Until the turn of the last century, if you wanted to send money to Belgium you would have to use the services of a bank or a high street forex broker. Unfavorable exchange rates and steep fees of the yore were considered part of the parcel. Fortunately, sending money to Belgium is no longer as prohibitive as it was, and you now get a number of specialist money transfer companies from which to choose.
Transfer Money to Belgium
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
From 1832 to 2002, the Belgian franc was the currency of Belgium. Since the introduction of the euro (EUR) in 2002, it has become the official currency of Belgium. The euro is divided into 100 cents.
If you wish to send money to someone’s bank account in Belgium, you’ll need the recipient’s complete name, his or her account number, the name of the bank, the Rekeningnummer, the SWIFT/BIC code, and the IBAN.
Here are SWIFT codes of some popular banks in Belgium.
|Aareal Bank AG||Brussels||AARBBEB1XXX|
|ING Belgium NV/SA||Brussels||BBRUBEBB010|
|The Bank of New York Mellon||Brussels||BNYMBEBBXXX|
Popular Currency Corridors
A considerable sum of money flows in and out of Belgium each year. In 2016, more than U.S. $9.5 billion made its way to Belgium from other countries in the form of remittances. During the same period, more than U.S. $5.5 billion made its way out of the country as well. Take at look at the tables below to check popular currency corridors and find out how much money flowed to and from different regions.
How Do I Compare Companies When Sending Money to Belgium?
If you want to transfer money to Belgium, comparing different overseas money transfer companies can help you in more than one way. No matter whether you want to send money from the U.S., the UK, Canada, or Australia to Belgium, the factors that require your consideration remain the same.
- Cost of the transfer. Some service providers offer fee-free money transfers to Belgium, although they may make up for it by giving you less-than-desirable rates. To select the most cost-effective alternative, simply look at how much money the recipient stands to receive.
- Processing time. Transfers that rely on the Single Euro Payments Area (SEPA) network typically process within one to two working days. Banks account transfers from other countries may take up to five or six working days. If you want to send money in a hurry, consider sending it to a cash pickup location because these transfers tend to take place almost immediately.
- Payment methods. The most commonly accepted method is a bank account payment. Some companies let you pay using a debit or credit card, although you might need to pay an added fee. You can also find companies that accept payments via regions specific method such as POLi, SOFORT, and iDEAL.
- Customer service. Customer service plays a particularly important role if you plan to keep sending money to Belgium because you might need assistance every now and again. Depending on the company you select, you may get support via phone, email, or chat. To determine if a company you shortlist delivers on this front, look for what its previous customers have to say on platforms such as Trustpilot and Feefo.
How to Send Money to Belgium?
There are different ways to initiate your money transfer to Belgium.
- Online. If you have access to an internet enabled computer or mobile phone, you may initiate your transfer at anytime, from practically anywhere. Banks that facilitate fund transfers to Belgium are known to let their customers start the process online. You also get a number of specialist money transfer companies from which to choose.
- Over the phone. You can find money transfer companies that let you set up money transfers to Belgium over the phone. Some even give their customers access to dedicated currency brokers.
- In-person. If you want to send money to Belgium in person, you can get in touch with your bank. There are a few money transfer companies that provide this alternative too.
Nicolas had moved to Australia for work, while his ageing parents continued to live in Belgium. They had been financially dependent on him for some time, so he needed to send them money every month. For the first couple of months he used the services of a popular Australian bank. In the third month, upon the advice of a co-worker, he compared his options. The table below indicates what he found.
|Bank||Money Transfer Service|
|Exchange rate||AU $1 = EUR 0.6028||AU $1 = EUR 0.6367|
|Transfer fee||AU $25||AU $0|
|Amount received for AU $5,000||EUR 2,998.93||EUR 3,183.50|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 184.57|
Nicolas was going to send AU $5,000 each month, and by choosing the money transfer company over his bank, his parents ended up getting a little extra money every time. Besides, the money transfer company let him schedule his transfers and even lock in exchange rates for up to six months.
Cash Pickup Locations in Belgium
Sending money to a cash pickup location usually takes precedence if time is of the essence. Fortunately, popular money transfer companies such as Western Union, Ria, and MoneyGram have a presence in Belgium.
|Ria in Belgium|
|Antwerp Ria Oudemansstraat 30 Antwerpen||Travel India BVBA Appelmansstraat 26 Antwerpen|
|Brussels Ria Rue Veeweyde 7 Brussels||Ria Boulevard Anspach 42 Brussels|
|MoneyGram in Belgium|
|Antwerp Ishtar Sint-Elisabethstraat 52 Antwerpen||Cardland Offerandestraat 100 Antwerpen|
|Brussells Casa Emil Rue Willems 13 Boite A Brussels||Money International Chaussee De Gand 100 Molenbeek-Saint-Jean Brussels|
Safety Tips for Picking up Cash in Belgium
Instances of petty crime in Belgium are on the rise, so it is best that you exercise some caution when picking up cash from physical locations.
Do not carry large amounts of cash when you go out, and keep only the cards you need. Avoid carrying your cards, money, and travel documents in the same bag. When possible, leave valuables such as jewelry in the safe of your hotel.
Remain cautious if you are out late at night, and be vigilant on public transport and train stations. Instances of mugging and robbing are not uncommon around the Gare du Nord and Schuman (the EU quarter) and the Brussels Gare du Midi/Zuidstation (Eurostar terminal). Keep an eye out for pickpockets on international trains as well.
Don’t keep valuables in your car in plain sight even when you are in it, and keep its doors and windows secured. This is because motorcycle borne thieves try to break windows and steal valuables when vehicles come to a halt at traffic signals.
What Information Do I Need to Send Money to Belgium?
The information you need to provide depends on the chosen transfer method.
- Bank account. Be ready with the name of the recipient, an account number, and the bank’s name, as well as its SWIFT/BIC code, IBAN, and Rekeningnummer.
- Cash pickup center. You will need to provide the recipient’s name along with a desired cash pickup location. The recipient will need to provide a valid form of ID and a reference number of collect the transferred money.
Regulations When Transferring Money to and From Belgium
The Belgian Financial Intelligence Processing Unit (CTIF-CFI) is responsible for processing and forwarding information to combat money laundering. Transactions of EUR 10,000 or more – whether in a single operation or through multiple operations that appear to be linked – typically come under the scanner.
If you transfer money to Belgium from a country that is part of the SEPA, it is treated as a domestic transfer and no additional charges apply.
Whether you wish to convert Belgian money to U.S. dollars, British pounds, or Swiss francs; or if you want to send money to Belgium by converting any other currency to euros; take some time to compare your alternatives. Do not forget to look for promotional offers because they can lead to added savings.
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