Currency in the Netherlands

The Netherlands has been a member state of the Economic and Monetary Union (EMU) since 1999, and therefore its currency is the Euro. Even though a lot countries share this common currency, payment methods and the way to set yourself up financially as a resident, might vary from country to country. In this article we’ll take a quick look at how to go about opening a bank account in the Netherlands, what you need to be able to do so, and the most commonly used payment methods among the Dutch.

Opening a bank account
To open up a bank account in the Netherlands you need:

  • Proof of identity (passport or ID card)
  • Proof of address
  • A citizen service number (‘burgerservicenummer’ - BSN) – click here to read more about BSN
  • Proof of income

Upon meeting these requirements, you’ll be able to open up a bank account with any bank in the country. Although it’s always wise to choose a bank that suits your own preferences, keep in mind that ABN Amro & BUNQ are the ones that offer the most information in English.

We higly recommend you to get a BSN, but in case you’re not in possession of a BSN, N26 is a good alternative. This digital banking firm provide mobile app-based current accounts and allow you to do your banking without proof of address or a citizen service number. N26 does require you to provide an address for them to deliver your debit card to.

Most commonly used payment methods
Once you’ve secured a bank account, it’s time to start using it! The vast majority of people use their debit card on a daily basis (probably even multiple times a day). The use of cash is in rapid decline in the Netherlands, and an increasing number of restaurants and shops have a no-cash-in-counter policy, so it’s no surprise that most people have their debit cards on constant stand-by. Most banks offer a well-developed online banking system, and contactless smartphone payment is also becoming increasingly more popular. Credit cards are not common in daily Dutch life; you won’t be even be able to use one in most supermarkets, although restaurants usually do allow them.

IDEAL is an online payment method by debit card that is used by the vast majority of people. And as the Dutch are renowned for ‘going Dutch’ and splitting bills, banks have also found a solution for that: send your friends a ‘tikkie’! You can send one of these payment requests via WhatsApp for instant repayment.

Regardless of whether you’re opening a bank account as a permanent resident or a temporary one, make sure to enquire after the different terms and conditions that apply to your specific scheme.

Do you want more information about finances in the Netherlands general? Our following partners are specialized in international high potentials, expats and entrepreneur;

  • ABN AMRO, for information about banking and financial products
  • Expat Mortgages, for more information about mortgages and property
  • Bureau Philip van Hurk, for broader finacancial advice, insurances, pensions & financial optimization