How to open a bank account in Belgium
Written by Yaxi He
Belgium has been a relatively cashless society with contactless payments in recent decades, so owning a bank account will be much easier to make daily transactions in Belgium. Once you apply for a bank account successfully, you’ll get your IBAN (International Bank Account Number) and pay faster and conveniently across Europe. This article is about how to open a bank account in Belgium and recommendations for banks to choose from.
Which Bank can be chosen?
There are more than 100 banks in Belgium, so you can opt for the one best fit you. In addition to its local banks, Belgium also has several international banks. The largest banks in Belgium are Belfius, BNP Paribas, ING Bank, and KBC Bank. Other expat-friendly banks such as Bank of America, Citibank Europe, HSBC, and Santander can be found here as well.
ING www.ing.be/en/retail/expat
BNP Paribas Fortis www.bnpparibasfortis.be/expatinbelgium
KBC https://www.kbcbrussels.be/retail/en.html?zone=topnav
Preparation:
Am I allowed to apply for bank account in Belgium?
Non-Belgian residents: You do not have to be a Belgian citizen to open a bank account in Belgium. Although the majority of the traditional banks require you to submit an address in Belgium, certain banks do not. Some banks permit you to open a bank account online. What you do is simply submit an online request and the bank will send you the required forms and information. Requirements differ depending on the bank.
International students: If you are 18 or older and can verify your identity and address, you can open a bank account. If you are under 18, then ask a parent or legal guardian to open a young person’s account for you.
Recommendations:
Traditional banks:
l KBC: voted as the best bank in Belgium 6 times in a row, with great customer support and app design. KBC has a free and a Plus account for €3.25/month. Students between 10–24 can apply for a young person’s account free of charge.
l ING (cheapest): branches spread all over the word. Most information is available in English on its website and app. The cheapest plan starts at €1.90/month, though it is free for clients under 26.
Mobile banks: (easiest):
N26: German online bank, one of the most popular ones in the game. It’s website is easy to use and it has a great blog with useful information for expats. N26 has 4 different personal plans from €0 to €16.90/month.
How to open a bank account?
1. Document checklist:
Mandatory:
1) Valid ID (National ID or passport)
2) Proof of address (utility bill or rental contract)
And sometimes you’ll also be asked to submit:
l proof of your income employment contract or payslip for working professionals
l proof of enrolment in a local school or university for students
l consent from your representative (only for the underaged)
2. Bank accounts choices:
Opening an account with a traditional bank
In person:
Even if many banks accept walk-ins, it is better to make an appointment before heading in to avoid delays and long waiting time.
You can also ask for an English-speaking agent to help you set up the right accounts.
1) Identify and print the documents required by your bank
2) Make an appointment and bring your documents to a local bank branch
3) Answer some questions and verify your identity with the clerk
4) Wait for your confirmation, card, PIN, and other necessary documents to arrive by post
5) Activate your account and online banking
Online:
1) Confirm that your bank allows you to open an account online
2) Choose the type of account you want to open
3) Complete an application form
4) Upload copies of your documents and ID; alternatively, the bank will initiate video verification
5) Wait for your confirmation, card, PIN, and other necessary documents to arrive by post
6) Activate your account and online banking
Opening an account with an online bank
1) Confirm your phone number or email
2) Download your bank’s mobile app and select the type of account you want
3) Finish the registration process
4) Complete in-app ID verification
5) Create a PIN and confirm receipt of your virtual card; alternatively, wait for your card to arrive by post
This article was written by Yaxi He, a graduate student at NYU
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