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Here are answers to some of the most frequently asked questions
HOW DO I USE FXCOMPARED
- Enter your search criteria
- Review the results and select a provider
- Register an account with that provider
- You're ready to send money!
HOW LONG DOES IT TAKE
Once you have registered, booked the trade and sent your funds to the money transfer provider, it typically takes between one and two days for more mainstream currencies and three days or sometimes longer for more exotic currencies to be received by the recipient.
CAN I PERFORM MY TRANSFER ONLINE
Yes. Nearly all the providers listed on our site have online platforms. These platforms allow you easy 24/7 access to their service and you can manage the process and view your transactions and reporting. In the comparison tables opposite, you will be able to see this under the Types of Transfer and look for the computer symbol.
CAN I USE THIS FOR MY BUSINESS
Yes. If you make or receive international payments, using a money transfer provider as opposed to your bank can help you run your business better and improve your overall cash flow. Your provider can do much more than simply beat your banks foreign exchange rate. For more detailed information, visit our business section.
HOW IS THE BANK SAVING CALCULATED
Our bank saving calculations are based the FXcompared International Money Transfer Index (IMTI). The IMTI is a weighted average of the cost of sending money bank to bank based on data from large banks. The exact saving compared to your own individual bank cost may be higher or lower than the saving number shown. The savings currently shown is based on data collected for both bank and non-bank providers on 14 January 2016. For more information on the IMTI and the full methodology, read here.
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).
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.
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.