Guide to Belgian banking
From an introduction to the euro currency through to paying your bills, here is your guide to the Belgian banking system.
Currency
Belgium is in the Euro zone, sharing a common currency with Austria, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Slovenia, Spain, Portugal and The Netherlands.
Of the older EU countries, Sweden, Denmark and the UK remain the outsiders. Most of the newer EU countries plan to adopt the Euro when they are ready to do so, but each has its own timetable* for convergence. Slovakia joined the Euro club in January 2009. Euros from any of the 12 countries may be used anywhere in the EU.
Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 EUR, 2 EUR
Notes: 5 EUR, 10 EUR, 20 EUR, 50 EUR, 100 EUR, 200 EUR, 500 EUR
On one side of the coins is a European Union emblem showing a map of the Euro zone surrounded by the 12 stars of the Union. On the other side is a design specific to the country where it was minted*. There is talk of abolishing the one and two cent coins to improve the trouser line. All Euro notes are the same, regardless* of which country they come from, and feature* symbols representing co-operation, openness, dynamism and harmony.
Paying for Goods and Services
Cash
Cash dispensers* are usually found wherever* there is a bank, and they all take the Bancontact/Mister Cash cards issued* by local banks as well as credit cards. Dispenser lobbies* within banks are open after hours and are usually only for customers of that specific bank and most don’t issue cash on credit cards. -> You'll need to swipe* your bank card to get in. There is an irritating lack of machines in central Brussels which means queues at peak* times. Machines can often be drained* dry on a Saturday night, thereby* frustrating Sunday morning customers.
Debit and Credit Cards
The most common card in Belgium is the Bancontact/Mister Cash card. It is linked to your current account, and is accepted in department stores, supermarkets, gas stations, and high street shops*. It’s a good idea to have one of these, as there are still many places in Belgium that don’t accept alternatives. A Bancontact/Mister Cash card with a PIN number will be issued when you open a Belgian bank account.
Most types of credit cards are widely accepted. If you get a Visa or MasterCard from a local bank, the standard option in Belgium is for this to operate like a debit card, with the full balance* taken from your account each month. Some of the major banks do offer credit cards but these can be expensive. Diner's, American Express and other major international credit cards can also be obtained and used in Belgium.
Cheque
Cheques, while* still available when you open an account, are more or less obsolete and can attract penal* banking charges*. They are not recommended nor are they encouraged by the banks.
The transfer slip*
If you do not bank online the most common means* of payment is via a bank transfer*. This is an orange and white payment slip found at the bottom of almost all Belgian bills*.This has to be filled in, signed and handed in* at your bank or paid via an ATM machine
Direct Debit*
This practice is the most efficient way to pay bills to people you trust, for it precludes* the problem of forgetting to pay them. Since late payment incurs* a small penalty* charge added to the next bill, this form of payment is common for utility* companies.
Standing Order*
This can be set up* for regular payments of a fixed amount, like rent* or mortgage* repayments. You can also use it as a way of saving a fixed amount regularly, by automatic transfer from your current account to your savings accounts.
Opening a Bank Account
To open a current or checking account, you need either a passport or a Belgian ID Card as proof of identity. Once the account is opened the bank will send you a Bancontact/Mister Cash debit card. A PIN code will be sent to you separately. If you want to open a savings account, the bank can advise you on the different accounts on offer.
Proton
Belgium is a pioneer of the cashless society. The Proton card is actually a chip integrated into your Bancontact/Mister Cash card and is like a rechargeable electronic purse*. It is designed to pay for everyday items* such as newspapers and sandwiches, as well as paying the butcher and the baker. This is how it works: Using your usual four-digit PIN code, you load the card at a cash dispenser, and then go shopping. The shopkeeper enters the amount to be paid into the Proton terminal, and you put your Proton card into the terminal. When the amount to be paid appears on the screen, you simply press the OK button, and the payment is made. A word of caution*: a lost card is like lost cash so don’t overload the card.
< http://www.flanderstoday.eu/sites/default/files/magazine/FT_2012_40.pdf
EXERCISES
Synonyms
invoice =
to intend =
to suppress =
emblem =
calendar =
every =
to make better =
shortage =
to empty =
forerunner =
built-in =
product =
costs =
nearly =
monthly =
in fact =
warning =
severe =
cashier =
to prevent =
to bring about =
costly =
to put money aside =
Antonyms
conclusion ó
without ó
young ó
insider ó
closed ó
before ó
debit ó
cheap ó
top ó
more ó
Acronyms
EU =
ECB =
UK =
PIN =
PUK =
ATM =
SEPA =
IBAN =
BIC =
Translate
solde =
frais bancaires =
domiciliation =
obligation ($) =
action ($) =
actionnaire =
actionnariat =
bordereau =
ordre permanent =
virement =
virer ($) =
versement =
verser ($) =
retrait =
retirer ($) =
bordereau de retrait =
découvert =
précompte mobilier =
délit d’initié =
loyer =
propriétaire =
locataire =
bail =
emprunt hypothécaire =
formulaire de virement =
Principals
prendre
made
lost
to do
retirer ($)
went
paid
some, no, any
something =
nothing =
anything =
somewhere =
nowhere =
anywhere =
someone = = somebody
no one = =
anyone = =
Word Formation
happy ( = heureux) + ness = happiness ( = bonheur)
lazy
user-friendly
kind
well
aggressive
busy
ill
clumsy
blind
aware
conscious
open
Derive the corresponding adjective
Belgium Belgian
Austria
Cyprus
Finland
France
Germany
Greece
Ireland
Italy
Malta
Slovenia
Spain
Portugal
The Netherlands >
Pay your debts and you’ll keep your friends ...
compte =
comptable =
comptabilité =
compte bancaire =
compte courant =
carnet de dépôt =
compte d’épargne =
compte-titres =
compte numéroté =
compte dormant =
extrait de compte =
Match the corresponding pairs
coins – notes – portfolio – purse – securities – wallet
Securities
securities = + +
Basic bank operations
verb noun
↓ = =
↑ = =
→ = =
How do you call?
a request to your bank to make fixed regular payments (weekly, monthly, etc) from your bank account to a creditor's bank account
=
the difference between credits and debits in an account
=
the money paid to a bank for the bank's services
=
local office of a bank
=
money lent by a bank that must be repaid with interest
=
deficit in a bank account caused by withdrawing more money than is paid in
=
person to whom money is paid
=
a record of transactions in a bank account
=
to take money out of a bank account
=
Multiple choice
If you go abroad you don't have to take a lot of cash with you. Instead, you can take ...... cheques with you, which are accepted in most hotels, restaurants and shops all over the world.
tourist
traveller's
travel
Bas du formulaire
1. Here is a small ...... You'll get the rest of the money after the job is finished.
Haut du formulaire
benefit
advance
preview
2. "Here's a ten-pound ...... ". "Your change, Sir".
invoice
bill
note
3. "What is the ...... in Poland". "It's the Polish Zloty".
money
currency
greenback
4. He doesn't have any money problems. He is fully ......
wealthy
solvent
thrifty (= économe, peu dépensier)
5. If you work longer than your usual working day you should be paid ......
outgoing
overdue (= en retard)
overtime
6. I don't get paid in cash. My salary is paid into my bank ......
deposit
debt
account
7. The long-term loan you take from a bank to buy a house or flat is called a ......
mortgage
overdraft
standing order
8. I don't have any money. I'm ......
stony-broke
hand and fist
well-off
9. I need to ...... my belt, and cut down on the money I spend on luxuries.
loosen
tighten
do
10. I don't have any cash on me. Can I pay with my ...... card?
deposit
credit
expenditure