In this article, you'll discover whether Luno works in Belgium, explore some potential drawbacks if it is available, and consider the possibilities for Belgian residents using the platform.
Does Luno Work In Belgium?
Yes, Luno works in Belgium. Residents can sign up for a Luno account and use their wallets to buy, sell, send, receive, and store cryptocurrencies like Bitcoin, Ethereum, and XRP. Additionally, users can deposit local currency to fund their accounts and withdraw funds to a bank account in their name.
There are no specific constraints for using Luno in Belgium beyond the general requirements applicable to all supported countries. Users must be residents of Belgium, and if they travel to an unsupported country, they will be restricted from transacting with their Luno account until they return. If they stay outside Belgium for more than three months, they will need to re-verify their profile for the new country to continue using their account.
Fees and Charges for Using Luno in Belgium
Here are some general costs that users might encounter:
- Transaction fees: Fees applied when buying or selling cryptocurrencies on the platform.
- Currency conversion fees: Charges incurred when converting between different currencies.
- Withdrawal fees: Costs associated with withdrawing funds from your Luno account to a bank account.
- Deposit fees: Fees for depositing local currency into your Luno account.
- Network fees: Charges for sending cryptocurrencies to an external wallet, which are determined by the blockchain network.
Is Luno the Best Option in Belgium?
Even though Luno is available in Belgium, it might not be the best option for users due to certain limitations and restrictions that could affect their overall experience.
- Limited cryptocurrency options: Luno offers fewer cryptocurrencies compared to other platforms.
- Higher transaction fees: Users may encounter higher fees for buying and selling crypto.
- Customer support delays: Response times for customer service can be slower than expected.
- Verification process: The identity verification process can be lengthy and cumbersome.
- Geographical restrictions: Traveling to unsupported countries restricts account access and transactions.
Alternatives to Luno in Belgium
1) OneSafe
OneSafe is a leading alternative payment solution in Belgium, offering a seamless experience with features like simple onboarding, lower fees, and superior customer support. Users benefit from global payments, multi-currency support, and user-friendly corporate cards, making it a superior option for managing financial operations efficiently.
OneSafe Reviews
Users have praised OneSafe for its comprehensive banking services, including ACH, Crypto, Wire deposits, and Virtual cards. They appreciate the support for a wide range of businesses, making it a versatile choice for many. Notably, OneSafe has been recognized for its seamless user experience and efficient financial operations.
2) Wise
Wise offers a multi-currency account, allowing users in Belgium to manage money in over 40 currencies. Key features include cost-effective international transfers, a Wise debit card for spending and withdrawals, and robust security measures. Users benefit from no hidden fees and high user ratings, making it a reliable option.
Wise Reviews
Wise has an overall rating of 4.7 out of 5 based on 86 reviews. Users have reported issues with money transfers being returned without notification and challenges with document approval.
Check out more Wise reviews here.
3) Paypal
PayPal is a viable alternative payment solution in Belgium, offering secure payments, global money transfers, and support for online shops. Key features include 24/7 fraud monitoring, Buyer and Seller Protection, and the ability to link multiple cards. These benefits make PayPal a reliable option for managing digital transactions.
Paypal Reviews
PayPal has a rating of 4.4 out of 5 stars based on 2,117 reviews. Users frequently mention high transaction fees and occasional issues with dispute resolution and fund holding times.
Check out more PayPal reviews here.
Frequently Asked Questions about Luno in Belgium
Is Luno available for Belgian residents?
Yes, Belgian residents can sign up and use Luno for cryptocurrency transactions.
What cryptocurrencies can I buy on Luno in Belgium?
Luno supports Bitcoin, Ethereum, and XRP for buying, selling, and storing.
Are there any fees for using Luno in Belgium?
Yes, users may encounter transaction, withdrawal, deposit, and network fees.
Can I withdraw funds to a Belgian bank account?
Yes, you can withdraw funds from your Luno account to a Belgian bank account.
What happens if I travel to an unsupported country?
Your Luno account will be restricted until you return to Belgium.
Begin Your Journey with OneSafe Today!
Choosing the right payment solution in Belgium is crucial for seamless financial operations. While Luno offers basic services, exploring alternatives like OneSafe can provide enhanced features and lower fees. OneSafe stands out with its user-friendly interface and comprehensive support. Sign up to OneSafe today to experience superior financial management.
