With the following Belgium Money Transfer Guide, you will be able to maximise the value of your currency every time you need to make international money transfers.
We will show you how to send money to or from Belgium with lower fees and better currency exchange rates than any of your local banks.
The Guide’s Topics:
- Best Way to Send Money to Belgium
- Best Company to Transfer Money from Belgium
- Today’s Euro Rates
- Reasons to Move Funds into Belgium
- Regulation and Limitations
Best Company To Transfer Money To Belgium
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
MoneyCorp brings a lot of experience to the table as they have been in this business for more than 35 years and kept on growing throughout this time. They have a very low minimum transfer of only €50 and for many countries, they will provide a fee-free money transfer. Just go to their website and fill the form in order to get a free quote.
WorldFirst is newer on the market but has been focused more on delivering great services through technology. Their easy to use mobile App is a statement in that sense. With the app you can literally send money on the go. For more information about it, be sure to check their website.
Tip: Both companies have a French version of their website that is easily accessible by clicking the French flag in the top right corner.
Best Company to Transfer Money from Belgium
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Supported Regions & Currencies
All the Euro using countries are under the Anti-money laundering laws, which applies to the entire territory of those countries. There are no differences like you can find in the USA where they have state-by-state laws.
In short, this means that any company working with currencies in Belgium is able to provide their services in all the parts of the country.
Currencies: Both companies previously listed by us have access to many international currencies and, of course, a big focus is put on the Euro transactions. Great benefits are provided when sending money from Belgium to EU countries like France, Spain, Ireland, Greece, Portugal, Netherlands or Germany.
Today’s Foreign Exchange Rates for EUR
Why Send Money To A Belgium Bank Account
As one of the founding countries of the European Union, Belgium is a modern and private enterprise economy with a highly developed transport network. It was also the first country to undergo an industrial revolution in Europe in the early 19th century.
Real estate: During the recession, Belgium was spared from the big falls in property value suffered by many other European countries. This has led to a relatively stable real estate market. Property values are rising again in Belgium after a small decline in 2014 (similar situation with Lithuania), with the average price of a regular house in Belgium standing at €202,137 in the third quarter of 2014.
Biotech: In 2014, two out of three IPO’s on the Euronext Brussels list were biotech companies. In 2015, another Belgian company, Bone Therapeutics, has further established the biotech sector as one of the most prolific sectors in the country.
Relocating To Belgium?
If you consider moving to Belgium, you may find the following information helpful.
Advantages Of Moving To Belgium:
- Good Employment: Many employers give the 13th month of paid work per year in salary.
- Agreeable Work Hours: 5% of employees work long hours.
- High Level of Education for Population: 72% of adults aged 25 – 64 have completed upper secondary education.
Disadvantages Of Moving To Belgium:
- Lower Average Annual Income: Average Household net-adjusted disposable income per capita is $28,307 USD per year.
- Difficult for Non-EU Resident Employment: Belgian employers are reluctant to hire non-EU nationals for employment.
- High Taxation: Tax rates are between 25% and 50% of income after social security deductions.
How Cheap Money Transfers Work
It’s important to realise that the primary business of an FX company currency exchange. This means that they are literally in the business of trading cash. To do this they needed to optimize all of the available channels and, therefore, they could offer a better and cheaper service than the competition.
These companies buy currency in large volumes at a reduced, bulk price. When a customer decides to place an international money transfer, it indirectly helps the company to distribute and re-sell their currency for a profit margin. The bigger the transfer that is placed, the more money that comes their way. This is when they are able to offer you a No Fee transaction.
What you need to send money to Belgium
- Your identity card
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.
Our Company Recommendation:
- Send Money to Belgium: Companies that provide international money transfers to Belgium.
- Send Money from Belgium: Companies that take on Belgian Customers.
Regulations and taxes when transferring money to and from Belgium
Belgium has no regulations or currency controls, as a member of the Eurozone’s single currency. Transferring money in and out of Belgium is not restricted for non-residents and residents alike. This applies even to countries outside the Eurozone.
The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.
The National Bank of Belgium
The National Bank of Belgium oversees payment systems to ensure the stability of its financial sector.
The European Central Bank (ECB) sets the single monetary policy.
Foreign Direct Investments (FDI) in Belgium do not require government approval.
Transfers over EUR10,000 must be declared to European Union authorities.
Taxation on foreign income
Belgian residents are taxed on any foreign income. Non-residents are taxed only on income originating in Belgium. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Belgium
- ING Belgium
- AXA Bank
- BNP Paribas Fortis