Banking when you live abroad
Our services are different for customers who live abroad and bank with us. Sometimes the changes are very minor. Sometimes there are a lot of changes and steps you need to take. Here you can read what this means for you.
Why our services are different abroad
Banking outside the Netherlands entails more risks and higher costs. It also affects your products. We must abide by the laws and rules of the country you live in. This makes it harder for us to support you.
We focus on offering services within the Netherlands. So, we have to adjust our services if you live abroad. We look at two things: the country where you live and the products you have with us
You …
Live in a country within Europe
Live in a country outside Europe
Live in the United Kingdom
If you live within the European Economic Area (EEA), the following applies:
If you live outside the European Economic Area (EEA), the following applies:
If you live in the United Kingdom, the following applies:
Check what applies to a temporary stay abroad
Are you living abroad for a short period, for example for work or study? In many cases, you can keep using your products. You cannot expand them or take out any new ones.
Are you living outside the EEA for up to three years? If so, you may apply for an exception. This will allow you to keep some products during your stay. Fill in the form ‘Application for temporary stay outside the Netherlands’. You must confirm that you will return within three years. We will aim to review your request within four weeks.
Are you living in Australia, the United States, or the United Kingdom? Special rules may apply.
Understand how KYC works
We also conduct Know Your Customer (KYC) reviews. This helps protect the financial system. We may ask questions about your move abroad. We need to understand why you bank with us and how you use your products. Based on this, we will decide whether the customer relationship can continue. If it cannot, we may terminate it.
Read more at KYC – Rabobank (Dutch).
Additional insurance information
Moving abroad may affect your insurance coverage. The effect on your coverage differs by insurance policy and depends on the policy terms and conditions and applicable law.
It is therefore important to check whether your insurance still provides coverage.
Cancel your insurance. You can do this through the Rabo App or Rabo Internet Banking. If you are unable to do so, contact us.
You can keep your insurance. Do you still want to make a change? You can do this through the Rabo App or Rabo Internet Banking. If you are unable to do so, contact us.
You cannot take out new insurance while living abroad
If you live abroad, you cannot take out new insurance. You also cannot expand your existing insurance. For example, you cannot add another car to your policy.
Are you planning to move back to the Netherlands and want to arrange insurance in advance for a home you are buying or renting? Contact us to discuss the available options.
Insurance coverage while living abroad
Home and contents insurance
Do you have home or contents insurance for a home in the Netherlands? In many cases, damage is covered while you live abroad. Always check the policy terms and conditions.
Other property and casualty insurance
Do you have a property and casualty insurance policy other than home or contents insurance? In many cases, damage is not covered while you live abroad.
Does your insurance no longer provide coverage under the policy terms and conditions? Cancel your insurance through the Rabo App or Rabo Online Banking.
Term life insurance
Do you have term life insurance? In many cases, you will still have coverage while you live abroad. However, you may no longer be able to change the coverage, and there may be tax implications.
Always check the policy terms and conditions.
Health insurance
Do you have health insurance and live abroad? Moving abroad often affects your health insurance. The insurance you need depends on your situation.
Always check the policy terms and conditions.
Capital and annuity insurance
Do you have capital insurance, annuity insurance, or both? In many cases, you will still have coverage while you live abroad.
However, you may no longer be able to change the coverage, and there may be tax implications. The consequences after your death may also be different if your surviving dependents live abroad.
Always check the policy terms and conditions.
Supplemental retirement products
A retirement product allows you to save or invest money to supplement your income after you stop working. Moving abroad may have tax implications. Other countries often have different tax rules.
Our supplemental retirement products are: Rabo ToekomstSparen, Rabo ToekomstBeleggen, Rabo ToekomstUitkering, Rabo GoudenHanddrukSparen, and Rabo GoudenHanddrukUitkering.
Are you considering moving abroad? It is important to understand how this could affect your existing retirement products.
Foreign-resident surcharge on your payment account
Since 1 September 2022, you have paid more for your payment account if you live abroad. We call this a foreign-resident surcharge.
It may therefore be more cost-effective to switch to a bank in the country where you live. You will receive a message about this.