Money worries can turn your fun and relaxing Amsterdam trip into a stressful experience. To avoid unnecessary headaches, knowing where and how to exchange money to the local currency is a must! Currency exchange in the Netherlands works in a similar way to most other European countries – the local currency is euros, and there are specialized offices where you can exchange cash quickly and easily.
But as always, there are particularities you should be aware of. For example, when it comes to finding the best places to exchange your money, figuring out which ATM machines to trust, and understanding local rules and regulations.To help you navigate these financial matters, we’ve put together this guide to Amsterdam currency exchange. Read on and learn all the ins and outs of changing money in the city! ✨💶
1. Where to change your money in Amsterdam
To change your cash in Amsterdam, visit one of the many exchange offices in the city. Dutch banks normally do not allow money exchange unless you have an account with them. For high-quality service and competitive exchange rates in Amsterdam, we recommend Pott Change.
1.1 Where to find Pott Change?
Pott Change is strategically located on Damrak – the street that connects Central Station to Dam Square. It’s very easy to find and you won’t have to travel far, since you’ll most likely explore the area during your trip anyway!
Pott Change | Damrak 95 BG, Centrum | Opening Hours: Monday to Friday from 8:30 am to 8:15 pm, Saturdays and Sundays from 9:30 am to 8:15 pm
1.2 What you need to exchange currency in Amsterdam
If you’re visiting an exchange office in Amsterdam, always bring your passport. For large transactions (usually above 2,000 euros), you may also be asked to provide proof of the money’s origin. This could be, for instance, a withdrawal from a bank account abroad or pay slips from your work back home.
1.3 Does exchanging currency cost money?
Yes, currency exchange costs money. The two main costs to look out for when exchanging currencies are exchange rates and transaction fees. Exchange rates apply when changing cash at an office, withdrawing money from an ATM, or paying for purchases with your bank card. Exchange rates fluctuate constantly on the global market, but different institutions offer different rates based on the current market price.
When exchanging cash at an office, you will often be charged considerably higher exchange rates than when withdrawing from an ATM or using a bank card. This also varies depending on the office you visit, and that’s why we recommend Pott Change for the best exchange rates in Amsterdam.
Transaction fees are the costs you pay for an exchange service or card payment. Most exchange offices charge a 0% commission fee nowadays, so you don’t have to worry about transaction costs when exchanging cash at an office. When withdrawing cash from an ATM or making card payments, transaction costs may include foreign transaction fees, conversion fees, and ATM operator charges. Learn about the different ways to change and carry money in Amsterdam to decide which works best for you:
2. Can you use an ATM (cash machine) with a foreign bank card?
Yes, you can normally use ATMs in Amsterdam with a foreign bank card. However, not all bank cards will be accepted at every ATM. A Visa, Mastercard, or Maestro card will take you a long way – they are accepted at most ATMs in Amsterdam!
2.1 Advantages of using ATM machines
- ATM machines usually give better exchange rates than exchange offices. You’re still more likely to pay higher overall costs than by using a bank card, though!
- ATM machines are very easy to find in Amsterdam! We highly recommend choosing machines owned by Dutch banks – such as ABN AMRO, ING, and Rabobank – as local banks don’t charge per withdrawal. You’ll find these ATMs in or outside banks, grocery stores (such as Albert Heijn, Jumbo, and Dirk van den Broek), and bookshops (such as Bruna and Primera).
- Using an ATM machine means that you can withdraw cash as you go, instead of having to carry large amounts of cash.
2.2 Disadvantages of using ATM machines
- ATM machines might not be the most transparent option. Often, you’ll only see the full cost of your transaction after the withdrawal is done
- Independent ATMs might charge higher exchange rates and/or unreasonable operator fees! Again, stick to machines owned by Dutch banks to avoid these extra costs.
- Your bank may charge currency conversion fees and foreign transaction fees for ATM withdrawals. These costs are still likely to be cheaper than exchanging cash in an office. But be aware: withdrawing small amounts of cash multiple times can skyrocket transaction costs!
3. Why you need to carr4 cash on your trip to Amsterdam
It’s wise to carry cash with you in Amsterdam because many small businesses in the city are still cash-only. Plus, by carrying cash you can rest assured you won’t be without money in case things go south. Cash can be a real lifesaver if your bank card is blocked or lost!
3.1 Advantages of carrying cash in Amsterdam
- You always have a plan B in case your bank card is blocked, stolen or lost. Plus, sometimes you want to make a purchase and the shop’s card payment network is down!
- Many people feel like they have better control over their money if they can physically hold it. Cash might make travel budgeting easier.
3.2 Disadvantages of carrying cash in Amsterdam
- If your cash gets lost or stolen, it’s likely gone for good. Meanwhile, if you lose your bank card you can always block it and order a new one.
4. Why you also need to carry credit and/or debit cards
An increasing number of businesses in Amsterdam are becoming ‘PIN-only’, which means only credit or debit cards are accepted. You’ll commonly find yourself in that situation in cafés, bars and even grocery shops in the city. That’s why you also need a credit or debit card during your trip to Amsterdam!
4.1 advantages of using bank cards in Amsterdam
- Card payments are often the cheapest ways to ‘exchange currency’ in Amsterdam. If you have a good travel card (more on this below), you can get the best exchange rates and avoid ATM surcharges.
- No need to worry about whether or not you’ve brought enough cash!
4.2 Disadvantages of using bank cards in Amsterdam
- You may feel that you have less control over your money if you can’t physically hold on to it.
- Many establishments in Amsterdam only accept Maestro cards – including most locations of the super popular grocery store chain, Albert Heijn. Plus, American Express is not widely accepted in the city.
5. Tips and pitfalls for exchanging money in Amsterdam
5.1 For carrying cash:
- Exchanging money in the city is always more advantageous than doing so at the airport. Exchange offices at Schiphol airport have the highest exchange rates in Amsterdam. So, bring some cash to spend at the airport and exchange the rest at Pott Change.
- Be aware of pickpockets! They can spot tourists from miles away and if you get distracted while admiring Amsterdam’s beautiful architecture, you might make an easy target.
- If you are carrying more than € 10,000 in cash into the Netherlands, you’ll need to declare it upon arrival!
5.2 For using bank cards or ATMs:
- If you’re looking for the cheapest way to make exchange money and make payments in Amsterdam, consider getting a travel card. Wise or Revolut cards are two popular options for low exchange rates and transaction fees.
- Always opt for a debit or prepaid card when withdrawing money from an ATM, instead of a credit card! Using a credit card means paying cash advance fees and sometimes higher interest rates too.
- Before traveling, contact your bank to give them a travel notice and check your card’s daily spending limit. This will avoid having your card blocked or purchases not going through.
- The most widely used PIN code format in Europe is a 4-digit code made of numbers. Make sure to memorize yours as you’ll need it for many card payment transactions!
Be cautious when considering the seemingly favorable rates offered by currency exchange places. Their buying rates are often significantly lower. “Chequepoint” tends to be a pricey option. For currency exchange, train stations are a reliable choice. The “GWK” Bank at Central Station in Amsterdam offers the lowest commissions and operates 24/7.
Another favorable spot is the exchange office at Damrak 31, known for its competitive rates. Lorentz company, Damrak 31, 1012 LJ Amsterdam, Netherlands, phone: 020-6240945. Open 24 hours. ATMs are widely accessible in the city, dispensing notes up to 50 Euros.
In Amsterdam and throughout the Netherlands, the currency used is the Euro. There are eight coins: 1, 2, and 5 cents, 10, 20, and 50 cents, and 1 and 2 Euro coins. There are bills of 5, 10, 20, and 50 Euros, along with 100, 200, and 500 Euro notes. However, the 500 Euro note is only sometimes accepted. Many smaller shops, including supermarkets, also do not accept 100 and 200 Euro bills. Generally, 50 Euro bills are the most convenient denominations.
You can refer to Europe’s portal for an overview of Euro notes and coins. If you’re unfamiliar with the Euro, learning about its security features is essential to avoid counterfeit money.
While obtaining foreign cash involves charges, credit cards can be a useful payment method (despite the high-interest rates on unpaid balances). Credit cards are widely accepted in Amsterdam and the rest of the Netherlands.
6. Conclusions
There are many considerations to make when exchanging money in Amsterdam! The most important factor to decide on is whether you’d prefer to exchange at an office, through an ATM withdrawal, or directly when using your credit or debit card. We hope this guide has helped you consider the advantages and disadvantages of each option. By now, you should know what to do with your money once you arrive in Amsterdam – all that is left is to enjoy everything this beautiful city has to offer! Succes en tot ziens! 😉🇳🇱
