Read here a short informative text about how you do your banking succesfully and quickly in the Netherlands.
If you want to stay in the Netherlands for a longer period, I advise you to open a bank account. It is not required, but it is a lot easier for daily life. You can check your finances from distance, you can view your finances remotely and it offers several payment options. A bank account number is required, for example, to connect your salary, rent or any subscriptions to the correct account to make the transfer. After applying for a physical debit card, you can use the card to make PIN payments throughout the Netherlands and the SEPA- countries.
How to open a Dutch bank account
Opening a Dutch bank account nowadays is very easy! You can do it differently. For example, by going to the website of your chosen bank to have your bank account within a few clicks. There is always the possibility to contact your chosen bank to schedule an offline appointment.
The documents you need to open a bank account are as follow:
- A valid proof of identity (passport,ID or driving license)
- A citizen service number (BSN)
- Residence permit if you come from outside the EU
- Proof of residence (e.g. rental contract)
The monopoly of banks
The Dutch banking sector is characterised by a small number of banks with a large market share measured by balance sheet total. The Netherlands has one of the most concentrated banking sectors in Europe. The five major banks in the Netherlands are ING, Rabobank, ABN AMRO, BNG Bank and NWG Bank. Together they hold more than 90% of total assets. The remaining market share is fragmented over a diverse number of smaller financial institutions.
Once you have chosen the banks that suits you best, you can open your bank account. You will receive your International Bank Account Number (IBAN). An IBAN is a unique number that identifies your bank account.
If you want to log into your online bank account, you will need an e.dentifier. An e.dentifier is a device that makes it possible to login to your bank’s secure web address and to approve your payment orders. Every bank has a unique e.dentifier.
Lots of payment solutions
In recent decades, online banking has taken a big step forward. In general, the online world is growing enormously. This brings many advantages and disadvantages. Fortunately, banking in the Netherlands is becoming increasingly secure due to high- tech security software.
How to use internet banking 
Internet banking is very user-friendly in the Netherlands. Figures from CBS have shown that E-banking is popular among 25 to 45 years old people. 91% of people in this age group use internet banking. If you want to confirm your online payment, you can choose different ways to pay. For instance the external ways of PayPal, Visa Mastercard etc. or internal directly connected to your main bank account, iDEAL. With iDEAL, you can pay online in a familiar, safe and easy way. You can complete your transaction using the mobile banking app or online banking environment of your bank.
Because iDEAL is so user- friendly, it is the most used payment method in the Netherlands. You will hardly see credit cards in the Netherlands anymore. Nowadays they are mostly used to complete international and Non-European transactions. Of course, there is always the possibility to purchase a credit card. The requirements differ per bank, but most banks use the same policy. They will ask to submit your employment contract with the corresponding income. You must be able to prove that you can pay off any debt you may have accumulated. Credit cards debt is paid off through monthly automatic direct debit to your account. Remember, the higher the debts, the higher the interest. The longer you deny to pay off debt, the higher the interest penalty will
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