What Are The Best Ways Of Sending Money Out Of Belgium? – that will be the topic of today’s article.
Nothing written here should be considered as financial advice, nor a solicitation to invest.
For any questions, or if you are looking to invest as an expat, you can contact me using this form, or via advice@adamfayed.com
It is usually better to “kill two birds with one stone” and invest as an expat, rather than send money home to buy shares or a house.
Introduction
As an expat, you’ll find that living in Belgium is a great experience. There are many things to do and see, and the country has a lot to offer. The people are friendly and welcoming, and there’s a lot of history and culture to explore.
The cost of living in Belgium is relatively high, but it’s still possible to find affordable housing and food. The country is well-connected, so you’ll be able to get around quickly. And, if you’re looking for a challenge, you can always learn a new language.
However, one of the challenges of living in Belgium is sending money back home. If you have family or friends who rely on your financial support, you’ll need to find a way to send them money that is both safe and affordable. And of course, you’ll want to make sure that the money arrives on time.
I’m sure you might have been surfing the web to get a glimpse of what sending money out of Belgium entails? If that sounds like a yes, you have arrived at the right place. In this article, we will discuss the best ways of sending money out of Belgium.
Additionally, we will also touch on foreign exchange and how you can get the best rates. Moreover, you’ll get to know about the various money transfer companies that operate in Belgium, as well as their fees and exchange rates. So, without further ado, let’s get started.
Interesting Facts about Living in Belgium
Did you know that Belgium is home to the world’s largest diamond district? Or that the country produces more than 220,000 tons of chocolate each year? Not to worry less, below are five interesting facts about living in Belgium that you probably didn’t know.
Home to the World’s Largest Diamond District
The diamond district in Antwerp is the largest in the world, with more than 1,500 diamond dealers and brokers. It is also responsible for approximately 80% of the world’s diamond trade. Also, did you know that most of the world’s uncut diamonds pass through Antwerp at some point?
It Has the World’s Smallest Church
The Church of our Lady in Bruges is officially recognized as the world’s smallest church. It is just 9 feet wide and 17 feet long! Aside from its unique size, the church is also known for its beautiful Gothic architecture. Also, it is one of the few churches in Bruges that has survived the test of time, as many of the city’s churches were destroyed during the French Revolution.
It Has the World’s Oldest Shopping Mall
The Galeries Saint Hubert is the world’s oldest shopping mall. It was built in 1847 and is located in Brussels. The mall is home to a number of high-end stores, as well as a theatre, a music hall, and several restaurants. Also, the Galeries Saint Hubert is a great place to people watch, as it is one of the most popular shopping destinations in Brussels.
Home to the World’s Largest Collection of Comic Strips
The Belgian town of Angoulême is home to the world’s largest collection of comic strips. The collection includes more than 300,000 comics, making it the largest in the world. The collection is housed in the Angoulême International Comics Festival, held each year in January.
One of The World’s Leading Exporters of Chocolate
Belgium is one of the world’s leading exporters of chocolate. In fact, the country produces more than 220,000 tons of chocolate each year! And, if that wasn’t enough, Belgium is also home to many world-famous chocolatiers, such as Godiva, Leonidas, and Neuhaus.
Top 10 International Banks in Belgium
Whether you’re a resident or a foreigner looking to do business in Belgium, you’ll need to choose a bank. This selection can be difficult, as there are over 150 banks currently operating in the country. To help you out, we’ve compiled a list of the top 10 international banks in Belgium according to The Banker magazine.
ING Bank
ING Bank is a Dutch bank with operations in Belgium. It offers banking products and services for individuals, small businesses, large corporates, and institutions. ING Bank is part of the ING Group, a global financial institution operating in over 40 countries.
KBC Bank
KBC Bank is a Belgian bank operating in Belgium, Ireland, Luxembourg, and Poland. It offers banking products and services for individuals, small businesses, large corporates, and institutions. KBC Bank is part of the KBC Group, a Belgian financial institution operating in over 40 countries.
BNP Paribas Fortis
BNP Paribas Fortis is the Belgian arm of French bank BNP Paribas. It offers banking products and services for individuals, small businesses, large corporates, and institutions. BNP Paribas Fortis is part of the BNP Paribas Group, a French financial institution operating in over 75 countries.
Belfius Bank
Belfius Bank is a Belgian bank with operations in Belgium and Luxembourg. It offers banking products and services for individuals, small businesses, large corporates, and institutions. Belfius Bank is part of the Belfius Group, a Belgian financial institution operating in over 20 countries.
Dexia Bank
Dexia Bank is a Belgian bank operating in Belgium, France, Luxembourg, and Spain. It offers banking products and services for individuals, small businesses, large corporates, and institutions. Dexia Bank is part of the Dexia Group, a Franco-Belgian financial institution operating in over 30 countries.
Citigroup
Citigroup is an American bank with operations in Belgium. It offers banking products and services for individuals, small businesses, large corporates, and institutions. Citigroup is part of the Citi Group, a financial institution operating in over 160 countries. Also, it is one of the Big Four banks in the United States.
The Royal Bank of Scotland
The Royal Bank of Scotland (RBS) is a Scottish bank with operations in Belgium. It offers banking products and services for individuals, small businesses, large corporates, and institutions. RBS is part of the NatWest Group, a financial institution operating in over 60 countries. Also, it is one of the Big Four banks in the United Kingdom.
Barclays plc.
Barclays plc. is a British bank with operations in Belgium. It offers banking products and services for individuals, small businesses, large corporates, and institutions. Barclays plc is part of the Barclays Group, a financial institution operating in over 50 countries. Also, it is one of the Big Four banks in the United Kingdom.
HSBC Holdings plc
HSBC Holdings plc is a British bank with operations in Belgium. It offers banking products and services for individuals, small businesses, large corporates, and institutions. HSBC Holdings plc is part of the HSBC Group, a financial institution operating in over 85 countries. Also, it is one of the Big Four banks in the United Kingdom.
JPMorgan Chase & Co.
JPMorgan Chase & Co. (JP Morgan) is an American bank operating in Belgium. It offers banking products and services for individuals, small businesses, large corporates, and institutions. JPMorgan Chase & Co. is part of the JPMorgan Chase & Co. Group, a financial institution operating in over 60 countries. Also, it is one of the Big Four banks in the United States.
Overview of the Pros of Living in Belgium
Before we walk you through several ways of sending money out of Belgium, you must know the pros and cons of living in this country. More so, if you’re thinking about moving here, this would be a bonus. So, here are five reasons why living in Belgium could be the best decision you ever make!
Belgium Child Benefits
For parents with children under 18, the Belgian government provides a child allowance. The amount is based on the number of dependent children and ranges from €48.68 to €257.59 per month per child. In comparison, the average child allowance in Europe is just €100 per month.
Excellent Healthcare and Hospitals
Belgium has a high-quality and affordable healthcare system. In addition, the country has some of the best hospitals in the world. The University Hospital of Brussels is ranked as the 8th best hospital in Europe and the 18th best hospital worldwide.
Good Infrastructure
Belgium has an excellent infrastructure. The roads are in good condition, and the public transportation system is efficient. There are also plenty of amenities such as banks, schools, and restaurants. Not only is that, but the country also has a high-speed rail network that connects Brussels to other major cities in Europe.
Multiculturalism
Belgium is a very multicultural country. It is home to people from all over the world. In fact, about 1 million foreigners live in Belgium, which is about 10% of the population. This diversity makes Belgium a fascinating place to live. In fact, many people say that living in Belgium is like living in a mini-Europe.
Belgian Food
Last but not least, the food in Belgium is excellent. There are many different cuisines to choose from, including French, Italian, and Chinese. In addition, there are also many regional specialties. Some of the most popular dishes include mussels, waffles, and chocolate.
Cons
There Is a Lot of Bureaucracy
You should always prepare for bureaucracy when you move to a new country. But in Belgium, it seems that everything requires paperwork. From getting your phone set up to renewing your residency, there is always some form that needs to be filled out. Also, the bureaucracy can be plodding. So if you need something done quickly, don’t count on the government to help you out.
The Cost Of Living Is High
Compared to other countries in Europe, the cost of living in Belgium is relatively high. This is especially true in larger cities like Brussels and Antwerp. Rent is expensive, and necessities like food and transportation can also cost a lot. However, salaries are generally high, so expats can still make a good living in Belgium.
The Weather Is Not Great
If you’re used to sunny days and warm weather, Belgium might be a bit of a shock. The summers can be lovely, but the winters are long and cold. Spring and fall are also often rainy. So if you’re looking for a country with great weather, Belgium might not be the best choice.
There Are Language Barriers
While most people in Belgium speak English, there are still some language barriers that can make life difficult for expats. For example, many government forms and documents are only available in Dutch or French.
So if you don’t speak either of those languages, you’ll need to find someone who can help you navigate the bureaucracy. Additionally, some expats find it difficult to make friends because of the language barrier.
It’s Not the Most Exciting Country
If you’re looking for a country with a lot of nightlife and excitement, Belgium might not be the best choice. While there are some larger cities with a more vibrant scene, the overall pace of life is relatively slow. So if you’re looking for a fast-paced lifestyle, you might want to look elsewhere.
Top 7 Ways of Sending Money Out of Belgium
Assuming you have money in Belgium that you need to send elsewhere, there are a few options available to you. Below are seven of the most popular methods for sending money out of Belgium.
1. Bank Transfer Method
The most obvious way to send money from Belgium is via bank transfer. This can be done online, over the phone, or in-person at a physical bank branch. Bank transfers are generally quick and easy, although they may take a few days to process depending on the banks involved. Fees for bank transfers can vary, so it’s always best to check with your bank beforehand.
2. Money Transfer Service
There are many money transfer services available that can be used to send money from Belgium. These services are typically quick and easy to use, and they often have lower fees than banks. Some of the most popular money transfer services include Western Union, MoneyGram, and Xoom.
3. PayPal Payment Options
PayPal is a popular online payment platform that can be used to send money from Belgium. PayPal offers a few different options for sending money, including personal payments, peer-to-peer payments, and online shopping payments. Fees for using PayPal can vary depending on the type of payment you’re making, but they are generally relatively low.
4. International Money Order
An international money order can be purchased in Belgium and used to send money to someone in another country. Money orders can be purchased at most post offices and some supermarkets. The fees for sending a money order vary depending on the country you’re sending it to, but they are typically relatively low.
5. Cashier’s Check Options
A cashier’s check is a type of check that a bank guarantees. Cashier’s checks can be used to send money from Belgium to another country. The fees for sending a cashier’s check vary depending on the bank, but they are typically relatively low. Also, keep in mind that the recipient of a cashier’s check will likely need to go to their bank to cash it.
6. Bitcoin Payment
Bitcoin is a type of digital currency that can send money from Belgium to another country. Bitcoin payments are generally quick and easy to make, and they can be made without any fees. However, the recipient of a Bitcoin payment may be charged a fee by their wallet provider.
7. Postal Money Order
A postal money order can be purchased in Belgium and used to send money to someone in another country. Postal money orders can be purchased at most post offices. The fees for sending a postal money order vary depending on the country you’re sending it to, but they are typically relatively low.
Best Places Suitable For Expats in Belgium
Belgium is a small country located in Western Europe. Despite its size, Belgium is one of the most popular destinations for expats worldwide. The reasons for this are many, but chief among them is the high quality of life and the welcoming nature of the Belgian people.
There are several factors to consider when choosing a place to live in Belgium, but expats will be happy to know that there are plenty of great options to choose from. Here are 5 of the best places for expats to live in Belgium.
Brussels
The capital city of Belgium, Brussels, is also one of the most popular destinations for expats. This is due largely to the fact that Brussels is the administrative center of the European Union and, as such, is home to a large number of international organizations and embassies. In addition, Brussels is a cosmopolitan city with a diverse population, and expats will find no shortage of things to do and places to explore.
Antwerp
Antwerp is Belgium’s second-largest city and is located in the northern part of the country. Like Brussels, Antwerp is also home to many international organizations, making it a popular destination for expats. In addition, Antwerp is well known for its fashion industry, and expats interested in fashion will find plenty of opportunities to pursue their interests.
Ghent
Ghent is a historic city located in northwestern Belgium. The city is home to well-preserved medieval buildings and is a popular tourist destination. However, Ghent is also a great place to live, and expats will find plenty of things to do in their free time. In addition, Ghent is home to many universities, making it a great place for expats who are looking for educational opportunities.
Bruges
Bruges is a small city located in northwestern Belgium. Despite its size, Bruges is one of the most popular tourist destinations in Belgium and is known for its picturesque canals and well-preserved medieval architecture.
However, Bruges is also a great place to live, and expats will find that there is plenty to do in their free time. In addition, Bruges is home to many universities, making it a great place for expats looking for educational opportunities.
Liege
Liege is a city located in eastern Belgium. Liege is the largest city in Wallonia, the French-speaking region of Belgium, and is a popular destination for expats worldwide. In addition to its cosmopolitan atmosphere, Liege is also home to many universities, making it a great place for expats who are looking for educational opportunities.
Frequently Asked Questions about Belgium Banking System
Is Belgium Banking Safe?
Belgium has a long history of banking and financial stability. The country’s banks are well-capitalized and supervised by the European Central Bank. Belgium’s banking sector is also one of the most diversified in Europe, with many foreign-owned banks operating alongside domestic institutions.
What is the Average Interest Rate in Belgium?
When it comes to savings accounts, the average interest rate in Belgium is currently 0.41%. This is higher than the European average of 0.28%. In fact, Belgium is one of the few countries where savers can still earn a positive return on their deposits.
What are the Most Popular Banks in Belgium?
Belfius, KBC, and ING are the three largest banks in Belgium. Belfius is a state-owned institution that was formerly known as Dexia. KBC is a sizeable Belgian banking and insurance group operating in several European countries. ING is a Dutch-based financial services company with a strong presence in Belgium.
What is the Minimum Wage in Belgium?
The minimum wage in Belgium is €1,550 per month for full-time workers. This is higher than the minimum wage in many other European countries, including the Netherlands (€1,481), Germany (€1,455), and France (€1,480). Also, Belgium has a relatively low unemployment rate of 6.2%, which means that workers are more likely to find jobs that pay the minimum wage.
Conclusion
If you’re looking for the best ways to send money out of Belgium, you have a few options. You can use a traditional bank transfer, an online money transfer service, or a peer-to-peer (P2P) lending platform. Nonetheless, refer to this article to know more about the best ways of sending money out of Belgium.
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