Moving Money to and From the Netherlands: A Practical Guide

Yes, you can transfer money to and from the Netherlands efficiently using online transfer services, traditional banks, or wire services, with online providers like Wise and CurrencyFair typically offering the best combination of low fees (0.5-1%) and fast delivery (1-2 business days). After six years managing finances across borders in the Netherlands, I've learned that choosing the right transfer method can save you hundreds of euros in fees and exchange rate markups.

Understanding Your Transfer Options

Whether you're sending money back home, receiving funds from overseas, or managing regular international payments, understanding your options is essential. Let me walk you through the most practical methods I've used and recommended to fellow expats here in Amsterdam.

Traditional Bank Transfers: Safe but Costly

The most obvious option is your Dutch bank. ABN AMRO, ING, and Rabobank all offer international transfer services through their apps and online platforms. The advantage is straightforward: banks are secure and well-established. However, they're also the most expensive option.

Dutch banks typically charge two fees. First, there's an administration fee, usually between 15 and 30 euros per transfer. Second, they add a margin to the exchange rate, typically 1-3%. For example, if you're transferring 5,000 euros to the US, that margin could cost you 50-150 euros in hidden exchange rate losses on top of the visible fees.

SEPA transfers within Europe are faster and cheaper because they're treated as domestic payments, arriving within one working day. But transfers to countries outside the Eurozone can take a week or more, and some banks allow you to pay extra for expedited service.

Online Money Transfer Services: Fast and Affordable

In my experience, specialist online transfer providers offer the best combination of speed and cost. Services like Atlantic Money, CurrencyFair, PayPal, Ria, and XE are all viable options. These companies use mid-market exchange rates with transparent, upfront fees rather than hidden markups.

What I really appreciate about online transfer services is the transparency. Before confirming your transfer, you can see exactly what you'll pay and how much will arrive in the recipient's account. Most transfers arrive within 1-2 business days, with some routes delivering funds in minutes.

Online services typically charge flat fees of 3-4 euros or percentage-based fees around 0.5-1%. Even with their fees, this is usually cheaper than banks because they don't hide costs in the exchange rate.

The process is straightforward: open an account, provide recipient details, choose your delivery speed, and pay via bank transfer or card. One useful feature many offer is the ability to use iDEAL, the Dutch online payment system, which sends funds instantly.

Wire Transfer Services: Convenience with a Price

Western Union and MoneyGram operate branches throughout the Netherlands. These services shine when you need to send money to someone without a bank account, or when speed is critical and cost is less important.

The advantages are obvious: physical locations where you can walk in with cash, fast service (sometimes minutes if collecting in cash), and extensive coverage in most countries. The disadvantages are equally clear: higher fees and worse exchange rates than online services.

Wire transfers typically charge only a few euros in flat fees, but the exchange rate markup makes them expensive. I'd only recommend this for urgent situations or when the recipient genuinely needs cash pickup.

Receiving Money in the Netherlands

If you're expecting transfers from abroad, you'll need to provide your IBAN to the sender. The IBAN starts with 'NL' followed by a two-digit code, then your account number. For transfers from outside Europe, you'll also need your bank's BIC code.

For regular international payments, some online services offer local account details in EUR, USD, GBP, and other currencies. This allows you to receive payments directly without international fees, as foreign clients send to a local account in their own currency.

Mobile-Only Banks

Digital banks like bunq and N26 offer competitive international transfer rates and low fees. These work well if you're comfortable with mobile-only banking and don't need in-person services.

Key Factors When Comparing Providers

When choosing a transfer method, I always consider several factors. Cost matters most: compare both visible fees and the exchange rate margin. Speed varies significantly: some services deliver in minutes, others take days. Convenience depends on your situation: bank transfers are familiar, online services are user-friendly, wire services offer physical locations.

Security is essential: ensure your provider is regulated and uses encryption. Finally, check availability: not all services work in every country, so verify before signing up.

Protecting Yourself

A few practical safety tips from my experience: check the mid-market exchange rate on Google Finance or XE before transferring so you know a fair rate. Be extremely cautious of wire transfer scams: never send money via wire transfer unless you know and trust the recipient personally. Look for providers that are regulated or authorized by financial authorities.

Managing finances across borders is a regular reality for expats in the Netherlands. By understanding your options and comparing providers, you can transfer money efficiently without losing a fortune to fees and unfavorable exchange rates. Your choice of transfer method should depend on your specific situation: banks for security, online services for value, and wire services only for genuine emergencies.

For more resources and guides on expat life, visit ExpatsList.org or explore our blog for practical advice. If you offer financial services to expats, consider adding your business to our directory.