Top 10 Banks in the Netherlands
Mesan Ali
Whether you are starting a business in the Netherlands, securing your first job, or looking to save your hard-earned money, opening a bank account can be an essential step. The banking sector in the Netherlands is robust, featuring a mix of well-established domestic banks and international institutions that have made their mark in the industry. Different banks lead the market in various categories, making it crucial to choose the right bank for your specific needs.
In this blog, we have compiled a list of the top 10 banks in the Netherlands to help you make an informed decision.
Overview of Banking in the Netherlands
The Dutch banking sector is characterized by a blend of national and international financial institutions. It plays a pivotal role in the nation’s economic development, offering a wide array of services ranging from personal accounts and loans to corporate financing. The banking landscape includes both private and state-owned institutions, ensuring a comprehensive suite of financial services to meet the diverse needs of customers.
When looking to open a bank account in the Netherlands, you typically need to provide the following documents:
A valid form of identification (passport or national ID)
Proof of address (utility bill or rental agreement)
A BSN (Burger Service Number), which is a citizen service number
While some banks offer free account opening, others may charge a monthly or annual maintenance fee. The fees can vary significantly from one bank to another. Additionally, it often takes a few days to receive your debit card and checkbook, which may not always be free of charge. Using your bank's ATM is generally free, while transactions at other banks' ATMs may incur fees.
Overall, the local banking system in the Netherlands is quite accessible and affordable. However, for those needing to manage international transactions or receive money from abroad, Elevate Pay provides an excellent solution.
Before diving deeper, let’s explore the top 10 banks in the Netherlands, highlighting each bank’s standout features.
Top 10 Banks in the Netherlands
The Dutch banking sector has a lot to offer, from innovative digital solutions to traditional financial services. To get a comprehensive overview, let's delve into the top 10 banks and see what makes them stand out.
ING Bank NV
Founded in 1991, ING Bank NV is headquartered in Amsterdam and is recognized as the largest bank in the Netherlands, boasting assets of approximately €1,041.37 billion as of June 30, 2024. With over 59,000 employees across 40 countries, ING serves more than 38 million customers worldwide. The bank offers a comprehensive range of retail, wholesale, and investment banking services, making it a leader in personal and corporate banking. Its market position is strong, as it dominates in terms of assets, deposits, and loans, ensuring a robust presence in the Dutch banking landscape.
Coöperatieve Rabobank U.A.
Coöperatieve Rabobank, headquartered in Utrecht, is the second-largest bank in the Netherlands, with assets totaling €621.64 billion. It operates through 146 domestic retail branches and 84 local Rabobanks, catering primarily to the food and agriculture sectors. Rabobank offers a wide array of financial products and services, making it a significant player in both retail and corporate banking. Its cooperative structure allows it to focus on community-oriented banking, emphasizing sustainability and social responsibility.
ABN AMRO Bank N.V.
ABN AMRO Bank N.V., located in Amsterdam, is the third-largest bank in the Netherlands, with assets of €393.40 billion. The bank employs over 20,000 individuals and provides a diverse range of services, including Personal Banking, Private Banking, Commercial Banking, and Corporate & Institutional Banking. ABN AMRO is known for its strong focus on sustainability and innovation in banking services, making it a trusted choice for both personal and business customers.
De Volksbank N.V.
Headquartered in Utrecht, De Volksbank N.V. serves more than 3.3 million customers and employs over 3,000 people. While specific asset figures are not available, De Volksbank is recognized as a significant player in retail banking. The bank offers a variety of services, including deposit products, credit cards, personal and home loans, insurance, investments, and online banking solutions. Its commitment to customer-centric banking has established it as a trusted choice for many Dutch residents.
NIBC Bank N.V.
NIBC Bank N.V. is headquartered in The Hague and specializes in corporate and retail banking services across the Netherlands, Belgium, Germany, and the UK. Although specific asset figures are not provided, NIBC has over 730 FTE employees. The bank focuses on asset-backed transaction financing, particularly in sectors such as Commercial Real Estate, Digital Infrastructure, Shipping, and Specialty Finance. NIBC's niche expertise positions it as a valuable partner for businesses seeking tailored financial solutions.
Achmea Bank N.V.
Achmea Bank N.V. is part of the Achmea Group, and while specific details about its assets and services are not extensively covered in the provided sources, it is known for offering a range of banking products, including savings and mortgages. Achmea Bank focuses on providing competitive interest rates and efficient customer service, catering primarily to the Dutch market.
Van Lanschot Kempen NV
Founded in 1737, Van Lanschot Kempen NV is the oldest financial organization in the Netherlands, headquartered in Rotterdam. With assets amounting to €157 billion, the bank employs approximately 1,650 staff members. Van Lanschot specializes in private banking, asset management, merchant banking, mortgages, and pension and insurance products. Its long-standing history and expertise make it a preferred choice for customers seeking personalized wealth management services.
Triodos Bank N.V.
Triodos Bank N.V., based in Zeist, is a leading ethical bank in the Netherlands, emphasizing sustainability and social responsibility. Although specific asset figures are not provided, the bank employs approximately 1,600 staff members and offers personal, business, and private banking services. Triodos Bank is known for financing projects that contribute positively to society and the environment, making it a unique player in the Dutch banking sector.
Delta Lloyd Bank NV
Delta Lloyd Bank NV, although specific details about its assets and services are not extensively covered in the provided sources, is known for its strong presence in the Dutch financial market. The bank focuses on providing a variety of financial services, including insurance and investment products, making it a noteworthy option for customers seeking comprehensive financial solutions.
KAS Bank N.V.
KAS Bank N.V. is headquartered in Amsterdam and plays a specialized role in the Dutch financial system. While specific asset figures are not available, KAS Bank is known for providing services focused on institutional clients, including asset management and custody services. Its expertise in niche financial markets positions it as a valuable partner for institutional investors.
Banking Industry Overview
The Dutch banking sector is dominated by a few large banks, with the top three—ING, Rabobank, and ABN AMRO—accounting for approximately 80% of the market share. The total assets of domestic banking groups reached approximately €2.6 trillion in 2023, highlighting the sector's prominence.
Stability and Trends
Despite fluctuations, the Dutch banking industry displays strong signals of stability. The non-performing loan (NPL) ratio in the Netherlands was significantly lower in 2022 at 1.2%, compared to the EU average of around 1.8%. The sector has shown increasing profitability and efficiency after the economic downturn caused by the COVID-19 pandemic.
Ratings and Outlook
Most banks in the Netherlands have stable ratings, with some entities experiencing positive or negative outlooks based on their performance and strategic actions. For instance, ING Group and Rabobank have stable outlooks, while De Volksbank N.V. has a negative outlook due to execution risks related to its transformation and remediation plan.
Why is Elevate Pay the best Choice for USD Bank Accounts?
Freelancers and remote workers earning in USD often face challenges in managing their international income. Elevate Pay is designed to address these hurdles, allowing users to streamline their financial transactions. With Elevate Pay, users can open a free USD account through a simple three-step sign-up process. This account, provided by Bangor Savings Bank, enables you to receive and store USD funds easily.
Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.
Conclusion
This guide should be your go-to resource for exploring options to open a bank account in the Netherlands. With detailed insights into the top 10 banks, you can better understand the unique services each institution offers. The Dutch banking sector is home to some of the largest and most reputable banks, making your final decision depend on your personal or business needs.
By evaluating these 10 banks, you should be able to identify the features that align best with your interests, enabling you to make a well-informed choice that works for you.