Send Money to Belgium

Belgium flagWith 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 Company To Transfer Money To Belgium

Payment Facility

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £50,000+
Expected Rates* - £50,000+ :
- GBP: 1.1738 EUR to 1.1762 EUR
- CAD: 0.6660 EUR to 0.6673 EUR
- USD: 0.9082 EUR to 0.9101 EUR
WorldFirst
WorldFirst Review
TorFX logoMin. Transfer: £ / €100.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £5,000+
Expected Rates* for £5,000+:
- GBP: 1.1726 EUR to 1.1762 EUR
- CAD: 0.6653 EUR to 0.6673 EUR
- USD: 0.9073 EUR to 0.9101 EUR

transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 1.1750 EUR
- CAD: 0.6748 EUR
- USD: 0.9092 EUR
Transferwise
Transferwise Review
Belgium BankBig International Transfer Fee + Currency Exchange Fee. Double The Cost Of Commercial FX.

Exchange rate would be approximately *:
- GBP: 1.1573 EUR to 1.1691 EUR
- CAD: 0.6566 EUR to 0.6633 EUR
- USD: 0.8955 EUR to 0.9046 EUR
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive.

Exchange rate would be approximately *:
- GBP: 1.1514 EUR or worse
- CAD: 0.6566 EUR or worse
- USD: 0.8955 EUR or worse
Paypal

* 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

Service Provider

Summary

Recommendation

MoneyCorp logoMin. Transfer: £ / € 50.
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
MoneyCorp
MoneyCorp Review

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.

But having a great infrastructure means that you can easily send money to other smaller countries like Jamaica, Sri Lanka, Israel, Morocco or even New Zealand.


Today’s Foreign Exchange Rates for EUR

GBP to EUR – Pounds to Euro; 10,000 GBP is 11,809.0000 EUR

EUR to GBP – Euro to Pounds; 10,000 EUR is 8,468.1175 GBP

EUR to CAD – Euro to Canadian Dollars; 10,000 EUR is 14,925.9040 CAD

CAD to EUR – Canadian Dollars to Euro; 10,000 CAD is 6,699.7617 EUR

AUD to EUR – Australian Dollar to Euro; 10,000 AUD is 6,782.1043 EUR

EUR to AUD – Euro to Australian Dollar; 10,000 EUR is 14,744.6863 AUD

EUR to USD – Euro to US Dollars; 10,000 EUR is 10,944.1951 USD

USD to EUR – US Dollars to Euro; 10,000 USD is 9,137.2640 EUR

EUR to CHF – Euro to Swiss Franc; 10,000 EUR is 10,944.1951 CHF

CHF to EUR – Swiss Francs to Euro; 10,000 CHF is 9,137.2640 EUR

NZD to EUR – New Zealand Dollar to Euro; 10,000 NZD is 6,289.7470 EUR

EUR to NZD – Euro to New Zealand Dollar; 10,000 EUR is 15,898.8907 NZD


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 a 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.

Popular Destinations in Belgium:

Popular cities for business and real estate transactions in Belgium are: Brussels, Antwerp, Ghent, Charleroi, Liège, Bruges, Namur, Leuven, Mons and Aalst.


How Cheap Money Transfers Work

It’s important to realise that the primary business of a 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
  • IBAN
  • 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:


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 their financial sector.

The European Central Bank (ECB) sets the single monetary policy.

Transfer regulations

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
  • KBC
  • AXA Bank
  • Dexia
  • BNP Paribas Fortis

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