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Send money to Netherlands

How to send money to the Netherlands using a money transfer service or foreign exchange broker to a Dutch bank account.

Send money to Netherlands

Transferring money to Netherlands

When transferring money overseas to the Netherlands regularly or once in a blue moon for a significant purchase. You can take several measures to ensure you get a great rate, service safely, and transfer money to the Netherlands.

Ways to send money to Netherlands

  • Bank Transfer – You can elect to transfer your money directly to the Netherlands from your GB Pound sterling account in Britain. Typically, the exchange rate to move money to the Netherlands will be less competitive than a foreign exchange broker’s exchange rates. You may have to visit your local bank branch to transfer a significant amount. When sending money to the Netherlands via a bank transfer, you will also incur a transfer fee or charge of around £10-30.  
  • Debit Card – If paying for goods online or via a retailer, you may have the ability to pay using a debit card. It’s unlikely you will be offered a great exchange rate when sending money to the Netherlands using a debit card. You may also incur an administration charge. Those looking to transfer money to Holland to purchase a second home or pay a legal bill for an overseas property might be obliged to send money to Holland via bank transfer. Meaning they will need to transfer via their bank or preferably a foreign exchange broker. In many cases, a currency exchange broker will accept a debit card as payment. Allowing you to enjoy the convenience, avoid a transfer fee and benefit from a better exchange rate.  
  • Credit Card – Ideal for renting holiday accommodation or rental property in Holland to get financial recourse and guarantee from your card provider. Not the most competitive in terms of the exchange rate offered, but sometimes air miles or bonus points can be more of an attraction.  
  • Swift/SEPA – Swift payments are relevant to money transfers outside the EU. Within the EU and therefore applicable when sending money to the Netherlands is the SEPA payments system.  

Required Bank Details to transfer money

Identification – To send money via bank transfer, you will need 1-2 forms of a photo ID and need to have your bank card in your possession when visiting the branch. If you can send money to the Netherlands via your online bank account, you might need a card reader, logins, etc.  

If using a foreign exchange provider, all of your documents will be stored when you opened the account. They will ask you a few simple questions to validate the account via phone. Their online systems are very similar to those of a bank, just with better online exchange rates pricing.  

IBAN – The IBAN will start with NL and be followed by 16 characters. You’ll also need the name of the individual or business you are sending the money to credit a beneficiary.

Time Needed to Transfer Money to the Netherlands

  • Typical time – For a currency exchange broker to receive, convert your currency to euros. Transfer your money to a Dutch account or beneficiary. You should allow between 1-2 working days. Occasionally the beneficiary bank may take a while to process and allocate funds. If using a retail bank, you should allow for 1-2 days more as their processing is typically slower.  
  • Same day transfer – Providing funds are in your foreign exchange broker’s account. You have a good chance of transferring your money to Holland and funds clearing the same day. Typically, a foreign exchange provider will quote 1-2 days. It might take the beneficiaries to account for a day or so to clear funds. Your bank will take a lot longer, typically 2-4 days. 

Cost of Making a Money Transfer Netherlands

  • Transfer Fees – A bank will typically charge anywhere between £10 -40 to transfer your money to Holland. The vast majority of foreign exchange brokers won’t charge a fee. None featured on Foreign Exchange Live charge do.  
  • Commission – Commission rates charged by banks vary from bank to bank but are invariably uncompetitive when compared against those from a currency exchange provider. A broker will typically save their clients between 1-4% when sending money to the Netherlands.  
  • Exchange Rate – Banks will typically work from a ‘day FX rate’ when the local branch opens. To cover any market fluctuations with the Euro, a healthy margin is applied to cover any FX volatility. On the other hand, foreign exchange brokers work from live euro rates. Allowing you to benefit from positive movements and seek guidance if the euro exchange rate works against you.  

Fees to Receive Money in Netherlands

Netherlands is part of the SEPA payments service. Therefore, if you send money from a European country, you shouldn’t incur an intermediary fee or charges. If you are charged a fee, your bank will have taken this charge, and you can typically address this with them. It is, however, highly uncommon.

Limits on money transfers to the Netherlands

You should not be restricted on how much currency you can move to the Netherlands on the proviso you or your organisation can warrant the euro money transfer. If your currency exchange broker accepts to make the money transfer, there is no written constraint on just how much you can trade.  

Usually, suppose a money transfer surpasses ₤ 500,000+ or currency equivalent. In that case, your foreign money broker can ask for a copy of a statement to confirm your ability to fulfil the Money transfer arrangement. They could likewise ask for documents to show the transfer’s purpose (e.g., Dutch residential property acquisition).

Transfer deposit to open Dutch banks account

A banking institution or money transfer broker will be more than happy in helping you move funds to a new Dutch account. Just ensure any required documentation and your Dutch account info are to hand. Your bank or broker can help with your money transfer deposit and send other funds to Holland.  

Dutch banks will request you credit your new bank account immediately, expect to be charged around EUR45 yearly to maintain the account. This annual charge typically depends on the account you pick and the bank you choose.

Do Foreign Exchange Brokers Transfer Money to all Dutch Banks?   

Suppose the Dutch bank is regulated and not blacklisted. In that case, there will be no issue transferring funds to your Dutch bank or beneficiary. All you will require is the Dutch bank details for the bank, and your retail bank or currency exchange broker can transfer money to the bank. 

Safely Transfer Money to the Netherlands

When moving money to the Netherlands, you can be functional and analyse the safest cash transfer solutions. Luckily, foreign exchange brokers and also money transfer organisations are incredibly conscious of cash transfer fraud. Together with being diligent on your behalf, they will cross-check dubious beneficiaries using their systems to flag any suspicious money transfers.  

  • FCA – Constantly verify your currency exchange provider is financial conduct authority (FCA) certified. An FX broker should never be reluctant to share their FCA registration number or send on the internet link confirming its approval on the FCA’s register. They have to similarly promote info regarding their regulation on their website.  
  • Guarantees – Whilst a broker will not have the capability to supply warranties or guarantees, their accounts need to be held with tier 1 banking partners. All client funds transferred to these accounts are set apart and are distinguished from their working capital. If something happened to the currency broker, clients could redeem the funds straight from the tier 1 bank.  
  • Protection – Trusted currency brokers services comply with significant anti-money laundering procedures to guarantee they’re dealing with the transfers of respectable consumers as well as businesses. This compliancy is continued when they trade money and transfer funds to Holland. To ensure standards remain high, money exchange brokers could ask for additional details on transfers whose beneficiaries look dubious. Money exchange broker’s FX trading systems are electronically secured. They additionally utilise high levels of internet safety to prevent the possibility of their client’s data being taken.  
  • Fraud – Regardless of these preventative procedures, fraudulent currency transfers can happen within the worldwide cash transfers’ sector. You can, however, take measures to decrease the likelihood of ending up being a transfer fraud target. Never send your password or security logins over e-mail or be pressurised to make a money transfer by a forex broker. Ensure communication with your broker is from an appropriate company e-mail address. If you are telephoned all of a sudden by an unknown member of the broker’s team or brand-new transfer account supervisor. We suggest you arrange to call them back to guarantee they are an employee of the currency exchange provider you work with.  

Reasons to send money to Netherlands

  • Bills – Your Dutch house or company will have continuous expenditures. These can include local state property tax, repair costs, or utility bills. A foreign exchange broker will be more than happy to establish transfers, top up your Dutch bank account, and care for any regular money transfers to Holland.  
  • Loans – If you were offered money from a family member or buddy in the Netherlands, you might wish to clear the financial debt if euro rates move in your favour. Additionally, suppose you have a home loan on your Dutch home, and the euro price remains in your favour. In that case, you could wish to consider sending out money to the Netherlands to resolve part of your euro home mortgage.  
  • Family – Birthday party events, as well as household gatherings, are never away. Your currency exchange broker account can be a superb way to send financial presents to a relative in Holland.  
  • Property – When the Euro currency exchange rate jumps in your favour, you may consider capitalising and making some house repairs.  
  • Inheritance –Sadly, many experience relatives passing away overseas. Suppose you are unfortunate enough to need to send inheritance funds back to Holland. A broker can sensitively handle the procedure.  
  • Car purchase – If moving to the Netherlands, you could pick to lease or acquire a car to commute or discover the Dutch countryside.  
  • Holiday – If renting out a home or apartment for a getaway in Amsterdam. Your FX broker will supply a far much better euro price than your financial institution or debit card.  
  • International wholesalers – When getting overseas items or products for your business. You can obtain guidance on services to minimise FX volatility connected with investing in products from suppliers that market in euros.  

Foreign Exchange Brokers

Considering the services of a credible currency exchange broker is the best way of guaranteeing to save money when sending money abroad. Savings between 1-4% are feasible, significant on regular transfers and Dutch property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in the Netherlands. 

Finding a reputable Foreign Exchange Broker

Clients can compare the offerings of transfer services and foreign exchange brokers in many ways when they need to transfer money to the Netherlands.  

  • Regulation – always ensure the foreign exchange provider you use is regulated. In the UK, for example, brokers must be authorised by the FCA (financial conduct authority)  
  • Length of time in business – typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to the Netherlands and deal with many different scenarios.  
  • Transfer fee or no transfer fee – especially worth considering when the payments being transferred to the Netherlands are small. A transfer fee can typically outweigh the advantages of sending the money to the Netherlands via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.  
  • Online transfer, telephone transfers or both – online Apps are great for small transfers to the Netherlands. Recourse can be slow if the money goes astray. Customer service when dealing solely online can vary. Much of this service is via a chat/text box or e-mail. An established currency broker will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.  

Find the Right Broker to Transfer Money to the Netherlands

Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients worldwide and saving them thousands of pounds in the process.  

  • Customer Service – Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange brokers offer a consistent service. All clients receive a personal account manager with a direct e-mail address and phone number to enable easy contact and customer service if required.  
  • Safety and Security – All top currency brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your currency broker on the exact details.  
  • No Expensive Fees or Charges – Depending on the bank, it could cost anywhere from £10 to £4o or local currency equivalent for each transaction. A foreign exchange provider will process your transfer to the Netherlands with no transfer fees and a small margin (or spread).  
  • Better Exchange Rates – A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.  

Foreign Exchange Contracts

A currency exchange broker offers several supplementary services not available in banks or on many money transfer apps. These include:  

  • Spot contracts – Arranging a transfer and agreeing on a rate, and sending the money to the Netherlands shortly after  
  • Forward contracts – fix today’s exchange rate for payment up to 2 years in the future. Forwards guarantee the cost of your purchase and avoiding foreign exchange volatility.  
  • Stop-loss – If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The money is traded automatically when it hits the agreed level.  
  • Firm order – target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased day or night automatically.  
  • Option contract – as with the forward contract and having the ability to opt for a better rate if the market rate improves. Typically for businesses rather than private clients.  
  • Regular international transfers – A payment plan to send money overseas regularly.

Documents needed for a foreign exchange broker account

The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved  

  • A valid form of photo ID  
  • Recent utility bill or address proof (less than three months old)

List of Foreign Exchange Brokers

  • Boutique brokerages such as Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their FX risk.  
  • Midsize brokerages such as Rational FX operate corporate and private client operations, focusing on key markets such as France and Spain.  
  • Large multi-Geographic FX businesses such as Moneycorp operate in multiple jurisdictions. They have many local offices to best serve their global clientele.  

Arranging a transfer to the Netherlands  

Once you’ve chosen the foreign exchange company you plan to use and the currency exchange account is set up. You will have the ability to arrange a transfer either online or by phone with the assistance of your FX expert. Agree on a euro exchange rate to transfer to the Netherlands. Once the exchange rate is agreed, your broker will request Dutch beneficiary details and supply you with segregated account details to pay your money to. Once the funds arrive, your FX expert will exchange the funds and arrange the transfer to Holland.    

When trading online, the process will follow a similar theme. However, you’ll be prompted online rather than over the phone by your currency exchange advisor.   

Large Money Transfer to Holland  

If you’re making a large money transfer to Holland, the timing of buying your euros will be essential. On a transfer of £1000 to the Netherlands, if the exchange the rate moves by 3%, this represents a £30 difference. On a significant transfer of £100,000, the same 3% movement represents a difference of £3000, meaning you could receive fewer or more euros in your Dutch bank account.     

Instant Money Transfers to Holland  

A few FX companies will offer instant money transfer services to Holland. The transfer fees involved will be comparable to those charged by retail banks. The euro exchange rates offered will be uncompetitive compared to currency exchange providers. They can be compared to those found in Airport and train station Bureaux de changes.     

When should I use an Instant Money Transfer Service?  

Instant money transfer services to the Netherlands should only be considered once all other money transfer options have been investigated. If, as an example, a friend or family member has lost their money in Holland or been robbed, these instant transfer services could help get cash to them quickly.    

Banks in the Netherlands

For non-Dutch speaking internationals relocating to the Netherlands, the very best banks are ABN AMRO or ING. The most prominent financial institutions in Holland include:  

  • ING  
  • Rabobank  
  • ABN AMRO  
  • BNG Bank  

There are several emerging online banks that many expats use as a stop-gap when relocating to the Netherlands. We advise setting up a local relationship to get the best service and guidance for those planning on a more extended stay.  

Dutch banking clients should expect a regular monthly cost for running a bank account and a Dutch debit card. This running cost will range from EUR1.30 to EUR7 each month, depending upon your banking agreement’s supplementary services. Credit cards in Holland are widely accepted, although some Dutch shops still don’t take them.  

Dutch internet banking and mobile banking are familiar to expats and quickly set up by your bank. Many financial institutions will send you a unique card reader or number generator for use when accessing and making online purchases.  

Opening a bank account in the Netherlands

Before your first month’s salary is cashed, you will need to get a bank account in place to receive your salary payment. An account can be opened locally with leading banks such as ABN Amro, ING, Rabo Bank and SNS-Bank being amongst the most popular for expats.  

To set up your account, you will need the following:  

  • Valid photo ID – passport is best  
  • Copy of your property rental agreement  
  • Citizen number – (known as burgerservicenummer, it can be located on the following documents – your Dutch identity card, in letters the Dutch tax authorities send you and on salary slips)  

If from outside of the EU, you will have to bring along your residence permit.

Can I Send Money from a Dutch Bank Account to the UK?  

Providing you have the account details for the GBP pound account, there will be no issue arranging a transfer to the UK. Explain to your currency broker your needs. They will provide you with a segregated euro account to receive the euros and convert them to GBP. Then give the Pound sterling beneficiary account so that the funds can be transferred to your UK pound bank account.     

Can I Send Money from a Dutch Bank Account to a US Bank Account?   

The process to transfer from the Netherlands to the US is similar to the above, except you’ll need to provide account details for a US bank account or beneficiary. You will, however, arrange a transfer for EUR to USD rather than GBP. Once the Euros are received from Holland, they can be converted to USD and placed in a US account. US bank details differ slightly, featuring a swift number.    

Dutch bank details

Once your current account or betaalrekening is activated, you’ll be provided with an International Bank Account Number or IBAN code with 18 characters in the Netherlands. For example, each Dutch bank has a unique BIC identifier code, for instance, ABNANL2A for ABN Amro, for example, ABNANL2A for ABN Amro.

Sending Bank Deposits to the Netherlands  

A bank and foreign exchange broker will help you deposit funds into your Dutch current bank account.  Make sure you have your Dutch bank account details to hand, and they’ll both be able to help with your bank deposit transfer to the Netherlands.  

Once your Dutch bank account is open, you can begin to send money to the Netherlands to credit your account. When you transfer money to the Netherlands, it will take between 1-3 days to credit your account. 

Expat life in the Netherlands

When plunging into expat life in the Netherlands, you’ll need to consider ways to send money to the Netherlands.  

Whilst it is hard to pin down the number of expatriates living in the Netherlands, the Dutch news estimates that between 39,00 and 75,000 reside in the Netherlands. Its accommodative nature and laid-back style mean that many expats quickly acclimatise to their new lives and routines. New resident expats can even vote, a right that is rarely offered.  

The Netherlands is referred to as the gateway to Europe. Primarily due to its canal networks to Belgium, Germany and France. Its population exceeds 16m meaning that it is one of the most densely populated countries in Europe. Winters tend to be mild, and summers are more relaxed than other European destinations.  

Expats that have taken the plunge typically report that they have often received a warm welcome, with those who didn’t have the fortune of a pre-existing Dutch or expat friendship network quickly making friends. They also report that the expat community is very tight-knit, and friends can become family.  

The Dutch might come across and very direct. However, the Dutch approach is just one of honesty, so never be offended. It can come as a bit of a culture shock to those who are never wishing to offend but try to be thick-skinned and accept their different approach.  

Birthdays are celebrated fiercely in the Netherlands with circle parties. Essentially you greet the host and then slowly welcome the rest of the family, including spouse, children and close relatives. All of the meeting and greeting is done in a circle formation. At times this can become quite peculiar, especially if conversation loses momentum. Fortunately, alcohol is served to keep the discussion flowing. Nonetheless, It can be strange when experienced for the first time.  

Despite the peculiar birthday celebration format and direct approach, life in the Netherlands can be great when approached correctly. It is a great location to live, work and raise a family.  

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