For this article, we compiled a list comparing alternative banking options with traditional ones! This may be interesting for the new college students or graduates among you! We already touched upon this subject in another article where we broke down what bunq is and how it could benefit every student or young graduate. With the rising importance of green banking practices, it's crucial to understand how different banks approach environmental responsibility. In this article, we'll show how well bunq compares to old-fashioned banking services and its competitors.
Keep on reading to find out how you can best manage your finances!
The big guys
In case you are new here, in the Netherlands, there are a bunch of established traditional banking services. Much like any other country, these banks have a lot to offer but mostly to already established professionals. For daring, young spirits, these banks might be a bit outdated. Don't worry! There's something for everyone here in the Netherlands! You might want to try alternative finance.
ABN-AMRO
Our first big guy is ABN-AMRO. In general, what they offer is pretty straightforward: no big surprises but also no crazy fancy features. For example, one account will cost you approx. 1,55 euros per month and comes with one card. If you would like to have up to five accounts with two cards, one of which can be a credit card, you have to pay a monthly fee of 3.40 euros. It's pretty decent and budget-friendly. However, the one setback is that you sometimes need an e.dentifier box to pay using iDeal. Could be better if you're asking me!
ING
ING is a very well-known Dutch bank recognizable through its orange lion. Very present in the Netherlands and a household name here, you cannot really go wrong with this one. There aren't that many crazy features to begin with. You can do your normal transfers through your banking app or on your web browser, you can use iDeal, and you can easily transfer from one bank account to another.
A major advantage of ING is that your first account is completely free! Of course, you still need a BSN number so do not forget to do all your paperwork at the Stadhuis first!
Rabobank
Like the aforementioned banks, Rabobank offers quite similar services. However, compared to ABN-AMRO, Rabobank offers you the possibility to pay with iDeal through a QR-code which eliminates the annoying hardware terminal. Concerning its rates, given that they are an internet bank, they do not add any fees for opening up an account. However, you are limited to one savings account per person and combined with another person, you could potentially have up to three accounts.
Concerning the banking app on your phone, you are quite limited in the amount of accounts you can have. You can only open a joint account with one more person, as mentioned earlier!
Alternative banking all the way
Now, if you aren't really convinced by the three traditional banks we've just mentioned, do not worry. There's an alternative to everything! For those who want the convenience of not leaving their house to create and maintain their accounts, keep reading!
Bunq
bunq is one of the easiest alternative banking solutions to date. You can read an overview of its benefits and services in our detailed article on easy banking. Some features distinguishing bunq from the rest are the ability to open up as many shared accounts as you want with up to 10 people in each account and automatic payment sorting, which can help you budget your expenses effectively. Their mobile-first approach allows you to open an account instantly using just your phone and ID, skipping the hassle of traditional banks. Before setting up your mobile banking, you might want to get all the information to purchase the right SIM card in the Netherlands to ensure seamless connectivity. Everything can be done through the mobile app, and it has a great internal transparency policy!
N-26
Very similar to bunq, N-26 is also an internet-based, alternative banking service. No administrative paperwork, offices, or a billion people you have to talk to, just the app. They offer both Maestro and Mastercard and have a network all over the globe. They also offer very secure safety features such as face recognition (for the phones that support it) and touch ID. Moreover, they allow you to change your daily withdrawal limits and other limits all through the app. However, their biggest shortcoming (unlike bunq) is that they do not offer iDeal, which could be rather inconvenient in the Netherlands.
So, what's next?
Well, after reading all these options, it's now time for you to decide where you trust to leave your money! Do you trust the old guys more or are you ready to take a new step in the direction of innovation and technology? Whatever you decide, let yourself be inspired by this article but also do your own extensive research! And for all the new students, good luck with prepping for a new semester. It's going to be a wild one!
If you're an international student planning to study in Europe, opening a student bank account is essential in managing your finances abroad. Our comprehensive guide on opening student bank accounts can help you navigate this process and choose the best option for your needs.
Tip: As a student or recent graduate in the Netherlands, bunq offers several advantages to help manage your finances efficiently. bunq's free student account includes an IBAN, one free debit card, and no monthly fees, making it a cost-effective option. Additionally, bunq's latest feature, the Easy Green account, plants a tree for every €100 you spend, enabling you to bank sustainably without any extra effort.
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