I still wince thinking about the first time I transferred money from my British account to the Netherlands through my traditional bank. The fees and exchange rate markup cost me over a hundred euros on a single transfer. Ten years later, I have tried every major transfer service on the market and helped hundreds of expat clients stop overpaying for something that should be simple. Here is my comparison of the best ways to move money to and from the Netherlands in 2026.
Quick Comparison Table
| Service | Transfer Fee | Exchange Rate | Speed | Best For |
|---|---|---|---|---|
| Wise | Low (0.3-0.6% typically) | Mid-market rate | 1-2 business days | Best overall value |
| Revolut | Free up to limit, then 0.5% | Mid-market (with limits) | Instant to 3 days | Everyday banking + transfers |
| OFX | No transfer fee | Small markup on mid-market | 1-3 business days | Large transfers (EUR 10,000+) |
| Remitly | Low-moderate | Small markup | Minutes to 3 days | Speed-priority transfers |
| Western Union | Moderate-high | Significant markup | Minutes to 5 days | Cash pickup, wide reach |
| PayPal | Free for personal (within limits) | 3-4% markup | Instant to 3 days | Small online payments |
| SEPA bank transfer | Free or under EUR 1 | N/A (EUR to EUR) | Same day to 1 day | EUR transfers within Europe |
| SWIFT bank transfer | EUR 15-50+ | 1-3% markup | 3-5 business days | When no alternative exists |
Understanding the True Cost of a Transfer
Before comparing individual services, you need to understand how international transfer pricing works. The advertised fee is only part of the cost.
The Two Components of Transfer Cost
- The transfer fee: A flat or percentage-based charge for processing the transfer
- The exchange rate markup: The difference between the rate the service gives you and the actual mid-market exchange rate
Many banks and services advertise “low fees” or “free transfers” while making their profit by offering you a poor exchange rate. A bank might charge EUR 5 to send money but give you an exchange rate that is 2-3% worse than the mid-market rate. On a EUR 5,000 transfer, that 2-3% markup costs you EUR 100-150, far more than the visible fee.
How to Calculate the Real Cost
Always check the total cost of a transfer:
- Look up the current mid-market exchange rate on Google or XE.com
- Calculate what you would receive at that rate
- Compare this to what the transfer service quotes you will receive
- The difference is the total cost (fee plus exchange rate markup)
Example: Sending EUR 5,000 to the US
| Service | Fee | Exchange Rate (EUR/USD) | USD Received | Total Cost |
|---|---|---|---|---|
| Mid-market rate | – | 1.0800 | $5,400 | – |
| Wise | ~EUR 6 | 1.0800 | ~$5,394 | ~$6 |
| Revolut (within free limit) | EUR 0 | 1.0800 | ~$5,400 | ~$0 |
| OFX | EUR 0 | 1.0770 | ~$5,385 | ~$15 |
| Traditional bank | EUR 25 | 1.0550 | ~$5,248 | ~$152 |
Rates are illustrative. Always check current rates at the time of your transfer.
The difference is stark. A traditional bank transfer in this example costs roughly 25 times more than Wise.
Wise: Best Overall for International Transfers
Wise (formerly TransferWise) has become the default recommendation for international money transfers, and for good reason.
How Wise Works
Wise uses the real mid-market exchange rate and charges a small, transparent fee that varies by currency pair and transfer amount. For most major currencies, the fee is between 0.3% and 0.6% of the transfer amount.
Unlike traditional banks, Wise does not add a markup to the exchange rate. The rate you see on Google is the rate you get on Wise.
Key Features for Expats in the Netherlands
- Multi-currency account: Hold and convert over 50 currencies in one account
- Dutch IBAN: Receive EUR payments with a Belgian/European IBAN (accepted by most Dutch institutions)
- Debit card: Spend in any currency at the mid-market rate
- Scheduled transfers: Set up recurring transfers (e.g., monthly payments to your home country)
- Instant transfers: Between Wise accounts
- Business account: Available for freelancers and business owners
Pricing
| Transfer Amount (EUR to USD) | Approximate Fee | Percentage |
|---|---|---|
| EUR 500 | ~EUR 3 | 0.6% |
| EUR 1,000 | ~EUR 5 | 0.5% |
| EUR 5,000 | ~EUR 6-25 | 0.1-0.5% |
| EUR 10,000 | ~EUR 10-45 | 0.1-0.45% |
Fees vary by currency corridor. EUR to GBP and EUR to USD are among the cheapest routes.
Pros
- Mid-market exchange rate with no hidden markup
- Transparent, upfront fee shown before you confirm
- Fast transfers (1-2 business days for most routes)
- Multi-currency account replaces the need for multiple bank accounts
- Scheduled recurring transfers
- Regulated and authorized in multiple jurisdictions
Cons
- Not a full bank (no mortgage, no credit products)
- IBAN is Belgian, not Dutch (some institutions may not accept it, though this is rare)
- Transfer limits apply (can be increased with additional verification)
- Customer support can be slow during peak periods
Verdict
Wise is our top recommendation for expats in the Netherlands. Whether you are sending money home monthly, receiving payments from abroad, or simply need a multi-currency account, Wise delivers the best combination of cost, speed, and convenience.
Open a Wise account here – it is free to create an account.
Revolut: Best for Everyday International Banking
Revolut has evolved from a travel card into a full-featured financial app used by millions across Europe.
How Revolut Works
Revolut offers a multi-currency account with currency exchange at the mid-market rate, up to a monthly limit that depends on your plan. Beyond that limit, a small markup (typically 0.5%) applies. Weekend exchange rates include a markup to account for market closure.
Key Features for Expats in the Netherlands
- Multi-currency account: Hold over 30 currencies
- Free currency exchange: Up to EUR 1,000 per month on the Standard plan (higher on paid plans)
- Physical and virtual cards: Spend in any currency
- Budgeting tools: Categorize spending, set budgets, track finances
- Crypto and stock trading: Available within the app
- Insurance products: Travel and device insurance on paid plans
- Instant transfers: To other Revolut users
Pricing (Plans)
| Plan | Monthly Cost | Free Exchange Limit | International Transfers |
|---|---|---|---|
| Standard | Free | EUR 1,000/month | 1 free, then EUR 0.50-1 each |
| Plus | ~EUR 3 | EUR 1,000/month | 3 free, then EUR 0.50-1 each |
| Premium | ~EUR 8 | Unlimited weekday exchange | Unlimited free |
| Metal | ~EUR 14 | Unlimited weekday exchange | Unlimited free |
Pros
- Feature-rich app beyond just transfers
- Free currency exchange up to monthly limit
- Instant transfers between Revolut users
- Physical card works globally with excellent rates
- Budgeting and analytics tools
- Available as a full bank in some European countries
Cons
- Exchange rate markup on weekends (0.5-1%)
- Free exchange limit is low on the Standard plan
- Transfer fees apply beyond the free allowance on basic plans
- Not ideal for very large one-off transfers
- Customer support has been criticized by some users
Verdict
Revolut is an excellent complement to Wise. Use it for everyday spending in multiple currencies, small transfers, and budgeting. For large international transfers, Wise typically offers better value.
OFX: Best for Large Transfers
OFX (formerly OzForex) specializes in large international transfers and offers competitive rates for amounts above EUR 10,000.
How OFX Works
OFX charges no transfer fee and makes its money on a small exchange rate markup. The markup is typically smaller than banks and decreases as your transfer amount increases. For very large transfers, you can negotiate a rate with an OFX dealer.
Key Features
- No transfer fees: The cost is built into the exchange rate
- Competitive rates for large amounts: Markup decreases as transfer size increases
- Personal dealer: For transfers over EUR 50,000, you can negotiate rates with a dedicated dealer
- Forward contracts: Lock in an exchange rate for a future transfer (useful if you are buying property or making planned payments)
- Recurring transfers: Set up scheduled regular payments
Pricing
| Transfer Amount | Approximate Exchange Rate Markup |
|---|---|
| EUR 1,000 | 0.4-0.8% |
| EUR 5,000 | 0.3-0.5% |
| EUR 10,000 | 0.2-0.4% |
| EUR 50,000+ | 0.1-0.3% (negotiable) |
Pros
- No transfer fees
- Competitive rates for large amounts
- Forward contracts and limit orders available
- Personal dealers for high-value transfers
- Well-established and regulated
Cons
- Less competitive for small transfers (under EUR 2,000)
- No multi-currency account or debit card
- Interface is less modern than Wise or Revolut
- Minimum transfer amounts may apply
Verdict
OFX is the best choice when you need to transfer large sums, such as proceeds from selling a property, inheritance, or large investments. For amounts over EUR 10,000, compare OFX’s total cost against Wise; OFX often wins at higher amounts.
Remitly: Best for Speed to Specific Countries
Remitly focuses on sending money quickly to specific destination countries, with a particular strength in transfers to developing countries.
Key Features
- Express transfers: Delivery within minutes for many corridors (higher fee)
- Economy transfers: Lower fee, delivery in 1-3 business days
- Multiple delivery methods: Bank deposit, mobile money, cash pickup
- Strong coverage: Excellent for sending money to Asia, Africa, Latin America, and Eastern Europe
Pricing
Fees and exchange rates vary significantly by corridor. For popular routes (e.g., Netherlands to Philippines, Netherlands to India), Remitly is often competitive. For EUR to USD or EUR to GBP transfers, Wise is usually cheaper.
Pros
- Very fast delivery options
- Multiple delivery methods including cash pickup
- Good mobile app
- Promotional rates for first-time users
- Strong for remittances to developing countries
Cons
- Exchange rate markup is higher than Wise for most corridors
- Less competitive for large transfers
- Limited for EUR-to-EUR or EUR-to-GBP transfers
- Not a multi-currency banking solution
Verdict
Remitly is a good choice if you regularly send money to specific countries, especially if speed or cash pickup is important. For general-purpose international transfers, Wise remains the better value.
Western Union: Widest Global Reach
Western Union is the oldest and most globally recognized money transfer brand, with agent locations in over 200 countries.
Key Features
- Global network: Transfer to virtually any country
- Cash pickup: Recipients can collect cash at agent locations worldwide
- Online and in-person: Send via app, website, or physical locations
- Speed options: Same-day or even minutes-fast delivery for some routes
Pricing
Western Union is typically more expensive than digital-first services. Fees vary by amount, destination, and payment method, and the exchange rate markup is usually 2-4%.
Pros
- Available almost everywhere in the world
- Cash pickup option for recipients without bank accounts
- Established and trusted brand
- In-person sending options
Cons
- Significantly more expensive than Wise, Revolut, or OFX
- Exchange rates include substantial markups
- Fees can be opaque and vary widely
- In-person transfers require visiting a physical location
Verdict
Use Western Union only when other services are not available for your destination, or when the recipient needs cash pickup and does not have a bank account. For all other situations, digital services offer far better value.
PayPal: Convenient but Costly
PayPal is ubiquitous for online payments, but its international transfer capabilities come at a premium.
Key Features
- Personal transfers: Send money to anyone with a PayPal account or email address
- Currency conversion: Convert between 25+ currencies
- Buyer protection: Strong consumer protections for purchases
- Widely accepted: For online payments and purchases
Pricing
PayPal’s currency conversion includes a markup of approximately 3-4% above the mid-market rate. Domestic personal transfers are typically free, but international transfers may include a percentage-based fee.
Pros
- Nearly universal acceptance for online payments
- Easy to use with just an email address
- Strong buyer protection
- No need for bank details to send money
Cons
- Exchange rate markup of 3-4% is very expensive
- Not transparent about total costs
- Fees for receiving payments (if using as a business)
- Not designed for large international transfers
Verdict
Use PayPal for online purchases and small personal payments. Do not use it for large international transfers; the exchange rate markup makes it one of the most expensive options.
Bank Transfers: SEPA vs SWIFT
If you are transferring between bank accounts directly, the type of transfer matters enormously.
SEPA Transfers
SEPA (Single Euro Payments Area) covers 36 European countries, including all EU member states plus Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, Vatican City, and the UK.
| Feature | Details |
|---|---|
| Currency | EUR only |
| Speed | Same-day or next business day |
| Cost | Typically free or under EUR 1 |
| Coverage | 36 European countries |
| Maximum amount | No limit (though your bank may have daily limits) |
SEPA transfers are the backbone of Euro-denominated payments within Europe. If you are transferring EUR to or from another European country, this is always the cheapest and fastest option.
SWIFT Transfers
SWIFT is the global interbank messaging system used for international transfers outside SEPA or in non-EUR currencies.
| Feature | Details |
|---|---|
| Currency | Any currency |
| Speed | 3-5 business days (sometimes longer) |
| Cost | EUR 15-50+ in fees (sending bank, receiving bank, and intermediary banks may all charge) |
| Coverage | Global |
| Exchange rate | Set by your bank (typically 1-3% markup) |
SWIFT transfers are expensive due to the layering of fees from multiple banks in the chain, and the exchange rates banks offer are consistently worse than what you get from Wise or Revolut.
When to Use Bank Transfers
- SEPA: Always use for EUR-to-EUR transfers within Europe. It is the cheapest and fastest option.
- SWIFT: Only use when the recipient requires a direct bank-to-bank transfer and services like Wise or OFX are not available for the destination.
Which Service Should You Use? A Decision Guide
| Your Situation | Recommended Service |
|---|---|
| Regular monthly transfers (e.g., sending money home) | Wise (scheduled recurring transfers) |
| Large one-off transfer (over EUR 10,000) | OFX or Wise (compare both) |
| Everyday spending in multiple currencies | Revolut |
| EUR-to-EUR within Europe | SEPA bank transfer (free) |
| Speed-priority to specific countries | Remitly |
| Recipient needs cash pickup | Western Union or Remitly |
| Small online payments | PayPal |
| Property purchase abroad | OFX (forward contracts) |
Setting Up Your International Finance Stack
Based on our experience and research, here is the combination I recommend for expats in the Netherlands:
Must-Have (Set Up Immediately)
Wise multi-currency account: Your primary tool for international transfers. Open this before you even move to the Netherlands. You get a European IBAN, a debit card, and the ability to hold and convert 50+ currencies at the mid-market rate. Open a Wise account here.
Dutch bank account (ING, ABN AMRO, Rabobank, or Bunq): For salary, rent payments, Dutch direct debits (automatische incasso), and government payments. You need a BSN to open an account at traditional banks. See our guide to the best bank accounts for expats in the Netherlands for a full comparison, or use the bank account chooser to find the right option for your situation.
Recommended Additions
Revolut: For everyday spending in multiple currencies, quick transfers to friends, and budgeting tools. The free plan is sufficient for most needs.
OFX: Set up an account if you anticipate large transfers (property transactions, inheritance, or investments). It costs nothing to open an account, and having it ready means you can act quickly when needed.
For Specific Needs
- Remitly: If you regularly send money to family in Asia, Africa, or Latin America, compare Remitly’s rates for your specific corridor against Wise.
Tax Implications of International Transfers
International transfers themselves are not taxed, but the underlying income or assets may have tax implications:
- Income from abroad: Must be declared in your Dutch tax return if you are a Dutch tax resident
- Foreign assets: Reported in Box 3 of your tax return (unless you have the 30% ruling with partial non-resident status)
- Large transfers: May trigger anti-money-laundering questions from your bank. Keep documentation of the source and purpose of large transfers.
- Gifts: Receiving large gifts from abroad may be subject to Dutch gift tax (schenkbelasting). Consult a tax advisor for specifics.
Tips for Saving Money on International Transfers
- Always compare the total cost: Fee plus exchange rate markup, not just the fee alone
- Avoid transferring on weekends: Some services (like Revolut) apply a markup on weekends when forex markets are closed
- Batch small transfers into larger ones: A single EUR 5,000 transfer is usually cheaper (proportionally) than five EUR 1,000 transfers
- Use SEPA for EUR-to-EUR: Never use a paid transfer service for EUR transfers within Europe
- Set rate alerts: Wise and OFX allow you to set alerts when a favorable exchange rate is reached
- Use forward contracts for large planned transfers: If you know you will need to transfer a large sum in the future (e.g., for property), lock in a rate with OFX
- Avoid airport currency exchange: The rates are consistently the worst available. Transfer digitally instead.
Final Thoughts
International money transfers do not need to be expensive or complicated. The key insight is simple: avoid traditional bank SWIFT transfers whenever possible. The combination of high fees and poor exchange rates makes them the most expensive option for nearly every scenario.
For most expats in the Netherlands, Wise is the single best tool for international transfers. It offers the mid-market exchange rate, transparent fees, fast delivery, and a multi-currency account that simplifies life across borders.
Set up your Wise account before you move, add a Dutch bank account once you have your BSN, and you will have a financial setup that handles international life efficiently and affordably.
Open your free Wise account here.
Start Saving on International Transfers with Wise
For more on managing your finances in the Netherlands, see my guide to the 30% ruling and our complete guide to moving to the Netherlands in 2026.
Frequently Asked Questions
What is the cheapest way to transfer money to the Netherlands?
For most currencies and transfer amounts, Wise (formerly TransferWise) offers the lowest total cost, combining a small transparent fee with the mid-market exchange rate. For EUR-to-EUR transfers within Europe, SEPA bank transfers are essentially free or very low cost (typically under EUR 1). For large transfers over EUR 10,000, OFX may offer slightly better exchange rates with no transfer fees. Always compare the total cost (fee plus exchange rate markup) rather than just the advertised fee.
How long does it take to transfer money to the Netherlands?
SEPA transfers within Europe typically arrive within 1 business day, often within hours. Wise transfers usually take 1-2 business days for most major currencies to EUR. Revolut offers instant transfers between Revolut accounts and 1-3 business days for external transfers. SWIFT bank transfers can take 3-5 business days and sometimes longer. Remitly and Western Union offer faster options (sometimes within minutes) for specific corridors, but at higher fees.
Is Wise or Revolut better for expats in the Netherlands?
Both are excellent for expats, but they serve slightly different purposes. Wise is better for large, one-off transfers and recurring scheduled transfers, offering the mid-market exchange rate with transparent fees. Revolut is better as an everyday banking alternative, offering free currency exchange up to a monthly limit and a feature-rich app for budgeting, crypto, and stock trading. Many expats use both: Wise for international transfers and Revolut for daily spending abroad.
Do I need a Dutch bank account to receive international transfers?
Not necessarily. You can receive international transfers into any account with an IBAN, including Wise, Revolut, Bunq, and N26 accounts. However, some Dutch employers and government agencies (such as the Belastingdienst for tax refunds) may require a Dutch IBAN specifically. Traditional Dutch banks like ING, ABN AMRO, and Rabobank provide Dutch IBANs, and Bunq (a Dutch neobank) also provides a Dutch IBAN.
What is the difference between SEPA and SWIFT transfers?
SEPA (Single Euro Payments Area) transfers are for EUR-denominated payments within Europe (EU, EEA, plus a few additional countries). They are fast (usually same-day or next-day), cheap (typically free or under EUR 1), and standardized. SWIFT transfers are the global interbank messaging system used for international transfers outside SEPA, or for non-EUR currencies. SWIFT transfers are slower (3-5 business days), more expensive (fees from both sending and receiving banks, plus intermediary bank fees), and exchange rates are less favorable.
Are there limits on how much money I can transfer to or from the Netherlands?
There is no legal limit on the amount of money you can transfer internationally. However, transfers over EUR 10,000 may trigger anti-money-laundering reporting requirements, meaning your bank may request documentation about the source and purpose of the funds. Transfer services like Wise and Revolut also have their own per-transfer and daily limits, which vary by account type and verification level. For very large transfers (over EUR 50,000), services like OFX or a dedicated foreign exchange broker may offer better rates and higher limits.
Can I set up recurring international transfers from the Netherlands?
Yes. Wise offers scheduled recurring transfers, which is useful for sending a fixed amount home each month or making regular payments in another currency. Revolut also supports scheduled transfers. Traditional banks can set up standing orders for SEPA transfers. For recurring SWIFT transfers, most banks can arrange this, though the fees make it expensive over time. Wise's recurring transfer feature with the mid-market exchange rate is the most cost-effective option for regular international payments.
