Financial Matters

Financial Matters


The Netherlands uses the euro (€) as the national currency. One euro is divided into one hundred cents. Coin denominations – used in the Netherlands - are 5 cent, 10 cent, 20 cent, 50 cent, 1 euro and 2 euros (coin denominations used vary from country to country in the EEA). Banknotes come in €5, €10, €20, €50, €100, €200 and €500 denominations. Please be aware that, in general, shops do not accept banknotes of €100, €200 and €500.

How to open a Dutch bank account

As you will be living in the Netherlands for an extended period of time you will need to open a Dutch bank account in the Netherlands in order for us to transfer the proof of solvency for your Visa and/or Residence Permit back to you.  There are several major banks in the Netherlands. Students can open an account at the ING bank, Rabobank or ABN AMRO as these are willing to accept students staying for less than one year.

Based on our experience, we know that opening your Dutch bank account can be done the quickest at the following branch offices of:

ING Bank     (  (only in Dutch)     


Oudedijk 133
3061 AA Rotterdam

Opening hours:
Monday – Friday 09.30 – 18.00
Saturday: 09.30 – 14.00 / Sunday: closed
To be reached by Tram no. 7

Zwart Janstraat, 3035 AN Rotterdam
Opening hours:
Monday - Friday:  09:30 - 18:00
Saturday:  09:30 - 16:00  / Sunday: closed

Stadhuisplein 6, 3012 AS Rotterdam
Opening hours:
Monday – Thursday: 09.00 – 18.00
Friday: 09.00 – 20.00
Saturday:  09.30 – 16.00 / Sunday: closed

Needed documents for opening a bank account with ING:

  • Proof of enrolment (to be found in your welcome package)
  • Tenant agreement of a Dutch residence
  • Valid passport / ID (the original document, a copy is NOT sufficient)
  • Dutch mobile phone number
  • ­No charge for opening the bank account. Only a quarterly fee of € 4,35
  • Tin (Tax identification number from the home country)

  Advantages of opening an account at the ING Bank:

  • There is no need to make a minimum deposit when opening your account
  • You do not need to make an appointment in advance, you can directly go to the ING office at the Oudedijk, Zwart Janstraat or Stadhuisplein as stated above
  • If you fulfill all the requirements and have the above mentioned documents with you plus a BSN-number (=social security number) and a Dutch cell phone or a prepaid number, a bank account with ING can be made available to you in 20 minutes
  • If you do not have a BSN-number and a Dutch cell phone or prepaid number, the procedure takes five working days. The ING bank card will be sent to your Dutch study address. After two days the ING office will send you a letter to pick up your PIN code at the ING office nearest to your address
  • After you have completed your studies, you can close the account. It is necessary to leave €10,- on the account for costs. After the costs are taken off the account, the rest can be transferred to another iban number. (It is also possible to transfer the balance to another bank account in your home country).

Other banks are:


Another bank where you could open a Dutch account is Rabobank  (only in Dutch). At this bank you also need your BSN-number to open an account and it takes approximately 2 weeks before you receive your bank card and before you can use your bank account.


The ABN AMRO bank has a bank shop on the university campus. ABN-AMRO bank charges a fee for using the account and the bank card, but the website and internet banking are available in English. You can read more about the application procedure and information on how to open an account. If you wish to open an account at ABN-AMRO bank we advise you start the procedure and submit the application form before you travel to the Netherlands, so the account can be activated as soon as you arrive in the Netherlands.   Proof of registration at the city hall (BSN-number) is not required immediately, but you will need to submit it within 2 months after activating the account.

Please note: some banks require an original Birth Certificate

How to get the amount of your proof of solvency transferred back



The following information is relevant for students who have applied for a visa and/or residence permit 


As soon as your exchange at RSM has started, you will receive an e-mail which includes a refund form from our immigration department. Complete the form and attach the requested annexes (Dutch bank card and/or confirmation letter and payment of deposit). In general it takes about two weeks for the payments to be processed and the money can only be transferred back into a Dutch bank account. 

Since this process could take up some time, it is advisable to bring enough financial means with you to overcome the first weeks of your stay (advised amount: € 1.500,- euro to cover for rent, deposits, etc.). The immigration department will do their utmost to process your refund as soon as possible.


Costs of living

Below are some estimated costs per month for participation in the Bachelor or Master exchange programme

Introduction programme (only once!) € 55

Accommodation                                      € 500 - 600

Insurance                                                  € 40 - 65

Study material                                          € 50

Living expenses                                       € 200 - 300

Sports                                                       € 25

Public transport                                     € 50

Other (travels, going out)                    € 100 - 150


Scholarships & grants  

For information about scholarships and grants please check the following webpage of the Nuffic. RSM does not provide scholarships.