Sending money to Belgium is easy and there are many great options available. Whether you are prioritising speed, savings, ease of use, or a combination of all three, there are lots of viable methods for transferring money from foreign countries available to you.
Curious about the best way to send funds to Belgium? Looking for the best deal and fastest provider? Get started with these 3 simple steps…
As a thriving international country in Western Europe, and covered by the SEPA, it is easy to send and receive money in Belgium. The best way to go about moving funds will largely depend on your choice of provider and the options they offer. Below you will find all you need to know about the various ways to go about it your Belgian money transfer…
Ria Money Transfer’s fast option is the fastest way to send money to Belgium. With Ria Money Transfer’s fast option, your money should reach its Belgian destination in a matter of minutes. Furthermore, Ria Money Transfer offers a well-rounded deal for their fast option. While customers sometimes complain about the process being a hassle, the fast option is cheap relative to much of its slower competition.
OFX is a very cheap way to send money to Belgium. OFX is an international currency exchange service which also transfers money. When it comes to the amount of money they take as a cut out of every transaction, OFX is very generous. This is especially true of larger transactions, as the currency conversion costs they apply to you go down the more money you send at once. The only catch is that OFX carries a much higher minimum transfer amount than the competition.
If a higher minimum transfer size is a problem for you, TransferWise is a great, cheap alternative for smaller transactions. In the end, you still end up saving more when you use OFX.
The easiest way to send online currencies online to Belgium is through TransferWise. TransferWise is a peer-to-peer money transfer system that keeps the process exceptionally simple. All you need to do is tap in an amount of money to be sent and a destination. After that, you just need to pay TransferWise for the transaction, and your money will be on its way. TransferWise also only takes a day or two to complete a transaction.
Wise is the overall best way to send money to Belgium. With Wise, you get the best balance between speed, cost, and ease of use. TransferWise makes sending money to Belgium less of a hassle than the competition on most metrics. For these reasons, TransferWise is the overall best way to get your money to Belgium.
Thanks to the SEPA – Single Euro Payments Area – recipients located in Belgium can benefit from safe and secure overseas transactions. Intended to harmonise and streamline payments made in Euros, the SEPA offers three payment schemes:
SEPA Direct Debit (SDD)
SEPA Credit Transfer (SCT)
SEPA Cards Framework (SCF)
Learn more about sending and receiving money this way, by reading our guide to SEPA transfers.
The current exchange rate for the Euro (EUR) is 0.842673 EUR per American Dollar (USD) as of the time this was written. The EUR reached a high of 0.8495 EUR per USD and a low of 0.8411 EUR per USD during the last 90 days. The average exchange rate for the EUR was 0.8453 EUR per USD for the last 90 days.
The average volatility rate for the EUR against the USD was 0.26% for the last 90 days. This is a normal volatility rate, and the EUR has been fairly stable for some time now. Going forward, you can reasonably expect only moderate fluctuations to continue, barring any unforeseen circumstances.
Looking at the descriptions given by senders when making their transfers and how the recipients use the money, there is a clear trend on the push and pull factors behind the remittances. Some of the common reasons to transfer money to Belgium include:
The idea of international travel entices many Belgian nationals, some of whom eventually decide to emigrate. These situations occasionally call for regular remittance and income supplementation support in periodic remittances.
Belgian mortgages can cost a great deal. Most of them are structured as fixed interest instruments necessitating regular remittance from beneficiaries to cover the periodic interest plus principal payments. You can get mortgages that last even up to 25 years.
Sometimes expatriates are paid directly into their home bank accounts. The other option is receive payment in their host country accounts and then transfer the earnings home to Belgium. This calls for the assistance of low-cost, exchange rate-friendly transfer providers such as TorFX, OFX and Currencies Direct.
Belgian expatriates who live and work outside of their home country can still invest in pension schemes in their host countries. Upon retirement, the consolidation of their pension dues can be transferred through online money transfer platforms.
Financially savvy Belgian nationals interested in stocks and growing the money in their home bank account may send funds home directly into investment accounts.
It is a common practice for suppliers and contractors to demand payment directly into their accounts in Belgium. Depending on the business arrangement, such payment could be frequent or irregular.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com