For the large diaspora community living and working abroad with family back in Belgium, having access to fast, affordable money transfer options is essential. Whether helping out with regular living expenses, paying tuition fees for children, or making investments like real estate purchases, finding the right provider can make sending money far more cost-effective.
However, many traditional remittance companies and banks still levy hefty wire fees and offer below-market foreign exchange rates for international transfers sent to Belgium which slashes recipient value. Fortunately, new licensed online money transfer providers can save users significant amounts using the latest financial technologies for more transparent pricing and highly competitive exchange rates on transfers into Belgian bank accounts or cash pick-up locations.
In this guide, we analyze the top digital money transfer companies for routing payments into Belgium from other European countries and further afield. By comparing transfer fees, exchange rate margins, transfer speed, and convenience criteria, our goal is to advise expat users on the most cost-effective provider based on their unique transfer needs and country-to-Belgium corridor.
Belgium’s Currency – Euro (EUR)
Belgium’s official currency is the Euro, abbreviated as EUR. As a member of the Eurozone, Belgium adopted the Euro as its official currency on January 1, 1999, replacing the Belgian Franc. The Euro is further subdivided into 100 cents and is denoted by the symbol €. It is widely accepted and used for all financial transactions within Belgium, making it an integral part of the country’s economic landscape. The Euro is managed by the European Central Bank (ECB) and is shared by multiple European Union member countries, facilitating seamless cross-border transactions and trade within the Eurozone.
Comparison of Money Transfer Providers
When evaluating money transfer providers for sending funds from the USA, United Kingdom, and Europe to Belgium, it’s crucial to consider various factors that extend beyond just exchange rates and transaction fees. Providers such as Wise (formerly TransferWise), Revolut, Instarem, MoneyGram, CurrencyFair, Xoom, TransferGo, Western Union, Remitly, OFX, Skrill, TorFX, and XE comply with strict international regulations, ensuring the safety and security of your funds during the transfer process. Each provider offers different methods of delivery in Belgium, including options like bank deposits, cash pickups, and mobile wallet transfers, each varying in terms of speed and convenience.
The dynamic nature of exchange rates, influenced by global economic trends, significantly impacts the final amount received in Belgium. Some services offer features like rate alerts, which are beneficial in finding the best times to transfer money. Moreover, the fees for transferring money can vary widely, with some providers offering more attractive rates for larger transfers or special promotions for regular customers.
The ease of initiating transfers is another important aspect. While some providers, like Wise and Revolut, offer user-friendly online platforms and apps, others like MoneyGram and Western Union have extensive physical networks, catering to those who prefer in-person transactions. The availability and quality of customer support are also essential, particularly for addressing any issues that might arise during the transfer process.
Additionally, the specific needs of the recipient in Belgium should be considered. The convenience of receiving money directly into a bank account versus cash pickup can greatly influence the choice of provider. Some companies also provide added incentives, such as reduced fees for first-time users or bonuses for frequent transactions, which can add extra value to their services.
Therefore, a comprehensive evaluation of these diverse factors is essential for selecting the most suitable money transfer provider for sending money from the USA, the United Kingdom, and Europe to Belgium.
What Are the Best Companies for Transferring Money to Belgium?
The best companies for transferring money to Belgium offer a blend of currency flexibility, widespread availability, and varied transfer options. Among these, Wise, Revolut, Instarem, MoneyGram, CurrencyFair, Xoom, TransferGo, Western Union, Remitly, OFX, Skrill, TorFX, and XE stand out for their comprehensive services.
Wise provides services from Germany/Europe, the United Kingdom, and the USA, allowing transfers in EUR, GBP, and USD to Belgium in EUR. This flexibility makes Wise a versatile choice for individuals in different regions with varied currency needs.
Revolut, operating from similar regions, offers transfers in EUR, GBP, and USD to Belgium, also in EUR. It is favored for its digital-first approach and competitive exchange rates.
Instarem, covering the same regions, provides transfers in local currencies to Belgium, offering EUR and USD, which cater to a wide range of customer preferences.
MoneyGram allows transfers from Germany/Europe, the UK, and the USA in respective local currencies to Belgium in EUR, known for its reliability and extensive network.
CurrencyFair offers a unique peer-to-peer exchange mechanism, allowing transfers from these regions in multiple currencies (EUR, USD, GBP) to Belgium, emphasizing competitive exchange rates.
Xoom, a PayPal service, enables swift transfers from these regions to Belgium in EUR, catering to users seeking speed and convenience.
Western Union, with its global presence, facilitates transfers in various currencies to Belgium in EUR, ensuring reliable service and accessibility.
Remitly, similar in its operational regions, extends its service to include transfers in EUR, GBP, and USD to Belgium, underlining its commitment to diverse customer needs.
OFX and XE, known for their currency exchange services, offer a wide range of currency options for transfers to Belgium, making them highly flexible for different financial requirements.
Each of these companies has unique strengths, whether in currency range, geographical coverage, or ease of transaction, making them some of the best options for transferring money to Belgium.
What Is the Fastest Way to Transfer Money from to Belgium?
The fastest way to transfer money to Belgium involves selecting a service known for its quick processing times. Providers like Wise, Revolut, Instarem, MoneyGram, CurrencyFair, Xoom, TransferGo, Western Union, Remitly, OFX, Skrill, TorFX, and XE are all reputable for their efficiency in international money transfers.
Wise, with its digital-first approach, is renowned for fast and efficient transactions, often ensuring that transfers are completed swiftly. Revolut, leveraging its modern, app-based platform, also offers speedy processing times, making it ideal for quick transfers.
Instarem, focusing on rapid international money transfers, is known for its fast processing times, often ensuring that money reaches its destination quickly. MoneyGram and Western Union, with their extensive global networks and experience in the money transfer industry, are capable of facilitating rapid transfers, often in a very short time.
CurrencyFair, Xoom, and TransferGo, each with their unique digital platforms, also prioritize quick processing, ensuring speedy transactions. Remitly stands out for its commitment to fast service, often making it a preferred choice for those prioritizing speed.
OFX, Skrill, TorFX, and XE, while also offering currency exchange services, provide fast money transfer services. Their experience in the financial sector translates into efficient and speedy processing of international transfers.
The speed of these services is enhanced by their utilization of advanced electronic networks and digital platforms, contributing to reduced overall transfer time. For those looking to send money to Belgium quickly, opting for one of these providers, known for their rapid processing capabilities, would be the most effective approach.
What Is the Cheapest Way to Transfer Money to Belgium?
The cheapest way to transfer money to Belgium is through Wise, formerly known as TransferWise. Wise stands out for its commitment to transparency and affordability in international money transfers. It operates on the principle of charging low, upfront fees and using the real, mid-market exchange rate for currency conversion, which often results in significant savings for the sender compared to traditional banks and other money transfer services.
Unlike many other providers, Wise does not add a markup on the exchange rate, ensuring that customers get the best possible deal. This approach makes it especially cost-effective for sending money to Belgium from various countries. Additionally, Wise’s user-friendly online platform and mobile app make the process of initiating and tracking transfers straightforward and convenient. Their emphasis on clear pricing, combined with a reliable and efficient service, positions Wise as the most economical choice for transferring funds to Belgium.
Should You Transfer Money to Belgium Using Your Bank?
When considering whether to transfer money to Belgium using your bank, it’s essential to weigh the available options. Traditional bank transfers may not be the most advantageous choice, particularly when compared to specialized remittance services or dedicated money transfer sites. The primary concern with bank transfers lies in the associated costs, as banks often impose substantial fees that encompass not only upfront charges but also hidden expenses through unfavorable exchange rate markups. This can significantly reduce the total amount received by the recipient in Belgium.
Another critical factor to consider is the time it takes for the funds to reach Belgium. Bank transfers are typically slower due to the involvement of multiple intermediary banks, which can introduce delays and create uncertainty for both the sender and the recipient. Conversely, specialized money transfer services prioritize speed and efficiency, with many capable of completing transfers within a much shorter timeframe, often within minutes. This ensures that recipients in Belgium can access the funds promptly without unnecessary waiting periods.
Given these factors, if you are seeking a method that combines cost-effectiveness and swiftness, opting for money transfer sites or specialized remittance services is likely a more suitable choice than relying on traditional bank transfers. These alternative services offer more competitive exchange rates and lower fees, ensuring that a larger portion of your funds reaches its destination in Belgium efficiently and economically.
How to Send Money to Belgium? Step-by-Step Guide
Sending money to Belgium using online transfer services can be a straightforward process when you follow these steps:
- Choose a Money Transfer Website:
- Begin by researching and selecting a reliable money transfer service that offers transfers to Belgium. Consider options like Remitly, MoneyGram, Western Union, or XE.
- Evaluate critical factors such as exchange rates, transaction fees, transfer speed, and customer reviews to make an informed choice.
- Create an Account:
- Visit the chosen provider’s website and sign up for a new account.
- Fill in the registration form with your personal details, including your name, address, and contact information.
- Provide valid identification to comply with security and financial regulations.
- Complete any necessary verification steps, such as email or phone number confirmation, to activate your account.
- Initiate a Transfer:
- Log in to your account and navigate to the money transfer section.
- Select Belgium as the destination country for your transfer.
- Enter Transfer Details:
- Input the amount you wish to send in your local currency. The platform should display the equivalent amount in Euros (EUR) based on the current exchange rate.
- Provide the recipient’s details, including their full name and, if applicable, their banking information for bank deposits. Verify all information for accuracy to avoid any delays.
- Review and Confirm:
- Thoroughly review all transaction details, with a particular focus on the exchange rate and any applicable fees.
- Confirm that all recipient information is accurate.
- Choose Payment Method:
- Select your preferred payment method from the options available, which may include bank transfers, debit/credit cards, or other online payment methods.
- Be aware of processing times or fees associated with your chosen payment method.
- Complete the Transaction:
- Confirm and finalize the payment by following the platform’s instructions.
- Take note of the transaction confirmation and tracking number for your reference.
- Track the Transfer:
- Use the provided tracking number to monitor the status and progress of your transfer on the service provider’s website.
By following these steps, you can send money to Belgium through online transfer services, ensuring a secure and hassle-free transaction.
How Can You Find the Best Transfer Rate to Belgium?
To find the best transfer rate to Belgium, RemitStack offers specialized assistance to individuals and businesses looking to send money from the USA to Belgium. The platform’s meticulous design allows it to compare a wide range of money transfer providers, utilizing their in-depth industry knowledge and expertise. RemitStack places a strong emphasis on crucial factors such as exchange rates, service fees, transfer speeds, and the reliability of each provider, ensuring users can pinpoint the most cost-effective and efficient options tailored to their specific needs.
This service proves particularly valuable for those seeking to maximize the value of their financial transactions, guaranteeing that they secure the most advantageous deal when transferring money to Belgium. Whether the purpose of the transfer is personal or business-related, RemitStack is committed to providing up-to-date and comprehensive comparisons. The platform’s overarching objective is to simplify and clarify the process of selecting the right money transfer service, enabling users to make well-informed decisions that perfectly align with their unique transfer requirements.
With RemitStack, users can confidently navigate the intricate world of international money transfers, safe in the knowledge that they are accessing the best rates and services available. The platform’s unwavering commitment to transparency and accuracy makes it a trustworthy and reliable partner for efficiently managing international financial transfers, ensuring that users receive the most value from their transactions when sending money to Belgium.