Author Topic: Banking Recommendations...In the Netherlands  (Read 997 times)

MrChubbles

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Banking Recommendations...In the Netherlands
« on: May 23, 2017, 06:03:19 PM »
Hi All,
any Mustachians live in the Netherlands? My wife and I are about to relocate to Amsterdam and I was wondering if any Mustachians have any recommendations for which bank to use..I want to keep the costs down ( banks in the Netherlands seem to CHARGE for the privilege of them keeping my money ).  The websites are mostly in Dutch..and there are a lot of options..for every bank...very confusing...

Maia

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Re: Banking Recommendations...In the Netherlands
« Reply #1 on: May 25, 2017, 12:10:27 PM »
It depends on what kind of Bank products you want to use.
Personally I use ASN Bank for normal bank use, but not for the most of my savings (or investing).
Saving accounts are free at every bank, so there you can just pick one with good interest rates.

I can help you find the best option for you, just need some more info because it depends on what you need.
Do you want a joint account?
Do you want a credit card?
Will you be using your debit card outside Europe?
Do you want monthly paper statements or will digital do?
Will you ever be depositing cash in your bank account?
 

MrChubbles

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Re: Banking Recommendations...In the Netherlands
« Reply #2 on: May 26, 2017, 10:15:23 PM »
Hi Maia,
many thanks for the offer of advice.

I would like minimal bank charges and/or max interest earned on the money in the bank. I have no need for debt. I am fine with an online bank, in fact, I'd prefer it.

I believe I need to be able to arrange direct deposit FROM my account to pay for internet access, rent etc.

I need a way to make everyday transactions ( lunch, coffee,groceries). In the USA we have credit cards which we MAKE money on because we get cash rewards for every transaction, but I believe that is not available in the Netherlands? So, what is the best way for a person in control of their finances?

Finally: whatever banking solution I choose, I will need to make occasional cash transfers from the USA into that bank, at least until I am earning money in the Netherlands, so I'd like to avoid paying fees for depositing money INTO the account.

Any and all thoughts appreciated.

Maia

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Re: Banking Recommendations...In the Netherlands
« Reply #3 on: May 28, 2017, 11:07:13 AM »
For paying rent, internet and stuff like that you need a 'betaalrekening'. With a 'betaalrekening' you can arrange payments very easy online.
Most people also use this account to pay everyday transactions using a debit card 'pinpas/betaalpas'. This 'pinpas/betaalpas' is something that you normally get with a 'betaalrekening'. If you have a 'betaalrekening' on both you and your spouses name you get 2 'pinpassen'. In most cases this is included in the price. With a 'pinpas/betaalpas' you can pay and withdraw money in whole of Europe without extra costs.

We don't have a cash reward system, or not anything worth mentioning that i know of.

Credit cards are not necessary for every day life here, i think some people use them if they are in other countries a lot or if they go to hotels a lot.
Some use them for online shopping in other countries. But like i sad, not a necessary and they do cost money so I'd try it without first.

I've tried to find out where you can avoid paying feed when you receive money in your Dutch account from your American account.
As far as i can tell, with a transaction like that there are 3 options for the costs OUR/SHARED/BENEFICIARY. 
In the case of OUR the person who transfers the money pays all the costs,
in the case of SHARED the person who transfers and the person who receives both pay standard costs (as far as i can see for the receiving person that is 0,1% (min 7 max 70)
In case of the BENEFICIARY the person who receives the money pays all the costs (as far as i can see this is also 0,1% (min 7 max 70)

I do not have any experience with transactions outside the EU, but online i found the tip to use transferwise to cut a lot of the costs. Maybe something worth looking in to, because i can't see any accounts where this is free.

There are 2 banks where you get interest on the money on your 'betaalrekening'. ASN Bank and SNS Bank.
ASN is 18,- per year for 1 person and 36,- for two
SNS is 30 per year for 1 person and 30,- for two

Personally I have an account at the ASN Bank, it is not the cheapest but they have good customer service and that is worth something too for me ;)

I did find on their site that they provide customer service in English but only over the phone mon-fri 08.00 t/m 18.00 003170 - 35 69 335.

A site that is very helpfull when comparing bank accounts is this one: https://www.consumentenbond.nl/betaalrekening/vergelijker?sortDirection=asc&productGroup=BETAALR&sortCriterion=prijsVanaf&pageSize=18&page=1&prijsVanaf=0&prijsTot=180&40878=null

If you want to store some of your savings in the Netherlands I would do that at another bank, savings accounts are free.
Interest is very low however, as you can see on this comparing site: http://www.vanspaarbankveranderen.nl/sparen/rentemeter

I have to say, this is quite hard to find out! I can totally get that its impossible to find out if you don't speak the language.
I hope its a bit clear like this. If you have any more questions i would be happy to help.

MrChubbles

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Re: Banking Recommendations...In the Netherlands
« Reply #4 on: June 15, 2017, 02:52:22 PM »
Many Thanks Maia for your useful and detailed explanations and tips
FYI, I have decided to go for BUNQ initially: they let my wife and I open up online Dutch bank accounts before we have moved to the Netherlands, I tried Transferwise for moving cash from the US and am very pleased with their prices and service.

On your advice, I'll not bother getting dutch credit cards: my wife and I will still have US cards in case we are travelling.

Maia

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Re: Banking Recommendations...In the Netherlands
« Reply #5 on: June 27, 2017, 01:36:42 AM »
No problem, happy to help.
Nice that you found a bank that has good service and prices!