International students need to pay a deposit on their student housing, take out a new phone subscription and pay for public transport or a bicycle as soon as they arrive in the Netherlands. So it makes sense to open a local bank account as soon as you can.

Opening a bank account in a foreign country might seem a daunting step to take, but in reality, it could not be simpler, thanks to both digitalisation and innovation. ABN Amro, for example, is offering the possibility to open an account without a BSN – the all important citizens service number –  so students arriving in the Netherlands are ready to pay their rent, shopping and phone bill…with a local bank.

Then, as soon as you have supplied proof of residence – either a BSN or a formal document showing you are enrolled at a college or university – all the features of a current account will be up and running.

Sort out your BSN

The BSN is one thing to sort out. The second thing to understand is that the Netherlands is a really digital country. You might come from a country where a lot of shops still accept cash, but here, everything is going digital – using the tram, buying a coffee or even the launderette. And if you don’t have a bank account, you can’t pay a deposit on a room either, if you are lucky enough to find one. Again, a reason to sort out a Dutch bank account as soon as you arrive.

And perhaps one of the first Dutch words you will learn is tikkie – a way of sharing bills between groups of friends – which is now an essential part of everyone’s social life.

One of the things that won’t cost you anything is your student bank account: unlike other types of banking in the Netherlands, a student account at ABN Amro is free of charge. You might have to pay a fee to transfer cash into the account from abroad, however – if the foreign bank demands a charge, this will be passed on to you.

Insure yourself

You may also want to look into other banking services like contents insurance or liability insurance, in case you have an accident on your bike.

ABN Amro offers liability insurance for students which covers you for accidental loss or damage to other people and their property, such as when you scratch a car with your bike or drop a drink on someone’s laptop.

Home contents insurance may also be smart when you live on your own. It covers your possessions against loss or damage caused by fire, theft, burglary, water and storm. This includes theft and damage cover for your expensive laptop, computer or tablet.

Free tuition?

ABN Amro also has a regularly updated website in English with all kinds of recommendations for new arrivals and international students to help them find their feet and get the most out of their time in the Netherlands.

And how about one less financial worry? If you open a free student account before September 30, you’ll be in with a chance of winning one year’s tuition fees!