Banks

Where to manage your finances in Belgium

Banking is a major industry in Belgium, and there’s no shortage of banks to choose from. Belgium claims to have the largest number of bank branches per capita of any country in the world.

The banks in the region have long led the world in the field of electronic banking, and there are few transactions you can’t do either from an ATM (automatic teller machine) or from your home computer. Banks offer a wide range of services, including personal and commercial banking, investment and insurance services, and personal, commercial and mortgage loans. Most larger banks have websites containing information about the services they offer, including online banking, and in some cases application forms.

Despite the spread of electronic banking, it’s still necessary to have at least a current account ( compte à vue/zichtrekening) in your country of residence, as cross-border bank transactions can be expensive and complicated, even when everything is denominated in euros. Online banking, using bank-supplied software or via the Internet, is gaining in popularity, but only in Belgium are there ‘genuine’ e-banks (banks operating entirely online, where you can open an account from the comfort of your home and never actually see your banker). Some online banks offer a full range of investment and loan services, complete with downloadable application forms (e.g. ING Bank, http://www.ing.be/expat)

Personal accounts are generally more expensive in Belgium than in the UK or USA but cheaper than in France or in Italy. You should expect to pay between €50 and €100 per year for a standard current account that includes debit and credit cards, plus ATMs and Internet banking facilities. Banks usually charge for every service separately, as well as for each transaction, although they may offset charges by paying a (very small) rate of interest on your average account balance each month (provided you remain in credit). Most banks offer a variety of ‘package programmes’ which include the fees for the various bank cards, online banking access, a number of transactions at bank machines and often some form of account insurance, all for a single annual fee.

You can arrange to receive bank statements at regular intervals (daily, monthly, quarterly or annually) or to pick them up at your branch (in which case you avoid being charged a mailing fee plus postage) or simply print them at a bank machine or from your home computer (and not be charged at all). Bank fees are usually deducted directly from your account either quarterly or at the end of the year.

Traditionally there have been three major banks in Belgium, although recent buy-outs and mergers have changed some of the names, which are currently ING Bank, Fortis and KBC. Bank account numbers are standardised in Belgium, the first few digits indicating the bank and branch to which the account belongs.

Opening Hours

Most banks are open from 9am to 4 or 4.30pm Mondays to Fridays and a few are open on Saturdays. Many smaller branches close for an hour at lunchtime (usually 1 to 2pm).