Whether you are sending money home to family, paying off a mortgage in your home country, or transferring savings to the Netherlands, international money transfers are a regular part of expat life. Choosing the right service can save you hundreds or even thousands of euros per year.
Why Your Bank Is Probably Not the Best Option
Traditional Dutch banks like ING, ABN AMRO, and Rabobank all offer international transfers, but they are rarely the most cost-effective choice. Here is why:
- Exchange rate markup: Banks typically add a 1-3% margin to the mid-market exchange rate. On a EUR 5,000 transfer, that is EUR 50-150 lost on the exchange rate alone
- Transfer fees: Most banks charge a flat fee of EUR 7-15 per SWIFT transfer, plus potential intermediary bank charges
- Correspondent bank fees: International transfers often pass through one or more intermediary banks, each of which may deduct a fee
- Slow processing: SWIFT transfers typically take 2-5 business days
For SEPA transfers within Europe, banks are better—these are typically free or very cheap and arrive within one business day. But for transfers outside the EU, specialised services are almost always cheaper.
Best Transfer Services Compared
Wise (Formerly TransferWise) — Best Overall
Wise is the gold standard for international transfers from the Netherlands. They use the real mid-market exchange rate and charge a transparent, upfront fee that varies by currency and amount.
- Exchange rate: Mid-market rate (no markup)
- Fees: Typically 0.3-0.7% depending on the currency pair
- Speed: Most transfers arrive within 1-2 business days, some within hours
- Funding: Pay via iDEAL (instant) or bank transfer
- Multi-currency account: Hold and convert 40+ currencies
Example: Sending EUR 2,000 to a USD account via Wise costs approximately EUR 8-12 in fees, and you get the real exchange rate. The same transfer via a Dutch bank might cost EUR 15 in fees plus EUR 30-60 in exchange rate markup.
Revolut — Best for Regular Small Transfers
If you already use Revolut as your bank, their international transfer feature is competitive, especially for smaller amounts. Free plan users get a monthly limit of fee-free exchange, after which a small markup applies.
- Exchange rate: Mid-market rate (within monthly limits)
- Fees: Free within limits, then 0.5-1% depending on plan
- Speed: 1-3 business days
- Convenience: Everything within the Revolut app
OFX — Best for Large Transfers
For larger transfers (EUR 10,000+), services like OFX and CurrencyFair can offer better rates than Wise because they operate more like a currency broker. You may get a personalised rate for large amounts.
- Exchange rate: Competitive, negotiable for large amounts
- Fees: No transfer fees (built into the rate)
- Speed: 1-3 business days
- Best for: Regular large transfers like mortgage payments or property purchases
PayPal — Convenient but Expensive
PayPal is widely available but typically the most expensive option for international transfers. Their exchange rate markup is around 3-4%, plus transaction fees. Only use PayPal if the recipient can only receive PayPal payments.
How to Choose the Right Service
The best service depends on your specific situation:
- Regular transfers to family: Wise for the best rates, or set up a recurring transfer to save time
- One-off large transfer (moving savings): Compare Wise and OFX for the specific amount and currency pair
- Small, frequent transfers: Revolut if you are already a customer and the amounts stay within your free limits
- Within Europe (EUR to EUR): Use your regular Dutch bank—SEPA transfers are free or nearly free
Tax Implications
Sending money abroad from the Netherlands has tax implications to be aware of:
- No reporting requirement for EU transfers: Transfers within the EU do not trigger special reporting
- Large transfers outside the EU: Transfers above EUR 10,000 may be reported by your bank to the authorities (standard anti-money-laundering practice)
- Gift tax: If you are sending money as a gift, Dutch gift tax rules may apply depending on the amount and the recipient's location
- Box 3 implications: Money held in foreign bank accounts is part of your worldwide assets and should be reported for box 3 tax purposes (unless exempt via the 30% ruling)
Pro Tips for International Transfers
- Set rate alerts: Wise and Revolut both offer rate alerts so you can send money when the exchange rate is favourable
- Avoid weekends: Exchange rates often have wider spreads on weekends and bank holidays
- Use iDEAL to fund: Funding your Wise transfer via iDEAL is instant and free, avoiding bank transfer delays
- Consider a multi-currency account: If you regularly deal in multiple currencies, Wise's multi-currency account lets you hold and convert money when rates are good
The right transfer service can save you a significant amount over the course of a year. Take 10 minutes to compare your options before each transfer—or set up a regular transfer with the best provider and let it run on autopilot.