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

These 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).

Diplomatic missions are also entitled to a basic banking service.

The business or diplomatic mission must have been denied minimal service by at least three different banks to be able to claim the basic banking service.

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.

Seven banks qualify as providers of the basic banking service in 2023:

• BNP Paribas Fortis
• KBC Bank
• Belfius Bank
• ING Belgium
• Argenta
• Axa Bank Belgium
• 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 dollar 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.

Keep in mind that a bank that does not offer US dollar accounts 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.

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 can 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 submits the file to the Financial Intelligence Processing Unit, which will issue a mandatory opinion. After obtaining the opinion, the Chamber of Basic Banking Services has two months to take a decision on the appointment of a basic banking service provider. You will be notified of the Chamber of Basic Banking Services’s decision by a registered letter.

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 10 business days. The anti-money laundering investigation and any additional risk mitigation measures are not included in this time limit.

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.
• 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.

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.  If you had provided the correct information, the bank would have denied you this 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.

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. These 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.