Opening a business bank account in the Netherlands in 2025: best choices

Bijgewerkt op 30-10-2024
Leestijd: 8 min

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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Is a business account mandatory?

We often hear whether a sole proprietor must have a business account or not. It is not a legal requirement for a start-up to have a business account. Therefore, you cannot be fined if you do not have a business account. Nevertheless, it is wise to keep your private and business account separate. Read why below.

Why do I need a business account as a self-employed person in the Netherlands?

The main reason for opening a business account is to keep your financial records clear. If your private transactions and business transactions are constantly mixed together, then you will lose the overview completely. For example, which time was refueling the car private and which time was it for your business? By separating these accounts, you know better what you are spending, how much you can still spend or should save, and doing your tax return will be a lot easier. Many business accounts can also be linked directly to business software, such as an accounting package. This saves you a lot of administrative work!

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traditional or online bank

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 

What do I require opening a business account?

Do you have a sole trader or a general partnership? Then all you need is your passport or ID card, company name and address, date of establishment of your company and the Chamber of Commerce number. In the case of a general partnership, some banks ask for the partnership agreement.

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.

How long does it take to open a business account?

Applying for a business account varies from bank to bank. On average, the application will take between 5 and 20 minutes at an online bank. During that time, your application will be automatically checked and approved. Will you be applying to a traditional bank? Then the process will take a little longer because some things need to be confirmed by mail, or you need to stop by the branch.

Dutch traditional banks are:

  • ING Bank

  • Rabobank

  • ABN AMRO

  • SNS Bank

  • ASN Bank

Dutch online banks are:

  • Bunq

  • N26

  • Knab

Choosing a traditional bank or an online bank?

Whether you choose a traditional bank or an online bank, both types have their own advantages and disadvantages. For example, what's nice about a traditional branch is that you can walk in anywhere to conduct your business and that there are locations nationwide where you can deposit your cash. Although it should be noted that the number of physical banks is decreasing faster and faster these days.

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.

It is noticeable that traditional banks are becoming more and more competitive and that they are growing along in the innovative, such as having banking apps. So it really depends on your needs which type of bank is better for you. Typically, many self-employed people choose an online bank and many small and medium-sized enterprises (SMEs) choose a traditional bank because of the extra features.

Business account costs

The costs of opening a business account are not that bad. If you start calculating how much time an accountant would spend separating all expenses between personal and business if you used the same account, those hours would cost you a lot more money. Moreover, you can deduct a large part of the expenses as business expenses. You will then not pay income tax on these expenses.

Which business account is best for self-employed people?

If you are looking for the cheapest business account, you should not only consider the fixed monthly or annual costs, but also possible transaction fees per payment or amount received and foreign currency. The following fees may be charged differently by bank:

  • Fixed annual (or monthly) fees;

  • Charges per transaction;

  • Charges abroad;

  • Charges for additional debit card;

  • Charges for linking credit cards.

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.

Comparing business accounts: an overview

When choosing the best business account, there are a number of factors to consider. These include any transaction fees, whether or not they are covered by deposit guarantee schemes, fees for payments and receipts, foreign currency and fees for withdrawing money. The length of time it takes to open an account, having a modern app, or the amount of monthly fees can also be important factors for you as a business owner.

What is the cheapest Dutch business account?

Most banks offer a starter discount, where the first six months or the first full year is totally free or discounted.

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

Note:
Note:

This table assumes the standard business packages, aimed at sole proprietors. Prices may increase depending on your legal form and additional features.

Opening a business account at current bank

Starting entrepreneurs wonder whether it is smart to open a business account at the bank where the private account is also. It is not mandatory to close the business account at the same bank where you bank privately. However, it can be easier because it is arranged more quickly. It is important that you check in advance whether the bank meets your needs and requirements. Also consider the future of your business. There are basically two advantages of opening a business account at the bank where you have your personal account:

  • Transferring money from your business account to your private account can be done without waiting. The money is immediately in your account. When transferring between two different banks, the time is usually one business day.

  • The application is faster because many details are already known to the bank, such as your identity.

Reasons to switch banks are:

  • New banks offer convenient features that save you more time when banking;

  • You find more competitive rates at other banks;

  • The current bank cannot facilitate your growth ambition.

Which business account is best for self-employed entrepreneurs?

Many self-employed people or freelancers who have few requirements usually end up with relatively cheap business accounts such as Knab (5 euros per month) or N26 (free). Only when you need additional functionalities, such as a bank statement, business credit or direct debits, is it wise to switch to a traditional bank that is a bit more adequate.

SMEs often choose one of the three major banks (ING, Rabobank, ABN AMRO). You will pay a little more for these banks than for Knab or N26 for example, but they can better facilitate the growth of your business.

Which business account is best for a general partnership (vof)?

In a general partnership (vof), you are not the sole owner of the business, but you start the business together with one or more other partners. Having a business account for your general partnership has several advantages. For example, you are less dependent on each other, and you can link the business account to an accounting package. Transactions are then automatically processed in your accounting, saving you a lot of time (and money).

Outsource administrative tasks to a bookkeeper

For your bookkeeper or accountant, it is important that you have a business account. This saves a lot of time, work and money. Because the clearer your administration is, the less work the bookkeeper or accountant has! There are many accounting firms and bookkeepers available who can be of excellent service to you.

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