Basic banking service for businesses and diplomatic missions

A bank account is essential for a business to be able to carry out payments and participate in economic traffic. In reality, however, some businesses struggle to obtain a bank account.

The basic banking service for businesses and diplomatic missions was introduced to stop them from being excluded for banking services. This means banks are required to provide certain services.

What does the basic banking service entail?

The basic banking service is a current account with a debit card, allowing you to carry out the following transactions:

• deposit cash
• withdraw cash
• transfer money into an account
• carry out standing orders
• carry out direct debits
• pay with a payment card or a similar payment method

Those transactions can only be carried out if your bank account has sufficient funds. Your bank account cannot have a negative balance.

Who is entitled to the basic banking service?

Every business that is established in Belgium and registered in the Belgian Crossroads Bank for Enterprises or that has requested a registration, is entitled to the basic banking service.

The words “onderneming”/“entreprise” in the sense of article I of Book I of the Code of Economic Law (CEL) refer to:

• a natural person carrying out a professional activity in a self-employed capacity (such as a one-man business, a company manager, an artist);
• a legal entity (a company, non-profit organisation or foundation);
• any other unincorporated organisation (such as a partnership).

The following entities are also entitled to the basic banking service:

• diplomatic missions,
• co-owners associations,  referred to in article 3.86 of the Civil Code, that are not registered in the Belgian Crossroads Bank for Enterprises.

The business, diplomatic mission or co-owners association must have been denied minimal service by at least three different banks to be able to claim the basic banking service. The refusal by at least two different banks and the notification of the termination of the current account(s) are also sufficient.

Nor reply from bank for a period of fifteen business days from the date of submission of the request for payment services shall be considered as a refusal of the application for payment services.

An extract from the judicial record for the business, the members of the statutory management body, and the persons responsible for the day-to-day management, must also be provided. This extract cannot be older than three months.

Who provides the basic banking service?

The credit institutions that are established in Belgium and that are considered to be systematically important institutions by the National Bank of Belgium, provide the basic banking service. The list of systematically important credit institutions is updated annually and published on the National Bank of Belgium’s website.

Six banks qualify as providers of the basic banking service in 2024:

• BNP Paribas Fortis
• KBC Bank
• Belfius Bank
• ING Belgium
• Argenta
• Crelan

A credit institution is appointed as a basic banking service provider through a procedure at the Chamber of Basic Banking Services of the FPS Economy.

Are you entitled to the basic banking service in American dollars?

The current account is available in euros. An account in American dollars or in another currency accepted within the commercial activities of the credit institution, can be provided upon request of your business or diplomatic mission. However, your business or diplomatic mission cannot deposit cash or withdraw cash with the current account in American dollars or in currencies other than euro.

Keep in mind that a bank that does not offer accounts in American dollars to its existing clients cannot be obliged to do so. For those accounts, the Chamber of Basic Banking Services will choose banks that offer such accounts to their current clients.

Co-owners associations, referred to in article 3.86 of the Civil Code, need to have two payment accounts in euros within the framework of their obligations. 

How do you apply for the basic banking service for businesses?

You can apply for the basic banking service by contacting the FPS Economy’s Chamber of Basic Banking Services via the online application form. 

Application form Basic Banking Service

You will also receive a free paper version of the application form from the credit institution that refused to provide the minimum service. The paper version of the application form may only be used if you are not able to use the online application form. 

What is the procedure concerning the Chamber of Basic Banking Services?

Once you have submitted the application form to the Chamber of Basic Banking Services, they will check if your file contains all the documents necessary to admit your application.

Once the application is declared admissible, the Chamber of Basic Banking Services sends the application to the Financial Intelligence Processing Unit. The Chamber of Basic Banking Services then reviews the application, considering the reasons for refusal listed below in the context of stepping up the fight against fraud, money laundering, and the financing of terrorism, as well as the compliance with financial sanctions.

If the application passes the test regarding the reasons for refusal, the Chamber of Basic Banking Services has 60 calendar days to appoint a basic banking service provider. If the application does not pass the test regarding the reasons for refusal, the Chamber of Basic Banking Services will refuse to appoint a basic banking service provider. You will be notified by registered mail of the Chamber’s decision.

The Chamber of Basic Banking Services reviews your application, considering the following reasons for refusal:

• the business or a member of the business’s statutory management body has been convicted of fraud, abuse of trust, fraudulent bankruptcy, forgery, social fraud, serious tax fraud, corruption, a stock market crime, or money laundering, during the last five years;
• the business or a member of the business’s statutory management body is included in the lists published for the implementation of the binding provisions on financial embargoes, defined in article 4, 6° of the law of 18 September 2017;
• given the international obligations that Belgium must comply with, the diplomatic mission is subject to financial restrictions that prevent the Chamber from granting the basic banking service.

As part of the additional risk mitigation measures, the Chamber of Basic Banking Services may ask you to provide documents or information before deciding to appoint a basic banking service provider.

The basic banking service provider must provide the basic banking service within 45  days. The anti-money laundering investigation and any additional risk mitigation measures are not included in this time limit. If the basic banking service cannot be provided within this period, the basic banking service provider must inform the applicant and the Chamber of Basic Banking Services in writing of the additional time required. However, this extension may not exceed a period of 30 days.

Can a basic banking service provider refuse to provide the basic banking service?

The basic banking service provider can refuse to provide the basic banking service in the following situations:

• You already have a basic banking service or another current account with your bank or another bank, established in Belgium or in another Member State.
• Your application for the basic banking service is a violation of the law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash.
• A member of your business's statutory governing body or the person in charge of its active management or a member of the executive committee has been convicted of fraud, abuse of trust, fraudulent bankruptcy or forgery.

The provider of the basic banking service must inform the applicant of the refusal in writing. The provider must also motivate and justify its decision, unless its decision to refuse the applicant is motivated by the legislation against terrorism and money laundering.

Can a basic banking service provider terminate the provision of the basic banking service?

The basic banking service provider can terminate the provision of the basic banking service in the following situations:

• A member of your business's statutory governing body or the person in charge of its active management or a member of the executive committee has been convicted of fraud, abuse of trust, fraudulent bankruptcy or forgery.
• You have not made any payment transaction on that current account for more than 12 consecutive months.
• You provided incorrect information to obtain the basic banking service.
• You have a current account in Belgium or in another member state that can be used for bank services. 
• The provision of the basic banking service is a violation of the law of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash.

The basic banking service provider must notify you of the termination in writing. In addition, the provider must motivate and justify his decision, unless it is a violation of the legislation on the fight against terrorism and money laundering.

How much does the basic banking service cost?

The basic banking service is not necessarily free of charge. The credit institutions appointed by the Chamber of Basic Banking Services set their own price for the basic banking service. However, no more than 420 euros may be charged annually for the provision of the basic banking service. That amount may be indexed annually.

The number of electronic transactions is unlimited.

Would you like to report a problem or file a complaint?

Report the problem or file your complaint via the FPS Economy’s reporting webpage.

You must also file your complaint with the mediation service of the credit institution itself. If it is not possible to find a solution within a reasonable time period, you can appeal to the Ombudsman in financial conflicts. In case of a dispute, they will issue an opinion that is binding for the credit institution. You can contact the financial Ombudsman at the following address:

Phone: +32 2 545 77 70
Fax: +32 2 545 77 79
Email: ombudsman@ombudsfin.be

How do we process your personal data?

The Chamber of Basic Banking Services needs to process certain personal data in order to comply with its legal obligations. Those data are processed in compliance with the General Data Protection Regulation (frequently referred to as "GDPR") and the Belgian data protection laws. For more information, please refer to the privacy policy of the Chamber of Basic Banking Services (PDF, 116.61 KB). Personal data processing by third parties is regulated by a protocol concluded between the data controller and the third party.