Belgium - Banking Systems Belgium - Banking Systems
All credit institutions (banks and savings banks) operate under the same legal framework and are monitored by the same supervisory authorities. The Banking, Finance and Insurance Commission (BFAC) supervises the activities of financial institutions, including banks, investment funds, stock brokers, finance companies and holding companies. As a result of the deregulation of the banking sector in 1993, credit institutions have been able to offer all financial services, as defined by European legislation. The BFAC supervises the financial sector in close coordination with the National Bank of Belgium (Belgium’s central bank).
Domestic and foreign banks in Belgium are represented by the Belgian Bankers’ Association (BBA). Since June 2003, the BBA has been part of the recently created professional organization that represents the whole Belgian financial sector (banks, investment funds, leasing companies, stock brokers, asset managers and companies offering credit to the household sector), called Febelfin.
The four main Belgian banks are ING, Dexia Bank, BNP Paribas-Fortis and KBC. A full range of financial services is offered, with special account facilities for non-Belgian nationals. Banking services are also available from the Post Office. Banking hours are normally 9.00 a.m. to 4.00 p.m., Monday through Friday.
The main bankcard used in Belgium is the Mister Cash-Bancontact debit card, issued along with a PIN number upon opening a bank account in Belgium. In order to open an account, proof of identity, such as a passport, is required. The Bancontact card can be used to withdraw cash at ATMs, and to pay for almost anything in Belgium, from a newspaper, parking meter, gasoline, or a loaf of bread from the bakery. Credit options are also available on application. All bank ATMs in Belgium accept the Bancontact card; some accept MasterCard, Visa and other credit and debit cards. The major credit cards are generally accepted in stores, restaurants, and hotels. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.