Why do I have a French (FR) IBAN for my Belgian business account?
When you opened your Qonto account in Belgium, you were provided with a French IBAN (starting with FR). This is because Qonto operates under a European payment institution license issued by the French banking regulator (ACPR - Autorité de Contrôle Prudentiel et de Résolution), and the EU's banking passport system allows us to use this license to provide services across all member states, including Belgium.
Under the SEPA Regulation (EU) No 260/2012, an IBAN's country prefix does not need to match the customer's country, what matters is that the account is reachable across SEPA, which your French IBAN is. This means it works just like a Belgian IBAN for all your banking needs: SEPA transfers, direct debits and every other payment operation, with no restrictions.
Important to note: Article 9 of Regulation (EU) No 260/2012 also prohibits third parties from refusing an account based on its country of location. If a third party refuses your account for this reason, this would be non-compliant on their end.
When will Belgian (BE) IBANs be available?
We're working on introducing local Belgian IBANs. We don't have a confirmed launch date to share yet, bu we'll update this article and inform you directly as soon as more information is available.
Why is it taking so much time to launch Belgian IBANs?
Introducing local IBANs in a new market is a complex regulatory and operational undertaking that requires several key steps:
- Regulatory Compliance & Licensing: We need to complete the passporting process with Belgian financial authorities and establish a local branch structure that meets all regulatory requirements.
- Local AML/CFT Requirements: Each country has specific Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) requirements. We need to hire and onboard local compliance officers, including a dedicated Belgian Money Laundering Reporting Officer (MLRO), to ensure we meet all local regulatory standards.
- Technical Infrastructure: We must obtain a Belgian BIC/SWIFT code, register with the SEPA scheme, and implement technical systems to generate and process Belgian IBANs correctly.
- Banking Network Integration: We need to ensure that Belgian IBANs are properly recognized and accepted by all local banks and payment systems.
These regulatory and compliance processes require careful coordination with authorities and cannot be rushed, as they're essential to providing you with a secure, compliant banking service.
What should I do in the meantime?
Nothing! Your French IBAN works perfectly for all your banking needs:
- ✅ Receive payments from Belgian and international clients
- ✅ Make SEPA transfers across Europe
- ✅ Set up direct debits
- ✅ Connect to accounting software
- ✅ Use all Qonto features
When Belgian IBANs become available, we'll communicate clearly about the migration process and support you every step of the way.
Will I be notified when Belgian IBANs are available?
Absolutely! We'll keep you informed well in advance of the launch, with clear instructions on how the transition will work and what actions (if any) you'll need to take.
Have more questions? Our support team is here to help!
If you have any questions, you can always contact our support team. We are happy to assist you. For chat support, you can contact us via your account after logging in. You can also email us directly at support@qonto.com.