In the Netherlands, payment is usually made by debit card (pinpas) – a card that takes money directly from your (Dutch) bank account or occasionally with cash. Some more tourist-friendly places, including hotels, restaurants, bars, and grocery stores in the city center, also accept credit cards. However, most other places only accept debit cards or cash due to high fees from credit card issuers.
For online payments generally, iDEAL is used, which transfers money directly from your (Dutch) bank account to the recipient's (Dutch) bank account so there are no transfer fees involved, even though transfers are immediate. For personal transfers, iDeal is used as well; you go to your bank's mobile app, create a sharable link for iDeal payment, or create a QR code that another person can scan to send you funds directly from their bank account.
Using iDEAL can be problematic when you need a refund. It directly transfers money from one account to another, so contacting the seller would be the only option. However, if you've paid with a credit card, you can receive an immediate refund from your bank.
To receive your salary and pay expenses you need to open a bank account. The most popular banks among expats are:
| https://www.abnamro.nl/en/personal/index.html | https://www.bunq.com/ | |
|---|---|---|
| BSN not required | ✅ | ✅ |
| Fully in English | ✅ | ✅ |
| Mobile App | ✅ | ✅ |
| Top-up with Cash | ✅ | ❌ |
Although as a general rule, you need a BSN to open a bank account, some banks make exceptions to the rule. We usually suggest our clients to open bank accounts in ABN Amro as it has a special program for expats.
To open a private bank account in the Netherlands, you will need to make an appointment online or walk into your nearest branch with all of your details. In addition, you will need to have your BSN number (Burgerservicenummer), passport or ID, a rental contract, and residency permit with you. Once all the details have been processed, your new pinpas will be sent to you.
In the Netherlands, it's generally accepted to split bills even if you go out to the bar with your friends. Generally, iDeal is used for these purposes which is available in all dutch mobile banking apps or you can download the app Tikkie. If you go for holidays in group SplitWise is a popular app for splitting bills.
https://www.youtube.com/watch?v=ghosTeOGYQI
Before you start living in the Netherlands, you might need to transfer money to a Dutch bank account for some reason, such as renting an apartment, paying for a deposit, etc. Also, when you start living in the Netherlands, you will likely end up transferring money from your bank account to your Dutch bank account or the other way around.
You can transfer money with traditional banks. However, traditional banks often charge high fees. Therefore, online money transfer is becoming more and more popular. It is fast, secure and it does not cost a lot.
You have several options in the Netherlands for making an international money transfer. Some of the popular money transfer providers are Wise and CurrencyFair. Before choosing a provider, you can use Monito’s comparison platform to check the costs and fees involved with each.
In addition, some banks like Bunq and N26 have direct integration of Wise in their app. So when you send money internationally by using your Bunq or N26 account, you pay only the standard Wise fees.
When you need to deposit cash to your Dutch bank account, you will need to use Geldmaat. However, it is not possible to deposit banknotes in every Geldmaat at any time of the day. Therefore, it is suggested that you check the location indicator to see where the closest Geldmaat is located.
Also, it is only possible to deposit 3000 euros per day and your bank might charge you for that.