Financial advice for expats living in Holland

Moving abroad is a stressful situation to be in, with lots of important things to take care of before you arrive in your new home. Perhaps the most important and seemingly complicated aspect of moving to a foreign country is ensuring that you have the financial means to sustain yourself and your family.

You should arrange to open a Dutch bank account as soon as possible, so that any money you have transferred from your existing bank accounts has somewhere to go to. You can open a bank account as soon as you have a permanent address in Holland, so it’s important to have this arranged well in advance of your arrival.

Renting is common in Holland, especially in cities like Amsterdam, and apartments are often available on a furnished basis. This a great option for expats, as it gives you a base from which to explore a location before you commit to purchasing a property.

If you are moving to the Netherlands from a different country, you may find our guide to opening a Dutch bank account useful.

Once you have arrived in Holland and secured a residence and a bank account, situations may still arise when you need to transfer money from existing bank accounts or from family members.

Travelex Holland is the Dutch arm of the Travelex brand. Established in 1976 with just one location in central London, Travelex has grown to become the world’s leading foreign exchange specialist and now operates in more than 50 countries, in over 80 currencies, including a substantial presence in the Netherlands.

In addition to services of use to Dutch nationals travelling outside of the country, Travelex offers a range of services useful to expatriates living in Holland, such as foreign currency and foreign money orders.

Naturally, exchange rates fluctuate from day to day. Travelex’s online services include a simple to use currency converter, which calculates conversions at the day’s rate between any currencies, to ensure you get the best rate.

At some point, you will need to transfer money internationally. Travelex offers this service, both for sending and receiving (in conjunction with Western Union) money transfers. This service does not require a bank account or credit card, so can be relied upon if you arrive in Holland and have problems setting up your bank account. If this was to happen, you would still be able to receive money from abroad via a transfer.

Travelex also offers useful services for expats such insurance onforeign money orders. The latter allows you to order a specific amount for collection at the branch and time of your choice. This is an excellent option for your immediate arrival in the Netherlands and means you don’t have to carry large amounts of cash when you travel.

Once you’re settled in Holland, naturally there will come a time when you need to travel to other parts of the globe. When you’re travelling the world and planning to change money as you go, the best currency to take is the US dollar, as this often achieves the best exchange rate at your destination. Travelex offers a favourable Euro Dollar exchange rate and zero per cent commission on all Euro to Dollar transactions. This rate can be secured using the company website or pre-departure in one of Travelex’s numerous airport branches throughout the Netherlands, including Schiphol, Rotterdam and Eindhoven airport. There are also branches conveniently located in the larger railway stations and city centres throughout Holland.

For more information, please email [email protected] or contact at T: 020 – 569 06 90.

W: www.gwktravelex.nl

Contributed by Travelex.