Belgium is a favored destination for expatriates and is inhabited by individuals from various countries. If you intend to establish a bank account in Belgium as a US expatriate, you may be curious about the necessary steps to do so upon your arrival.
As a US citizen, can you open a bank account in Belgium from abroad?
Many institutions permit you to establish an account online, which is advantageous if you intend to do so prior to your arrival. Accounts for non-residents are also approved by numerous Belgian institutions.
Nevertheless, non-residents are frequently unable to access the most comprehensive or cost-effective account packages, as they necessitate either an Itsme account or a local ID document.
Many expats elect to maintain their international bank account and investigate whether there are any Belgian branches. In the event that your local bank does not have branches in Belgium, it may have partnerships with banks that do. In addition to other advantages, partnerships provide the additional benefit of reduced fees or complimentary ATM transactions.
Which documents do you need to open a bank account in Belgium?
If you possess Itsme¹, a digital ID and verification tool, it is possible to establish an account with numerous Belgian banks online with ease. In the event that you lack this, you may still be able to establish certain accounts online by uploading documents. In other instances, you will need to visit a branch in person.
The documents that are required are typically quite simple. The specifics will differ from bank to bank; however, you will typically be required to provide:
- A Belgian ID card or a legitimate passport
- Proof of residency is typically provided by a utility receipt or rental contract.
Popular Belgian banks
Expatriates are prevalent in Belgium, which is why banks are more likely to offer services in English and have international capabilities. Belgium is home to numerous international banks and representatives of key global banking groups, in addition to its local banks.
Which bank and account are most suitable for you is likely to be determined by your personal preferences and circumstances.
In order to determine the most suitable option for you, it is important to review the fundamental features of these expat-friendly Belgian banks:
BNP Paribas Fortis®
BNP Paribas Fortis² is a subsidiary of the banking group BNP Paribas®, as you may have inferred. They maintain an extensive network of ATMs and branches in Belgium and beyond.
- Online and mobile banking for everyday use
- Investments, pensions, and savings services.
- Credit cards and loans
- Home Insurance
ING Bank Belgium®
ING Bank Belgium³ is a subsidiary of the ING group, similar to BNP above. It provides a comprehensive variety of retail and commercial banking services and has a significant number of branches throughout Belgium.
- Online current/checking account options
- Saving and investment products
- Credit cards and loans
- Insurance
Hello Bank!®
If you prefer a digital-only bank, Hello Bank⁴ is a viable alternative. It is owned and supported by BNP Paribas and offers a user-friendly interface and a reasonable selection of products and services.
- Accounts and cards for different customer needs
- Brokerage, insurance, and loan services
- Free bank cards for each account holder
- Support via website, app, and phone
- Extensive digital capabilities via online and mobile app
Fees and costs of bank accounts in Belgium
When selecting a bank, it is crucial to be aware of the fees that will be assessed on your transactions.
Please ensure that you thoroughly review the account charge schedule prior to commencing any transactions. Even though transaction and service fees may appear to be insignificant, they can accumulate rapidly. The following are a few to take into account.
ATM fees
ATMs are situated in the majority of institutions, as well as in a variety of high-traffic areas and storefronts. However, you will likely be charged ATM fees if you are using a machine that is not part of your bank’s network. The good news is that the majority of ATMs will accept your card, regardless of its international status.
Other common bank fees
It is possible that the most affordable account packages offered by your preferred bank are not accessible to non-resident customers. There is no issue with delaying your relocation to Belgium until you have completed all local documentation. However, if you are attempting to arrange everything in advance, you may be required to pay additional fees and charges.
It is not uncommon for banks to provide packages that include an everyday account and a limited number of free transactions. Additionally, these packages may include options for waiving other fees. For instance, you may discover that the maintenance fees are reduced or your annual credit card fee is waived if you deposit your salary into your account on a monthly basis.
Fees for international transfers
As an expatriate, you may be required to transmit funds from your foreign account to your Belgian bank account, or vice versa.
International money transfers are available from the majority of banks; however, the costs are subject to significant fluctuations. EU transfers are generally more budget-friendly, whereas global transfers may employ exchange rates that include a fee in addition to the mid-market rate, as well as additional service fees to consider.