Best bank account to join in the NetherlandsWatch
I'm moving to the Netherlands on Sunday and I just called Student Finance wondering if they will transfer me money into an international bank account and they said it has to be a UK bank account or a building society account. I was wondering what you guys did, because a UK bank account charges for international transactions, if I was to pay my landlord for instance? Or if anyone could name me any Netherlands building society bank accounts or any tips to get around this?
Once you have set up a borderless account, you transfer funds from your UK account to your borderless account using its UK details. This is free, as it is simply making a bank transfer from one UK bank account to another (there are also EU bank details associated with the borderless account that you can use too).
When you want to pay your rent in the NL, set up the payment in Euros and use the funds you have paid into your your borderless account to transfer the money to the landlord's EU account.
There is a small charge, but there it is nothing like the ridiculous "international payment fee" charged by high street banks. You will also get a much better exchange rate when converting between currencies (yes, UK high street bank rip you off twice: once for the transfer, and again in the exchange rate).
At there moment there are several options available for borderless accounts; about three or four are available. I think TransferWise is easy to set up and manage, and it works well for me. It's also regulated by the FCA. It handles multiple currencies and you can have a balance in both Euros and Sterling. You can set up a TransferWise borderless account using this affiliate link which will give me a bit of credit if you use it, and it will also give you a free transfer: https://bit.ly/2PhTZ0a
TransferWise Borderless account explained in 90 seconds: