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.
