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6 min read 18.11.2021 58

Online Banks in Belgium - digital banking and e-wallets

When it comes to digital and mobile banking, Belgium is among Europe's leaders. Belgians utilize online banking and e-commerce at a rate that is higher than the EU average of 54%. In 2018, there were over 7 million mobile banking subscribers in Belgium, which was more than twice the level from three years prior.

Ibrahim Busari
Ibrahim Busari
Ibrahim is a fintech writer at AskWallet

Fact checked! This material is written by an expert

6 min read 18.11.2021 58

Online banks in Belgium

Belgium has one of the most sophisticated traditional and online banking systems in the world. The European Union region has seen an expansion in the fintech department and is home to many fintech unicorns. 

Online banking has made every single part of banking easier from opening an account to getting a credit card all from the comfort of your home. In some situations, these institutions waive costs for basic bank account services provided online. Among the major online and mobile banking companies in Belgium are:

Bunq 

bunq is a mobile-first Neobank that provides a variety of innovative services like personal and commercial accounts. Users may access up to 25 bank accounts with unique IBANs, 5 virtual debit MasterCards, and 3 actual Maestro/MasterCards through a single bunq account. Bunq allows you to send payments, request money, divide bills, and conduct real-time transactions.

Your assets are safe with this neobank because it is licensed by the Dutch National Bank. It implies that if Bunq goes bankrupt, all deposits up to 100,000 euros (for all accounts combined) are protected.

Features of bunq

  • Personal IBAN
  • SWIFT and SEPA payments are available 
  • Travel card
  • Metal card 
  • Competitive international fees
  • Bunq pack (three personal, and one business account) on fixed monthly fee

N26 

N26 provides key banking services such as savings accounts, payment transfers, direct debit, and travel-related features such as an account with a debit card, insurance, and free foreign currency ATM withdrawals globally. N26 allows you to send money in 19 different currencies. Following Brexit, N26 ceased operations in the United Kingdom and is currently focusing on expansion in Europe and the United States.

N26 is regulated by the German Financial Regulatory Authority. In compliance with European Union rules, your money is covered by the German deposit protection system up to 100,000 EUR.

N26 is concerned with security, which is why a N26 account can only be linked to one mobile phone at a time, guaranteeing that you are the only one who has access to your account. Users are also kept up to date on all account activity via immediate push alerts.

Revolut 

Revolut is a challenger bank to traditional banks . Instant spending notifications, built-in budgeting, and the option to spend and transfer money internationally using the real exchange rate are all available in a single app. From regular spending and budgeting to international currency conversion and easy-access stock trading, they've got you covered.

Features of Revolut

  • Customers of Revolut may make instant and free payments.
  • External transfers are simple and quick.
  • Sharing expenditures with family members who have a Revolut account;
  • Send money instantaneously in 30 currencies while taking advantage of a favorable exchange rate;
  • Each spending category has its own budget planner.
  • Budget monitoring in real time;
  • Payments may be made more easily and securely with Google Pay and Apple Pay.
  • Donations are possible with Revolut in only a few clicks.

Monese 

Monese provides companies and individuals with quick European and UK checking accounts that are accessible online, as well as a MasterCard debit card. Users may create a bank account in EUR, GBP, or RON, as well as request and transfer cash in 19 currencies throughout the world. Its debit card is accepted at ATMs, in-stores, and online across the world.

Unlike typical UK banks, the funds of users are not protected by the FSCS; there is no protection for deposits up to 85,000 GBP in the event that the firm goes bankrupt. Monese is a registered agent for PrePay Technologies (an EMI) that is approved by the UK's Financial Conduct Authority. Furthermore, Monese is unable to reinvest its clients' funds, which must be kept secure in a separate account.

Features of Monese

  • Automatic Bills Protection and Purchase Protection
  • Contactless Mastercard debit card
  • Make international transfers at excellent exchange rates 
  • Integration with Apple and Google Pay
  • Features for travelers, such as Travel money cards and Avios.

Wirex 

Wirex is an FCA licensed, global leader in digital money solutions for personal use. Wirex Ltd offers its consumers in the EEA a debit Mastercard and a debit Visa card for those in APAC, a currency exchange for individuals across the world. Wirex's services are available in many countries and consumers can make transactions in multiple currencies.

Features of Wirex

  • Send 21 fiat and cryptocurrencies over the world quickly and effortlessly.
  • Take advantage of unfettered access to the world of global payments.
  • Instant crypto-to-crypto, fiat-to-crypto, and crypto-to-fiat trades at live rates
  • Savings of 5-8 percent as compared to high-street banks
  • With live in-app alerts, you can track payments and manage your account.
Ibrahim Busari
As a fintech writer at AskWallet, he uses his metaphorical pen to guide you through the world of EMIs. He has been working in the financial and iGaming industry since 2016.