Banking

The Netherlands has had the euro since 2002 and paper denominations are EUR 5, 10, 20, 50,100, 200 and 500, though you may encounter problems using anything bigger than a EUR 50 note. The coins come in denominations of EUR 1, EUR 2, and 5, 10, 20 and 50 euro cents. Coins for 1 and 2 euro cents have been discontinued but prices will be quoted exactly, for instance, as EUR 37. 21, but will be rounded up to the nearest 5 euro cents for giving change. On bank statements, the exact figure will appear.  

The use of credit cards isn’t very common and may not be accepted everywhere. You should however still be able to use it without problems at hotels, restaurants, large department stores and tourist attractions. Although cash is still widely used, even for large transactions, the most common method of payment is pinnen, using a debit card plus PIN code.

At the moment the Netherlands is switching over from Maestro and VPay to Mastercard and Visa. You should therefore be able to pay with your Mastercard and Visa cards without any issues (which wasn’t always possible before). Banks are slowly phasing out their Maestro and VPay cards and using up their stock before issuing clients with the new Mastercards and Visa cards.

Opening a bank account:

The Netherlands is home to some of the world’s banking giants. You need to have a BSN-nummer in order to open a bank account, but there are workarounds if you don’t have your BSN yet. For example, ABN Amro is the only traditional bank that will allow you to open a bank account without a BSN (although it is still required, you can submit your BSN within 90 days). You can simply download their app and open an account via the app. There are also banking app services such as BUNQ and Revolut that you can use to open a Dutch bank account online without first having to provide a BSN (you have 90 days in which to submit it).

There are 3 main banking institutions in the Netherlands: ABN Amro, ING Group, Rabobank.

Before you are able to open a Dutch bank account, you should have no problem obtaining cash from an overseas account using an ATM or geldautomaat. They dispense money (in several languages) and accept a wide range of debit and credit cards.

Credit Cards: Commercial banks usually have an arrangement with Mastercard or VISA but you will generally need to be a customer for a while before getting one. A credit card will be more expensive than other bank cards and you will be encouraged to pay off the card swiftly and consistently.

Internet Banking: Online banking is common in the Netherlands. Depending on the bank, you might be issued with a calculator-sized device into which you slot your bankpas and enter your PIN and than you exchange numbers with the login system to gain authorised access to your account.  You can pay bills directly or set up direct debits (automatische overschrijving/acceptgiro) for regular payments.