If you're moving to Belgium, here's how to manage your money
Cash or card? Local bank or digital? In Belgium, the answer depends on where you live and how long you're staying.
Banking Overview in Belgium
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Belgium
Foreigners can open bank accounts in Belgium. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Belgium. While you may be able to send money to Belgium, full local account features may not be available. Check their website for the latest on Belgium-specific services.
N26
N26 is not currently available in Belgium. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Belgium, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Belgium is approximately €4,042 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Additional Data Points
Recent reports and expat sources provide these additional figures for Belgium:
- Their basic current account is called the Green Account and will cost you €40 per year. Their premium account is called Lion Account , and several savings account options are available. So make sure to inquire if you are interested.
- There are 590 local branches and over 2,000 specialists working for Belfius Banque & Assurances . They also offer 2,400 ATMs in Belgium. Their website is in Dutch and French.
- With more than 700 branches and 3,700 ATMs , BNP Paribas Fortis is Belgium's leading bank. It offers a website in French, Dutch, English, and German.
- As with all other banks, you will have two options for bank accounts. The Basic account is free, and the Plus account costs only €2 per month. For those aged 24 and under, it is possible to obtain a free youth account.
- Many banks allow opening a 100% online account, even for non-residents.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Do I need a residence permit to open a bank account in Belgium?
Many banks in Belgium require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
What are the best banks for expats in Belgium?
For expats in Belgium, options depend on your needs. ING and KBC accept foreigners. Wise first recommended. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
Does Wise (TransferWise) work in Belgium?
Wise has limited functionality in Belgium. You may need to rely on traditional banks for transfers.
How do ATM withdrawals work in Belgium?
ATMs are widely available in Belgium. Your bank's ATM network is usually free; out-of-network ATMs may charge €1-5 per withdrawal. International cards may incur additional fees.
What is the local currency in Belgium?
The local currency in Belgium is euro (EUR), represented by the symbol €. Most payments can be made by card, though cash may still be important in some contexts.
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