FINANCE

• The credit rating of new clients may be checked with the Central Credit Registration Office (BKR). An account can be opened in your name and your partner’s (they will also need identity documents). • A private bank account is a privérekening. Various cards are on offer but the bankpas is standard. At most banks your card will be send to your home. • A four-digit PIN code (pincode) will either be posted separately or given to you on pick up. At ABN AMRO it can also be changed at a bank. When you pay by pin, you swipe your card through the machine and punch in your four-digit number. It’s the most common method of payment used in shops, supermarkets, bars and restaurants. CREDIT CARDS • Credit cards are generally more expensive, which are encouraged to be paid of quickly. Most commercial banks use MasterCard or Visa – best for pre-existing users. INTERNET BANKING

OFFSHORE BANKING • This is an account held outside of your country of residence; offers benefits for those who wish to reduce tax liability. • Foreign banks are required to share account information of U.S. citizens with the Internal Revenue Service (IRS) • Non-residents in Netherlands pay tax on Dutch-Sourced income. • U.S. citizens or green card holders with 30% ruling can be considered non-resident taxpayers – which brings extra offshore banking benefits. • Pensions, investments and savings with fixed or variable interest rates can be arranged through a bank or licensed independent financial adviser (IFA). • Risks in depositing offshore vary and should be consulted with an adviser to ascertain your ‘Risk Profile. • TIP: Before choosing a bank, ask yourself: Which bank is my money in, who owns it, what is its credit worthiness, and which jurisdiction does it fall under?

• Online banking is common in the Netherlands. • Pay bills directly or set up auto payments. Steps are in English but you can get a guide from the bank.

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