The Best Business Bank Accounts In The Netherlands

You’ve made up your mind, you’re ready to take the big step of starting your own business in the Netherlands or setting up a business as a freelancer, and you’ve weighed up the pros and cons of freelancing (ZZP) as a startup vs a BV limited company. After your KVK, the next thing on your list is opening a business bank account. But which one? There are so many, and they all have different fees. Which business bank account is best in the Netherlands?

If this is a familiar story, this guide is for you. We’ve compared the best banks for freelancers and medium-sized ventures, suitable for English-speaking users, with high-tech banking systems and highly developed invoicing and accounting features. We’ve found the cream of the crop for you.

The Netherlands has a highly digitized banking system. Even when friends split a restaurant bill, they pay via an electronic transfer system called Tikkie. Thankfully, the digital banks have turned traditional banking on its head. These new banks offer low fees, integration with accounting software, and the ability to hold multiple foreign currencies.

Why Do I Need a Business Bank Accountin the Netherlands?

You might think, why can’t I simply go and run my business from my personal account? Although it is possible in certain situations, let us delve deep into why having a Dutch business bank account is worth it. Some banks specify in their terms and conditions that the non-business accounts opened by the entrepreneur are solely for the client’s personal use, as stipulated by the KVK.

Consequently, banks might consider your business transactions from a personal account suspicious and initiate an investigation into your financial background, or, worse, they would cease doing business with you for infringing their terms. Also, tax is super complicated. Mixing business expenses with your trip to Albert Heijn complicates it further. A dedicated business bank account keeps your affairs in the Netherlands clean, professional, and audit-ready.

Finom

Finom is among the best bank accounts for freelancers setting up a business if you hate admin. They offer fast registration. Unlike the majority of banks, Finom doesn’t require a Social Security number (BSN) to open an account. You can produce professional invoices directly from your banking dashboard for consumers and track their status without a separate, expensive invoice software. The account itself can result in real savings. They offer a higher level of cashback. They also let you make international payments to over 150 countries with ease. The bank account is free.

Bunq

It is impossible to talk about new fintech brands without mentioning Bunq. A bank that claims to be made by the mobile generation for the mobile generation. If you’re a tech-savvy expat who enjoys the thrill of managing your own finances, Bunq may well appeal to you. Referred to as “the bank of the free,” it has definitely reinvented what we call app banking.

Bunq has a suite of features only available to those setting up a business as a freelancer or business account users; for example, AutoVAT takes care of the uncertainty of spending their VAT money when the tax season is due. They deduct VAT from all incoming payments and systematically set it aside.

Bunq also integrates with various Dutch invoicing and accounting software. It connects with almost every major accounting software being used in the Netherlands. You should note, however, that to enjoy the full suite of these powerful features, you will need to subscribe to one of their plans. However, the monthly charge is hardly felt by users, given the time saved from reduced administration.

Revolut

For global hopefuls, Revolut often comes up. If your business crosses borders, then Revolut is hard to beat. With an additional feature of the ability to “spend like a local” on over 150 currencies, providing for holding and exchange capability in 36 currencies within the app.

What sets Revolut apart for business users is the savings they can achieve through exchange rates. When you are moving money between countries, most traditional banks charge hefty fees and use an exchange rate that creates a significant spread between the bid and ask prices. Revolut generally uses the interbank exchange rate, which can save you a considerable amount of money annually. This is a substantial amount that shall empower both budding freelancers and larger businesses. You may give both physical and virtual cards to your staff and set limits on how much and where they may spend, and see real-time expense tracking. This oversight not only helps control and manage budgeting at a very high level but also ensures you never lose sight of how your company’s money is spent.

Qonto

Qonto is a good choice for team management for scaling startups and SMEs. As your business develops, it’s likely that banking needs will too. Qonto works well and shines when you start hiring staff. You can manage your team’s finances with granular control. Multiple sub-accounts can be managed together, with custom permissions assigned to each team member, for example, one for procurement and one for treasury. It also has excellent billing management and integrates with many accounting tools, such as DATEV.

N26

Sometimes you just want to have a no-nonsense bank account with low monthly fees. N26 stands out as a great choice if simplicity and cost-effectiveness are your main priorities. Originally from Germany, this bank has expanded rapidly in recent years and now operates in the Netherlands, offering a sleek, simple digital experience. The app is clean, fast, and easy to navigate.

On sign-up, a free business account provides you with detailed monthly payment summaries so you can keep track of when you are spending your cash. A perk is 0.1% cash back on its Business Smart account. That might not sound like much, but if you’re bootstrapping, every penny counts. As a full-fledged bank, they provide deposit protection up to €100,000, reassuring you that your capital is safe and sound.

ABN Amro

ABN Amro is considered a cornerstone of the Dutch banking system, having been around for 200 years of trust in some form, and it remains one of the top choices for expats. If you prefer walking into a branch to talk to someone in person, ABN Amro is likely your best bet among the “Grootbanken” (big banks). At the moment, they are offering a free 6-month offer for New Self-Employed (ZZP’ers). Their 24/7 customer assistance and physical branches are reassuring.

Opening a Business Bank Account in the Netherlands

You will require a KVK number. This is an identification number given to a registered company by the Chamber of Commerce. You will be given this KVK number once you have your appointment at the Chamber of Commerce.

Most business bank accounts in the Netherlands, though, will require additional information. The frequent inquiries among the banks are with respect to the address of the business meant to match on record, and even the legal structure of your company, for example, whether you are a sole trader or a BV. They will ask about your business’s operational activities to ensure you comply with the anti-money laundering policy. Blue Umbrella is ideal for keeping freelancers organized. The team is there to guide you through the process of setting up a business as a freelancer and help you handle tax administration, so you can get on with running your business without the headache.