The Dutch are known as a frugal folk who don’t like being owed money – in fact the Dutch word schuld means both debt and guilt. The Dutch are not keen on credit cards, are calling time on cash and have taken the bill splitting service Tikkie to heart.

Here’s a list of some of the more surprising things you need to know about money in the Netherlands.

Cash money
More and more people in the Netherlands use their debit card or smartphone to make payments and you will find some stores don’t accept cash at all. In fact, the use of cards to make payments outstripped cash in the Netherlands way back in 2017 and just 20% of payments in the Netherlands are now made with notes and coins.

If you do need cash, avoid the ATMs in tourist shops and head for one of the yellow Geldmaat cash points which you will often find near supermarkets. They are run on behalf of ABN AMRO and the other big banks and won’t charge you extra to use them if you have a Dutch bank account.

Bank accounts
Opening a bank account in the Netherlands is pretty straightforward. For example, you only need ID and ABN AMRO account online. So don’t worry if your BSN hasn’t come through yet and you can’t get your hands on your money. You can still press ahead and open an ABN AMRO account without one. You will need to show your BSN within 90 days but that should be time enough for even the slowest bureaucracy to come up with the goods.

Smart Students
International students may well be surprised how “digital” the Netherlands is, particularly if they come from a country where cash is still king. It makes sense to open a bank account before you arrive so you can be like the locals and pay for the tram from the station to your new home using your mobile phone.

ABN AMRO’s international student package contains everything you need to do your banking and it is absolutely free, although there are fees for some foreign currency transactions.

Credit cards
It comes as a shock to many new arrivals but most supermarkets in the Netherlands don’t accept credit cards and never have done. Try to pay with one at your local AH and you will usually be directed towards the nearest ATM to make a cash withdrawal instead.

Credit cards are mainly used to make online payments in the Netherlands – when you are buying something abroad for example – and can be very useful when you go on holiday as well. The total amount outstanding on a Dutch bank’s credit card is debited from your current account once a month so you can’t build up a massive debt.

Debts and credit
In the Netherlands, if you have a stable income and pay your debts on time, you will be deemed creditworthy and there is no such thing as a credit score.  However, if you fail to make repayments, you will find yourself included on the register run by the Dutch Credit Registration Office, or BKR. A BKR listing will affect your ability to take out telephone contracts, loans and mortgages – and yes, they will check.

Tikkie
The Tikkie was developed by ABN AMRO and enables you to split café bills with your mates, pay your share of a present or even make a digital donation to a charity collector. The Tikkie is now a key part of the Dutch psyche and everyone will be able to tell you about the Tikkie someone sent them for €1.20 for their share of a bar of chocolate or the like.

Children and money
Children in the Netherlands get less pocket money or zakgeld on average than children in other European countries. Around 50 cents a week from the age of five is normal, gradually increasing to around €3 a week by the time they reach the age of 12. And by the time they go to secondary school, most children are given ‘clothes money’ or kleedgeld to buy their own clothes.

ABN AMRO offers a special young person’s bank account for children aged between 0 and 17. How much freedom you give your child to do what they like with their money on the account is completely up to you. And don’t worry, they won’t be able to overdraw!

Insurance
The Dutch love insurance and it is quite normal to have lots of it – even for funeral expenses or your pet. ABN AMRO offers six – car, travel, legal aid, home contents, home and personal liability insurance.  And if you take out three or more, you’ll get a nice Dutch discount as well. How Dutch can you get?

iDEAL
iDEAL is a Dutch-developed online payment method in the Netherlands which every bank offers and will pop up as an option every time you buy something online – as long as the webshop is based here or has a Dutch arm. Such payments are instant, you don’t need to download any software and don’t need to register. Ideal in fact.

Banking apps
Banking apps such as ABN AMRO’s offer many advantages when it comes to instant payments, topping up that empty current account and 24/7 availability. However, if you need more than just a payment method from your bank, as an ABN AMRO expat customer you can still pick up the phone and talk to someone – in English – as well. You can even drop round to one of their offices and discuss your situation in person.

Find out more about ABN AMRO’s services for expats, diplomats, civil servants and international organisations. And, remember, if your BSN has not come through yet, you can still open a bank account with them.