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Open a Dutch Bank account

Posted By: Casper Van der Tak
Date: Thursday, 14 April 2016, at 11:18 a.m.

In Response To: Open a Dutch Bank account (Robert Wachtel)

Not an (overseas) foreign bank account; an (US) account with a foreign (European) bank would be what I would recommend, assuming that they offer similar conditions/fees/services as in Europe. Apologies for not being clearer.

My Dutch bank charges 0.95% commission, my Swiss bank 1.5%. Both a lot less than the 7% Neil mentioned. This might also be better than trying to identify friends who might want to sell what you'd want to buy if you factor in the cost of time; let's say you spend an hour to identify a friend with whom to exchange 25,000 USD for EUR at the midpoint, are you better off than spending 1 minute to do this through Internet at less than 1%?

As one normally wants to have a bank account, it makes sense exploring conditions that US accounts with European banks offer. I looked a bit at some of the Dutch banks - ING has sold ING Direct USA, but maybe the conditions are still the same as offered in Europe. RABO offers personal bank accounts in (at least) California. These ought to be as hassle-free as US accounts with US banks.

And yes, this is a suggestion that could work for people who declare income and assets, and is not applicable to others. And yes, I knew some gamblers when I lived in Amsterdam.

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