How to send money to Belgium and transfer money from 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. 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.

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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 world’s 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 country’s 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 country’s 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.

Sources

  • Banque nationale de Belgique
  • European Central Bank
  • Bank for International Settlements
UKForex
Est. 1998
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Fee
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£7 below £3,000
local settlement
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Worldwide
Exchange Rate
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-
Speed
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1-3 Days
Currencies Direct
Est. 1996
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Fee
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No Fees via FXcompared
local settlement
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UK, Spain, France, South Africa
Exchange Rate
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-
Speed
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1-3 Days
World First
Est. 2004
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Fee
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No Fees via FXcompared
local settlement
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Worldwide
Exchange Rate
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-
Speed
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1-3 Days
Moneycorp
Est. 1979
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Fee
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No Fees via FXcompared
local settlement
?
UK, Spain, Ireland, Australia, Switzerland
Exchange Rate
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-
Speed
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1-3 Days
TorFX
Est. 2004
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Fee
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No Fees via FXcompared
local settlement
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Worldwide
Exchange Rate
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-
Speed
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1-3 Days
Transferwise
Est. 2011
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Fee
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0.5% to 1%
local settlement
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Europe
Exchange Rate
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-
Speed
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1-5 Days
CurrencyFair
Est. 2012
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Fee
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EUR3 per transfer
local settlement
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UK
Exchange Rate
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-
Speed
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1-3 Days
Smart Currency Exchange
Est. 2004
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Fee
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£10 below £3,000
local settlement
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UK
Exchange Rate
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-
Speed
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1-3 Days
Currency Solutions
Est. 2003
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Fee
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£10 below £5,000
local settlement
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UK
Exchange Rate
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-
Speed
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1-3 Days
The FX Firm
Est. 2009
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Fee
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No Fees via FXcompared
local settlement
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Worldwide (ex. US)
Exchange Rate
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-
Speed
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1-3 Days

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