BENPBEB2

Payment Instructions

General instructions for international payments to banks in BELGIUM:

Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC, IBAN, and beneficiary bank address).

Central Bank: For additional information, please refer to www.nbb.be/en.

Country Requirements/Restrictions:

• Payment Restrictions: There are no payment amount restrictions. The high-valued payment system used in Belgium is typically for payments exceeding EUR 500,000. Banks may charge a day’s float; however, companies can often obtain same-day value settlement.
• Account Restrictions: Residents and non-residents are permitted to open and maintain domestic currency (EUR) and foreign currency accounts both locally and abroad.
• SEPA: Strict formatting standards and SEPA guidelines exist in Europe regarding cross-border payments. IBAN and SWIFT BIC are required for all euro payments. SEPA standards apply for euro payments to beneficiaries with accounts in Belgium.

Payment Formatting Rules for EUR:

Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.

Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. IBAN numbers for beneficiaries with accounts in Belgium must be included in the payment instructions.

Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. There are no specific bank clearing codes in this country for cross-border payments. SWIFT BIC is key to routing payments to the beneficiary bank. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxBExx or xxxxBExxxxx.

IBAN: In Belgium, the IBAN consists of 16 characters. It starts with the country code (BE), followed by two check digits, and then the national bank account number. Example: BE98 1234 5678 9123. The structure is BE2!n3!n7!n2!n, and the electronic format is BE98123456789123.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of BELFIUS INVESTMENT PARTNERS for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from BELFIUS INVESTMENT PARTNERS, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.