Before the adoption of the banking mobility service, changing banking establishments was a real ordeal for users. Banks were reluctant to let their customers leave for competitors and increased obstacles to force them to stay.

Thanks to the banking mobility service, it is now easier for the customer to change banking establishment, because the formalities are simplified and the deadline is set at 8 working days.

How to change banks?

The launch on November 1, 2009 by the Belgian federation of the financial sector (Febelfin) of the banking mobility service facilitates procedures for changing banks. This solution requires the old and new banks to agree on the details regarding the transfer of the account.

All you need to do is open an account in a bank of your choice, request a bank mobility form and complete it. From there, the new bank takes care of everything within an average time of 8 days. However, it is important to clarify whether you want to completely close your account with the old bank or if you wish to keep one or more of its products.

Permanent transfers

In the event of a total transfer of standing order transactions, the new bank takes care of everything. You must ensure that all permanent transfers are made before switching to the new account, otherwise you risk seeing a transaction refused. In case some transactions remain in the old bank, you simply need to cancel the standing order you wish to transfer and create a new one on the recently opened account.

What about direct debits if you change banks?

If all direct debits are transferred to the new bank, the latter takes care of all the formalities. The partial transfer of domiciliations is more complex, because it is necessary to distinguish domestic (Belgian) domiciliations from European domiciliations.

For the first case, it is necessary to close the domiciliation in the old bank and submit a request for Belgian domiciliation on the new account. It is up to the new bank to carry out the rest of the procedure. In the second case, you must first notify your creditors by letter of the change in the direct debit account. Each of them will send you a new mandate that you will sign and return to them by mail. It is up to each creditor to settle the formalities with the bank.

What are the costs to expect?

The banking mobility service is completely free. However, fees may be incurred if you close a term account or transfer a securities account. Likewise, your loyalty bonus is canceled from the moment you make a transfer from your savings account.

School exams over, children and their parents are enjoying a well-deserved summer vacation. However, in stores, the shelves are already well stocked with school supplies for the start of the school year and after mid-August the frenzy of purchases will begin in the stationery sections.

Back-to-school costs, all items combined (books, supplies, travel, university tuition, school fees, daycare, holiday course) can reach up to 11.4% of the family budget. At the start of the school year, this share of the budget can even rise to 27.5% of the budget according to calculations noted by the League of Families regarding several typical families.

Cost of going back to school: the annual Crioc study

According to the latest recent Crioc study, the next school year (supplies, clothing, school fees but not school bags) will cost around 436 euros for nursery school, 339 euros for primary school, 609 euros for secondary school and 1,315 euros for higher education.

Crioc looked at the analysis of a typical consumption basket, that of a 6th primary school student. The differences are very significant depending on whether parents and children are tempted by “low price” labels or by fashionable or well-known brands. The differences are very significant depending on whether parents and children are tempted by “low price” labels or by fashionable or well-known brands.

According to the League of Families, tuition fees vary from 171 to 727 euros depending on the type of family, the number of children and their ages. Over the entire year the total cost can also amount to between 270 and 850 euros. Travel costs can rise to amounts of 336 euros per month and 2,568 euros per year.

Tips and tricks for reducing school bills

50% reduction on STIB subscription

The French community covers 50% of the price of school subscriptions for young people aged between 12 and 24. More info here.

Bonuses and scholarships

To relieve your back-to-school budget a little, the Family Allowance Fund pays you around August 10 a fixed bonus which varies according to the age of your children. This bonus has unfortunately been reduced as part of the austerity measures put in place by our government. The amount of your premiums here.

Spread out your purchases

More and more schools communicate the list of school purchases at the end of the year in such a way that you can spread out your purchases from July onwards.

Combine your purchases

Some schools organize group purchases of school supplies for parents who sign up on the list. This approach allows you to obtain substantial discounts. Take advantage and participate in these initiatives.

Essential package offered by stores

For a series of essential basic supplies, there is no need to wait for the back-to-school list, some stores offer you supply packages at reduced prices.

Finance the start of the school year with our back-to-school credit

Our credit company provides you with a back-to-school loan at a reduced rate which starts from €2,500. Take advantage of this to spread your spending over time.

The school and university holidays are in full swing and with it, some parents are already considering their child’s next registration at university from the beginning of September.

Financing a university education is the wish that many parents make for their children. This transition into family life will necessarily generate significant costs and for some parents, this means taking out a loan. What exactly does a university year cost? Let us take stock of this important question which will not fail to interest many parents faced with the first registration of their offspring in a faculty in Belgium

A university degree: a necessity?

It all depends on the professional career that the young person wants to pursue. Certain professions necessarily require a compulsory passage through university, while other choices can be achieved through training in higher education or technical training.

Currently, we are also seeing shortages for traditional professions (plumber, masons, baker, etc.) while university courses are sometimes congested by a large number of students.

It is therefore entirely possible to earn a good living by opting for traditional training. Ultimately, it is the attraction to a profession rather than any other criterion that should guide the young person.

What does a university year cost?

There are several studies in Belgium on this subject and it seems that there is a consensus on this subject between the different universities: the average cost of a university year for a person who lives alone is €10,000.00.

For example, the average cost of a room is €270 per month or €3,240 for a year. Some websites are rich in information on the ordinary cost of living at university. Some universities also provide you with very precise information on the cost of student living on their campus: consult it, this will allow you to have a good idea of the budget and pocket money that you should allocate to your children.

What are the factors that influence the cost of university living?

There are many parameters that can vary the cost of a year at university. Let’s cite a few that could guide you in your choices:

• Renting a student room or continuing to live with parents during studies if the faculty is close to the family home;
• Request the allocation of a scholarship when this right is possible;
• Renting a room with shared amenities (community) or renting an individual apartment (the rent can then rise considerably);
• Go to your campus by public transport, carpool or purchase a car by parents;
• Investments in ancillary training (We immediately think of language laboratories);
• Some students look for jobs to increase their pocket money;
• Etc…

Financing children’s university studies

For many parents, this financing will necessarily involve taking out personal credit.

Example of personal credit to finance a child’s studies: