What are the best banks in The Netherlands? You’re based in The Netherlands or maybe relocating here and you’re wondering ‘What are the best bank for expats?’
I’m born and raised in The Netherlands and hired many people at international companies in The Netherlands.
I know starting your life abroad is about so much more than finding work. You also have questions about housing, the best neighbourhoods, the schoolsystem etc.
Here we discuss everything banking.
The best banks in The Netherlands
There will be many factors influencing the decision which bank to go for.
I’ve made a comparison of banks in The Netherlands, taken the following into account:
Interest rates are not what it was 20 years ago, however there are differences between banks. It can pay off to choose a bank with a high interest rate.
Customer service ⭐⭐⭐⭐⭐
When you have questions or problems with your account, you want this to be solved timely and correctly. The support should be available in English as well.
Ease of account opening ⭐⭐⭐⭐⭐
It should be easy to set up your account, even if you don’t have a BSN (Dutch identity number) yet.
Your money, especially your banking decisions, has an impact on how the world looks like. When choosing banks I take into account where the bank invests in.
Maestro card ⭐⭐⭐⭐⭐
I would recommend to have a Maestro card in The Netherlands. Creditcards are not always accepted. A Maestro card also allows you to pay with iDEAL.
Costs ⭐⭐⭐⭐⭐
This speaks for itself. You don’t want to spend high monthly fees.
It’s very hard to find a bank that meets all above requirements. Often, your ideal banking situation is a combination of different banks.
The following banks all score high on the above criteria and are considered best banks in The Netherlands:
Summary – Best banks in The Netherlands:
Best bank for expats in The Netherlands – Bunq
Best traditional bank for expats in The Netherlands – ABN Amro
Best bank for freelancers and entrepreneurs: Knab
Best bank for travellers: Revolut
Best bank for high interest rates: Open Bank
Bunq – Best bank for expats
Bunq, also called “the bank of The Free,” is a Dutch mobile bank. It is known for its user-friendly app and environmentally friendly initiatives. It is the only bank in the world that lets you choose how your deposits get invested.
The bank is very expat-friendly: 24/7 support in your language and possible to set up without a BSN.
Interest rate: 2.01%
Costs: free
Pros:
– Set up without BSN
– Maestro card & Mastercard debit and credit options
– Invest responsibly and ethically
– Easy to navigate mobile banking app
– Services in Dutch, German, English and Spanish
– High interest rates
– Extra features like receipt scanning and salary sorting
Cons
- No physical branches
- Monthly fees for more advanced banking options, eventhough the interest can compensate for this
ABN Amro – Best traditional bank for expats
ABN Amro is a large, traditional bank in The Netherlands.
The bank is very expat-friendly with English customer service and the possibility to open your account without a BSN number. You can use your foreign tax identifier number to set up your account.
Only expats from the US will still need a physical appointment at an ABN AMRO branch.
Interest rate: 1.25%
Costs: € 3,25 per month
Pros:
– Set up without BSN
– Maestro card and creditcard
– Dutch and English customer service
– 24/7 support
– Physical branches
– Free for students
Cons
- Low interest rates
- Little extra features
Knab – Best bank for freelancers
Knab is the Dutch online bank for freelancers. You have 500 free transactions per year, unlimited savings accounts and automatic VAT savings. You can easily expand your package with a business insurance, a credit card, and/or an accounting integration.
The website doesn’t have an English translation, so Google Translate has to do the work for you.
Interest rate: 1,5%
Costs: € 7 per month
Pros:
– Especially for the freelancers and entrepreneurs
– Maestro card and creditcard
– Unlimited savings account
– Business insurance and accounting integration
– Customer support through chat and phone
Cons
- No English website
- Not possible to set up without BSN
- High fees per month
Revolut – Best bank for travelers
Revolut, though originally a UK-based fintech company, is very popular in The Netherlands. This mobile bank account is especially useful when you’re traveling and need to exchange currency. Or when you’re sending money abroad.
It also offers the option to invest in cryptocurrency and gold.
Interest rate: 2.5% on euro’s
Costs: free
Pros:
– Currency exchange without the high fees
– Mobile and easy to use banking environment
– Invest and trade in cryptocurreny
Cons
- No Maestro card
Openbank – Best bank for high interest rates
Openbank is a digital bank owned by the Spanish Santander Group. Openbank has been expanding its presence in the Netherlands and is a popular choose for people looking to optimize their savings.
You can open an account without a BSN, but with a Spanish IBAN.
Interest rate: First 6 months 2.4%.
Costs: free
Pros:
– High interest rates
– Possible to set up without a BSN
– 24/7 English support available
– No monthly costs
Cons
- No Maestro card
Other banks in The Netherlands:
N26, a German bank, has been gaining popularity in the Netherlands. It offers a fee-free banking model and a great mobile banking experience.
It is very easy to set up and everything is communicated in English. There is the option for a Maestro card, however your IBAN will be in German.
Interest rate: 1.26%
Costs: free
Pros:
– Maestro and mastercard
– Possibility to invest in crypto
– Support in different languages through chat and email
– Basic plan is free
Cons
- No physical branches
- German IBAN
Why You need a Dutch Bank Account
Dutch employers typically ask for a Dutch IBAN to pay your salary. It should be possible to get paid into an EU IBAN as well.
You do need a Dutch IBAN for your health insurance, electricity bills etc.
Next to that, credit card payments and cash payments are not always accepted in The Netherlands. You need a maestro debit card.
My own banking journey
I make use of the following banks in The Netherlands:
– Personal banking: Triodos
– Business banking: Knab
– Travel bank: Revolut
I had an ING bank account for as long as I can remember, but I changed this to Triodos when I found out that ING loans money to the weapon industry.
I’m happy with Triodos and the sustainable investments they make, but they don’t offer services in English.
If you’re looking for a sustainable bank with services in English I would go for Bunq.
Next to my personal Triodos account, I also have a Knab business bank account.
I use Revolut when traveling, to avoid high exchange fees.
Frequently Asked Questions:
The 3 big banks in The Netherlands are ING, ABN Amro and Rabobank.
Yes, the banks Bunq, ABN Amro and Revolut allow you to open a bank account before you get your BSN.
Some banks operate internationally and therefore it’s possible to keep your bank account.
If you move to a country in the European Economic Area (EEA) you can continue to use your Bunq account. The same for N26 and Revolut.
Check with your bank what services there will be available in your new country.
It is not a legal requirement to open a Dutch bank account in The Netherlands, but your employer will ask you for your IBAN number linked to a Dutch bank account.
EU and EEA bank account numbers should also be accepted for the payout of your salary.
Disclaimer: This is not financial advice. Investing involves risks and you can lose your investment.