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Arranging your finances: an overview
Living and working in a new country can sometimes prove stressful. In particular, in terms of finances, you will probably have a great deal to arrange. ABN AMRO will help you to find the right solutions and make the financial side of your transition abroad simple.
To help you arrange your financial affairs quickly and efficiently, we have collected some useful information for you.
Payments
You can make payments in the Netherlands in a number of different ways: cash, debit card, credit card, mail, telephone or computer (online banking). In many shops, you can pay by debit card, electronic wallet ('chipknip'), credit card, or simply in cash. If you pay by debit card, you will need your PIN (Personal Identification Number). Paying with the chipknip is designed for the payment of smaller amounts. With a credit card, all you need do is sign the payment slip.
Loans
Each request for a loan is checked and registered with the Credit Registration Agency (BKR). All Dutch institutions that issue credit facilities are affiliated with this agency.
When taking out a loan, agreements are reached on both the method and the period of repayment. In the event of payment arrears on two or more instalments, lenders are legally entitled to demand immediate repayment of the loan. The same power also applies in the event of bankruptcy, emigration or in instances where incorrect details have been submitted.
Insurances
What should you insure? We strongly recommend that you apply for legal liability insurance as soon as possible. In addition, it is imperative that you consider taking out home contents insurance to cover any potential losses in the home as well as car insurance. From there, you can consider taking out other types of cover to match your needs.
If you own a car, it is a legal requirement to at the very minimum insure the vehicle for third-part liability.
Bear in mind that your employer may be able to cover you for health insurance and work disability insurance.
Savings
If you are resident in the Netherlands, you are required to notify the tax authorities of income derived from savings and investments. We recommend that you carefully check in advance what rules apply to you. For further information, please contact the Tax Office on 0800 - 05 43 or go to www.belastingdienst.nl. From a foreign country the telephone number is: +31 555 385 385.
Investments
More and more Dutch people choose to place their stock exchange orders without going through an intermediary or an advisor.
In the Netherlands, approximately 1.5 million households currently invest in shares, investment funds, bonds or derivatives. At present, some 46% of investors place their security orders online.
Mortgages
Which mortgage is best for you depends on your personal financial situation, the region in which you are looking to make a purchase and the effect of Dutch tax regulations (and possibly the tax rules in your own country). At ABN AMRO, we would be delighted to provide you with all the advice you need. To explore your possibilities, please drop by at one of our branches or make an appointment, or call us on 0900 - 00 24.
