International money transfers in Belgium

Sending money is easier than ever. If you’ve just moved to Belgium, it’s still important to know your options. Even with online and mobile banking, international transfers can feel stressful. Especially with intransparent fees and extra costs.

So to help get you started, this handy guide provides everything you need to know about making international money transfers within Belgium, including the following:

How international money transfers work in Belgium

Naturally, the most important aspect of making an international money transfer is making sure that it arrives in the account of the person or company you wish it to. Therefore, choosing a safe and secure service is paramount. Typically, you begin by choosing a financial transfer service to manage the entire process for you from start to finish. If, for example, you wish to send euros from Belgium to the United States, that service clears your funds, converts the funds using the current exchange rate, and then forwards it on to the US on your behalf.

In Belgium, you can send money via a bank transfer or by using your debit or credit card. Alternatively, you can opt for mobile or online banking, or use a foreign exchange service. Ordinarily, the money will reach the recipient’s account within a few days. That said, certain providers can sometimes complete transactions within just a few hours.

Online international money transfer services in Belgium

Essentially, there are several advantages to using online money transfer services in Belgium. For one, if both you and the recipient have an account with the same provider, you will likely be able to transfer money instantly. Otherwise it may take 1-2 days, which is still often quicker than transfers through banks.

Additionally, if you are concerned about how safe and secure these transactions will be, it is reassuring to know that in Europe, these online services are subject to regulation by the European Banking Authority (EBA) and supervised by the National Bank of Belgium (NBB) and the Financial Services and Markets Authority (FSMA) in Belgium at the national level. Similarly, in the United States, online providers must have a license for money transmission and comply with all applicable state and federal laws.

Some of the major online transfer providers operating in Belgium include:

• Wise
• Remitly
• XE
• CurrencyFair

Each provider has its own particular features and fee rates, so it’s a good idea to do a bit of research to find the best service for you. For example, Wise is popular with expats in Belgium and many other countries worldwide due to its low fees and range of features. You can transfer to 140+ countries using the mid-market exchange rate with no hidden fees, and the multi-currency account lets you manage funds in many different currencies. You can receive payments in 20+ global currencies. There are also discounts on large payments (€22k or equivalent and above).

How to send money using an online money transfer service in Belgium

Online money transfer services let you send money quickly and conveniently. Each provider works a little differently, but the steps are usually similar and can be done on your phone, tablet, or computer. Here’s how the process typically works:

1. Register and verify your account: You’ll need to create an account and provide personal details (name, date of birth, email address). Most providers also ask you to upload a valid identity document, such as your passport.
2. Check and secure the exchange rate: You can usually find details of current exchange rates and any additional fixed fees on the provider website. Some may also have comparison tools, otherwise you can use independent platforms to compare fees and rates.
3. Enter the transaction details: Choose how much you want to send and select the currencies involved (your currency and the recipient’s). You may also have other options, such as transfer speed preference.
4. Provide the recipient details: This is usually the recipient’s name and bank account number. Depending on the destination, you may also need their IBAN or SWIFT/BIC number.
5. Make the payment: Select how you want to pay. Options often include a bank transfer, debit card, credit card, or digital wallets such as Apple Pay or PayPal. Some services also allow cash payments at partner locations.

Many transfers arrive instantly, but depending on the destination country, payment method, or security checks, it may take one or two days. Most providers offer tracking tools so you can follow your transfer using a reference number.

Fees for international transfers

Fees for international money transfers typically include:

• Fixed transfer fee: This is the upfront fee usually clearly stated by the provider, either as a flat rate or a percentage of the money transfer amount.
• Exchange rate markup: This is a percentage markup added to the mid-market rate, which is a hidden fee (not clearly advertised) although it can significantly increase costs.
• Intermediary fees: These apply if your money passes through third parties, which is more likely with standard bank transfers.

The markup fees are often the most costly, usually ranging between 0.25% and 4% of the transfer amount. Because it’s a percentage rate fee, this will hit you harder if you’re transferring larger amounts.

To give an example, here’s a comparison of a couple of specialist online transfer companies (Wise and CurrencyFair) alongside PayPal and a Belgian retail bank (ING) for a transfer of EUR 1,000 to be received in USD.

Provider	Fixed fee	Exchange rate	Amount received
Wise	6.21 EUR	1 EUR = 1.1543 USD	1,147.13 USD
CurrencyFair	4.00 USD (3.47 EUR)	1 EUR = 1.1475 USD	1,143.50 USD
ING	15.00 EUR	1 EUR = 1.14449 USD	1,127.32 USD
PayPal	3.99 EUR	1 EUR = 1.10277 USD	1,098.37 USD

In this example, you can see how the recipient gets more with Wise and CurrencyFair. The difference is €15-20 compared to ING bank and €45-50 compared to PayPal. This is because, although the fixed fees are broadly similar, there is a bigger difference in charges when it comes to the exchange rate markup.

In the example above, Wise is the better provider as there are no exchange markup fees. These costs are not always clearly visible, meaning that customers often pay more overall without realising it. When searching for money transfer services, watch out for companies with low fees but high exchange rates as they’re often not the cheapest option.

International money transfers in Belgium by traditional bank

Your bank may be your easiest option for making an international money transfer in Belgium. However, this doesn’t necessarily mean that it is the cheapest method. Generally, bank-to-bank transfers are highly secure, but banks don’t always offer the same online tools as companies that solely provide money transfers. Subsequently, banks may have higher transfer fees than, say, foreign exchange brokers which cost less because they complete a higher volume of transfers.

In most banks in Belgium, international bank transfers are possible online, in a branch, or via the phone and it usually takes a few days for these transfers to clear. Additionally, cross-border euro bank transfers within Europe can qualify for the Single Euro Payments Area (SEPA) agreement. This facilitates banking across European borders by making international transfers the same cost as a local transfer. You can find out more in Opening a bank account in Belgium.

The EBA Deposit Guarantee Scheme protects up to €100,000 of deposits, per depositor, per bank. This protects customers in the event of problems such as bank failure.

Costs of international bank transfers in Belgium

Generally, bank transfers are one of the more expensive options for sending money abroad from Belgium. For example, retail banks such as BNP Paribas Fortis charge €15 for transfers outside the SEPA, and their exchange rates are not always transparent, often incorporating a significant percentage-rate margin on top.

Furthermore, there will often be fees even if the transfers are done online or through an app. With this in mind, it’s best to know before you begin so that you don’t end up with hidden fees catching you by surprise. New digital banks, however, are finding great success as they have lower fees.

The euro is generally a stable currency and stands strong against other major currencies. Here are some approximate exchange rates as of November 2025:

• US$1.15 = €1
• £0.88 = €1
• AU$1.78 = €1
• CA$1.62 = €1
• SG$1.5 = €1

How to make or receive an international money transfer in Belgium by bank

Generally, making or receiving an international money transfer via a bank in Belgium is a simple and easy process. A bank can help you set up transfer services, including wire transfers to another bank, state, or country.

If you are looking to transfer funds to an account at a different financial institution, you will need to provide the following information:

• Bank Name and Address
• IBAN
• SWIFT/BIC Code
• Account Number
• Receiver’s Complete Name

As mentioned in the previous section, there are often fees associated with transferring money to a different financial institution. Therefore, make sure that you are aware of these before you start the process. Once you have provided all of the details above, the bank teller will authorize the transfer. Generally, international bank transfers will arrive within one to five working days.

International money transfers via online and mobile banking in Belgium

When it comes to banking, convenience is key. After all, most people prefer to manage their finances online or via their phone rather than having to visit the bank in person. As a result of this, almost all traditional banks in Belgium now offer online, mobile, and phone banking options. However, although they operate similar to new digital banks, the fees they impose on international transfers will likely be the same as if you went into the brick-and-mortar institution.

Digital banks, such as N26, for example, only impose a monthly account service fee (depending on their several plans). This might range from between €0 and €16.90 per month. However, there are no other hidden costs or transaction fees. Furthermore, N26 uses Wise for international money transfers and so doesn’t charge any foreign exchange fees. This makes it a very appealing modern option for these transactions.

Using mobile banking apps is fairly straightforward, too, especially if you already have an account at a bank in Belgium. In this case, you can simply download the bank’s mobile banking app and use your existing account information to create an app profile and access all of its features. If you don’t have an existing account with a Belgian bank, however, you will need to open an account with the bank before you can download and start using the bank’s app. In essence, both traditional and mobile banks are safe and secure and have similar security protocols in place.

Wire transfers in Belgium

When it comes to wire transfer services, you will have likely already heard of Western Union. However, other well-known operators within Belgium include MoneyGram and AZA Finance (for businesses). These services send money quickly to pretty much anywhere in the world. If you lose your wallet and don’t have access to your bank account, a wire transfer is a great way to get money sent to where you are fast. Of course, fees tend to be higher for this type of quick and easy service. In fact, they may even be more than 5% of the transfer amount, however, this depends on where you transfer it to.

Typically, you can transfer money online, over the phone, or in-store within minutes. Generally, to complete a wire transfer from your own bank account, you will need to register for a free account with your chosen operator. You can then choose the country you want to send the money to, as well as the recipient’s name, the amount, and the delivery method – for example, cash. Then, you will usually receive an email confirmation and a tracking number which you can forward to the recipient for retrieving the transfer.

Foreign exchange brokers in Belgium

Conveniently, more traditional ways of sending money globally, such as bank and wire transfer, are giving way to specialized foreign exchange companies – also known as forex brokers – which offer online international money transfers. Forex companies are increasingly offering a higher range of transfer tools and exchange services that are appealing to customers all over the world. These services include free transfers, online money transfers, better exchange rates, 24-hour support, foreign exchange alerts, and the ability to set your own minimum and maximum exchange rates.

Some of these services operating in Belgium include:

• CurrencyFair
• Wise
• XE

How to use a foreign exchange broker

To use a foreign exchange broker, you will first deposit the funds you want to transfer into the forex broker’s account. These days, this is usually done entirely online. Then, the broker simply exchanges your money and sends it on to the recipient. Sometimes your own bank may charge a fee to transfer the money into the broker’s account. However, typically, this is only the cost of a local bank transfer (or free).

You can also set up regular payments with a forex broker. For ongoing transfers, you can often find very competitive deals that let you lock in exchange rates. This can be very useful for expats, particularly those who may have mortgages abroad or need to pay international school fees or transfer salaries.

Another benefit of using a foreign exchange broker is that you can often find better support services. This is because forex brokers are specialist firms that focus on foreign exchange and provide services such as currency advice and real-time exchange rates.

Online comparison tools are a handy way to check out the best exchange rates and save on fees. To sum up, if you are planning to transfer large amounts of money abroad, using a forex broker can be a convenient way of doing so.

Helpful Resources

• Wise – A popular online money transfer service known for low fees and using the mid-market exchange rate for transfers to 140+ countries.
• N26 Digital Bank – A modern digital bank offering accounts with no foreign exchange fees for international transfers via Wise.
• MoneyGram Wire Transfer Service – An operator offering fast wire transfer services globally, including in-store and online options.
• International Money Transfers Fee Rates – A resource for comparing fee rates and features of various international money transfer providers.
• European Central Bank: Euro Reference Exchange Rates – Official reference rates for the Euro against other major currencies as published by the European Central Bank.