Money and banking

The Euro
Banking hours
Opening a bank account
Major banks
Making payments

The Euro

The unit of currency in the Netherlands is the euro, which in 2001 replaced the local currency of Guilders. Euro bills are in 5, 10, 20, 50, 100 and 500 denominations. Each bill is a different size and color. The coin values are 1, 2, 5, 10, 20 and 50 cents, as well and 1 and 2 Euro. The tiny 1 and 2 cent coins are being phased out. For this reason most Dutch stores round up the bill when you pay in cash. This means that the exact total price will either be rounded up or down to the nearest 5 cents.

If you are not coming from a EU country, we recommend changing money before arrival. Alternatively, you could use of of the many ATMs available. Do check that your bank card can be used in ATMs abroad.

Banking hours

Banking hours in the Netherlands are generally Monday to Friday from 9am to 5pm. One evening per week, known as koopavond ("shopping evening"), most shops stay open until 9pm. Some banks may also stay open late on these evenings.

Opening a bank account

We advise to open a bank account as soon as possible because credit cards are not always accepted in all shops, including supermarkets.

A common problem is that a burgerservicenummer [link naar pagina's over BSN] (citizen service number) is often required before you can open an account. As this is issued after you have registered at the municipality, this will delay opening an account. Ask the bank of your choice if a letter from your employer will suffice as a temporary solution.

It may be useful to keep a bank account open in your home country to pay for expenses there. You can easily wire money from Holland via the internet. Note that there will be a fee for international money transfers.

Major banks

Examples of major banks include:

Rabobank
ING (in Dutch only)
ABN AMRO

Offices of these banks are widely available.

Making payments

Financial transactions in the Netherlands can be made in several ways.

PIN (personal identification number)

This is a debit card system commonly used for just about everything, even when credit cards are not accepted. These are much like debit cards in North America, except instead of being a swipe card it uses a gold chip on the front, which the machine reads when you place the card into the slot with the short end sticking stright up out of it and you put in your bank code. (Thus, your swipe-type debit card from home will not work. The card readers do usually have a swipe mechanism, but if the store says they do not accept credit cards, they wil not accept any swipe card, including your debit/bank card from home.)

It is valid at most places including supermarkets, department stores, petrol stations and restaurants. You will find life much easier with one, as the Netherlands has no such thing as a chequebook. Like other types of debit cards, you can also draw money directly from your account at cash machines. Allow a few weeks after you have opened an account to receive your PIN card. The Dutch use the verb pinnen to refer to this type of payment.

ChipKnip

This is the gold chip on your bank card mentioned above. Chippen is much like pinnen, except that the money does not come directly out of your bank account but is taken from the credit charged to your card. Next to all ATMs you will find a smaller machine that you can use to charge your card. The money is deducted from your account and is then only accessible through a ChipKnip transaction with your card. If you lose your card, you lose the amount of money in your chip account.

This difference between pinnen and chippen is that paying via ChipKnip does not require entering a PIN number. You simpy place the card in the store's card reader and payment is made.  

Acceptgiro

Businesses and institutions frequently use something called an acceptgiro which are a sort of monetary coupon. When you get a bill, an accept giro form will be attached. It carries the name and the account of the beneficiary and sometimes the amount due. Simply enter your account number (and amount if necessary) and sign your name. You send the accept giro to your bank for payment and the amount will be transferred from your account to that of your creditor. An acceptgiro can also be paid through internet banking.

Internet banking

Is available from any bank and the easiest way of dealing with money matters. Ask your bank for details on how to use their own internet banking system.