Banking & Opening a Bank Account in Belgium

Belgium has the largest number of bank branches per head in the world and electronic banking is widespread. It is possible to carry out most transactions either at an ATM or using a computer. There are also some banks which operate entirely online, where it is possible to do everything from opening an account to using the bank's investment services.

All banks can charge for the products and services that they offer and these can vary between banks. Personal accounts may be more expensive in Belgium than in the UK or USA, as banks charge separately for each service offered (such as debit and credit cards and Internet banking facilities) in addition to each transaction. Most banks offer a variety of packages for an annual fee, which includes the fees for bank cards, Internet banking access, some transactions at ATMs and usually some form of account insurance.

Opening a Bank Account

Opening a current account (compte à vue/zichtrekening) in Belgium is relatively easy. To open a bank account in order to deposit funds and have a credit or debit card, the following papers are necessary:

• Passport
• Bank Account Application Form (completed and signed)
• Some banks will request proof of address (such as a utility bill)

Some banks allow customers to open bank accounts online, and there are banks in Belgium that allow foreigners to open an account online before they arrive in Belgium. The bank must be informed once a residency permit has been issued.

Once the account has been opened it can take up to two weeks to receive the cards, PIN codes and passwords necessary to manage the account, although the process may sometimes be quicker. Bank statements (extraits de compte/rekeningguittreksels) are generally sent out monthly, but it is possible to receive them more frequently for an additional charge.

Overdraft facilities are available on current accounts but banks will request proof of income (for example a work contract) or three months of payslips.

Using a Belgian Bank Account

Cheques are very rarely used in Belgium.

Debit cards

Payments in Belgium are often made with a debit card. Generally this is issued when opening a bank account and allows use of the bank's ATMs for a range of transactions such as deposits, withdrawals, fund transfers and sometimes bill payments. When using a debit card the amount of the transaction is removed almost immediately from the person's bank account.

The major types of debit card are Bancontact, Mister Cash, Cirrus and Maestro. These require a four-digit PIN code issued by the bank. Most debit cards can be used in any ATM that is part of the related debit card network.

Proton

Some debit cards have what is known as a Proton facility, which can be used for making small payments. A PIN code is not necessary. Cash cards can be loaded electronically at a bank machine and can be used for paying parking fees, newspapers and most other everyday items.

To use the card, the shopkeeper types the amount in to a Proton terminal, and the customer then inserts their card and confirms the transaction. The disadvantage of Proton is that if the card is lost or stolen it can be used by anyone until the credit is spent.

Credit Cards

Credit cards are used widely in Belgium, and differ from debit cards in that payments for purchases are removed from the bank account once a month. Both Visa and Mastercard are available through banks, but American Express and Diners Club cards are issued by the respective company. An annual fee is charged for a credit card. Monthly statements are issued about ten days before the payment is debited from the bank account.

Opening Hours

Most banks are open Monday to Friday from 09:00 to 16:30 and a few banks are open on Saturdays. Many smaller branches may close at lunchtime, often between 13:00 and 14:00.

Paying Bills

There are a number of ways of paying bills in Belgium, and it is possible to pay some bills at an ATM.

Household bills and invoices can be paid by authorised payments otherwise known as direct debit (domicilisation/domiciliëring). This allows an authorised organisation to debit money from the bank account. To set up an authorised payment with a company, written consent must be sent to the payee who then sends bills directly to the bank.

Standing orders (ordre permanent/doorlopende opdracht), are common for amounts that do not vary from month to month, such as rent payments. The customer simply has to give authorisation to the bank to transfer a fixed amount to another bank account on a fixed date.

Many bills can be paid by money transfers. Bills in Belgium are often accompanied by an orange slip which has the name and account number of the payee as well as the amount due. The customer fills in their own account number, signs the payment slip and then sends by post or hands it in to the bank.

Electronic Transfers may be made at self-service banking machines in the majority of banks. Most banks offer Internet banking services and the online transfer forms are the same as written transfer forms.

Post Office Accounts

The Belgian Post Office (La Poste/De Post) offers banking services and is generally cheaper than Belgian retail banks. One of the advantages of a Post Office bank account is that Post offices generally have longer opening hours than other banks. They also have Internet banking facilities.

• For further information on the services offered: Click here (in French & Dutch)

Lost or Stolen Bank Cards

Any loss or theft should be reported immediately to the card company and a formal police report should also be filed.

• 24 Hour Lost or Stolen Credit Cards: Tel: 070 344 344

Major Belgian Retail Banks

• Fortis Bank (in French & Dutch)
• KBC Groep 
• Dexia (in French & Dutch) 
• Citibank Belgium 
• ING (in French & Dutch)
• AXA Bank Belgium (in French & Dutch) 
• Argenta (in French & Dutch) 

Belgian Banking Terminology Guide

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