When moving to Belgium, one of your top priorities should be opening a bank account. This account will be essential for handling everyday transactions such as paying rent, transferring deposits, covering bills, and making regular purchases.
Belgium is known for its advanced cashless society, with most transactions being completed via debit cards or online payment systems rather than cash.
As an expat, you will have several reputable banks to choose from, but selecting the right one can be daunting. Here’s a guide to help you navigate the options:
Top Banks in Belgium for Expats
- KBC Bank: KBC is a major player in Belgium’s banking sector. Opening a basic account here is straightforward and free of charge. You will need to visit the bank initially to submit your documents, but your card will be mailed to you within a week. The customer service is excellent, and their mobile app is user-friendly. For more details, visit the KBC website here.
- BEO Bank : Another good bank also offering free checking account.
- BNP Paribas: This well-known French bank offers expat services in major Belgian cities. Their ‘Comfort Pack’ includes up to three current accounts for a family at a cost of €3 per month. Check out their expat services here.
- ING: A Dutch multinational with about 700 branches across Belgium, ING is a popular choice among expats. Their basic “Lion” account has no fees. Learn more about ING’s offerings here.
Other well-known banks include Citibank, Rabobank, HSBC, and BBVA. When choosing a bank, consider factors such as proximity, account fees, and the availability of English-speaking services.
Documents Required to Open a Bank Account
To open a bank account in Belgium, you will need:
- A national ID, usually your passport.
- Proof of address, typically your Belgian Residence Permit Card.
If you don’t yet have a residence permit, your employer can provide documentation proving your employment. You will need to submit your residence permit within three months of opening the account, or it may be closed.
After submitting your documents and completing the application process, you will receive your debit or credit card by mail, followed by your PIN code. If you need your card urgently, you may be able to pick it up at a local branch.
Opening a Bank Account from Abroad
If you wish to open a bank account before arriving in Belgium, you can do so by requesting the necessary forms from your chosen bank. Your account will be activated once you visit a branch in Belgium with proof of identity and address. Alternatively, consider international banks like ING that operate in both your home country and Belgium.
Bank Accounts for Self-Employed Expats
If you are self-employed and starting a business in Belgium, you will need to open a separate business account. For instance, KBC offers corporate accounts that are distinct from personal accounts. These details must be included in all business documents.
Bank Accounts for International Students
International students and researchers can open a bank account by providing their passport, Belgian residence permit, enrollment letter from a Belgian university, proof of financial means, and accommodation contract. For short stays (less than a year), some banks may not offer accounts. In such cases, online banks like Wise Europe may assist.
International Money Transfers for Expats
Transferring money abroad can be expensive due to fees from both sending and receiving banks. Belgian banks use the SWIFT network for international transfers, which can involve additional fees. To avoid high costs, consider alternative services like Revolut, which charges about €3 for transferring €1000, or Wise, which charges €1 for transfers up to €100. Other options include Remitly and N26.
Banking Security Tips
To protect yourself from bank fraud:
- Avoid clicking on random links in emails. Always log in by typing the bank’s website address directly into your browser.
- Never share sensitive information like passwords via email or phone.
- Make online payments through secure platforms only.
- Use a secure password manager like Bitwarden to store your credentials safely.
Thank you for reading! If you have any more questions or need further assistance, feel free to leave a comment below