Setting up your finances in the Netherlands can be overwhelming—but it doesn't have to be. This guide walks you through opening a Dutch bank account, choosing the right provider, and making smart money moves as a new resident in Groningen.
1. Why You Need a Dutch Bank Account
If you're planning to live, work, or study in the Netherlands, opening a Dutch bank account is essential. Employers typically require a local IBAN to pay your salary, many housing contracts need a Dutch account for rent payments, and some stores and services only accept Dutch debit cards—often Maestro or V Pay. Even if you already have a European bank account, local transactions and subscriptions are significantly easier with a domestic one.
2. Choosing the Right Bank
The Netherlands offers a range of traditional and digital banks. Your choice depends on whether you need in-person service, multi-currency support, English-language apps, or student discounts.
Major Dutch banks: ABN AMRO, ING, Rabobank
Digital-only banks: bunq, N26, Revolut, Wise
Best for students: ABN AMRO and ING offer free or low-cost student accounts
Digital banks like Revolut and Wise are excellent for international transfers, but some landlords or employers may prefer a Dutch IBAN, which not all online banks offer.
3. What You Need to Open a Bank Account
To open a personal bank account in the Netherlands, gather the following:
A valid passport or EU identity card
A Dutch address (e.g. rental contract)
A BSN (citizen service number, given during registration at the gemeente)
A Dutch residence permit (for non-EU residents)
Some banks allow you to start the process online, while others require a visit to a branch. N26 is one of the few that doesn’t require a BSN, though it issues a German IBAN.
4. Banking in Groningen: Step-by-Step Setup
Register at your gemeente to receive your BSN.
Choose your bank based on your needs (e.g. in-person service vs. digital-first experience).
Apply for an account online or in-person. Some banks, like ABN AMRO, have English-language application flows.
Receive your bank card and PIN by post—usually in two separate envelopes.
Activate online banking and mobile apps, which are widely used across the Netherlands.
5. Paying and Receiving Money
Most Dutch debit cards allow contactless payments and can be added to your phone’s wallet. Credit cards are less common and not always accepted, so a local debit card is essential.
To pay bills or receive payments:
Set up SEPA direct debits for utilities, rent, and subscriptions
Use iDeal to pay online using your bank app or card
Transfer money internationally with low-fee services like Wise or Revolut
6. Tips on Managing Finances in the Netherlands
Once you're set up with a bank account, here are a few tips to make your financial life easier:
Avoid credit cards unless absolutely necessary; they require a credit check and are not widely accepted
Consider Wise or Revolut for cheaper international transfers
Choose a student bank package if eligible to save on monthly fees
Keep an eye on account maintenance charges and app language availability.
7. Quick Recap: Banking Checklist for Groningen
Register your Dutch address and get a BSN number
Choose a bank that suits your needs (student, expat, business)
Apply for an account with the required documents
Activate your debit card and mobile banking app
Familiarise yourself with iDeal, IBANs, and direct debits
Use online tools for cheap international transfers if needed
