Dutch banks review trading companies more deeply than holdings because they see goods, countries and counterparties behind every payment. The key risk factors are owners and source of funds, sensitive goods, transit hubs such as the UAE and Turkey, and payments from third parties. Exporters of high priority items need the no re-export to Russia clause and end-user evidence. Many traders start with a payment institution and move to a large bank for letters of credit once they have a clean track record.
Why trading companies wait longer for an account
Opening a Dutch B.V. takes days. Opening its bank account can take months. For a trading company the reason is simple: the bank does not only see money, it sees goods. Every incoming payment is linked to a shipment, a buyer, a country and a product, and the bank is responsible for checking that none of these breaks anti-money laundering or sanctions rules.
A holding company receives dividends twice a year. A trading company may receive payments from twenty customers in five countries every month, pay suppliers in Asia and move margin to a group company in Dubai. That is exactly the profile that bank compliance teams are trained to review in depth.
The good news: banks do accept trading companies every day. Those that get through quickly arrive with a file that answers the bank's questions before they are asked.
Who is behind it
Ultimate beneficial owners, their residence and the source of their money.
What you sell
Products, HS codes, licences and whether they are sensitive.
Where it goes
Countries of suppliers, buyers and transit hubs.
How money moves
Who pays, in which currency, from which account.
The six risk factors in a trading file
| Factor | What raises questions | What to prepare |
|---|---|---|
| Ownership | Owners outside the EU, layered structures, nominees, trusts | Structure chart to the last natural person, passports, proof of address, CVs |
| Source of funds | Share capital or loans from abroad without a paper trail | Bank statements, dividend resolutions, sale agreements, tax returns |
| Goods | Electronics, machine parts, chemicals, dual-use items, metals, oil products | Product list with HS codes, licences or a reasoned statement that none is needed |
| Countries | Transit hubs for sanctioned markets; EU high-risk third countries | Customer list by country, end-user statements, export declarations |
| Money flows | Third-party payers, cash, round-tripping with group companies | Contracts, pro forma invoices, payment instructions, intercompany agreements |
| Substance | Mailbox company, management and decisions abroad | Dutch director or office, local staff or service providers, board minutes |
Law and practice: The bank's duties come from the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft): customer due diligence and identification of the ultimate beneficial owner (art. 3), enhanced due diligence where risk is higher (art. 8) and for EU high-risk third countries (art. 9). Sanctions screening follows the Sanctions Act 1977 and directly applicable EU regulations, in particular Regulation 833/2014 on Russia. DNB's Wwft guidance and the Dutch Banking Association (NVB) push banks towards a risk-based approach rather than blanket refusal. From 10 July 2027 the EU AML Regulation 2024/1624 harmonises these rules across the EU.
Large banks, challenger banks and payment institutions
| Option | Good for | Limits |
|---|---|---|
| ING, ABN AMRO, Rabobank | Trade finance, guarantees, letters of credit, multi-currency accounts, credibility with suppliers | Longest review; strongest focus on Dutch substance and owners' links to the Netherlands |
| Foreign banks with a Dutch or EU branch | Trade finance in specific corridors, often relationship-driven | Usually need meaningful volumes; selective about new clients |
| Challenger banks such as bunq | Fast online onboarding, IBAN with NL prefix, low cost | Little or no trade finance; may still exit clients after a later review |
| Payment institutions such as Wise or Revolut Business | Multi-currency receipts and payments within days | Funds safeguarded, not covered by the deposit guarantee; no letters of credit or guarantees |
For most new traders the realistic sequence is a payment institution or challenger bank to start trading, then a large Dutch bank once there are six to twelve months of clean transactions, audited figures or a signed contract that needs trade finance.
Law and practice: Deposits at Dutch banks are covered by the deposit guarantee scheme up to EUR 100,000 per depositor per bank, including companies. Payment and electronic money institutions instead safeguard client funds under the Financial Supervision Act (Wft). There is no statutory right to a business account in the Netherlands; the basic payment account right under the Payment Accounts Directive covers consumers only.
GCC customers, sanctions and the transit hub question
Most Gulf trade is ordinary and banks know it. The difficulty is that the UAE, together with Turkey, the Caucasus and Central Asia, has been named by the EU as a transit hub for goods diverted to Russia. If your products are on the EU list of common high priority items (electronics, machine tools, bearings, optical parts and similar), the bank will want to see how you stop them from ending up there.
- No re-export to Russia clause. Since March 2024 EU exporters selling high priority items, aircraft goods or firearms to third countries must put a contractual ban on re-export to Russia in their sales contracts, with adequate remedies.
- End-user statements. For sensitive goods, a signed statement from the buyer on the end user and end use, matched against the shipping documents.
- Screening. Customers, their owners, banks and vessels screened against EU, UN and, if you pay in US dollars, US sanctions lists, with records kept.
- Group companies. Since the 14th package, EU parents must use best efforts to make their non-EU subsidiaries respect EU sanctions. A Dutch B.V. that owns a Dubai free zone company is in scope.
- Licences. Dual-use items need an export licence from the Dutch Central Import and Export Office (CDIU) under Regulation 2021/821, also for GCC destinations.
Law and practice: Article 12g (no re-export to Russia clause) and Article 8a (best efforts for subsidiaries) of Regulation 833/2014; Annex XL lists the common high priority items. The European Commission's FAQs on enhanced due diligence describe what is expected of exporters to third-country hubs. US dollar payments clear through US correspondent banks, so Dutch banks also apply OFAC screening to USD flows.
Payment routes matter as much as goods. A buyer in Riyadh who pays from its own Saudi bank account is routine. The same invoice paid by an exchange house in Dubai, or by an unrelated company in Hong Kong, will trigger an alert and often a request to return the funds.
A Rotterdam B.V. sells industrial pumps to a distributor in Jebel Ali. Two parts in the pump kits fall under a high priority HS code. The B.V. adds the no re-export clause and an end-user statement to every contract, keeps the export declarations and gets paid by the distributor's own UAE bank account in euros. Its ING review takes six weeks and asks for the contracts and three sample shipment files. A similar B.V. paid through a Dubai money exchange had its account frozen after the second payment.
Currencies, letters of credit and export credit insurance
| Instrument | How it works | When to use it |
|---|---|---|
| Prepayment | Buyer pays before shipment | New buyers, small orders; easiest for the bank to follow |
| Open account with credit insurance | You ship and invoice; an insurer covers non-payment | Repeat buyers in the GCC; common for Dutch exporters |
| Documentary collection (URC 522) | Banks exchange shipping documents against payment or acceptance | Moderate risk, lower cost than a letter of credit |
| Letter of credit (UCP 600) | The buyer's bank promises payment against compliant documents | Large orders, new markets, Saudi and Qatari government-linked buyers |
| Bank guarantees | Bid, performance or advance payment guarantees | Tenders and projects in the Gulf |
Hold a euro account and a US dollar account at least. Gulf currencies are pegged to the dollar (the Kuwaiti dinar to a basket), so many traders invoice in USD; a few receive AED or SAR directly into multi-currency accounts. For the Dutch B.V., currency accounts also simplify the accounts, because the bookkeeping follows each currency.
Law and practice: Letters of credit are governed by the ICC Uniform Customs and Practice for Documentary Credits (UCP 600); documentary collections by the Uniform Rules for Collections (URC 522). State-backed export credit insurance for Dutch exporters is managed by Atradius Dutch State Business on behalf of the State; private credit insurers cover short-term trade.
Opening the account for a trading B.V.
- Register the B.V. with the KvKNotarial deed, Chamber of Commerce registration, RSIN and VAT number; UBOs registered in the UBO register.
- Build the trading fileBusiness plan with trade lanes, product list with HS codes, first contracts or letters of intent, supplier and customer lists, expected volumes by month and currency.
- Document owners and moneyStructure chart, IDs, proof of address, CVs, source of the share capital and of any shareholder loans.
- Show substanceDutch office or service agreement, director, accountant and, where relevant, a customs broker in Rotterdam.
- Apply and answer the reviewOnline application, then a questionnaire and often an interview; answer in writing and attach documents.
- Keep the file aliveTell the bank about new countries, products or group companies before the first payment, and answer periodic reviews on time.
Exits are as important as openings. Dutch banks review existing clients periodically and after unusual transactions. A trader who adds a new corridor or product without telling the bank is the typical case of an account closed with two months' notice.
How bankable is your trading B.V.?
The result updates with each answer.
How bankable is your trading B.V.?
Seven questions about owners, goods, markets and money flows. You see the risk profile a Dutch bank is likely to assign, where to apply first, how long it may take and what to prepare.
Sensitive products mean deeper review.
Transit hubs need end-user evidence.
The customer pays from its own account.
Payment institution first, large bank later.
Bank accounts for Dutch trading companies: frequent questions
Can a Dutch trading B.V. open a bank account if the owners live outside the EU?
Yes, but expect a longer review. The large Dutch banks focus on companies with a real link to the Netherlands. A Dutch director or office, clear contracts and documented source of funds make the difference. Many non-EU owned traders start with a challenger bank or a payment institution and add a large bank once there is a track record.
Why do Dutch banks ask so many questions about exports to the UAE?
The UAE, Turkey, the Caucasus and Central Asia are known transit hubs for goods diverted to Russia in breach of EU sanctions. For goods on the EU common high priority list, banks ask who the end user is, whether contracts contain the no re-export to Russia clause and how you check where the goods end up.
Is a Wise or Revolut Business account enough for a trading company?
For the first months, often yes: it receives and sends payments in several currencies. It does not issue letters of credit or bank guarantees, funds are safeguarded rather than covered by the EUR 100,000 deposit guarantee, and some suppliers and customs brokers prefer a bank account. Treat it as a bridge, not the final setup.
Can my customer in Dubai pay through an exchange house or a related company?
Avoid it. Payments from parties other than the customer are one of the most common reasons Dutch banks freeze transactions or end relationships. If a third party must pay, document it in the contract, the invoice and a payment instruction letter, and tell the bank before the money arrives.
How long does it take to open a business account in the Netherlands?
For a low-risk B.V. with EU owners and a complete file, two to six weeks at a large bank and a few days at a challenger bank. For non-EU owners, sensitive goods or high-risk corridors, two to four months is common and refusal is possible.
Does the bank need to know about my Gulf subsidiary?
Yes. The bank looks at the whole group: the UAE free zone or Bahrain company, who owns it, what it does and how money moves between it and the Dutch B.V. Intercompany flows without contracts and transfer pricing are a red flag.