Opening bank accounts in the Netherlands

Opening bank accounts in the NetherlandsOpening bank accounts in the Netherlands for companies and non-resident individuals require personal presence of account holder or his representative in the bank. In the Netherlands has formed a highly developed banking system, the activity of which goes far beyond the national scale. The country’s capital Amsterdam is known as one of the largest centers of the financial world.

With the founding of the Amsterdam inter-professional market, banks were able to carry out transactions with securities directly with investors, founders, bypassing brokers on the Amsterdam Stock Exchange. One element of the resolution process was liberalization of insurance companies to offer comprehensive insurance and life savings, together with the banks. Moreover, banks are allowed to have more significant contributions to the insurance companies than ever before.

The banking system of the Netherlands includes the central bank as a major financial institution in the country and numerous commercial, mortgage, savings and other banks. The largest Dutch banks are: ABN AMRO – occupies 16th place in the global banking hierarchy, Rabobank – 36th place, “Internationale Nederland Group (ING) – 40th place, NMB – Postbank – 60 place.

Dutch commercial banks have a reputation of reliable partners and offer a wide range of services. Most commercial banks have well established relationships with foreign partners and about 35 foreign banks have branches in the Netherlands.

Mortgage banks provide long-term loans, often for construction companies or other industrial and commercial buildings, as well as for the purchase of private homes. For all mortgage loans must commit notarial deed and mortgage should be entered in the register of immovable property.

Savings banks attract deposits from the general public, but they are not the source of funding of industry or commerce as their funds are usually invested in government bonds or other similar shares. Also, like mortgage banks, they provide funding for the purchase of private homes.

Dutch banks allow to open current accounts, accounts for daily expenses and various deposit or savings accounts. To open an account the company registration documents must be presented in the original language, as well as a certified translation into English or Dutch.

The holder may grant the right to manage their account to another person (wife, relative or friend) – the right to control and account can be transferred, for example, to foreign business partners.

Often, the Dutch banks require customers who opening a current account, to deposit a certain amount of money or save a minimum balance in the account.

Also, the majority of Dutch banks are not interested in source of money and do not inform the authorities of their arrival on account of large sums.

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