Keeping your foreign bank account in the Netherlands is perfectly legal, but it may not always be practical if you’re living and working here long-term.
Moving to the Netherlands comes with its share of administrative tasks, like getting a visa, registering at your municipality, and setting up your utilities.
Sorting out your finances is equally important, but the practicalities of whether to opt for a Dutch bank account can be a confusing grey area. Let’s shine some light on this. 👇
Yes, you can keep your foreign bank account in the Netherlands
In short, there’s no law requiring you to open a Dutch bank account when you move to the Netherlands. You’re perfectly free to keep using your foreign bank account while working or studying here.
Plus, if your main bank is within the SEPA zone (or the ‘Single Euro Payments Area’), you can often send and receive transfers without breaking a sweat.
However, using a foreign bank account for day-to-day transactions in the Netherlands isn’t all smooth sailing. You may run into several bumps along the road, especially if your bank doesn’t operate within the EU.
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But non-Dutch bank accounts can be costly and inconvenient
Most banks in the Netherlands charge fees for sending and receiving foreign currency. This makes transfers to and from foreign banks extra costly, especially if you’re paying a lump sum like tuition fees and your bank isn’t in the SEPA zone.
In addition to this, foreign bank transfers typically take longer to process than direct transfers between Dutch banks. Understandably, this isn’t ideal if you’re waiting for your salary or need to pay rent.
READ MORE | Do I need a Dutch bank account to work in the Netherlands?
Large transfers aside, not all Dutch shops, restaurants, and public transport services will recognise your non-local bank account. This means your card might be declined — even for small, everyday purchases.
You may also run into some issues with automatic payments, such as direct debits for your utilities and mobile plan. Some of these services may require you to have a Dutch IBAN.
Getting a Dutch bank account is often the far simpler option
For many internationals, opening a Dutch bank account turns out to be the easiest and most cost-effective option.
With many Dutch banks now offering BSN-free banking, it’s even possible to open an account before you’ve landed in the Netherlands.
You’ll typically get a window of 30 to 90 days before you’re obligated to provide the bank with your BSN (citizen service number), which is more than enough time to fly over and get settled.
All in all, while you can get by with a foreign bank account in the Netherlands, opting for a Dutch bank account will save you time and money in the long run.
Could you survive in the Netherlands with your foreign bank account, or did you make the switch? Share your experiences in the comments below!