You can also pre-open your account and receive your code numbers to manage your account before you arrive in Belgium and receive your bank and credit cards when you go to your first appointment with your bank advisor.
For tracking the activity on your account you can choose from monthly, weekly or even daily statements. You may be charged for this service and the more frequently you want statements, the more expensive it will be. If you don’t specify otherwise, you will receive one or two statements per month. However, many banks have now stopped sending paper statements by mail, as you can easily check your statements, account balance and your recent transactions via online banking.
In addition to a current account, most banks also offer a savings account. Belgium exempts a certain amount of savings account interest from income taxes, and there’s a variety of savings plans available, designed to permit you to save money for any purpose.
With deposit accounts (term deposits) you must be prepared to invest for a period of up to 12 months. In general, the longer the term, the higher the return, but that depends on the interest rates of the market. You receive a pass book for a savings account, where all deposits and withdrawals are recorded.
This article is an extract from Living and Working in Holland, Belgium & Luxembourg from Survival Books.
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