How can you open payment accounts online for your private purposes or business in Europe if you are a non-resident?
Our InternationalWealth experts offer a variety of popular services, including online and in-person assistance in setting up personal and corporate payment accounts and getting payment cards in the EU for non-EU nationals.
Advantages and opportunities of opening non-resident personal payment accounts with the Dutch IBAN
Over recent years, it has been getting increasingly difficult for foreigners to set up bank accounts in Europe. This is because Europe is trying to protect itself against any risk of illegal banking activities previously associated with non-resident accounts.
Law-abiding foreign nationals may need European payment accounts for a variety of legitimate reasons.
That is why many of our clients resort to our professional advice and help, knowing that we can offer customized fee-based solutions.
This article is an invitation to consider an excellent alternative to banking accounts: payment accounts with a European IBAN in a Dutch payment system.
The fintech company recommended hereby is a reliable competitive partner with many advantages for its worldwide clients.
Advantages of a personal account with a Dutch IBAN in the Netherlands for foreigners
Unique NL IBAN;
Worldwide SWIFT transfers;
Payments by SEPA, Wire, ACH, US Check;
Services, web site, online banking in English;
Online and mobile banking and account management;
Payment cards.
Terms and restrictions for foreign individual and business clients wishing to open payment accounts online with the recommended Dutch payment system
Foreigners from all over the world can open personal payment accounts in the Netherlands. However, there are a few restrictions.
The first immediate benefit of this European payment system is the schedule of reasonably low or even zero fees for its services.
No fee is charged for the accounts setup.
There is no requirement to maintain a minimum balance on the account.
The payment system does not use customer funds, does not issue loans. It deposits the funds in the partner banks. Therefore, clients can withdraw their funds at any time.
The payment system also provides domain names and registers them at reasonable cost prices. The owner’s confidentiality is respectfully secured.
Restrictions by country
Some difficulties with the opening of a personal account in the Netherlands may occur if the foreigner is connected with some offshore business, or comes from a sanctioned country. Each case is analyzed by our experts individually.
Types of accounts
A personal account with a Mastercard debit card linked to the account.
Recommendation: If you need both a personal and a business account, please inform us, so that we could make relevant arrangements.
Account currency
This Dutch payment system offers to open personal accounts in euros, pounds sterling, and U.S. dollars. Payments can be transferred worldwide in various systems (SEPA, SWIFT, ACH) in all major currencies.
Dutch payment cards for foreign clients
Having opened a personal account, you may apply for a bank card. The debit card annual fee is EUR 29.50. This minimum amount will be withdrawn automatically when the card is issued. Contactless MasterCard can be issued only in one currency, EUR.
The fee for cash withdrawal at any ATM in EUR is 2 EUR, regardless of the amount. If you need a currency other than EUR, then the conversion rate is applied by the ATM bank, plus the regular debit card fee of 2 EUR is charged.
Rates and fees
| Fees and rates, in EUR | Non-EU-residents |
| Payment account opening / closure | free |
| Monthly Inactivity fee – for maintenance in case of the account inactive for more than 3 months | 1,00 |
| Incoming EUR payments: up to 10,000 over 10,000 from own account over 10,000 from 3rd party | free 0.75 0.5% |
| Non-EUR bank payments: up to 10,000 EUR over 10,000 from own account over 10,000 from 3rd party | 25.00 25.00 0.5% |
| Service fee for outgoing USD payments over USD 1,000 | 1% |
| Outgoing EUR SEPA payments | 0.75 |
| SWIFT transfer | 25.00 |
| ACH to own account | 5.00 |
How can foreigners open personal payment accounts online in the Netherlands?
You will need to register and then fill out a special application form. Our experts will help you with this questionnaire. Your personal account will be activated after your data are verified and you pass the identification procedure in the mobile app.
Stages of opening a personal account in the Netherlands:
Please submit your application to us in one of the messengers, in the online chat or email.
Pay the service fee.
Follow our instructions.
You will need to compile a portfolio of documents following our recommendations and upload them in the app, fill out the questionnaire, pass the identification procedure. Our expert will be guiding you in each step.
Portfolio of documents required for opening a private account
A notarized copy of your valid ID document.
A notarized copy of your utility bill to prove your residential address.
The original application or a notarized copy of the original application submitted to the Company Registry or an agency where you have registered as a private entrepreneur. This document needs to be issued not earlier than three (3) months ago (if you are opening an account for your individual entrepreneurship).
Please note: we will share with you recommendations on how to properly certify your documents.
You are welcome to forward all your questions to the e-address given at the top of this page.
Can foreigners open a personal account in the Netherlands?
We recommend a reliable reputable payment system registered in the Netherlands. It opens accounts for all non-residents whose documents (submitted according to the application procedure) comply with the Due Diligence requirements. The set-up and other services are provided remotely. There are no restrictions by trade, profession, race, ethnic or social origin, gender, religion, sexual identity. However, foreigners from sanctioned countries can be refused service.
How much do I have to pay to open a personal account in the European Union?
The Dutch payment system recommended by us offers to open personal accounts for free. If you decide later to close your account for whatever reason, it will not charge any closure fee.
Is it possible to open a personal account in Europe remotely?
One of the options for remote personal or business accounts set-up in Europe is to open payment accounts online with the Dutch payment system. You are welcome to book our fee-based services of preparing your application portfolio of the required documents. We will guide you through all stages – from filling out the form, the Due Diligence, and the identification procedure in the mobile application. You will not have to travel to the Netherlands in-person. Everything can be done remotely.
