Financial Services at Destination

We do not provide financial services nor can we vouch fully for the services we refer to on this page. The purpose of this page is to give you hints and tips on what may help you when migrating, moving countries, or even travelling. We base this on our own experiences and clients and community feedback.

Expensive use of your current bank or credit card abroad
Mostly using your card abroad just suffers from bad exchange rates and fees which can add up to the realisation that using your card abroad is in fact expensive.

Most debit or credit cards have foreign transaction fees. These are additional fees for each foreign currency transaction. When using your card to withdraw money from ATMs abroad, you may incur ATM withdrawal fees. Sometimes the ATM’s bank charges these fees, sometimes your own bank has its own additional fees for foreign ATM usage. Check with your bank before travelling. Sometimes you need to first activate foreign ATM usage. Debit and credit cards often apply their exchange rate when converting foreign currency transactions into your home currency. These exchange rates are often worse than other market rates. Unfortunately, unlike credit cards, debit cards often do not offer additional benefits such as travel insurance, purchase protection or reward points. Sometimes your bank gets suspicious of your (suddenly / frequent) foreign transactions or ATM usage and your card may be blocked. Hopefully your bank allows online unblocking. If this requires text messages to your mobile keep in mind foreign reception etc. Some banks or shops their systems may not have a link/agreement with your bank, or technical connection issues, and your card may be rejected.

Dynamic currency conversion DCC
When an ATM or retailer offers you the option to pay in your own currency, they are using something known as dynamic currency conversion or DCC. When you chose your own currency, DCC, then the provider is able to use its own exchange rate to convert the amount of local currency. Typically you will be shown your own currency amount for your withdrawal or payment and be asked if you would like to “continue with conversion”, “accept conversion”, “charge my account in (own currency)”, “withdraw in (own currency)” or “ withdraw in (own currency)”. In almost all cases, choosing any of these options will be unfavourable and will cost you money. So, if given the choice choose the local currency.

Destination The Netherlands
So, you travel, are planning to move, or have moved, to the Netherlands.

Netherlands ATM usage
The traditional Dutch high street banks ABN AMRO, ING and Rabobank have joined together in providing their services through the same ATMs, called Geldmaat (see image above). Thus, these banks don’t have their own branded ATMs anymore and you can use any of these bank cards in these Geldmaat ATMs.

Also foreign cards are normally welcome. Mostly these Dutch ATMs don’t charge local fees for withdrawals, but your own bank back (old) home may charge fees for foreign ATM withdrawals. Sometimes you are asked to chose which bank’s exchange rate to use. The local bank or your card’s bank, see DCC above.

Transferring money over
You have a non-EUR currency and are moving to the Netherlands where you probably want to transfer some of your money to. Initially it may be good to have a personal (Transfer)Wise account to use (see link below). In fact, they also can supply you a debit card which can help you paying in shops or get cash from ATMs. Once you get a regular bank account and card you can continue to use the Wise card when travelling to other countries. Also within Europe there are still a few countries not using Euros.

However, please note that many shops/retailers in the Netherlands don’t accept visa or master debit cards. And some not even cash anymore. The Netherlands has (or had) its own bank card system called Maestro and sees any Visa or Mastercard as a credit card, even if it is really a debit card. Maestro is reportedly finally on its way out and more and more stores are switching over to payment systems which accept master or visa debit cards. Unfortunately not all seem to accept foreign debit cards yet so questions remain.

Using the Wise card may be a good start as their fees are lower and their exchange rates some of the best. However, if you want to transfer/exchange larger amounts then you could consider using Jason as he can get higher banking exchange rates which are even better than Wise rates (see link below). So, for small amounts use Wise and for larger amounts use Jason. Since the years that our customers have used them (both) they have been happy. Any negative feedback please let us know.

Please note that even though Wise can provide a bank account number and issues a debit card, it is not a bank with a government/state bank guarantee. Hence, any exchange service should on the long term not be used to keep your money/savings. Although they are insured, you never know. But maybe we are a bit too careful, they both already existed for many years and are well known.

We personally also use these exchange services and banks below, unless otherwise indicated. We also use some of these services for our business banking, more on that below. Following these links below to sign up gives you and us both some benefits. Like no fees on your first Wise currency exchange up to an amount (£500 or €???).

Exchange Services and initial use of Wise’s Debit Card:
Please see our explanation above. Here the links.

Opening an online or bank account from abroad.
This used to be practically almost impossible. But with new online banks active for many years already we see old high street banks relaxing a little bit as well. Timing, try to avoid opening such an account months ahead. Just in the month before your planned move is mostly best.

The Dutch BSN (Burger Service Nummer, civil ID number)
Banks are required to register your BSN with your account for (tax) reporting purposes. Please note that technically a foreign tax ID number could sometimes be accepted as well but banks don’t want those customers unless they are very very very wealthy, in which case we are pretty sure you may want to do your banking in another country 😉. The BSN is issued to Dutch nationals who have been resident in the Netherlands after 2006/2007 or to foreigners registering their residency in the Netherlands. And registering your residency in the Netherlands requires immigration permission, or being Dutch. If you are temporary in the Netherlands you can request a BSN with any of the 19 RNI municipalities. For Dutch nationals, your BSN can often be found on the reverse side of your passport photo page. Dutch nationals born abroad or who for decades have been issued passports through embassies my not see their BSN there. We can advice and assist our clients further on these matters.

Dutch address
Banks formally need to know the address in the Netherlands where you are registered at. However, practically they ask you for your address and thus you can enter any address you are (temporarily) staying at, or family/friends live at. You can not use PO Boxes for the address. The (online) banks also need your address to send your bank account (debit) card to. That is normally all online banks send to the address.

These are (online) banks with government bank guarantees:

  • N26 bank, based from Germany covers also the Netherlands, and other countries. Requires the BSN and Dutch address (no postal box). Please note that it used to be possible to open the account without the BSN but you would need to provide one within 6 months, not sure if this is still the case. Zero fee accounts possible. Recommended to use the app on your mobile.
    https://n26.com/
  • BUNQ bank, based in the Netherlands. Requires BSN to be entered within 6 months, Dutch address. Free savings account, other accounts at fees. Environment conscious banking CO2 offset account possible. Requires their app on your mobile.
    https://bunq.app/

Regular street banks
Please note that regular high street banks have been providing more and more online services as well. In some/many areas it may even be difficult to find an old fashioned branch you can walk into.

  • ABN-Amro bank, Dutch traditional bank. International and foreign branches are of no use in the Netherlands. You need to open an account in the Netherlands. End 2023 there was news that it has become easier to open an account without a BSN. However, you need to provide foreign tax ID number instead and provide the Dutch BSN later. Account fees.
    https://www.abnamro.nl/
  • ING bank is the successor of the former Post Bank and I hear some migrants use this as well. No experience. Not sure if advance opening is possible etc. It has account fees.
    https://www.ing.nl/

Business banking
Do not (attempt) to open a business bank account until your Dutch business is registered with the Dutch chamber of commerce, the KVK. However, good for you to know is that you can later set up a Wise N26 or BUNQ business account as well. Of course ABN-Amro and ING provide this as well. Please note that Wise irritatingly uses the same email address for both private and business accounts. Think which impression your email address makes to any client etc.

Please note that for Sole Traders you are allowed to use your personal bank account for business. However, I recommend against it. It is best to have a separate account. This way you, your accountant, and the tax man, won’t get confused by a mix of your private and business transactions. You will make your life a lot easier by having separate accounts. And when you and your accountant introduce yourselves etc don’t forget to ask which expenses you can get away with putting under your business.

Other countries
Coming soon! Or maybe not that soon. Please do not hesitate to submit your knowledge/tips.

Your Tips and Advice / Feedback
Do you have other tips and advice? Do you see an error or have an update? Do you want to include any other country? Please don’t hesitate to contact us.

Requests for further advise and assistance.
Please note that we will only provide our clients with further or more detailed assistance on any such practical matters.