Bank account in the Netherlands

The Netherlands is one of the most prosperous countries in the world: it has a reliable banking system, a stable economy, and a stable legislative framework. To be able to live in the Netherlands, do business or start working, you have to open a bank account. As a rule, accounts in local banks are opened after income is received.

Opening an account, even in your home country, is burdened with many nuances, compliance with which affects the success of the procedure and the terms of cooperation with the bank. This also applies to opening an account in the Netherlands. In order to carry out this procedure quickly and effectively, it is worth following some rules, depending on your status in the country.

It can be opened by a resident of the country. With this purpose, one needs to prepare one’s main documents: BSN and a housing lease agreement or a work contract. If you have these documents, you just need to contact the selected bank for a quick account opening procedure. Some banks provide these services online.

In fact, there are no problems with opening an account by residents of the country. The bank will welcome you – especially if your financial history is fine, and you are an honest citizen and fulfill all the duties imposed on you by law.

How to Open an Account Without Being a Resident of the Country

It is more problematically for non-residents to open an account. Even due to the lack of weighty justifications for opening a personal account, the bank may refuse. First of all, you should think about the evidence that you need to conduct banking operations in the country. Also, it is worth carefully choosing a bank with which you will be able to cooperate. It is important that the bank be reliable and has a long history. Contact selected banks with a request to open an account, find out from each of them about the individual peculiarities of the process. Do not forget to clarify that you don’t have a BSN. Also, simultaneously consider that an account may be opened for you, but afterwards, you will have to provide BSN anyway; otherwise, the account will be simply closed.

To open such an account, you will be in need of a special kind of service – supporting the opening of an RNI – that is, a registration account for non-residents of the country. This is connected with your real address of residence in your home country. It is the first step toward getting a BSN. The method targets those who stay in the Netherlands for less than 4 months per year. Other methods are obtainable from the site’s partners.

The account that a foreign citizen has opened in the Bank of the Netherlands has a Dutch international account number, IBAN. With the help of a bank card connected to this account, an owner can buy goods online, transfer money, pay for services, and buy goods in stores not only in Holland but also in other European countries whose currency is the euro. If the purchase is paid in dollars or another currency, the bank itself converts the money at the current rate. The period of validity of the Dutch account coincides with the period of the permit, which is issued to the foreigner to stay in the country.

How to Open a Bank Account

The procedure of opening an account in the bank of the Netherlands is essentially no different than the procedure of issuing an account in your home country. It involves three easy steps:

One needs to approach choosing a bank with great care. It affects not only the safety of one’s savings, but also the terms of cooperation, the availability of personalized support in solving various issues, and other nuances. Given the high volume of money turnover, it is necessary to get a reliable financial partner.

Provision of a full package of documents. Each bank has its own list of documents required to open an account. Of course, there is a certain “backbone”, and we will discuss its content further.

Drawing up the invoice on agreed terms of service, studying conditions offered in detail before signing a contract with the bank. Comparing these conditions with the terms offered by other banks and selecting the best option.

All applications to banks in the Netherlands can be signed in either English or Dutch, though some may require that certain parts be in Dutch; however, some form-filling will also be necessary, such as:

• Do you have commercial partners in the Netherlands with whom you have previously done business and who will be able to give guarantees?
• How much do you plan on investing in your company at the first stage of its formation?
• What is the approximate monthly/annual turnover the company plans to make from import and export operations?
• Do you have a business today, and in case “yes” – in what directions does it work and develop?
• How many jobs are you planning to create in the Netherlands?

The form will be in Dutch or English, hence you are expected to do some preparations in advance with the filling of the form, or you can also invite an interpreter to come with you if your knowledge of the language is not sufficient.

After opening an account, one will have to deposit the amount of authorized capital determined by a bank. At first glance, the procedure is rather simple, but all the difficulties are hidden in collecting the necessary set of documents.

Documents Needed for Opening a Bank Account in the Netherlands

The most complicated stage is the collection of documents. Of course, the main difficulty is obtaining a BSN by non-residents of the country. Otherwise, this process is available to everybody and takes several days.

To open an account in one Dutch bank, you need to submit a set of valid documents, according to the established format, including:

• Passport, apostilled with translation into English of all pages. The document should be valid.
• Personal BSN number. Already above, we wrote about Burger Service and the subtleties of its design. You can learn more from the specialists of the site. Without it, it is almost impossible to open and maintain a personal bank account.
• Documents of actual rental housing.
• Passport and a copy of all pages.
• Translation of the declaration of residence in your country certified by a notary if you open the account as a non-resident of this country;
• A letter from the bank of your home country confirming the existence of a personal account and an active turnover of several tens of thousands of euros.
• Translated and notarized autobiography.
• Original affidavit.

Besides, the bank can require some other documents in accordance with their personal policy. Of course, it is better to check the whole list with the representative of the bank to which you apply. You can request a number of documents online, for example, bank certificates, in case you are already in the Netherlands. It’s very important that all of them have relevant content and correspond to the established format.

Why do Dutch banks attract entrepreneurs all over the world?

If an entrepreneur decides to entrust his capital to a foreign bank, by default this already means his need for reliability and profitability of offers. The Dutch banking system is ready to provide both. In addition, the country itself is in a stable economic and political situation, which contributes to the development of each sector of the country economically.

The first line

The banks themselves are quite significant. The activities of financial institutions are competitive and capable of unlimited development. It gives rise to the desire of each bank to make the most favorable offer for depositors, to ensure the safety of financial resources and the development of additional services. Before opening a bank account in the Netherlands, it is necessary to study the offers. Today, five of the best are the Bank of the Netherlands, Rabo bank, Bunq, and other private and public banks in the Netherlands.

The banks in the Netherlands provide a full range from providing loans on credit to large-scale borrowing.

The subtlety of opening an account

Naturally, opening an account abroad is not so easy and requires knowledge of individual subtleties. Often, that is why entrepreneurs turn to specialists who carry out the correct execution of all documents and achieve the successful opening of an account of the required type. Is it possible to get a waiver from the bank? – Yes. At the same time, Amsterdam banks are not required to explain what the reason for the refusal is. Still, each of them may have their own justifications, in accord with their rules.

With special regard to EU countries, including the Netherlands, their perfection under current legal conditions proceeds constantly and makes respective banking systems increasingly safer and more secure. As to the banking sector of the Netherlands, there has recently taken place only one essential change: the introduction of the compliance system. This system, in turn, complicated the process of opening a bank account by a foreign citizen.

Who are not recommended to create a bank account in the Netherlands?

Sometimes, it is advisable not to create an account in the bank of the Netherlands for those people who need some banking services in the European Union.

There are really a lot of interesting proposals from the EU countries about the conduction of banking operations by non-residents. And the Netherlands is far from the most profitable and interesting option. In most countries, it is possible to open deposits with a minimum investment from several hundreds of dollars. At the same time, the documentation is simplified as much as possible, what can’t be said about local institutions.

It is also not the best option to open an account in a Dutch bank just to use it from time to time, such as flying here on vacation. It would be even more expedient to use the services of banks in other countries if you happen to visit this country no more than 1-2 times a year. Again, this would be justified by the simplicity of the procedure for opening and servicing the account.

Opening a bank account in the Netherlands is relevant for legal entities if there is a need to physically locate a business in this country. At the same time, even if the lion’s share of customers, goods and services are concentrated in the Netherlands, chances to open accounts with local banks do not increase or simplify.

Specialists of our company will help to analyze the possibilities and the need to open accounts in Dutch banks. To do this, it is enough to contact us by phone or leave a request on the website.

What is the essence of “compliance”

This system is designed to ensure the security of finances. It consists in conducting an additional check of the person opening his bank account. It consists of:

• State of emergency check to open a bank account.
• An analysis of the client’s credit history shall be performed in advance before opening the corporate account in the country of the Netherlands.
• Check the sanctions imposed on an individual.
• Legality and business features.
• Reasons for refusal.

Opening a bank account in the Netherlands, and accessing banking services in the EU for that matter, requires various requirements to be met considering equal status with Dutch citizens. The reason can also be different in case of denying the opening of a bank account. The most popular:

The most common reason for refusal and opening a question of how a Ukrainian can open an account in a foreign bank is the lack of a residence permit. This reason also stands in the way of opening an account for citizens of other CIS countries. So far, it is possible to fully open an account in a Dutch bank for individuals with a residence permit for up to 3 years or more.

In case your company is set up by a few shareholders or founders, you will need to verify that none of them is a legal entity registered in offshore jurisdictions. Is there? It doesn’t matter, but only with qualified help will the bank still be able to open an account.

Non-compliance with the principles of compliance. This is the second most serious basis for declining to open an account. It involves a breach of the rules of business morality, on the contrary, actions of the firm or its employees, a violation of the law of the country. Compline control discloses financial crimes and prevents their execution.

Drawing Conclusions

Nowadays, any person can open an account in a European Bank. The main thing is to approach the issue responsibly and professionally. If the process causes you to misunderstand, the accumulated questions lead to a dead end, or there is simply no time for an independent study of the whole situation, it is worth contacting professionals. Site partners will provide all-round assistance in opening an account for residents and non-residents of the country.

Our team here at Regulated United Europe would be glad to assist you if you need to open a business bank account in the Netherlands. Having been operational for eight years now, we have been able to help numerous clients open bank accounts in Europe. With an extensive network of trusted European partners from the financial services industry, we deliver the best-priced solutions that enhance the efficiency of the operations of the businesses we serve.

Business bank account in Netherlands

Opening a business account in the Netherlands is an important step for entrepreneurs looking to develop their business in this country, enjoying a developed economy that is very favorable to business. The diverse banking services of the Netherlands come along with handy conditions to open an account. All of these conditions let opening a bank account be easy and accessible. Within the article, we will describe the most key aspects and the process of opening a business account in the country under discussion.

Benefits of Business Bank Account Opening in the Netherlands

• Stable Economy: The economy of the Netherlands is stable, and the investment climate is good, thereby presenting a conducive atmosphere for business to thrive.
• Innovative Banking Sector: Advanced banking solutions, backed by a wide variety of financial products and services, are offered by the Netherlands.
• International Orientation: Most of the banks in the Netherlands have expertise in offering services to international clients; they offer varied services to companies operating globally.
• Ease and Efficiency: It is pivotal to note that banking services in the country are about convenience and efficiency, combining speed with quality customer service.

Steps to Open a Business Bank Account

It is necessary to open a business account in the Netherlands for the purpose of doing business with this highly developed and innovative country. Your business account will serve as a means of credibly managing your company’s finances and earning, due to its favorable business climate, different types of financial services, and timely service provided. While choosing the bank, attention should be given to the bank’s reputation, terms of service, and technological capabilities for the best fit of your needs and requirements.

Personal bank account in the Netherlands

Opening a bank account is an important step toward effectively managing one’s personal finances in the Netherlands. Therefore, on the whole, the country provides considerable services in terms of banking: both up-to-date technologies and convenient terms and conditions make the procedure quite easy and manageable. In this article, we will consider several significant aspects and procedures concerning opening a personal bank account in the Netherlands.

Benefits of Opening a Personal Bank Account in the Netherlands

• Leadership in Payment and Financial Services: The country is one of the most progressive European countries regarding innovation in financial technologies: modern online banking systems with unparalleled mobile application account management services.
• Choice of Banking Services: From all types of cards to savings accounts, deposits, and investment opportunities, having a personal bank account in the Netherlands will give the account holder access to virtually any type of financial product.
• Safe and Secure: Dutch banks adhere strictly to data protection laws, ensuring that your financial transactions are safely guarded.
• International Orientation: A lot of the banks in the Netherlands are specialized in serving international customers, and it is comparatively easy for foreign citizens as well as residents to open an account with them.

How to Open a Personal Bank Account in the Netherlands

It is very essential to open a personal bank account in the Netherlands, as this will help manage personal finances effectively by living in this innovative and developed country. With a high level of security, wide ranges of financial services, and the convenience of online banking, your personal account will turn out to be a reliable helper in conducting financial transactions and achieving financial goals. When selecting a bank, attention should be paid to its reputation, terms of service, and technological capabilities to fit best for the needs and requirements.