3 TRUSTED WAYS FOR MONEY REMITTANCE TO BELGIUM

by Rohit I. Marketing

Things No One Tells You About Sending Money To Belgium From Abroad

The total contribution of the Belgian tourism industry to its GDP was EUR 23.8 Billion which makes it 2.2% of the total GDP in 2016. According to sources, it is forecasted that it will rise by 4% in the year 2017. It is to be noted that approximately 3.4 billion Euros were invested in biotech sector in the year 2016 alone. With a growing economy, more and more businesses are setting up base in this country, thereby increasing the need to remit money to Belgium in the recent times. Let’s take you through a few points you need to remember while sending money to Belgium.

You Must State Your Purpose Of Remitting Money To Belgium
In order to avoid heavy transaction fees, you should clearly state the reasons for sending money to Belgium. It is advised that you choose your remittance partner wisely. Whether you are investing abroad or supporting a family member overseas, stating the genuine purpose of sending money to Belgium can be very useful, as banks usually verify your purpose of sending money in order to keep tabs on illegal activities.

You Have To Pay Taxes When You Remit Money To Belgium
Yes, you have to pay taxes when you want to remit money to Belgium. You can use websites that allow you to compare exchange rates across the market. This makes you aware of the cheapest deals available, and you will never be fooled by high FX rates while sending money to Belgium. It is to be noted that Belgian residents pay taxes on foreign income, while non-residents have to pay taxes on any income originating in Belgium.

You Might Be Paying A Premium For Sending Money To Belgium
While remitting money to Belgium, you should keep in mind all the alternatives in order to get the best deal. If you compare the transaction fees of some of the renowned remittance portals, you will be shocked to see that these websites charge you exorbitant rates for even small amounts. They transfer your money in 1-2 working days in exchange of a whopping transaction fees and other charges, depending on the country you want to remit the money to. So, choose wisely before you remit money to Belgium.

There Is No Threshold Limit For Money Transfers To Belgium
For any kind of money remittance to Belgium, government approval is not a prerequisite. However, higher amount of money transfer to Belgium ought to be reported to the Central Bank. Remittances over EUR 10,000 must be declared to the respective authorities.

In this article, we would also like to discuss the three most-trusted ways to send money to Belgium.

Online Money Transfer: You Can Send Money Directly To A Belgian Bank Account Using InstaReM
InstaReM is a great way to send money to Belgium. Their remittance portal has started to spread its wings in the field of money transfers, and is significantly undercutting the competition on transfer fees and speed. It typically takes one or two business days for international transfers in certain corridors, while others might take longer depending on the banking system of the destination country. It charges a nominal remittance fees. If you are remitting money to Belgium via InstaReM, you have the advantage of transferring your funds at Live FX rates.

Wire Transfer
Wire Transfer is one of the most trusted ways to send money to Belgium. The sender has to give his /her personal details at a remittance portal. The wire transfer facility collects the necessary details of the recipient from the sender. Once the information is obtained from the sender, the sender’s centre commences the wire transfer and sends the message to the receiving centre. This whole process is very confidential and all your account information is protected by the Financial Conduct Authority. That is the reason why wire transfers are trusted by many people around the world.

E-Mail Money Transfer
It is also called bank to bank transfer, but in these kinds of transfers it is not necessary that the sender should have the recipient's bank information. However, the sender needs to log in to his bank's website and fill the required details. After that the sender needs to fill in the recipient's e-mail id and answer a security question of his choice. The security question has to be shared only with the recipient. Following this, an e-mail is sent by the bank to the recipient and the recipient has to answer the security question correctly in order to validate his identity. Only if the recipient answers correctly, will the sender be able to complete the transaction. This whole process usually takes 3-5 days. This too is one of the most-trusted ways to send money to Belgium.