This new offering aims to address the financial service needs of the growing migrant workforce in the Netherlands who often encounter difficulties when attempting to open a Dutch bank account due to language barriers and complex documentation requirements, according to The Paypers.
PINCARD is looking to mitigate these challenges by providing a streamlined registration process, making it easier for these workers to obtain a Dutch payment account and engage with the local payment infrastructure.
PINCARD includes a Dutch IBAN, which simplifies processes such as receiving salaries through temporary employment agencies. Additionally, account holders receive a Mastercard debit card for making purchases and withdrawing cash. The PINCARD mobile app, available in multiple languages, allows users to manage their finances, perform transactions, and request payments with ease. Account holders using PINCARD benefit from customer service available in their native languages, ensuring they receive adequate assistance for any inquiries or issues.
Incoming transfers and card payments in Euros are free. For incoming transfers, card payments, and cash withdrawals in currencies other than the Euro, an FX surcharge of 2% applies (per transaction). Those interested can benefit from a personal PINCARD payment account for €5.95 per month, but there are other costs as well. For instance, a surcharge of € 9,99 applies for administration, handling, and shipping the PINCARD debit card.
According to finance-watch.com, the Netherlands ranks amongst the best countries of the EU regarding financial inclusion, as about 99% of the population has a personal current account, giro account or similar. In other words, less than one per cent of the population is unbanked. According to the same source, the main reasons for this high level of financial inclusion in the country can be attributed to a universally high standard of living, high social benefits coverage, high financial products coverage, and universal and non-discriminatory banking services.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
