The best way to deal with money during your stay is using a bank account. If you carry a large sum of cash money at arrival, try the open a bank account as soon as possible. There are different types of bank accounts. If you keep using the account in your home country, please contact your local bank about transaction costs in Belgium for this account.
The main banks are in alphabetical order: DEXIA, FORTIS, ING and KBC. They all have their specific benefits and special rates for students.
Which documents do you need?
- KBC, ING and Dexia only require a passport or identity card to open an account. Fortis also requires your temporary Belgian identity card, acquired after registration at the town hall.
- To receive the student rates, you need the enrolment documents or proof of acceptance of the Erasmushogeschool, provided by the International Students Office.
Types of bank accounts
- Normal account: Money put on this account can be used immediately. You can withdraw it, pay bills and give permanent banking orders (for instance to pay the monthly rent). A bank card allows you to withdraw cash in Bancontact terminals and make electronic payments in shops. You can load your proton chip. You may choose for online banking.
- Savings account: A savings account is a financially interesting extra option for money you do not immediately need. Only the banking officer can cash the money on this account for you. It allows online payments, but you cannot withdraw money from Bancontact terminals.
- Forward account: On a forward account you block the money for periods going from one month to 10 years. In these periods you can do nothing with your money. The interests are considerably higher than for the savings account. We advise this type of account only if you are sure that you do not need the money for a certain period of time.
- Transfers from your home country to Belgium and vice versa
A money transfer from a foreign account may take a few days and may cost some money. It is important to inform yourself before departure about the rates in your home bank and your new one in Belgium. Your bank will give you information on this. The Postcheque has good and relatively cheap possibilities for international money transfers.
If you leave Belgium permanently, do not forget to resign your accounts 8 days before your departure. If you have VISA or Eurocard, you need to resign at least 1 month in advance.
Exceeding limits
If you withdraw more money than available on your account, the bank will warn you. If you are 'in the red' for three months, the bank puts you on the black list of the National Bank's central database. The consequences are heavy: your bank can close off all your accounts and any other bank may refuse you when opening another account. You cannot buy anything on credit anymore. It is very difficult to get off this list. Even if you are in the red for less than three months, the bank may close off your accounts. However, you can still open an account in another bank.
Watch out for adverts in newspapers for cheap loans and credits. These adverts are often misleading and incorrect. They often count the highest rates.
