Amazing Tips: Save When Sending Money To The Netherlands

sending money to The Netherlands


Dutch migration to the USA goes as far back as the 1600s. Today, with an average population of just 300 000, the Dutch community is smaller than other migrating countries, but nonetheless, it continues to increase. For many Dutch nationals living in the US, sending money to The Netherlands may prove to be a must for personal and professional reasons. Whatever your reason may be, it is crucial to understand the associated costs and ways you can minimize them.


Research is key. Regardless of the country you are transferring to – compare providers to get the best deal for your needs. With the Internet, it is much simpler to find necessary information to avoid high exchange rates or hefty fees.


Here are our top picks for likely money transfer situations. If you’re in a hurry,  our quick comparison table will give you an overview of the best currency exchange rates and fees right now.


The Best Ways to Transfer Euros


Moving to or from USA 

With all US banks accepting transfers to and from The Netherlands, this a quicker option that allows you to transfer your funds. Unfortunately, not all banks will accept Euros (EUR). And you’d most likely be disappointed if you’re expecting to receive the best possible exchange rate on offer. On top of that, banks impose a high international money transfer fee.


An online money transfer service is the best option if you want to avoid these high fees when using a bank. This is helpful especially if you prefer having the freedom to select a transfer provider most suited to your needs.


Transfer service providers that allow you to transfer money from USA to Holland include OFX, HiFX, TorFX, WorldFirst, and Venstar.


Our Verdict:  OFX for great exchange rates on USD and EUR transfers to Holland. Particularly for payments under $10,000.


Business from USA to Holland

If your business requires transacting between the two countries, consider these 2 important things:

  1. The exchange rate margin – this is the difference between the wholesale exchange rate you can see on and the rate you get
  2. The business products they offer – like forward exchange contracts, foreign currency accounts and limit orders


Our Verdict: HIFX. Why? Their exchange rates and $0 fee structure will allow you to maximise your overseas receipts or payments. They also offer Foreign Currency Accounts which allow you to keep the funds in foreign currency and convert them when you feel the time is right.

To learn more about Foreign Currency Accounts, watch this helpful video.


Buying a Property

Whether you are purchasing your first home or buying a property for investment purposes, it is vital to engage a provider that can give you the flexibility and support throughout the process. A provider with a strong presence in USA and Holland will make life easier.


Our Verdict: TorFX is an ideal choice for property settlement transfers. A local account manager will be appointed to guide you through each step. They are fully licensed in the US and also offer a global support network.


Sending Money Home

Spending extended periods of time away from home can be a struggle at times. This is especially true when you are missing out on important events with your friends and family. If you are looking to send a small amount of money home, Western Union is a great choice. With a larger amount on hand, you should reach out to other providers that can offer you a fee waiver for your transfer.


This is the main reason why it is very important for you to search for providers that suit your needs, and discuss your options with a currency exchange and money transfer specialist.


Our Verdict: With the right foreign exchange specialist, such as OFX or TorFX it is possible to receive a spread of 1% – or even lower. And with fees reduced or removed.


Studying Overseas

Let’s face it. Tuition is increasing and many international students are faced with a massive amount of fees that can range from $15 000 to $50 000 annually, depending on the course. Then add living expenses, accommodation and bills to the equation and you’re looking at an amount that’s almost too rude to agree with.


For large full time tuition payments, make sure you take note of the best exchange rate.


Taking a part time course? With smaller payments, observe the transfer fee that is being charged


Our Verdict: Worldfirst. This is perfect for students and their parents paying the bills to save on hefty transfer costs.



Best Ways to Send Money to Holland


The Costs of Sending Money to The Netherlands

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren’t always obvious. Here are the most common charges to transfer money from one bank account to another


  1. A Transfer Fee – Also known as a TT, Telegraphic Transfer, Wire Transfer or Remittance fee
  2. Exchange Rate Margin – This is the difference between the wholesale exchange rate you can see on and the rate you get
  3. Correspondent Bank Fees – The fee your bank will take out for getting the money to the right account. It’s deducted from the amount that finally arrives in the account and is almost impossible to estimate or reverse
  4. Receiving Bank Fee– If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Euros to your US bank account, your US bank will charge you to convert it.


What are your options?


A Bank

Banks in USA have higher fees and uncompetitive exchange rates but this doesn’t mean you should never use them. Holland banks tend to have more competitive exchange rates. Using a bank is the quickest way to transfer between bank accounts. 



This is a great option for anyone sending smaller amounts under $1000. The exchange rate you’ll get is comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a PayPal account.


A Money Transfer Company

Money transfer companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company is that you’ll have to set up an account with them first. This can take between 10 minutes to 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.


How to use a money transfer company (instead of a bank)

Sending money through a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online


Setting things up (only has to be done once)

  • Log on to their website and register your details. You’ll need to have some I.D on hand
  • Once your account has been approved, you’ll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”


Tranferring Money

  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in US dollars 
  • You’ll get a deal confirmation. Finally you’ll need to pay them the US dollars before the money is sent to Holland.

Information you’ll need before you make your transfer

To send money overseas, you’ll need the following information of the bank account you are sending the money too. These are commonly known as Beneficiary or Recipient Details

  1. The Account Name of your Recipient (person/business you are paying)
  2. Their address
  3. The SWIFT Code of their bank


A note about sending money to Holland

It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.



Here is a list of SWIFT codes for the biggest banks in Holland:

Rabobank : RABONL2U


Deutsche Bank Nederland : DEUTNL2N

Amsterdam Trade Bank : ATBANL2A


How long does it take to send money to Holland?

Paypal, HSBC and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes. If you are sending the money to a bank account, it will take 1-2 days if you are using a bank or 2-3 days if you are using a money transfer company.


Is there a minimum transfer amount?

The banks and Paypal do not have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Holland and intend to use a money transfer company, make sure you check their minimum transfer amount.

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