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Open bank account in Netherlands
The Dutch banking sector has a long history that resulted in a stable banking environment and excellent reputation of the banks. International companies, Dutch companies and private individuals value this country’s banking system for modern, reliable and extensive services. Its secure and well-capitalised banks become strategic partner for many businesses.
The capital of Netherlands is an important financial European centre housing the world’s largest banks. The three largest banks in the Netherlands are ABN Amro, ING Group, Rabobank. There are more than 30 banks in Netherlands. The central bank is De Nederlandsche Bank which is responsible for maintaining price stability and supervising banks. Other banks include commercial, mortgage and savings banks.
The official currency of the Netherlands is euro. Due to its financial status, accounts in Dutch banks can be in multiple currencies which enable to make and receive payments in any convertible currency.
Is it possible to open a bank account online for non-residents in the Netherlands?
Non-residents may open a bank account in the Netherlands. This applies both to individuals and companies. Many non-resident companies open Dutch bank accounts to receive payments from Dutch and EU residents and avoid extra fees. The process of opening a bank account is simple and quick subject to the compliance of bank requirements for account opening.
Dutch banks are rather innovative and allow to upload application documents through bank system. Upon approval, it is required to have a personal presence in the bank’s office, whether in the Netherlands or other country. Being part of the EU, Dutch banks conduct rather strict and detailed AML/KYC procedure. Offshore companies are closely investigated.
What are the benefits of opening a bank account in the Netherlands?
The Netherlands is an important player in the European market. Many companies are doing business in the country. Individuals are seeking for stable bank with excellent reputation to secure and maximise profit. On top of that, Dutch bank account gives numerous advantages:
- Dutch banks have branches all over the world that can serve clients from various locations in Europe, USA, Asia and other countries;
- Dutch banks require zero or comparatively low minimum deposit (except for private banking services, that welcome high net worth individuals);
- Deposits up to 100,000 EUR are secured by the European security system;
- Private clients get individual advice and solutions on wealth management;
- Most banks offer multi-currency accounts and freedom to move funds across the world;
- Bank accounts can be accessed and managed online 24 hours a day;
- Dutch banks provide high quality customer services;
- Resident companies and Dutch branches of international companies may open accounts online and receive cards by post;
- English is commonly used in the country.
What type of accounts is it possible to open in the Netherlands?
Clients of Dutch banks may open current, savings and fixed deposit accounts. Major Dutch banks provide perfect solutions and special banking products for expats, international students, managers, etc. Companies may also open current, savings and fixed deposit accounts and get other banking solutions for their needs. It is common that no minimum deposit is required.
What are the requirements for opening a bank account in the Netherlands?
The exact set of documents depend on whether a client is a resident or non-resident of the Netherlands. In most cases a personal meeting is not required, unless a client is a non-resident.
For individuals a bank requires the following:
- passport or ID or BSN for Dutch residents;
- proof of residence, including utility bill, bank statement, driver’s license;
- contract of employment;
- recent bank statement.
Corporate clients present the following documents:
- corporate documents, including articles of association;
- business registration certificate;
- extract from a commercial register.
This is a minimum set of documents. All documents should be in English or accompanied by notarized translation into English.
Corporate clients shall also fill in questionnaire about its business, customers, annual turnover.
What are the major banks in the Netherlands?
The major banks in the Netherlands are:
ING is a leading bank providing banking, investments, life insurance and retirements services. This bank has many branches and ATMs across the country and EU. ING is part of the European System of Central Banks.
UBS is a well-known global bank having a presence in more than 50 countries across the world. This is a full service bank serving individual and corporate clients.
- ABN Amro Bank NV
ABN Amro is an international and full service bank. It provides services to private, corporate, commercial and merchant banking clients. The bank is extensively presented in the Netherlands and internationally.
Other major banks in the Netherlands are:
- ASN Bank
- Fortis Bank
- Friesland Bank
- NIB Capital
- SNS Bank
- Regio Bank
- Triodos Bank
How can I close an account in the Netherlands?
If you want to close your account, it can be easily done online upon termination notice. The account holder is free to return a minimum deposit secured in the account (if any). Before the account is closed, it is required to pay all outstanding fees. Available funds can be transferred to any account, whether in the Netherlands or other country.