Banking
Opening an account
Banking in the Netherlands is pretty straightforward. Most banks offer similar quality services and have established online banking to make life easier for customers. As always, shop around for the best deal or ask people to recommend a bank to you.
You simply cannot get around in Holland without a bank account. Most importantly, you need one in order to receive your salary. Furthermore, you will need one to rent or buy accommodation, pay for gas and electricity, getting a phone line, and many other necessities.
EU citizens need a valid passport and "proof of address" in order to open a bank account. Some banks may, in addition, ask for proof of work and a Sofi-number (Social Fiscal Identification number), and even proof of "residence permit" application. Non-EU citizens are sometimes requested to bring proof of registration with the foreign police in addition to the above.
Choosing a bank
The largest banks in the Netherlands are the ABN-AMRO, ING, Rabobank, Postbank, Fortis and SNS. The Postbank used to be state owned, it was privatised and is now owned by the ING Bank, but you still find Postbank branches in Post offices.
Commissions are quite similar in all banks. The Postbank is slightly cheaper than the others, but you will have a lower level of service and longer waiting times as the branches are in the Post Office. Most banks have good internet banking facilities. Your best bets are ABN-AMRO, ING, Rabobank, and the Postbank.
Banking Services
What can you expect from your bank
All Dutch banks provide a similar range of services to their customer. Unlike some countries, cheques are not commonly used. Cash machines (ATMs) are widespread. The Dutch pay for a lot of things with cash. Watch out as credit/debit cards are not accepted everywhere.
Most bank has a variety of account types. The easiest accounts to get are a savings account (Spaarrekening) or current (checking) account (Betaalrekening). They both usually give you a debit card to withdraw money from ATMs and pay in shops and restaurants.
Cheques are not commonly used in the Netherlands
Most bills are paid by money transfers from one bank account to the other. This can be done by telephone or internet. Paying bills through the Internet is now very popular in the Netherlands - it has the added advantage of allowing you to carefully manage your funds.
There is an option to pay bills automatically by means of an acceptgirokaart (direct debit instruction), often shortened to acceptgiro. You fill in a payment slip with the amount, your name, account number, the payee's name and account number. You then drop it in the mailbox at the bank, or put it in a freepost envelope provided by your bank and drop it in a normal mailbox. This is a very common way of paying in the Netherlands.
Automatic direct debits are also very common and may be required for certain services (e.g. mobile phone contracts). You need to fill out a machtigingskaart, which is a bank instruction where you state that company X can take money out of your account every month.
All banks offer credit cards
To be eligible, you need sufficient income. You will also pay a yearly fee, and maybe an additional monthly fee as well. Credit cards are not widely used/accepted in the Netherlands. The Dutch tend to use them for larger purchases such as renting a car, buying over the internet or when travelling abroad.
Cash machines (ATMs)
Whichever bank you choose, make sure they give you a card that you can use internationally. Holland is relatively small and it is probable you may travel to at least a neighbouring country while you are there. Most cards are international anyway, however, it does not hurt to double check. Look for the Maestro and Cirrus logos as these networks allow you to withdraw money in most countries internationally. Withdrawing money in other EU countries is free of charge. In non-EU countries, you may be charged ¤2 or more per withdrawal.
ATMs are called geldautomaten or pinautomaten in Dutch. Every reasonable sized town in the Netherlands has a few and larger cities have many. You can use any bank's card in almost all other bank's ATMs in the Netherlands (check with your bank for possible charges). So if you have an ABN-AMRO card, you can also use it in the ING pinautomaat at no extra charge. This is called gastgebruik (guest use), but you can only do this once every 24 hours.
What is a Chipper?
Most Dutch debitcards have a chip on them, as this system is actively used in Holland. The Dutch call it the Chipknip or Chipper and means your debit card can be used to make small cash transactions. You can chip for small transactions (parking meters, phones, newsagents, etc) and do not need to key in a PIN code or sign a debit slip. You credit your chip for the amount you want in the special Chip loaders found next to the ATM machines. The amount you upload is deducted from your account. This is a very convenient way to pay, but has the downside that if your card is lost or stolen, anyone can use your chip credit. Be careful not to load it up too much.
Banking Hours
Most banks open 09:00-18:00 Monday to Friday. Some banks open late on Mondays at 10:00 or 13:00. On Saturdays most banks open from 10:00-13:00 or 14:00.
