Choosing a bank account in Belgium
When weighing up which bank to choose, you will need to consider a variety of things. This includes the location of your nearest bank and how you can manage your account.
The costs for current accounts in Belgium vary between banks, and depend on the package you choose. Banks will generally offer free basic accounts and paid-for accounts which can include extra features such as the ability to bank in other currencies, or extra bonuses such as cashback on purchases.
Some banks will charge a fee of a €5-6 a month for premium accounts, while others operate with annual fees instead.
How to open a bank account
Some banks permit you to open a bank account online; you simply submit an online request and the bank will send you the required forms and information. You can also walk into any branch and open a Belgian bank account in person.
Opening a Belgian bank account from abroad
Many banks accept non-resident bank accounts in Belgium, so it is possible to set up an account before moving to Belgium. Check with your home based bank. Another option is to open a bank account with an international bank that has branches in both your home country and where you plan to move abroad.
To open an account before you reach Belgium, you can apply online with your bank of choice. Then when you arrive, you will need to visit a branch with proof of identity (for example a passport or ID card) and proof of legal address (in your home country or Belgium). Some banks will also require you to provide proof of residence once your permit has been issued.
Traditional Belgian Banks with an expat desk in Brussels
Due to the large expat presence in Belgium, you’ll find many banks with international capabilities and English-speaking services. The largest banks in Belgium are Belfius, BNP Paribas, ING Bank and KBC Bank (known as CBC in French).
The following banks offer an expat desk in Brussels:
They generally offer an optional comprehensive service to expats. This service (which involves an annual charge) includes a current account, debit card, credit card and transfer forms. It also includes advantageous financial and insurance packages geared towards the expat resident in Belgium.
Alongside these major banks, which have several hundred branches across the country, there are also numerous independent banking networks, private banks and online banks.
Using a bank account in Belgium
As soon as your account is open you can withdraw money and make payments. Payments in Belgium are generally made by electronic debit card or credit card. The most common debit card in Belgium is known as the “Mister Cash/Bancontact card”. It is a chip card that has a four-digit PIN code or Payconiq.
If necessary, or pending the opening of a bank account with a Belgian bank, your salary can be paid to a foreign account number with a bank in the SEPA zone. If you don’t have an account in one of the countries in the SEPA zone, you will get paid once you have a Belgian bank account number.
International money transfers in Belgium
Moving money from your account in Belgium to a foreign account may result in a fee from both banks.
The Single Euro Payment Area (SEPA) initiative of the European Union makes transfers of the euro currency within SEPA-member countries easier, faster and cheaper – in most cases free or for the cost of a local transfer. Transfers within SEPA countries (27 EU countries plus Norway, Iceland, Liechtenstein, Switzerland, Andorra, Monaco, and San Marino) take one to two days, whereas pre-SEPA the process could take much longer.
SEPA transfers require you to provide the IBAN (international bank account number of the recipient) and the BIC (bank identifier code) of the recipient’s bank (this is also called a SWIFT code).
SEPA also made it possible to use your debit card to make euro-based payments in another SEPA country, just as you would do at home. Also under SEPA, if you have a bank account in any Eurozone country, you can continue to use it to receive your salary, even if you reside in another Eurozone country.
For transfers to non-SEPA countries or in a currency other than euro, you also need to provide the IBAN and BIC as well as the address of the bank to which you are making the transfer. Most online banking systems enable you to make transfers from your computer.
The European Union also has deposit guarantee schemes in place that typically protect investments and deposits up to €100,000 within the Eurozone in the event a bank fails.
For international money transfers, there are alternative solutions to banks that could prove cheaper and more convenient, such as: