Banks play an important role in managing personal finances and facilitating transactions. If you reside or run a business in Belgium, having a bank account is essential.
In this article, we will explore the importance of having a bank account in Belgium, the different types of bank accounts available, the best banks in the country, the process of opening an account, and other important aspects of managing your Belgian bank account.
Do you need a bank account in Belgium?
Having a bank account in Belgium offers many advantages. It enables you to receive salary payments, make purchases, pay bills, manage finances, and benefit from various banking services.
In addition, a bank account is required to rent accommodation, obtain a loan or start a business in Belgium.
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Types of bank accounts in Belgium
There are a range of current accounts available for expats moving to Belgium. These include the following:
Basic current account:
A basic checking account is suitable for everyday banking needs, such as receiving income, making payments and withdrawing cash. It usually provides debit card and online banking facilities.
Excellent current account:
A premium checking account offers additional features, including higher transaction limits, a wider range of services, and personal assistance from bank representatives.
Group account:
A group account is designed for businesses or organizations that regularly process a large number of transactions. Provides custom solutions, such as bulk payment processing and specialized reporting.
Savings accounts:
Savings accounts in Belgium provide a safe way to save money while earning interest. They may have specific conditions, such as fixed-term deposits or tax-advantaged savings options.
External accounts:
Offshore accounts allow individuals to hold accounts in foreign currencies, facilitating international transactions and protecting against exchange rate fluctuations.
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The best banks in Belgium
There are about 100 banks operating in Belgium, including many foreign banks. Some names of banks in Belgium:
- BNP Paribas Fortis
- ING Bank
- KBC Bank
- ABN-AMRO Bank
- Bank of America
- BBVA Bank
- Citibank Europe
- Commerzbank
- Deutsche Bank
- HSBC Bank
- Rabobank
- Santander Bank
Choose a bank account in Belgium
When evaluating which Belgium bank account to choose, you'll need to consider a variety of things.
This includes the location of your nearest bank and how you can manage your account.
The majority of accounts in Belgium pay fees, so you should research further to get the best contract with the bank you will choose.
Some banks will charge fees of €5-6 per month for premium accounts, while others work with an annual fee instead.
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How to open a bank account in Belgium
Opening a Belgian bank account from abroad: To open a Belgian bank account from abroad, contact the chosen bank to inquire about the necessary documents and procedures.
It usually involves providing identification, proof of address, and completing the required forms. Some banks may allow you to open an account online.
To open a bank account in Belgium, you need to show proof of identity (passport or ID card) and proof of your address.
Having a bank account in Belgium is essential to managing your money efficiently and accessing a wide range of banking services. Consider the different types of bank accounts available, find the best banks in Belgium, and follow the proper procedures to open and manage your account effectively.
With a Belgian bank account, you can navigate the financial landscape with ease, enjoy secure transactions and many banking benefits.
