1/ [over generalization] The Netherlands is fundamentally terrified of credit cards, so the system here is predicated around Maestro, a type of local-only card that you need a BSN (social security number) to get. It's 'modern' but incredibly insular.
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2/ Almost all shops take this Maestro card + pin, but majority of payment terminals here ONLY take Maestro. Got credit card? Nope, can't shop here — and most don't take cash lol. The laughable part of it is if friends visit from overseas, often can't pay at restaurants
pic.twitter.com/SIBLn7ejVO
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3/ All cards are contactless equipped! Unfortunately, the limit is hard-set at 25 euro, and if you exceed it, the transaction will fail, then they have to set it up for pin

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4/ If you want to pay online, you have to use iDEAL, a mess of a "secure" way to pay with the same card. That means using a calculator 2FA at most banks, and being locked out of the international market (Holy wow, Amazon is so much cheaper than local)pic.twitter.com/8lkC594jeN
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5/ It's OK though, the banks have credit cards! But they're REALLY SCARED YOU MIGHT GET IN DEBT so your limit will be insultingly low. Probably not enough to do much with it — and it can't be reloaded when you fancy. This guy is slathered all over 'em:pic.twitter.com/wm1XgF4y0H
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6/ There's one Dutch bank startup, Bunq, which looked promising but ended up what you would build if you'd heard of credit cards but never really used one (e.g each credit card payment requires manual(!) approval)pic.twitter.com/3mp4ZG6cjV
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6/ I've been here three years and I pay online on my NZ credit card mostly because it's easier than paying locally. Seems people think the system is fine, so nobody's really pushing for innovation + nobody understands the actual upside of credit cards (insurance, whee!)
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7/ 100% understand trying to dodge the Visa/Mastercard fees/being debt averse but the payment landscape is super backwards as a result. Folks don't see the upsides, nor the cheaper stuff in neighboring countries, because they're locked in.
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8/ There are some really cool Dutch bank things in amongst this, though! Payments to other accounts are pretty fast! We don't have checks! I can send a payment link to my friends and get paid right away! etc etc.
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9/ Lots of promising fintech around (
@RevolutApp and@TransferWise are
) so have some hope at least!
Done moaning about 

, but mostly humbled how good NZ is in the global banking game!11 replies 1 retweet 20 likesShow this thread
To me, debit cards on the Visa and MasterCard networks are the best of both worlds: Low-ish fees, card numbers, instant authorization, and single account balance. I don’t understand the need for insurance or points.
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