Bank affairs

You will need a current bank account to manage your day-to-day finances. The university has an agreement with the Rabobank (located in the city centre of Groningen), which should enable all international guests of the university to open a bank account.

Opening a bank account

Required documents for opening a bank account are a valid passport, an address in the Netherlands (i.e. a rental agreement) and proof of registration at the University of Groningen. Representatives from the Rabobank will be present at the Welcoming Ceremonies held at the beginning of each academic semester.

Important: students who bring more than (the equivalent of) € 10,000 in cash need to declare this to the customs authorities. When opening a bank account, the bank will ask for a copy of your declaration form. If you do not make a declaration, you run the risk of receiving a fine. > more information on the site of the Dutch Customs Administration

Rabobank

Guldenstraat 12

9712 CE Groningen

T + 31 (0)50 586 86 86

F + 31 (0)50 586 86 87

Opening hours:

Monday 1 p.m. – 6 p.m.

Tuesday to Friday 10 a.m. – 6 p.m.

Saturday 10 a.m. – 2 p.m.

N.B. Please note that it is very important to close your Dutch bank account when you leave the University.

Currency

The currency of the Netherlands is the euro, written as €. A euro is divided into one hundred cents. There are coins and banknotes; each denomination has a different size and colour.

Foreign exchange

The exchange rate is fixed every day and will be displayed at every foreign exchange office. All banks offer the same rates, but their charges for foreign exchange may vary. The largest foreign exchange specialist in the Netherlands is GWK with offices located at railway stations, airports, and popular tourist locations.

How to pay

Four basic payment methods are recognized in the Netherlands: cash, PIN, credit card, or bank transfer. PIN and cash payment are the most common methods. A PIN card (in Dutch: pinpas) is connected to your bank account. This means that you no longer have to sign a paper receipt, but simply enter a four-digit Personal Identification Number (PIN), just as you would at an ATM machine. Payment by credit card is less common in smaller shops and supermarkets. However, restaurants, hotels and department stores generally accept all major cards.