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Opening an account is generally a quick and simple process in Belgium. Banks usually require only your passport or other identification in order to open a current account (compte à vue/zichtrekening).

You can even open an account online without having to set foot in a bank. It will be anything from a few days to two weeks before you receive the various transfer forms, cards, code numbers and passwords necessary to manage your account.

You can receive statements as often as you like, e.g. monthly, weekly or even daily if you want to keep a close check on your account. There is, of course, a charge for this service and the more frequently you want statements, the more expensive it will be. If you don’t specify otherwise, you will normally receive one or two statements per month. You can also use your bank card or Internet connection to review your account balance and check recent transactions at any time.
Savings Accounts

In addition to a current account, you can open several different types of savings accounts with most banks. Your employer may also offer a form of tax protected savings account at your own or another local bank. Belgium exempts a certain amount of savings account interest from income taxes, and there’s a variety of savings plans available designed to permit you to save money for a deposit on a house.

With deposit accounts (term deposits) you must be prepared to invest for a period of up to 12 months, and some employer-related savings plans require you to invest for several years before you can make withdrawals. In general, the longer the term, the higher the return. You receive a pass book for a savings account, where all deposits and withdrawals are recorded. Under some employer savings plans, you must take your pass book to the bank every few months to have the balance updated, or wait until the end of the year to receive your tax documents, telling you how much interest has been added to your account.

Banking is a major industry in Belgium, and there’s no shortage of banks to choose from. Belgium claims to have the largest number of bank branches per capita of any country in the world.

The banks in the region have long led the world in the field of electronic banking, and there are few transactions you can’t do either from an ATM (automatic teller machine) or from your home computer. Banks offer a wide range of services, including personal and commercial banking, investment and insurance services, and personal, commercial and mortgage loans. Most larger banks have websites containing information about the services they offer, including online banking, and in some cases application forms.

Despite the spread of electronic banking, it’s still necessary to have at least a current account (compte à vue/zichtrekening) in your country of residence, as cross-border bank transactions can be expensive and complicated, even when everything is denominated in euros. Online banking, using bank-supplied software or via the Internet, is gaining in popularity, but only in Belgium are there ‘genuine’ e-banks (banks operating entirely online, where you can open an account from the comfort of your home and never actually see your banker). Some online banks offer a full range of investment and loan services, complete with downloadable application forms (e.g. Fortis Bank, http://www.fortisbank.be/home-FR/).

Personal accounts are generally more expensive in Belgium than in the UK or USA. You should expect to pay between €50 and €100 per year for a standard current account that includes debit and credit cards, plus ATMs and Internet banking facilities. Banks usually charge for every service separately, as well as for each transaction, although they may offset charges by paying a (very small) rate of interest on your average account balance each month (provided you remain in credit). Most banks offer a variety of ‘package programmes’ which include the fees for the various bank cards, online banking access, a number of transactions at bank machines and often some form of account insurance, all for a single annual fee.

You can arrange to receive bank statements at regular intervals (daily, monthly, quarterly or annually) or to pick them up at your branch (in which case you avoid being charged a mailing fee plus postage) or simply print them at a bank machine or from your home computer (and not be charged at all). Bank fees are usually deducted directly from your account either quarterly or at the end of the year.

Traditionally there have been three major banks in Belgium, although recent buy-outs and mergers have changed some of the names, which are currently Fortis Banque/Fortis Bank (formerly Générale de Banque/Generale Bank), Banque Bruxelles Lambert/Bank Brussel Lambert and Kredietbank. Bank account numbers are standardised in Belgium, the first few digits indicating the bank and branch to which the account belongs.

Opening HoursMost banks are open from 9am to 4 or 4.30pm Mondays to Fridays and a few are open on Saturdays. Many smaller branches close for an hour at lunchtime (usually 1 to 2pm).

South Africa’s banking system is not only the most sophisticated in Africa (which isn’t necessarily saying much) but also the equal of that in many western countries.There has been a reduction rather than increase in the number of banks operating in South Africa recently; since 2002, some banks have been taken over, some have given up their banking licence, and others have left the market, including the African Merchant Bank, BoE Bank, Brait Merchant Bank, ING Bank NV and PSG Investment Bank. Surviving banks have had to make fairly drastic staff cuts to contain operating expenses. Nevertheless, according to a 2004 Ernst & Young report, there’s a strong demand for banking services, particularly bank loans and mortgages.

According to the central banking authority, the South Africa Reserve Bank (www.reservebank.co.za), South Africa currently has 15 locally-controlled banks, six foreign-controlled banks (which, however, operate in much the same way as South African banks), two registered mutual banks and around 50 registered foreign bank branches and representative offices. The retail market is dominated by the ‘big four’: Absa (www.absa.co.za), FirstRand Bank (www.firstrand.co.za), Nedcor (www.nedcor.co.za), and Standard Bank (www.standardbank.co.za), who between them have over 15 million customers (including almost 1 million internet customers) and 25 million accounts. As in other countries, internet banking is projected to increase rapidly, although South African customers have so far been wary of banking online, following newspaper stories of hackers stealing large amounts of money.

Despite their sophistication, South African banks are widely accused of the same ills as banks in Australasia, Europe and North America, including high charges, poor levels of customer service, over-regulation (particularly foreign-controlled banks) and generally cartel-like behaviour. As anywhere, you should therefore shop around and compare rates before signing any contracts or taking out a loan (banks must publish their conditions).

Bank opening hours vary but are generally from 9am until 3.30pm, Mondays to Fridays, and 9am until 11am on Saturdays.

ComplaintsIf you have an unresolved dispute with your bank or a complaint about a banking service or product, you can approach the Banking Adjudicator (Tel. 011-838 0035, www.oba.org.za), an independent body which provides a free, informal, confidential problem-solving service. You can only refer to the Adjudicator after having first approached the bank and the Adjudicator will want your complaint reference number and copies of all correspondence between you and the bank.

If you have a problem concerning a loan, you can approach the Micro Finance Regulatory Council (Tel. 0860-100 406, www.mfrc.co.za), a private, non-profit body appointed by the government to regulate the micro-lending industry and protect the interests of customers.

You can check your credit rating (for a small fee) or seek advice about credit problems from either of South Africa’s two major credit bureaux: Experian (Tel. 089-110 5665, www.experian.co.za) and ITC (Tel. Cape Town, 021-401 4200, Durban 031-366 8222, Johannesburg 011-488 2911, www.itc.co.za). If they’re unable to solve your credit problem, you next stop is the Credit Information Ombud (Tel. 0861-662 837, www.creditombud.org.za), a voluntary, independent association reporting to an industry council.