, with a pinpas or betaalpas). Over two-thirds of all transactions and €117 billion in sales were made in this manner in 2019. A PIN code is not required for payments under €25 made wirelessly. In general, a PIN code is required after every fifth wireless payment transaction. One out of every four Dutch account holders can now pay with their smartphone or wearable device at various points of sale following the launch of Apple Pay in 2019.

Standing Orders And Direct Debits
If you have a bank account in the Netherlands, you can have direct debits and standing orders set up. Standing orders, such as those for rent or a gym membership, are generally given for the same amount and at regular intervals. Direct debits, on the other hand, can be set up for a wide range of payments, such as phone bills or medical insurance.

SEPA direct debit is used in the Netherlands. You will need an IBAN (international banking account number) and a BIC (business identification code) to set up a direct debit (bank identifier code). In addition, your creditor must have a contract with their bank that allows them to conduct SEPA direct debits. When all of this is done up, the creditor will get your direct debit payment right away on the due date.

Payments Can Be Made Via Computer, Tablet, Or Smartphone
Online shopping in the Netherlands is among the most popular in the world. This is attributable to the high penetration of internet (95.6 percent), bank accounts (99.6 percent), and mobile phones (93 percent). 60 percent of all e-commerce transactions are completed through bank transfers, which dominate the online payments arena. In this market, iDEAL, a Dutch company, holds a 60 percent share.

To “Tikkie” someone is one of the most recent additions to the Dutch language. ABN AMRO’s Tikkie app was launched in 2016 and is now frequently used by seven million Dutch account members. Whatsapp and Signal are two of the most popular internet channels for sending money requests. In light of estimates that 10,000 requests for under €2 are issued every day, there have been numerous arguments about correct Tikkie protocol as a result of its widespread use.

Transfers Of Money Both Domestic And International
It is quite rare for anyone in the Netherlands to go into a bank to request a local money transfer. You’re more likely to accomplish this via a smartphone app or your bank’s website these days. Filling out an application form at your local bank branch is an option if you need to do this.

International money transactions are no different. Your IBAN, BIC, and SWIFT codes for your bank can be used to set up these transactions. You should expect to get your money within one to two business days. You shouldn’t have to pay anything extra if you’re using SEPA to send money across Europe. With currency exchange and transfer fees, overseas transfers might end up costing a lot of money.

Cost Of Banking Fees In The Netherlands

For example, banks in the Netherlands charge fees for different services, including monthly maintenance, cash withdrawals, and the acquisition of extra cards. As a result, you should be informed of this before to conducting any financial transactions or choosing a bank.

There are many reputable banks in the country that offer English-speaking customer assistance to expats. A wide range of services with no or minimum fees are being offered by several digital banks, who are helping to transform the financial system. You can open a free bank account with N26 or bunq, two digital banks. If you have a smartphone, you can use it to manage your accounts and even get credit cards.

In The Netherlands, Offshore Banking Is Legal
If you’re an expat living in the Netherlands, you may want to consider creating an offshore bank account. For those of you who work abroad, travel regularly, or do a lot of money transfers between several countries, this is a godsend.

Special tax breaks and deposit insurance of up to 100,000 Euros are only two ways Dutch offshore banks lure businesses and individuals to open accounts with them. BNG and NWB are two of the country’s leading offshore banks.

Banks In The Netherlands That Practise Ethical Banking
Many of the mobile banking services are more financially viable than traditional banks. Alternative banks exist in the Netherlands for persons who value social or environmental responsibility.

The Netherlands’ largest ethical bank, ASN Bank, is headquartered here. Through its investments, it fosters a more sustainable society by aiding socially conscious enterprises.

As a pioneer in ethical banking, Triodos Bank is also well-known. As a result of its success in the West European market, it was formed in the Netherlands. Solar energy and organic farming, as well as the arts and culture, are supported by it.

Understanding The Dutch Banking System’s Security And Fraud Department 

There is a reasonable level of security in Dutch banks. However, phishing and bank card scams have been on the rise in recent years. Email, text message, and Whatsapp have all been used by fraudsters to contact victims in the past. They act as if they are from the bank in order to gain access to customer passwords.

There are several security measures in Dutch banks that are similar to those in other countries. In order to validate transactions, they make use of SSL encryption, secure PINs, and one-time passwords. Be on the lookout for phishing attempts, just like you would with any other financial institution. You should also be extremely cautious about disclosing personal information unless you are certain of the person you are conversing with.

Cards That Are Lost Or Stolen In The Netherlands
Block and cancel your credit or debit card as soon as you realise you’ve misplaced it in the Netherlands. You’ll need to contact your bank or credit card company directly to achieve this. Your bank’s or issuer’s website should have the proper phone number. Your new card should arrive in 4 to 5 business days.

How To File A Complaint Against A Dutch Bank

The Ombudsman of most Dutch banks can be contacted directly if you have any complaints. If you have a problem with your bank, you may usually contact them directly via phone, email, or an online form. If you are not satisfied with the response you receive from your bank, you can alternatively file a complaint with the Dutch Institute for Financial Disputes (Kifid). Insurance, mortgages, and business loans are the primary focus of this section.

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Adam is an internationally recognised author on financial matters, with over 735.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.



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