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BELGIUM

Send Money To Belgium

Belgium lies in the heart of the Europe, the country holds an ancient history from the age of Neolithic, 1750 BC. Over the years Belgium has served as a major player in the development of European economy. Moreover, it has developed a well-established market for mining, steel making and textile.

The country is known for exporting goods and has always acted as an active player in the development of foreign policy. Belgium has served as headquarter for number of international organisation, including the institutions of the European Union, of Supreme Headquarters Allied Powers Europe (SHAPE), the headquarters of the North Atlantic Treaty Organisation (NATO), and the General Secretariat of the Benelux.

The official currency of Belgium is Euro whose 1 Belgian franc is equivalent to 1.06 USD and 0.85 British pounds.  
Belgium

Popular money transfer services that send to
belgium

  • ClearFX
  • CurrencyCart
  • CurrencyFair

Currency Used

Being a part of the Eurozone, the official currency of Belgium is Euro.

One Euro is divided into 100 cents and further the currency is divided into:

1) Notes of: 5, 10, 20, 50, 100, 200 and 500 EUR.

2) Coins of: 5, 10, 20 and 50 cents and 1 and 2 EUR.

Euro is shared currency among the numbers of countries. Thus, on one side of euro coins is a map of Europe which was designed by Belgian designer Luc Luycx and the other side is designed for a specific country. Likewise, euro represents a symbol of co-operation, openness, dynamism, and harmony on each note for Eurozone countries.

Whereas, euro is being mostly used by people for international transactions. However, they usually prefer to carry out their transactions via ATMs, online banking and telephone banking. 

Send Money with Bank Deposit

As per the law of the Belgian government, the maximum amount for cash transaction is 3,000 euro, whereas the transaction for the sale of goods and provision of services can be paid in cash. Moreover if the law is not observed by the individual then heavy duty fine from 250 euros and 225,000 euros would be imposed to the individual by the Belgian authorities.  

Whereas, cash payments for the immovable goods are strictly prohibited since the law implemented from 1st January 2014. Likewise, the Belgian laws does not allow anyone to pay or receive the cash money in advance when buying or selling building or office space.

Moreover, banks in Belgium does not offer very competitive and attractive currency exchange rates and their per-transfer fees can also add to the cost of transferring euros to Belgium. However, if the payments are made across the border of Europe the respective bank would provide a clear information regarding charges and fee application.

Additionally, if the payment is in euro or Swedish Krona, then bank would charge the visitor same as they would charge for the national transaction of the same value in euros. Moreover, the electronic payment within Europe territory should receive within one working day.

It is advisable for tourists or visitors to enable the debit card on Master or Cirrus network in order to use the currency in Belgian Euro.

Send Money Through Cash Pickup

The banks in Belgium does not offer an attractive exchange rates, additionally the banks also add the pre transfer fee to the cost of transferring cash in the Belgium account. However, banks including AXA Bank or BNP Paribas Fortis might be the one that offer reasonable cash transferring rate.

Certainly, in order to send money to the recipient’s Belgian account, then it is advisable to opt for the money transferring firms like TransferWise or Xendpay. These firms makes the whole process lot easier for the transference of the money in the most efficient and convenient way.

Moreover, the transactions are authorised by the Financial Conduct Authority (FCA). In most of the cases these firms would charge pre-transferring fee which would be around 10-15% of the total transfer. In addition, to transfer the cash, a form is provided by the money exchangers to transfer the required amount of money. The sender needs to fill out the information regarding account holder’s name and bank information along with IBAN number. The money is then transferred by the firms by charging the minimal of transfer fee.

Transferring the cash through money exchangers is the most convenient option which allow the individual to sit back and relax.

Money Transfer Regulations

The money transfer services are not quite strict in Belgium, people usually rely on the self-banking including online banking system. However the banks of Belgium does not offer the attractive exchange rates, which force individuals to opt for the money exchanger firms.

One of the main factor that allow individuals to rely on the fast mode system is the instantaneous collection and payment of the cash. This will allow the sender to send the money within a blink of an eye. The innovation in online money transferring system has solved the matter of sending the money by just sitting at home.

However, as per the member of the European Union, an amount of €7,600 to €15,000 cannot be transferred without declaring it to the customs and money laundering department. Moreover, in 2005 it was agreed to €10,000 like other member country of the EU.

In 2014, all payments in cash for the purchase of a real estate was prohibited and fine €250 to €225.000 would be imposed by offenders by the Belgian authorities.