Opening a Dutch Bank Account: Step-by-Step Process for Expats

Opening a local bank account is one of the biggest indicators of settling down in a new country. In this blog, we summarise the steps to open a bank account in the Netherlands, which can be challenging initially, especially for highly skilled migrants who have relocated for work. As Unusual Payroll, we hope this article will guide the process of opening a bank account, especially for expats in the Netherlands.

When visiting the Netherlands as a tourist or in the country with a Dutch short-term residence permit, it is not mandatory to open a bank account. You can also carry out your financial transactions with banks outside the country or with fin-tech applications. You can also use cash by withdrawing money from ATMs known as geldautomaat. However, if you are moving to the Netherlands as a highly skilled migrant (HSM), it is important to open a bank account because you are expected to receive your salary in a Dutch bank account. As Unusual Payroll focuses on Dutch Payroll Services, Employer Solutions, and Global Mobility Services, in this article, we will list the most suitable banks for expats in the Netherlands. This article will also answer the question: “How to open a bank account in the Netherlands?”. We will provide a step-by-step guide for the question.

Although some banks in the Netherlands offer the opportunity to open a bank account for those who do not have a residence permit, in this article, we will focus on bank accounts available for people who work as highly skilled migrants in the Netherlands.

Bank account types in the Netherlands

Different types of accounts appeal to different needs. Examples in the Netherlands are savings accounts, current accounts, credit accounts, etc. What is essential is getting an account where you can receive your salary. It is also important to consider the benefits of different bank accounts, including access to mobile banking facilities, the ability to make bill payments and benefits from products such as credit cards/debit cards. At this point, the first thing you need to do before opening a bank account in the Netherlands as an expat is find the most suitable bank.

Choosing a Bank: Banks In the Netherlands for Highly Skilled Migrants

When choosing a bank in the Netherlands, it is essential to select banks catering to highly skilled migrants by offering services in English and Dutch. In the Netherlands, one of the European Union countries with the most developed financial ecosystems, you can find traditional banks and fintech companies that offer suitable solutions for expats. Let's list some of the large banks:

ABN AMRO: ABN AMRO, a bank catering to highly skilled migrants operating in English, offers a familiar, user-friendly banking experience with its mobile and internet banking solutions. Additionally, ABN AMRO is, according to some reviews, the best traditional bank for English-speaking highly skilled migrants. Another significant benefit is that highly skilled migrants can open a bank account at ABN AMRO without a BSN, the details of which we will discuss shortly.

ING: ING, the largest retail bank in the Netherlands, allows you to have a Dutch bank account at affordable monthly fees. The application process takes mere minutes using their mobile banking app. It is important to note that the application acceptance process can be lengthy and that various features on the app and website are only available in Dutch.

Rabobank: It is possible to become a customer as a highly skilled migrant at affordable costs at Rabobank, another major retail bank in the Netherlands.

Let us remind you that international banks such as Bank of America, BNP Paribas, Deutsche Bank, HSBC and NatWest operate in the Netherlands. Also, if you are looking for newer-generation solutions, let us note that fintech companies such as Revolut, bunq, and N26 offer branchless, modern, fast and mobile-only financial services in the Netherlands.

Requirements for opening a bank account in the Netherlands

To open a bank account in the Netherlands, you must first have a Dutch residence permit. You will already have this if you are in the Netherlands as an HSM. A second requirement to open a bank account in the Netherlands is having a BSN. You get a BSN (citizen service number) once you register at your local municipality. Finally, you will be expected to show proof of address to open a bank account in the Netherlands. This may be a rental contract or invoice issued in your name. Let us not forget to remind you that ABN AMRO and Bunq stand out among the banks that allow you to open a Netherlands bank account without a BSN.

Collect documents, make appointments, apply for a bank account

Many banks catering to highly skilled migrants in the Netherlands provide bank account opening services both in branches and online. In the first stage, visiting a branch and opening a bank account may be a better option to express yourself more easily to English-speaking staff. If you meet the requirements listed in the previous heading, you can make an appointment to open a Dutch bank account at the bank of your choice.

Application, approval, deposit money and start using your account

Your application process will start once you present the documents you have collected (valid ID and residence permit, BSN number and proof of address) to the bank at this appointment. You must wait for the news that your bank account application has been approved. After this step, the bank will usually send you your new bank card and instructions on activating the card and mobile banking through different letters in the post. It is important to note that the approval stage could take some time due to various compliance checks that the banks must do to avoid fraud.

Once your bank account has been activated, you can deposit money into your account and start meeting your financial needs. Your Dutch bank account is now ready! Using this card, you can withdraw and deposit money from ATMs; you can make contactless spending and follow your financial processes from your bank's mobile application.

We also support HSMs in opening a Dutch bank account

As Unusual Payroll, which provides various services to highly skilled migrants and their employers in the Netherlands, we also offer services such as obtaining a BSN number, which is required to open a bank account in the Netherlands and guidance in opening a bank account for employees in the Netherlands, within the scope of our payroll service. In this way, we facilitate the adaptation of highly skilled migrants to the Netherlands and ensure they find answers when they ask about financial needs and seek assistance quickly.

You can visit the Unusual Payroll library to follow the information you may need while moving to the Netherlands as a highly skilled migrant, and you can contact us for detailed information about the services we offer with a 100% success rate.