Just started your business? Then having a business account is very convenient. With a business account, you can keep your business income and expenses organized, and you can pay for everything from one account. In this article, we will discuss everything you need to know about opening a business account, from the best business bank to the cheapest business account for self-employed people.
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Other reasons for opening a business account are that it gives a professional look to your customers and that there are higher limits for business accounts compared to private accounts. This allows you to transfer larger amounts and pay large invoices or make batch payments more easily.
In addition, most Dutch banks state in their terms and conditions that a private account may not be used as a business account. Moreover, in the event of an audit, the Tax and Customs Administration will demand to see the complete records. If your accounts are not separated, you will also have to provide the Tax Authorities with full insight into private expenses.
Also interesting: Advantages of outsourcing bookkeeping or accounting services
For BV's (private limited companies) this works slightly different. You often have to provide extra documentation, for example: the articles of association, a copy of the passports of all shareholders/directors and proof of address.
Dutch traditional banks are:
Dutch online banks are:
Online banks, on the other hand, have the advantage of often being a bit more innovative, such as banking using only your smartphone and free payments to foreign accounts. Also, the fees of an online bank are usually lower than at a traditional bank.
When opening a business account, always determine first which banking products you will need. Some banks do not offer all products, so you can already cross these banks off the list.
The table below lists several popular Dutch banks for entrepreneurs and shows the price per credit entry, debit entry, number of free transactions and the fixed costs per year. We took the second year as a base, so without any discounts which you would get in the first year. Check and compare what is the best business account for you.
Bank | Fixed monthly costs | Number of free transactions | Credit entry | Debit entry |
---|---|---|---|---|
ING Bank | € 6,50,- | 1000/year | € 0,00 | € 0,00 |
Rabobank | € 0,- (only pay for what you use) | 0 | € 0,15 | € 0,12 |
ABN Amro | € 9,90 | 3 months free | € 0,15 | € 0,10 |
Knab | € 7,- | 500/year | € 0,10 | € 0,10 |
N26 (Business) | € 0,- | Always free | € 0,00 | € 0,00 |
SNS Bank | € 7,50 | 1.000/year | € 0,14 | € 0,05 |
ASN Bank | € 6,50 | 1.000/year | € 0,00 | € 0,00 |
Bunq | € 10,99 | 0 | € 0,13 | € 0,13 |
Reasons to switch banks are:
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Use the form below to request up to 3 quotes from bookkeepers or accountants in your area, free of charge and without obligation. We will do our utmost to find the best match. You decide yourself whether to start a collaboration or not.
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