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13 January 2023 General

Is my money at a foreign bank protected by the Dutch Deposit Guarantee?

Vrouw met oldtimer

The money in accounts at foreign banks operating in the Netherlands is protected by the deposit guarantee of the country of origin of that bank. Your money in these banks is also protected up to €100,000 or equivalent in the local currency. Your bank can tell you which deposit guarantee applies: the Dutch Deposit Guarantee or the deposit guarantee of the bank's home country. 

Equivalent protection

Within the European Union, it has been agreed that the deposit guarantee offers equivalent protection in all countries. Within the euro area, your money is always protected up to €100,000 per bank per person. In non-euro countries within the European Union and in Iceland, Liechtenstein and Norway, the €100,000 amount may be converted into the local currency. In that case, small differences may arise due to exchange rate fluctuations. 

Banking licence 

Foreign banks can be active in the Netherlands in several ways. The manner of operation determines which deposit guarantee protects your money at these banks. 

  • Some foreign banks operate through a so-called subsidiary. In this case, the bank has a Dutch banking licence and is in fact considered a Dutch bank. The money in this bank is therefore protected by the Dutch Deposit Guarantee.
  • A foreign bank can also operate in the Netherlands without setting up a subsidiary. The bank then operates through a branch or directly through cross-border services. In almost all cases, these are banks from other countries within the European Union, Iceland, Liechtenstein and Norway. In this situation, your money at the bank is protected by the deposit guarantee of the country from which the bank operates.
  • In addition, some foreign banks operate in the Netherlands through an international savings platform. This is usually a cross-border service. Ask the savings platform which deposit guarantee scheme covers its product, as this depends on the platform's structure. Savings accounts that customers can open with a partner bank of a savings platform are protected by the deposit guarantee scheme of the country from which this partner bank operates. 

How do you get your money back? 

If your money is protected by a deposit guarantee scheme from another country, it may take longer to get your money back if a bank fails. For customers in the Netherlands, the Dutch Deposit Guarantee guarantees a payout period of 10 business days, during which you can easily get your money back using your DigiD. 

If you are a customer of a branch of a foreign bank in the Netherlands, it may take longer to get your money back. DNB is responsible for arranging the payout, but does so on behalf of the foreign deposit guarantee scheme. The foreign deposit guarantee scheme determines who gets what payout. 

If you are a customer of a foreign bank operating in the Netherlands through a cross-border service, the payout will be arranged by the foreign deposit guarantee scheme. In that case, you should ask your bank about the procedure. If you have opened a savings account through a savings platform with a partner bank of the platform, the payout will be arranged by the deposit guarantee scheme of the country where the partner bank is located. 

Information sheet 

You can always contact your bank to find out which deposit guarantee protects your money. 

Each bank has a deposit guarantee information sheet. This sheet includes information on which deposit guarantee protects your money, up to what amount and in which currency. 

More information? 

DNB administers the Dutch Deposit Guarantee. In general, DNB is not permitted to make value judgements about financial institutions.