How to open a bank account in Belgium?

Criteria to take into account before opening a bank account in Belgium

The first thing to do to choose the right bank for you in Belgium is to define your needs. Depending on your age, your professional situation and your plans, you may need a savings account, insurance or a loan, for example. Your needs effectively define the criteria to take into account before opening an account in Belgium. For example, what you need in terms of:

• Means of payment

• Ease of management

• Mobile application

• Type of bank account

Good to know: Before opening a bank account in Belgium, you must know two things: 

• Cheques are not offered by banks in Belgium

• The Belgian economy does not deal much with cash: credit cards are therefore essential!

Traditional bank or online bank?

An important issue depending on your situation and your needs. If you have not yet moved to Belgium, it may be more advantageous to choose an online bank,as remote registration is very easy.

Opening an account in Belgium at a traditional bank

While the digitisation of traditional banks has accelerated with the pandemic, COVID-19 has also shown that human contact is still very important for numerous clients in Belgium, as is the case everywhere. Being able to discuss your needs and plans with your banker is certainly the most important advantage of traditional banks. 

In Belgium, the four main banking groups offering this traditional client-banker relationship are: 

• ING

• BNP PARIBAS FORTIS

• KBC

• BELFIUS

However, other medium sized Belgian banks exist such as Axa Banque, Argenta and Deutshe Bank.

Please note: Use a specialised site to compare the different traditional banks. This will allow you to filter based on your needs and to find the most suitable bank.

Opening an account in Belgium with an online bank

For those who are not attached to physical meetings with their banker and who appreciate the speed of mobile applications: opening an online bank account in Belgium will be the ideal solution! 

What is more, online banks are generally less expensive than traditional banks, because they do not have premises to maintain or a large number of staff to pay. There are already a number of online banks in Belgium, the main ones being: 

• KEYTRADE 

• RABOBANK 

• ANYTIME: specialised in the opening and management of professional bank accounts

To open an online bank account in Belgium for non-residents, some banks, such as Aion Bank for example, offer "all-inclusive packages" intended to make your life easier: opening an account, requesting a credit card, loan simulation, etc. all carried out remotely! 

Types of bank accounts in Belgium

There are different bank accounts in Belgium which have features based on the type of account and nuances depending on the bank offering them. This is what you need to know about bank accounts in Belgium for non-residents or adapted for new arrivals: 

Current Account

The current account is the essential bank account for day-to-day operations and management of your everyday finances. Transfers, money withdrawals and direct debits are generally from this account, where you receive your income, associated with a payment card.  

You can sign up for two types of current accounts: basic or premium.

• The Basic account

The basic current account offers the minimum banking functionalities, online or at the bank, which is why it does not generate monthly management fees. Conversely, you will not have access to credit cards and will be invoiced for certain transactions. 

• The Premium bank account

With this type of current account, you will have monthly fees but will not be charged for withdrawing money at the counter or if you need to make a transfer. With their premium account, certain banking establishments in Belgium even allow an account holder to be added, transfers in other currencies and overdraft authorisation. 

Savings Account

In addition to the current account, opening a savings account in Belgium may be a good way to accomplish future plans such as buying a car or a house, for example. 

However, take care with the type of savings account that you choose: 

• The instant access account allows you to draw from your savings if necessary.

• The fixed deposit savings account does not allow you to withdraw money before a certain number of years established in the contract have passed. 

Offshore account

If you are not a resident or if you travel abroad a lot, opening an offshore account in Belgium may be the ideal solution. This type of account allows not only holding different currencies, but also offers different, highly advantageous functionalities such as currencies at a fixed price during a given period or tax reductions.

Which accounts are best suited to expatriates and immigrants?

Numerous banks in Belgium offer a range of financial services intended for expatriates. Notably:

• The Special Premium Pack from BNP Paribas Fortis and its numerous advantages, or the Hello4You Pack for expatriates aged from 18 to 27 years old.

• ING, which offers a dedicated service to help you to open a bank account in Belgium for non-residents.

Documents necessary for opening a bank account in Belgium

The conditions for opening a bank account in Belgium are summarised in a few documents: 

• An identity document (passport or national identity card)

• Proof of address (a water or electricity bill, for example)

• The bank account opening form completed and signed

Good to know: when you open an account in Belgium, there is no obligatory deposit on the day of opening. 

The steps for opening an account in Belgium

If you already know the date you will move to Belgium, you may have the possibility of pre-opening your bank account. Some Belgian banks offer this service, so don't hesitate to ask about it at the establishment you have chosen.

In person

Once in Belgium, you just need to visit the Belgian bank branch closest to your new home, with or without an appointment, with the aforementioned document. If you are French, as most bank employees are French speakers, you should not have any language problems. For other foreign nations, you may request to be assisted by an English speaking employee.

Once your Belgian bank account has been effectively opened, you do not have to go to the same branch to carry out your day-to-day operations. 

Online

You also have the possibility of opening a bank account in Belgium online, but the majority of traditional banks will only validate the opening of your account after a meeting in person. 

If you are lucky enough to have a branch of an international bank near you, don't hesitate to go there after taking the first steps online.

Opening a bank account in Belgium is therefore quite a simple procedure. However, whichever Belgian or international bank you choose, it is essential to closely read the clauses of the contract, and especially the fees established in case of international banking operations. 

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This article has been written for marketing purposes. In no case does it constitute legal advice or financial investment advice. Consult a specialised advisor or lawyer if you need financial or legal advice. 

Opening an account in Belgium: frequently asked questions

Do you still have questions about opening an account in Belgium? We answer your questions:

Is it possible to open an account in Belgium without being a resident?

If your fiscal residence is in France or in another country, you aren’t considered a resident, but you can open a non-resident bank account in Belgium. However, most banking establishments will require that you demonstrate an economic link with the country. 

Is it possible to open an online bank account in Belgium remotely?

Numerous Belgian banks allow online bank accounts to be opened in Belgium, but generally this can be done only after a meeting at the bank. To open an account remotely, you can however choose an international bank present in Belgium which offers a 100% online service.

Why have an account in Belgium?

Migrating to Belgium and becoming a resident… Cross-border workers in Belgium… The reasons to open a bank account in Belgium are as numerous as they are varied!