Banking › COT

In order to manage your day-to-day finances you need a current bank account. To open a bank account you will need a valid passport, an address in the Netherlands (e.g. as shown on a rental agreement) and proof of registration at the Municipality (gemeente). Bank representatives will be present at the welcoming ceremonies held at the beginning of each academic semester. Ask them for assistance, if necessary.

Currency

The currency of the Netherlands is the euro (with the symbol €). There are 100 cents in one euro.

Foreign exchange

The exchange rate is fixed every day and is displayed at all foreign exchange offices. All banks offer the same rates, but their charges for foreign exchange may vary. The largest foreign exchange specialist in the Netherlands is GWK, with offices located at railway stations, airports and popular tourist locations.

How to pay

There are four basic methods of payment in the Netherlands: cash, PIN, credit card or bank transfer. PIN and cash payments are the most common. A PIN card (pinpas) is linked to your bank account. This means that you no longer have to sign a paper receipt, but simply enter a four-digit Personal Identification Number (PIN), just as you would at an ATM machine. Payment by credit card is less common in smaller shops and supermarkets. Restaurants, hotels and department stores generally accept all major cards.