Compare rates on money transfers to Belgium
There are multiple ways to easily send and receive money in Belgium but these will largely depend on the provider you decide to use.
Common Reasons for Sending Money to Belgium
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:
Household Consumption and Support
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.
Mortgage Payments
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.
Income Repatriation
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.
Pension Payments
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.
Investment
Financially savvy Belgian nationals interested in stocks and growing the money in their home bank account may send funds home directly into investment accounts.
Paying Suppliers and Contractors
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.
What’s the Fastest Way to Send Money to Belgium?
The fastest way to send money to Belgium is through Western Union’s fast option. With Western Union’s fast option, you can expect your money to reach its Belgian destination in a matter of minutes. Cash pickups are the fastest and easiest method to organize, while bank transfers can take longer. The main downside to Western Union’s fast option is the fact that it is more expensive than most of the competition. You can always expect to pay more with Western Union.
What’s the Cheapest Way to Send Money to Belgium?
The cheapest way to send money to Belgium is through OFX. With OFX, you only pay a small percentage of each transaction. OFX carries a minimum transfer size requirement which is significantly higher than any of the competitions. Despite this, their rates cannot be beaten, particularly when you send more money at once. The more money you send through OFX in a single transfer, the cheaper the transfer becomes. The result is the best rates on the market. Furthermore, it typically only takes a day or two for your money to reach its Belgian destination.
What’s the Easiest Way to Send Money to Belgium?
The easiest way to send money to Belgium is through Wise. Wise makes sending money to Belgium exceptionally easy. After you set up your account, all you need to do is follow these simple steps:
1) Tap in the amount of money to be sent.
2) Tap in the destination.
3) Pay Wise for the transaction.
4) Wait one or two days for the funds to arrive at the Belgian destination.
What’s the Overall Best Way to Send Money to Belgium?
The overall best way to send money to Belgium is through Wise. Wise is easier to handle than any of the other options available to you and offers highly competitive rates. When it comes to money transfer sizes, Wise is good for transfers large or small but will lose out to OFX when it comes to the cost of larger transfers.
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