How to Transfer Money from Belgium to UK
Belgium to UK Guide
Belgium to UK Summary
Individuals and businesses may freely transfer money from Belgium to the UK, even after Brexit. However, the UK is not a member of the Euro, which means that Belgium-UK money transfers will require the conversion of euros (EUR) to pounds sterling (GBP). Money transfers between the two countries are frequent, driven largely by international trade, investment and travel. Under regional anti-money laundering regulation, transfers to the UK that exceed a value of €10,000 must be declared to customs authorities.
Belgium to UK Visas and immigration
Now the UK has left the European Union, those Belgian citizens wishing to live and work in the UK, and British citizens wishing to live and work in Belgium, will need to apply for a visa. As of 2014, there were approximately 30,000 British nationals living in Belgium and 30,000 Belgians residing in the UK, although that number may reduce as a result of the UK's departure from the European Union.
Belgians Studying in the UK
Belgians need to apply for student visas in order to study in the UK. Foreign study may require substantial money transfers to the UK, as local tuition fees and the cost of living can be fairly expensive. Now that the UK has left the EU, students from Belgium will need to pay international fees.
Tuition varies considerably by course, but can be £30,000 - £40,0000 for each academic year of undergraduate studies. Holders of student visas are authorised to work part-time for up to 20 hours per week during term time, and full-time during holidays, but cannot take a full-time permanent job, work for themselves or undertake work in some industries, including entertainment.
Trade between Belgium and the UK
The two countries have a long-established trade relationship, and Belgium is the UK's 8th largest trading partner. In 2019, Belgium imported goods and services worth €13.8bn from the UK, down from €17.9bn in 2013. Meanwhile, the UK imported goods and services worth €28.5bn from Belgium in 2019.
Banking and money between Belgium and the UK
To open a UK bank account you will need to provide proof of local UK address, income and employment. You may be able to avoid having to get a new account in the UK if you use the services of a transnational bank such as HSBC or any other EU-related banks with a network between the two neighbouring countries. It is important to have an established bank account so that it will be more efficient to transfer money from Belgium to the UK, whether this is to support international relocation, purchase goods and services or invest abroad.
Taxation in the UK
The tax year in the UK goes from April 6th to April 5th of the next year; on the other hand, the Belgian tax year runs from January the 1st to December 31st. This will affect how you organize paying taxes. If you reside in the UK for 183 days or more during a 12-month period, you will have to pay tax on the income you earn worldwide. However, if you live in the UK for less than 183 days you will only be subject to pay tax on the income you earn within the UK. Seek specialist tax advice for your own situation.
Belgians will also have social security deductions taken from their earnings. How much you pay in taxes depends on how much you earn, in addition to other factors. It is important that you find out as much as possible about the relevant financial regulations in the UK prior to relocating from Belgium to the UK, especially if you plan to make a large purchase or transfer currency from euros to pounds.
Traveling with your pet from Belgium to the UK
The Pet Travel Scheme (PETS) regulates the movement of animals between Belgium and the UK. Household pets such as cats and dogs are allowed to travel freely between the UK and other EU countries without need for quarantine, but some conditions must be met. Animals must be issued with a pet passport from the EU, or a UK-issued animal health certificate and export health certificate.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from Belgium to UK. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
Your Feedback
We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
Latest Money Transfer News Articles for Europe
