Banking and Personal Finance in Amsterdam

OVERVIEW

The Netherlands has a modern banking system with nearly two dozen different Dutch banks. Deposits are insured up to €100k by the Dutch government. There are no service charges to use any of the banks’ ATMs as long as your debit or credit card is from one of the Eurozone countries.

WHAT YOU NEED TO OPEN A BANK ACCOUNT IN AMSTERDAM

1. Proof of Identity – A valid passport, a Dutch driving licenSe, or an identity card
2. Personal public service number (aka burgerservicenummber or BSN for short) – Similar to a Social Security Number in the United States or Canada, a Tax File Number in Australia, National Insurance Number in the UK, or the equivalents in other countries, this is a unique identifier for each person and you must have one to be employed, open a bank account, and receive healthcare in the Netherlands. Expats receive this number when they register with the Amsterdam government upon moving here.
3. Proof of address – This could be a lease or bill showing your home address. If you don’t have one yet, you can use your company’s office address.
4. Residence Permit Card – only required for expats who aren’t citizens of another EU member country
5. Evidence of income – This is sometimes required and a letter from your employer specifying your salary or three consecutive pay slips will be sufficient documentation.

COMPARISON OF THE MAJOR BANKS IN AMSTERDAM

While there are many banks in the Netherlands, the three banks below serve more than 9 out of 10 Dutch residents. Each offers various personal banking services, including checking (current) accounts, savings accounts, credit and debit cards, mortgages, and more. Banks charge a modest monthly fee to maintain your account but the actual fee depends on the type of account you have. Below is a comparison of these major banks and the services they offer:

Another bank that gets a lot of attention despite its small size is ASN Bank, which is known for being highly ethical. (Yes, it’s a shame that all banks aren’t highly ethical). Any of these banks will have English speaking staff able to help you.

Helpful Money Resources

Tips for expats on foreign currency exchange.