Belgium – Banking

What are the main banks in Belgium?

Belgium operates a highly developed banking system and functions as one of the European Union’s foremost financial and banking hubs, with roughly 95 institutions currently active in the market. The sector is led by six major players whose combined reach covers the overwhelming majority of retail and corporate banking activity across the country.

These six banks — BNP Paribas Fortis, KBC Group, Belfius, ING Belgium, Crelan, and Argenta — collectively recorded a net profit of approximately €9 billion in 2024, equivalent to an average return on equity of 12%. This level of financial solidity offers considerable reassurance to expats seeking dependable institutions in which to place their money.

Below is an overview of these key institutions, the services they provide, and where to find authoritative information about each:

• BNP Paribas Fortis — Belgium’s largest bank by total assets, with €266.89 billion on its balance sheet in 2024 and a 20.16% market share. BNP Paribas Fortis maintains a broad branch and ATM footprint throughout the country. Official website: bnpparibasfortis.be
• KBC Bank — A multi-channel bank serving retail, private banking, SME and mid-cap clients. KBC has earned the title of best bank in Belgium six consecutive times and is frequently praised by expats for its responsive customer service and well-designed mobile app. Official website: kbc.be — KBC Brussels (serving the Brussels expat community): kbcbrussels.be
• Belfius Bank — Formerly known as Dexia Bank, Belfius is a Belgian banking and insurance group wholly owned by the Belgian Federal State. It focuses on retail banking for private individuals, the self-employed, professionals and SMEs, while also serving corporate and public sector clients. Official website: belfius.be
• ING Belgium — The Belgian arm of a Dutch multinational banking group with branches worldwide. Its Belgian website and mobile application are notably user-friendly, with most content available in English. Official website: ing.be
• Argenta — Established in 1956, Argenta Spaarbank concentrates on savings, investment products, loans and insurance for private customers, and operates across Belgium, Luxembourg and the Netherlands. Official website: argenta.be
• Crelan — Ranked as the seventh largest bank in Belgium by total assets, with €45.86 billion recorded in 2024. Official website: crelan.be

All of Belgium’s major banks provide services in French, Dutch, and English, and certain expat-oriented offerings extend to additional languages. Most Belgian bank websites include an interactive branch locator. For a comprehensive register of licensed institutions operating in Belgium, refer to the National Bank of Belgium (NBB) or the Financial Services and Markets Authority (FSMA), as branch details and contact information are subject to change.

Do any major international banks operate in Belgium?

Belgium’s banking environment is more receptive to cross-border financial activity than many countries outside the EU, given its participation in the European single market and the European banking union. This openness has attracted a number of major international banking groups, which operate in Belgium through subsidiaries, branches, or partnership arrangements.

A 2024 study found that the largest bank by assets in Belgium at end-2023 was BNP Paribas (operating via BNP Paribas Fortis and Fintro), followed by KBC, Belfius, ING Group, Argenta, Crelan, BNY, and Crédit Mutuel (via Beobank). This demonstrates that several institutions commonly regarded as domestic Belgian banks are, in fact, subsidiaries of sizeable international banking groups.

BPCE and Crédit Agricole are also present following their respective acquisitions of Banque Nagelmackers and Degroof Petercam in 2024. As of October 2025, banking groups headquartered outside the European Economic Area also maintain branches in Belgium, referred to in EU regulatory terminology as “third-country branches”.

Among other notable international names active in the Belgian market is Deutsche Bank, which issues Bancontact cards in Belgium, and HSBC Expat, which provides specialist banking and wealth management solutions for individuals living and working abroad, offering a secure centralised platform to manage and build wealth regardless of where clients relocate. HSBC Expat functions as an offshore account rather than a Belgian retail branch — visit expat.hsbc.com for further information.

The range of services and presence of international banks in Belgium is subject to change. Always confirm current availability, branch locations, and product offerings directly with the relevant institution or through the FSMA’s official register at fsma.be.

Do banks in Belgium offer accounts or services specifically for expats?

Belgium’s multicultural character — shaped in large part by its role as home to EU institutions and NATO headquarters in Brussels — has led many banks to develop dedicated propositions for the international community. A number of banks maintain dedicated expat desks in Brussels and offer tailored non-resident account options.

These specialist services typically operate on an optional basis and may carry an annual fee. They commonly include a current account, debit card, credit card, and transfer documentation, along with preferential financial and insurance packages designed with the needs of expats living in Belgium in mind.

Key expat-focused offerings from the major banks include:

• ING Belgium — ING provides a range of services specifically tailored to expats, including tenant liability insurance and a blocked account facility for rental deposits. Entry-level plans begin at €1.90/month, though clients under 26 benefit from a free account (as of 2025 — verify current pricing at ing.be).
• KBC / KBC Brussels — Even without Belgian citizenship or a permanent Belgian address, you can apply for a current account online. KBC offers both a no-fee account and a Plus account priced at €3.25/month (as of 2025 — check current fees at kbcbrussels.be).
• BNP Paribas Fortis — As Belgium’s largest bank, it offers a free Hello4You account for those under 28 and a premium account at €7.50/month (as of 2025 — check current pricing at bnpparibasfortis.be).

Certain Belgian banks also provide dedicated account types for non-residents — individuals who live and work outside Belgium but require a Belgian bank account for managing assets or financial interests in the country. These accounts typically offer multi-currency functionality and management tools adapted to cross-border needs.

It is worth noting that non-residents are frequently ineligible for the lowest-cost or most fully featured account packages, as these often require an Itsme account or a Belgian identity document for verification. Fees and eligibility conditions change regularly, so always confirm the current terms with the bank before submitting an application.

What are typical bank opening hours in Belgium?

Belgian bank branches generally open between 9:00 and 17:30, and some close for approximately an hour at lunchtime. A number of branches — particularly those located in larger cities and shopping centres — open on Saturdays, though Sunday and public holiday opening is uncommon. Hours can differ from one branch to another, so it is advisable to check with the specific branch beforehand.

As a general rule, Belgian banks operate between 9am and 5:30pm, though this varies by region — branches in rural areas or smaller towns may observe shorter hours or close at midday. KBC, ING, and BNP Paribas Fortis all provide branch locators and up-to-date opening times on their official websites.

Belgium’s advanced banking infrastructure also supports fully digital banking, where accounts can be opened and managed without any requirement to visit a branch in person. All major banks provide internet banking platforms and mobile applications that are accessible around the clock, every day of the year. Telephone banking lines and chat-based customer support are also broadly available. For those who require access to cash outside of branch hours, ATMs are operational 24 hours a day across the country.

What do expats need to know about the banking system in Belgium?

Belgium’s banking market is a stable and comprehensively regulated sector, supervised by both the National Bank of Belgium and the Financial Services and Markets Authority (FSMA). Within the broader EU framework, significant institutions are subject to direct oversight by the European Central Bank (ECB) through joint supervisory teams, while less significant institutions remain under national supervision. This layered system of EU and domestic regulation delivers strong consumer protections across the board.

Deposit Protection: BNP Paribas Fortis and other major Belgian banks are participants in Belgium’s deposit guarantee scheme, which protects account balances of up to €100,000 per depositor per bank (as of 2025). This threshold aligns with the EU-wide standard and is broadly comparable to the FDIC scheme in the United States (covering up to US$250,000) and the FSCS in the United Kingdom (covering up to £85,000). Notably, the protection provided by the Belgian Guarantee Fund does not extend to investments in virtual currencies. For the most up-to-date information on guarantee limits and scheme coverage, consult the Belgian Guarantee Fund or the FSMA at fsma.be.

Card Reader Requirement: Most traditional Belgian banks require the use of a physical card reader device to confirm transactions online. This security mechanism may come as a surprise to those used to SMS-based authentication in their home country. Banks ordinarily supply a card reader when the account is first opened — keep it to hand for authorising online transfers and payments.

The Bancontact Card: Belgium’s standard debit card is commonly referred to as the “Mister Cash/Bancontact card” — a chip-and-PIN card requiring a four-digit code. Bancontact accounts for more than 94% of all debit cards in circulation in Belgium. Those accustomed to using foreign debit or credit cards should be aware that some Belgian retailers and ATMs are better optimised for Bancontact than for international Visa or Mastercard debit schemes.

Language: Belgium recognises three official languages — Dutch, French, and German — but English plays a vital role for the expat population. All of Belgium’s major banks offer their services in French, Dutch, and English. However, some documentation, automated telephone systems, or smaller local branches may operate exclusively in one of the national languages.

Cashless Society: In recent years Belgium has transitioned into a predominantly cashless society, with contactless payment emerging as one of the most prevalent methods of transaction. During 2024, 82% of Belgians made payments by contactless card, compared with just 47% in 2020. This shift is far more pronounced than in many other countries, and expats should ensure their Belgian bank card is enabled for contactless payments from the moment they arrive.

Reporting of Foreign Accounts: Belgian tax residents who hold bank accounts in other countries are legally obliged to declare those accounts. If you open an account abroad, you must notify the Central Point of Contact (CPC) no later than when you submit your tax return for the relevant income year. For guidance on these obligations, refer to the FPS Finance (Belgian Federal Public Service Finance) website.

Anti-Money Laundering: Expats should familiarise themselves with Belgium’s stringent anti-money laundering regulations, which form a significant part of the country’s banking legal framework. Banks may request supplementary documentation or enquire about the origin of funds, particularly for large transactions or when a non-resident is opening an account for the first time.

How Do I Open a Bank Account in Belgium as an Expat?

Setting up a Belgian bank account is a relatively uncomplicated procedure. Provided you are at least 18 years old and can confirm both your identity and your address, opening an account in Belgium is well within reach. Foreign nationals are eligible as long as they reside in the country or can demonstrate an economic connection to it. Some institutions also allow the process to begin before you have physically relocated.

1. Choose your bank. Take time to explore the leading banks and compare account types, fee structures, app quality, and the availability of English-language support. Consider whether an expat-specific package or a straightforward current account better suits your situation. Banks such as ING and KBC provide feature-rich mobile applications that put the majority of their services in the palm of your hand.
2. Gather your documents. You must be 18 or older and able to present proof of identity (a national ID card or passport) and proof of your Belgian address (a utility bill, rental agreement, or official document from your commune). Some banks may also request supporting paperwork such as bank statements or a reference from your previous financial institution. If you have not yet established residency in Belgium, a number of banks will accept a foreign address during the initial application.
3. Apply online or in person. Each bank has its own account-opening procedure — some may insist on an in-branch visit, while others allow the entire process to be completed remotely. For online applications, you fill in the required form and then verify your identity using the Itsme app or an electronic identity card reader (eID). Newcomers who have not yet registered for Itsme will typically be asked to attend a branch to complete identity verification in person.
4. Open the account before arrival (if needed). Several of the larger banks provide an expat service enabling you to open an account online prior to moving to Belgium. You will be expected to notify the bank once your residence permit has been granted. KBC Brussels, for instance, accepts online applications from non-residents, but requires you to visit your local branch on arrival to collect and sign for your debit card, bringing both your ID and your residence permit.
5. Attend your appointment (if required). Present yourself at the bank with the relevant documents. A member of staff will walk you through the account-opening procedure, which may involve completing forms and providing supplementary information.
6. Receive your card and PIN. After your application is approved, your confirmation letter, debit card, PIN, and any other relevant documents will typically be delivered by post within 3–5 working days.
7. Activate your account and online banking. Configure your internet banking access and, where applicable, set up the card reader provided by the bank. Download the bank’s mobile app, and if you intend to use Itsme for future identity verification, register for that service as well.

Certain banks in Belgium may require a minimum opening deposit and charge ongoing account maintenance fees. Before proceeding, it is important to review the fee schedule carefully to ensure you fully understand the costs involved. Always consult the individual bank’s official documentation and the FSMA at fsma.be for the most current requirements.

What banking and payment apps are widely used in Belgium?

Over the past decade, Belgium’s financial sector has embraced digital transformation with impressive results, producing high-quality banking apps and payment experiences that rank among the best in Europe. Today, 69% of all transfers are carried out via a mobile app and 30% via PC banking. For expats arriving in Belgium, getting to grips with the local digital payments landscape is an essential early step.

Bancontact / Payconiq by Bancontact: Bancontact is the country’s most widely used debit card system, underpinning both in-store and online purchases across Belgium. Following the merger of Bancontact and Payconiq Belgium in 2018, the combined entity — Bancontact Payconiq Company — consolidated their respective payment applications into a single product, Payconiq by Bancontact, which lets users complete payments via smartphone, frequently through QR code scanning. Together, Bancontact and Payconiq processed 2.5 billion transactions in 2024, firmly establishing their position as the backbone of Belgium’s domestic payments infrastructure.

Itsme: In 2017, a consortium of major Belgian banks and telecommunications operators launched Itsme, a digital identity application that enables secure logins, retrieval of data from official identity documents, and legally binding digital signatures. Having an Itsme account significantly accelerates the process of opening a bank account online. The app is also widely used to access government digital services and file tax returns, making it one of the first tools new arrivals in Belgium should set up.

Wero: Launched in Belgium in November 2024, Wero is a digital wallet developed by the European Payments Initiative that enables instant, account-to-account payments directly within banking apps. Users can send and receive funds via QR codes or from their smartphone contacts list. Wero is already integrated into the mobile banking apps of several major institutions, including Belfius, KBC, and BNP Paribas Fortis.

Major bank apps: All six of Belgium’s largest banks offer dedicated mobile banking applications for both iOS and Android. By 2025, a fully featured mobile app — incorporating instant transfers, bill scanning, and integration with tools such as Itsme — is considered a baseline expectation rather than a premium feature.

Neobanks and fintechs: International neobanks including N26 and Revolut are active in Belgium. N26 is a fully mobile bank offering fee-free card payments in any currency abroad, along with budgeting tools and insurance products. These services are particularly popular with expats who prefer to maintain a low-cost international account alongside a local Belgian account.

Wise and PayPal: Wise holds a licence as a payment institution and operates freely throughout Belgium, making it a widely used platform for cross-border money transfers. PayPal is a well-established payment method in Belgium, particularly for online shopping; many Belgian consumers use it on international e-commerce platforms, and it is also accepted by a growing number of local merchants.

Apple Pay and Google Pay: Most major Belgian banks issue Mastercard or Visa cards that are compatible with Apple Pay and Google Pay. These contactless payment methods are increasingly accepted by merchants across the country, alongside Samsung Wallet.

How can expats manage money between Belgium and their home country?

A standard Belgian bank account carries an International Bank Account Number (IBAN) and enables free transfers to and from other accounts within the Single Euro Payment Area (SEPA). SEPA encompasses 36 European countries, making transfers within the zone fast, cost-effective, and reliable. Belgium supports SEPA Instant payments, meaning euro transfers can be processed in under 10 seconds, around the clock.

For transfers destined outside the SEPA zone — such as those directed to accounts in the Americas, Asia, Africa, or Oceania — costs tend to be considerably higher. While most banks facilitate international money transfers, pricing varies significantly. Transfers within the EU are generally more affordable, but global transfers often involve exchange rates that incorporate a margin above the mid-market rate, plus additional service charges. Always calculate the total cost — including both the exchange rate spread and any flat transfer fees — before sending money abroad.

Many expats find that using a specialist non-bank transfer service such as Wise delivers a more cost-effective solution for international payments. Unlike the majority of banks, Wise applies only the mid-market exchange rate and charges a small, clearly disclosed fee. Other services including Revolut, Western Union, and CurrencyFair are also widely used by expats in Belgium for cross-border transfers. It is worth comparing fees and exchange rates each time you send, as conditions can vary.

Legal reporting obligations: Belgian tax residents who hold accounts in other countries are required by law to declare them. If you open an account abroad, each partner must notify the Central Point of Contact (CPC) no later than when submitting the tax return for the relevant income year. Income derived from foreign savings accounts or investments must also be declared in the annual tax return. Failure to disclose foreign accounts can result in financial penalties. For authoritative guidance on reporting requirements, consult the FPS Finance website or seek advice from a qualified Belgian tax professional.

Expats should also be mindful of potential charges associated with certain banking transactions in Belgium. Some institutions levy fees on foreign currency transactions or international transfers. Always verify the current fee schedule with your bank, and monitor any regulatory developments that may affect cross-border payments via the FSMA and the National Bank of Belgium.

Frequently Asked Questions

Can I open a Belgian bank account before I move to Belgium?

Several of the larger banks provide an expat service that lets you open an account online before relocating to Belgium. Once your residence permit has been issued, you will need to notify the bank accordingly. This option is not available at all institutions, so it is worth checking directly with your preferred bank well in advance of your move.

Do I need a Belgian residence permit to open a bank account?

If you are at least 18 years old and can verify both your identity and your address, you are eligible to open a bank account in Belgium. Foreign nationals qualify provided they live in the country or have a demonstrable economic connection to it, and many Belgian banks will also accept a non-Belgian address at the application stage. That said, non-residents are often ineligible for the most affordable or fully featured account packages, as these typically require an Itsme account or a Belgian identity document for verification.

What documents do I typically need to open a bank account in Belgium?

You will need to demonstrate your identity using a national ID card or passport, and confirm your Belgian address with a utility bill, rental contract, or an official document from your local commune. Some banks may additionally request a copy of your residence permit or employment contract. Document requirements vary between institutions, so review the guidance on your chosen bank’s official website before applying.

Is there a deposit protection scheme in Belgium?

Belgian banks participate in the country’s deposit guarantee scheme, which protects balances of up to €100,000 per depositor per bank (as of 2025), in line with the EU-wide standard. For the most current information on coverage limits and eligibility, visit the Belgian Guarantee Fund or the FSMA.

What is Bancontact and do I need it?

Bancontact is Belgium’s dominant debit card system, used for both in-store and online transactions and accounting for more than 94% of all debit cards in circulation. When you open a Belgian bank account, you will almost certainly be issued a Bancontact-enabled debit card, which is indispensable for everyday purchases, online payments, and cash withdrawals at ATMs.

Are international payment apps like Revolut and Wise usable in Belgium?

Yes — both Revolut and Wise hold licences as regulated payment institutions within the EU and operate without restriction in Belgium. They are favoured by many expats for holding multiple currencies, executing low-cost international transfers, and making payments while travelling abroad. However, they serve as a complement to — rather than a replacement for — a local Belgian bank account, which remains necessary for receiving salary payments and setting up SEPA direct debits. Always verify the current terms and regulatory status of each provider through their official websites.

Do I need to declare my foreign bank accounts to Belgian authorities?

If you open a bank account abroad while tax resident in Belgium, you are legally required to notify the Central Point of Contact (CPC) no later than when you file your tax return for the relevant income year. Income generated from foreign savings or investment accounts must also be included in your annual tax declaration. Consult FPS Finance or an appropriately qualified tax adviser for guidance tailored to your individual circumstances.

What is Itsme and why is it important for banking in Belgium?

Itsme was introduced in 2017 through a collaboration between major Belgian banks and telecommunications operators. It is a digital identity application that enables secure logins, extraction of data from official identity documents, and the creation of legally valid digital signatures. Many Belgian banks allow you to open an account online swiftly if you already have an Itsme account. The app is equally essential for accessing online government services and signing legal documents, making it one of the most important tools to register for after settling in Belgium.