News
Planning to study in the Netherlands? Organize your finances!
Coming to study in the Netherlands after the summer holidays? Signing up for a bank account before the start of the semester is a key part of every “to-do” list.
Newcomers to the Netherlands are often surprised by how “digital” the country is when it comes to money. New students need to pay a deposit on their student housing, take out a new phone and internet subscription, and be able to pay for public transport as soon as they arrive, if not before. Therefore, it makes sense to open a bank account and enter the digital age as quickly as possible.
In the past, this has always been a challenge: to comply with money laundering and other obligations, major Dutch banks always request a Dutch tax identification number (BSN) before opening an account.
ABN Amro is now offer the possibility of boarding using a foreign tax number, so that students can arrive in the Netherlands ready to pay your rent, groceries and phone bill…with a local account.
So, as soon as you provide proof of residency – whether it’s a BSN or a formal document proving you’re enrolled in a college or university – all the features of a checking account are working.
Groceries
Matthé Kooi, himself a student, who works as a client consultant at International student personal banking team, said international students, in particular, may struggle at the start of the semester.
“First of all, many universities ask for a cash deposit of 5,000 or 10,000 euros,” he said. “You transfer this to the university, so that the university knows that the student has money to live here: then, when he arrives here, the money is transferred to him, but he needs a bank account to deposit it.
“The second point is that this is a truly digital country. Students may come from their own country, where many stores still accept cash, but here everything is going digital. If you don’t have a bank account, you won’t be able to pay your landlord. It’s also useful to pay for your purchases. It’s really necessary.”
Digitization has gone so far that you pay for public transport by swiping your bank card when getting on a bus or tram. And the Tikkie – a way to share accounts between groups of friends – is an essential part of everyone’s social life.
Costs
One of the things that won’t cost you anything is your student bank account: unlike other types of banking services in the Netherlands, a student account with ABN Amro is free.
However, you may have to pay a fee to transfer money from abroad to the account – if the foreign bank requires a fee, it will be passed on to you. “It may make sense to pay a transaction fee for a larger amount rather than having foreign relatives send money every month,” Kooi said. “Or investigate other ways to transfer money with internet transfer services. But the good thing is that the student account is free, so you don’t need to pay for a debit card.”
Network
While you may not qualify for certain services such as bank loans or credit cards – which are salary-based – you may want to look into other banking services such as contents insurance or public liability insurance if you are in a cycling accident.
ABN Amro advises student networks such as the Erasmus Student Network and has a regularly updated website in English with all types of recommendations for newcomers and internationals students to help them get back on their feet and make the most of their time in the Netherlands.
Organizing your bank account will only take a weight off your mind, especially if you can get on board using the banking app before even arriving in the country, Kooi said. “And that leaves you free to focus on studying!”