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Top 3 Money Transfer Providers for UK to Belgium

Provider Amount Received Fee Exchange Rate Speed
TorFX TorFX 11,584.43 £0.00 1.1584 1-3 days more...
OFX (UK) OFX (UK) 11,537.86 £0.00 1.1538 1-3 days more...
Currencies Direct Currencies Direct 11,514.57 £0.00 1.1515 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
BELGIUM
As a member of the single currency eurozone, Belgium imposes very few restrictions on overseas money transfers, having deregulated all individual and business foreign exchange transactions between residents and non-residents Read More
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Belgium Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Belgium money transfer regulations
  • Currency union
  • Belgium’s Regulatory Authority
  • Currency
  • Belgium to Specific Country Guides
  • Summary

    As a member of the single currency eurozone, Belgium imposes very few restrictions on overseas money transfers, having deregulated all individual and business foreign exchange transactions between residents and non-residents. The single European currency, the euro (EUR), is the second most traded currency globally after the US dollar. Sending money to Belgium or transferring money from Belgium is not restricted, whether within or to/from outside the EU.

    Belgium money transfer regulations

    Belgium allows for unhindered international money transfers related to personal remittances, trade, and direct and portfolio investment. In an effort to combat money laundering and terrorism financing, the EU requires individuals transferring amounts over 10,000 in or out of the zone to declare it to customs authorities.

    The most frequent currency exchanges executed in Belgium are made against the US dollar (USD) and the pound sterling (GBP), followed by smaller amounts of Swiss francs (CHF), Danish kroner (DKK), Japanese yen (JPY) and Australian dollars (AUD).

    Currency union

    Sending money to Belgium from within Europe has been vastly simplified in the last two decades. The introduction of the common currency in 1999 has made the transfer of money between the 18 member countries cheap and fast as the zone has created a single payments system. This single payment system extends to Iceland, Liechtenstein, and Norway, despite their retaining independent currencies.

    The value of the Euro faltered with the 2008 global financial crisis and the resulting economic downturn in the Eurozone, which affected countries like Greece, Italy and Spain more heavily than the anchor economies, France and Germany. Nonetheless, the euro is one of the worlds most successful currency unions, and it serves as the peg for two common currencies in Francophone Africa, the Central African CFA franc (XAF) and West African CFA franc (XOF).

    Belgium’s Regulatory Authority

    As a member of the European Union (EU) and the eurozone, Belgium follows monetary policies set at a regional level by the European Central Bank (ECB). Regulatory authorities apply liberal monetary and foreign exchange policies, and the euro is a free-floating currency. The National Bank of Belgium (NBB) oversees the function and health of the domestic financial system, supervises domestic and foreign payment systems, and manages the countrys foreign exchange reserves. Most EU institutions, including the ECB, are based in Brussels.

    Currency

    Belgium adopted the euro as its monetary unit in 1999, which formally replaced the Belgian franc in February 2002. The euro is made up of 100 cents. Euro banknotes are printed in denominations of 5, 10, 20, 50, 100, 200 and 500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and 1 and 2. Each member countrys central bank issues its own banknotes and coins; the latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.

    Belgium to Specific Country Guides

    Belgium to UK

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    Top 10 Money Transfer Providers

    Exchange Rates as of 21 October 2019, 16:19
    Bank Beating Rates

    TorFX

    ?
    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Moneycorp

    ?
    Est. 1979

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    More InfoLess Info

    One-off payments | Regular payments | Great rates | Safeguarded customer funds

    OFX (UK)

    ?
    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    More InfoLess Info

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Bank Beating Rates

    Currencies Direct

    Call us0203 018 1318

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

    More InfoLess Info

    Transparency and security | Great customer feedback rating from Feefo

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    More InfoLess Info

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    Western Union Business Solutions

    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.
    More InfoLess Info
    The Personal Payments team at Western Union Business Solutions look after the overseas currency requirements for private individuals.

    TransferWise

    TransferWise is an online only provider

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    TransferWise is an online only provider

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.