What to do when you Arrive in Brussels

Written by Expat Finder Tuesday, 14 June 2011 09:08

When you arrive in Belgium, one of the first few things that you need to get around would be the Belgian Euro. Fortunately, you have many choices in how to go about finding what you need. Here is some more information…

Changing Currency

If you are moving to Brussels, you will most likely need to purchase foreign currency. Most Brussels banks or specialized stores, called Foreign Exchange Bureaus, can assist you in exchanging your money for the Euro. Look out for signs that say Bureau De Change, Geld Wechseln or Cambio.

You can also exchange your money at the Brussels airport; however, exchange rates here may not be the best. You should consider purchasing the Euro currency at a more favorable exchange rate, or even before you arrive in Brussels. You can do so by looking up online currency brokers that do foreign exchange. Remember to consult with your credit or debit card bank about the foreign exchange transaction fees charged for using your card in Brussels. Often, the fees for foreign currency exchange through your credit card can be high, so it would be wise to hold onto that only for emergencies.

Opening an Account

To open a current account (compte à vue/zichtrekening) anywhere in Belgium you only require your passport or any other photo identification. It is also possible for you to open an account and receive code numbers to manage your account even before your arrival in Belgium. You may collect your bank and credit cards when you visit the bank after your arrival in the country.

You can open different types of savings accounts with most banks. A certain amount of savings account interest is exempt from taxes in Belgium. Term deposits usually require an investment of up to 12 months.

Normal banking hours in Belgium are 9am to 4 or 4.30pm Mondays to Fridays; a few banks are open on Saturdays and smaller branches close for an hour at lunchtime (usually 1 to 2pm).

Debit Cards & Credit Cards

When you open an account you will initially receive a debit card which you can use to make payments, transfer money and use the ATMs (distributeurs automatiques) (an additional charge for using ATM’s of other banks may be applicable). Debit cards are widely accepted by retailers and service providers across Belgium. Major debit card providers include Bancontact, Mister Cash and Maestro.

To make small purchases in the country you can use a cash card (named “Proton” in Belgium), which is just like a phone card.