29 Oct 2024
Imagine you just landed in Belgium and finding the right banking institution to send money to India from Belgium should be your top priority. More than 20,000 Indians live in Belgium today, and the use of banking products that suit the Indian community is gradually increasing. The right banking solutions will help you get value for your money, make easy and effective remittances, and increase your savings.
This blog deals with new and innovative banking products suitable for Indians living in Belgium so that you are well-armed to prepare your financial destiny.
Being a resident in a new country has its financial demands; most Indians are also paying bills here in Belgium as well as remitting money back to India. This means that only acceptable solutions have to be adopted in order to cater to both the multiple currencies and responsibilities that are inevitable when in such a balancing act.
For example, creating an account that supports multiple currencies will enable a client to conduct transactions using each currency – euros or Indian rupees – without being charged huge conversion costs.
HSBC and Standard Chartered offer multi-currency accounts that make managing such accounts an easier affair. Such accounts allow you to keep your money in different currencies, which is quite convenient as direct conversion of money is a usual process that decreases your revenues.
The financial and monetary aspects of Indian expats are highly dependent on the remittance process. The World Bank has stated that India ranks among the largest absorbents of remittances with $83 billion in the year 2021 only. Remitting money i.e. to send money online to India from Belgium back home is not only a need for many people who are living in another country but also is a way to help families and to contribute to the development of the countries.
As a result many banks in Belgium offer remittance accounts for migrant workers which are cheap and fast. For example, AXA and ING have special accounts whereby clients will be charged low fees for international money transfers. This means that many of your hard-earned dollars can go through to your families in India without having eaten through the charges.
Being an expat, having a means of saving is very important, as is having access to the opportunity to invest. You do not want to keep your money idle; you need them to work for you. Banks are investing in independently competitive saving accounts as well as investment products and services that target the expats.
Ensure that investments in the banks of choice are fluid and that savings accounts have friendly interest rates. For instance, Rabobank has developed special savings accounts that have rather high rates of interest that are open to expatriates. Still, such accounts usually consist of facilities such as minimum balance maintenance is not compulsory, as well as convenient online banking to control your funds with greater ease.
Expats may require credit services like personal loans, home loans, or credit cards to meet their needs. Unfortunately, not all banks have realized the necessity of the changes in the structure of services i.e. to send money online to India from Belgium provided by them to meet these needs.
Consider expatriate-targeted loan services that have a more preferable interest rate and lenient loan refund scheme. Few banks, such as BNP Paribas Fortis among others, find it useful to offer expats customized loans that provide for flexible credit whenever they are required. They usually come at a cheaper interest rate, and the repayment option tends to favor the customers’ financial capacity.
There are so many new opportunities available for Indians in Belgium regarding bank matters. Some are mentioned below:
The significant trends within banks include what can be referred to as Multi-currency accounts. These accounts allow you to have more than one currency in your account at the same time; you do not harass yourself with exchange rates all the time.
Also, it is recommended that the use of multiple currency accounts for operation in euros as well as Indian rupees may benefit the company. Some of these accounts being provided by many banks include; features such as instant conversion, and debit cards that enable the transaction of the accounts internationally.
These are the latest remittance accounts that are all directed at expats. Sometimes they are cheaper, work faster, and provide additional security measures for accounts.
Decide which of the remittance accounts fits your transfer best. For instance, remittance accounts available from Institutions such as Deutsche Bank have reasonable charges and suitable services that enable easy money transfer from Belgium to India.
Thus, searching for the best or reasonable and higher interest rate saving accounts ensures more accumulation of the money. As of now, more and more banks are opening standard savings accounts that are designed to accommodate expats along with good rates and conditions.
Look for high-interest-bearing accounts that also come with other privileges, such as tax credits or compounding matured benefits. Discuss opportunities from banks such as ACE Money Transfer since they make it easier for expats to gain higher interest rates.
The advancement in the use of technology has made digital banking a crucial segment for expats. Almost all financial institutions are adopting the use of online banking solutions that allow you to do all your banking from the comfort of your home.
Utilize the services of digital banking to manage your money matters from Belgium and India respectively. These platforms possess facilities like account control through the Internet, tools for putting up financial plans and requirements, and also access to customer support personnel without delay which makes banking quite comfortable for the user.
Here are some tips for selecting the right banking option to send money back home for Indian expats in Belgium:
Competitive costs and fees should be the core aspects that one should consider while choosing banking products to send money to India online from Belgium. Invest some time in trying to find out whether the fees charged by the banking service are obvious and when it comes to money transfers in a foreign currency or a foreign country – relatively low.
For this to be possible, people should select firms with less expensive fees and flexible charges across borders. This may be of much help in the long run and definitely, if frequent transactions between Belgium and India are to be affected.
The possibility of receiving banking services can make a big difference depending on the convenience. Make sure the bank you settle for has an easy-to-use online and mobile banking services section.
So, emphasis should be placed on banking organizations that have effective websites and branches catering to expats in Belgium. This means that you have access to help should you wish to at any one time be it through an App or an actual meeting.
Many banks have certain investment and savings packages, which might be more advantageous in terms of tax for those interested.
Research banks with favorable investment products with tax benefits or other special features best suited to your objective. It is important to know a few things related to taxes when you are investing, especially to get the most out of your money.
To avoid disappointment it is advisable to read some of the customer reviews and maybe consult some of the fellow expatriates. This may generate information concerning the stability and quality of the services coming from the bank.
Choose the banks that did well enough in the previous years to provide the best support to expats in controlling their money. Therefore, one might infer that organizations that have a good reputation must also provide better service to their customers.
Given the fact that there is a wide variety of banking products for online money transfer from Belgium to India, Indian expats in Belgium get certain chances to protect and build their financial capital. That means when it comes to managing your banking risks, bank products such as multiple currency accounts, international money transfer methods, or the best saving rates, you know exactly what it takes.
Be in charge of your money by choosing the perfect banking product for you. It’s sad to let the fruits of your efforts go up in flames. Send your money through ACE Money Transfer today and avail yourself of our services, which provide fast, secure, and cheapest means of remittance. Make sure that all your financial transfers are smooth and that your families in India get every single yuan. Don’t wait any longer; begin the journey of taking charge of your finances today!
The top products for Indians in Belgium are multi-currency accounts, remittance accounts, high-interest savings, and customized loan products.
This means one can easily wire money back home through bank agencies such as AXA, ING, or such agencies known as ACE Money Transfer because they are cheaper and faster.
The use of multiple currencies should come with attributes such as fair exchange rates, low transaction charges, web portal-based conveniences, and convenient access to customer services.
Yes, banks like HSBC, Standard Chartered, BNP Paribas Fortis, etc. have expertise regarding facilities for Indian people living in Belgium by providing them with relevant services as well as products.
Many customers prefer digital banking in Belgium because it is easy, quick, and hassle-free; check account balance; perform transactions; have budgeting options; and contact customer service
