This article will take you through some fundamental money matters you need to learn about, as a newcomer to the Netherlands. Managing your money in Holland may not differ drastically from what you are used to in your country of origin. However, there may well be a few unfamiliar practices, and definitely a few unfamiliar Dutch terms, that will take some getting used to! The basics of how and where to bank your cash, and pay for goods and services, can be found on this page.

Exchanging money in NL

You wont get far without having some cash of the correct currency, when you first set foot in the Netherlands. So, when you arrive, you may need to exchange some of your money for Euros. There are several places where you can do this:

  1. A bank: This is the most common place to exchange money in the Netherlands. Some of the most popular and widely distributed banks in the Netherlands are: ABN Amro, ING and Rabobank

2. A GWK exchange office: You will be able to find these at railway stations, airports, and other areas that are frequented by tourists. International students are charged less than regular customers. Therefore, remember to bring your student card with you if you have one.

3. Another type of exchange office. You are most likely to find these in heavily touristed areas of the Netherlands. Their charges could be higher, so try to find a GWK or a bank if you can.

Tip
It is important to to be aware that there is no informal market for currency exchange in the Netherlands. So, anyone who approaches you on the street and offers to change your money will probably be a thief or con artist!

PAYING IN NL

Facing unfamiliar signs and symbols in a Dutch supermarket can be a bit intimidating. It is very important to understand this money matter as an expat, when you do not yet speak the language. If you know what to expect before embarking on your first shopping trip you will learn the ropes faster, and enjoy your first Dutch grocery haul!

Buying Items in Dutch Stores

  • Using a bank card has become the most popular payment method in the Netherlands
  • If you are unsure whether you can use a bank card in a shop then listen out for, or mention, the words pin, pinpas or pinnen. This is a way of asking whether you can pay by card, and indicating that you wish to
  • Having said this, many Dutch stores still do not accept credit cards
  • Even shops from which you might buy a large amount of produce or a large object, like an item of furniture, might only take cash payments. Read on to find out how to withdraw and pay with cash

Using a Credit Card in NL

  • If you use a Dutch credit card to pay for your products, the money you spend with it will be deducted from your bank account on a monthly basis
  • It will either be taken directly from your account, or you will receive an invoice from the credit card company
  • Most commercial banks in the Netherlands have an arrangement with MasterCard or VISA. So, if you prefer, you can use one of these cards instead

Bank Transfers and Bills in NL

  • Bills are generally paid by bank transfer in the Netherlands
  • This is also known as the ‘giro’ system
  • When bills are sent, they usually have a yellow ‘acceptgirokaartattached to them. It looks like a yellow slip of paper

Side Note

  • In the olden days, you would have had to fill in your account number, sign your name, and send the acceptgirokaart to your bank
  • The bank would have deducted the money from your account themselves
  • Nowadays, most people pay their bills online
  • You simply need to enter your receiver’s name, their bank account number and the ‘acceptgiro’ number in the required spaces

For bills that you have to pay on a regular basis, such as your monthly rent, you can go to the bank and fill in a form known as a ‘machtiging’:

  • ‘Machtiging’ translates as ‘authorization’ in English
  • It gives the bank permission to transfer a certain amount of money from your account each month, on a specific day
  • Machtigingen’ can also be arranged online, if you are using internet banking
  • The payment will continue to be made until you order your bank to cancel it
  • If you buy something by mail, the order form will sometimes include a ‘machtiging’ for a one-time payment, or an ‘acceptgiro’
  • The only pieces of information you need to provide in order to make your purchase are your signature and account number

Paying Online in NL

The two best-known tools for paying online in the Netherlands are PayPal and iDEAL. If you would rather not share your bank account number and card details online, you could use the ‘paysafecard‘. This is for prepaid payments, or pre-paid credit cards.

Withdrawing from ATMs and Paying in Cash

The Dutch word for an ATM or a cash dispenser is a ‘geldautomaat’:

ATMs can be found at every bank, railway station or other public area where people are likely spending money in the Netherlands!

  • Nowadays, cash dispensers will accept almost any kind of card
  • To find out whether your card will work at an ATM in Holland, check that both your card and the dispenser display the same logo

Tip
The Dutch way of punctuating numbers and decimals is exactly the opposite of the English way. The meaning of commas and fullstops is switched:

  • So, in the Netherlands, ‘€ 25,25’ means 25 euros and 25 euro-cents
  • Likewise, ‘€ 10.000’ means ten thousand euros
  • Round figures are written with a comma and a dash
  • For example: 15 euros is written as: ‘€ 15,-‘
  • So do not worry- your coffee and apple pie did not cost you thousands of pounds!

Dutch Banking

In order to manage your day-to-day finances in the Netherlands, you will need to select a Dutch bank and open a ‘priverekening’. This is a Dutch current account. Here is what a Dutch bank will offer you:

1. Electronic Banking in NL

  • All Dutch banks offer some sort of electronic banking software
  • This enables their customers to make payments from the comfort of their own homes
  • Almost all banks can provide an English version of this software
  • So, when you sign up, just inform your bank that you would prefer an English service 

2. Internet Banking in NL

Internet banking is even more popular than electronic banking in the Netherlands. If you opt to use internet banking, you will be assigned unique entry code that will allow you to access your bank accounts online. Via internet banking, you will be able to:

  • View the amount of money in your bank account
  • See your transactions
  • Carry out payments
  • Access an overview of your insurances and investments
  • Place orders for the buying and selling of shares

All this can be done from anywhere in the world.

3. Mobile Banking in NL

Mobile banking, or ‘m-banking’, allows you to access your bank services through your mobile phone, tablet or laptop. You can use mobile banking to:

  • See how much money is in your account
  • Make payments
  • View your receipts and past payments
  • Examine the state of your investments
  • Peruse the latest financial and stock market news
  • Place orders on the Dutch and American stock markets

Banking hours in NL

In the Netherlands, regular banks are open from Monday to Friday, generally from 9 A.M. to 5 P.M. Many also open for a couple of hours on one evening of the week. This will usually be the same day that shops in your neighborhood remain open later into the night. It is normally a Thursday or a Friday.

Useful links

Other major Banks in the Netherlands include:

Recently Posted on XPat.nl

If you’re an expat living and looking for work in the Netherlands then there are some vital differences you should know about in regards to your job applications. In the Netherlands, as with most places in Europe, the norm is a CV rather than the resume which is commonly used in the United States amongst … Continue reading "The Difference Between a Resume and a CV"
It is that time of year again; the new and annually-updated version of The Holland Handbook is here and ready to be enjoyed! Not only that, but this is the 24th edition! More than twenty years ago, a modest group of three people sat around a table to discuss the possibility of creating a handbook … Continue reading "The Holland Handbook 2024"
Taxes are always complicated. If you have moved to the Netherlands from another country, they can be especially confusing! Many expats carry out business, and therefore earn an income, internationally. This makes what they get taxed on, and by whom, a complex matter. To figure out your own personal tax liability, your residency status and … Continue reading "Dutch Taxes"
The 30%-ruling is a tax advantage, created for employees who are posted or recruited from abroad, to work in the Netherlands. The purpose of this advantage is to cover all the various costs they incur, as a result of moving their lives oversees to. This can be a real blessing to expats! In order to … Continue reading "Dutch 30%-ruling Tax Facility"
Following the legendary previous 8 editions of The UnDutchables, the 9th edition of this all time best seller (more than 300,000 copies sold since 1999) is now available in the Netherlands. The UnDutchables takes an in-depth humorous look at Dutch life, quirks and character. With subjects varying from coffee drinking habits to child rearing, from … Continue reading "The UnDutchables 9.0"
Hello there, future Dutchie! Do you plan to move to Amsterdam or somewhere else in our beautiful country to work or live there? And are you going to stay for more than 90 days? Then you are in the right place! Because when you move to the Netherlands, there are some things you need to … Continue reading "This is your checklist for moving to the Netherlands"

The Holland Handbook 2024

It is that time of year again; the new and annually-updated version of The ...

Dutch Taxes

Taxes are always complicated. If you have moved to the Netherlands from another country they ...

The UnDutchables 9.0

Following the legendary previous eight editions of The UnDutchables, the 9th edition of this all ...

Making the most of your Dutch home

Whether you are renting, staying in a long-term AirBNB or have just bought a ...

Gift giving in the Netherlands-all ...

If you feel like skipping your birthday, you may be in for a challenge when ...

10 things you will find in every Du ...

The Dutch are very fond of houseplants, the more the merrier! You will find the ...

Obtaining a Mortgage as an Expat in ...

Obtaining a mortgage as an expat in the Netherlands can be a complex process, as ...

Help me move to the Netherlands!

Obviously, the decision to move to the Netherlands is not one to be taken lightly ...

The Impact of Technology on Educati ...

Education is unending and pivotal in society. Technology is one of the most dynamic entities ...

Five Renovation Tips to Increase yo ...

Learn how much home renovations cost – and which repairs increase the home value, and which ...