Part 2 of 31 Things Americans Should Think About Before Moving Abroad : Banking in Your New Country

Opening a Bank Account Isn’t Easy

If you’re a US American thinking about leaving the U.S., welcome to Part 2 of my 31-part series: things Americans should think about before moving abroad. I’m Darien, an American living in the Netherlands, and today’s topic is banking.

When you grow up in the U.S., you’re probably used to just walking into a bank, filling out some paperwork, and walking out with a shiny new account. When you’re an immigrant setting up life in a new country, it’s... not that simple.

U.S. Banking Laws Will Follow You

I can’t speak for every country, but I can tell you that as you move around, U.S. banking regulations will follow you. There’s a bank here in the Netherlands with a banner on the homepage that says, “Open an account in 10 minutes!” But if you’re a U.S. citizen? Read the fine print: “Please come to the branch.”

And that appointment? Definitely not 10 minutes.

Why Banks Don’t Love American Customers

This isn’t about attitude—though Americans abroad definitely have a reputation. It’s about FATCA and other U.S. laws that require foreign banks to report information on American account holders. That creates a ton of extra paperwork and liability for banks. Some banks won’t even take Americans as customers because of it.

Once You’re In, It’s Actually Great

The good news? Once you do get a bank account in the Netherlands, it’s shockingly efficient. In my experience, banking here is miles ahead of what I was used to in the States. I’ve traveled all over the Eurozone using my Dutch debit card—it works everywhere.

But getting to that point? Can be one of the hardest early hurdles.

Goodbye Credit Cards, Hello Tap

Spending here is almost entirely digital. People tap their phones or debit cards for just about everything. But if you’re used to putting everything on a U.S. credit card—racking up rewards or travel points—you might be in for a surprise.

In many countries, U.S. credit cards aren’t widely accepted outside of tourist-heavy areas. Until you get a local account and debit card, you might need to rely on cash. And if you’re in a mostly cashless society like the Netherlands? Expect a few side-eyes if you hold up the line at the grocery store with a wad of dollars or foreign coins.

Plan Ahead to Avoid Stress

None of these issues are insurmountable, but they are worth planning for. Research local banking rules and U.S. restrictions before your move. Knowing what to expect can save you time, frustration, and awkward moments at checkout.

Thanks for reading! See you tomorrow for Part 3.