# Bank accounts?



## travelling-man

If I have a UK based Euro account that gives me internet banking and a debit card etc, is there any advantage in also having a Portuguese account or can I get by with just the UK one please?


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## silvers

Millenium just charged me €50ish for the year, so if you can get yours cheaper in the UK, you can still use the cash machines here for a small fee but you would have to pay that anyway when you transfer across. Of course if you transfer across large amounts, you will get a better exchange rate using an fx company


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## canoeman

There is very little difference between a UK Euro account or Sterling Account, slightly better transfer rates, normally a service charge. 

The downside is you wouldn't be able to pay any basic bills by D/D, a requirement for unlimited internet use, access the Multibanco system and every transaction purchase etc would attract a fee, nor would a cheque drawn on that account be much use as it would need to clear.
You really need a Portuguese bank account.

Millennium for example has English internet banking, transfer money from UK for no cost, and I find costs reasonable, for me nowhere near 50€


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## travelling-man

OK thank you both. Millennium it is then!


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## robc

travelling-man said:


> OK thank you both. Millennium it is then!


If you can afford to wait a couple of days I would....................it appears that a couple of the Portuguese Banks may have been close to the line in the recent EBA stress tests. Whilst I take this with a certain amount of scepticism, it may be worth letting the dust settle to see if there is any fall out.

The Saturday Telegraph had an article which named Banks in Europe that both failed and those that need to increase Tier 1 Liquidity ratios.

HTH

Rob


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## travelling-man

Rob,

Thanks for that but it'll be a couple of months rather than days or weeks anyway.


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## kingrulzuk

travelling-man said:


> If I have a UK based Euro account that gives me internet banking and a debit card etc, is there any advantage in also having a Portuguese account or can I get by with just the UK one please?




Hiya mate I use this Euro currency exchange prepaid card 
It was recommended to me by Peter who is an expat of this forum I think silvers know him.
This card I use on my trips to Europe. All I do is just top it up and go and I get good exchange rate

Check it out for Ur self: Prepaid Travel Money Card | Currency Card | Caxton FX


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## canoeman

That's ok if your a hoilday visitor or you need it to save money on Ryanair, but for living in Portugal they have serious drawbacks and are not a suitable card for everyday needs.


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## canoeman

robc can you give a link to article? can't find anything on a search


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## robc

canoeman said:


> robc can you give a link to article? can't find anything on a search


Hi Canoe

This is the only on line article I can find

European stress tests: banks set for 'chaos Monday' after nine fail - Telegraph

The original article was in the hard copy paper on Saturday. I will try and find that.

Rob


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## canoeman

Thanks, but aren't journalists useless when they leave out some of the important information like bank names!


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## robc

canoeman said:


> Thanks, but aren't journalists useless when they leave out some of the important information like bank names!


Don't be too hasty..................it may have been me, I found this in my travels this morning

BBC News - Eight banks fail EU stress test with 16 in danger zone

That names names so to speak.

Rob


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## Guest

To make things confusing, I have tried a UK Euro account and visited HSBC, NatWest and Berkleys but none have Euro current accounts like Sterling Current accounts and actively make it difficult. I tried Santander (was Abbey) thinking it's got branches all over Euroland but even less helpful then the others. So I got a cheap Ryanair flight to Dublin and opened two Euro accounts at Dublin airport branches using my UK address, 10 euros in each account. Did the FX exchange and deposited money in one account and closed the other (ie picked better bank). My card works in CP, France, Belgium and Switzerland taking euros from an ATM, internet xfer euros to Portugese lawyer no problem, all the bank stuff is in English, their customer service is the best.


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## canoeman

Does CP stand for Portugal? if your living in Portugal you ultimately need a Portuguese Bank to set up D/D access Multibanco system etc, so I don't really understand why you didn't open an account here in the first place.


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## robc

canoeman said:


> Does CP stand for Portugal? if your living in Portugal you ultimately need a Portuguese Bank to set up D/D access Multibanco system etc, so I don't really understand why you didn't open an account here in the first place.


Quite.......and if one is hell bent on having an account outside of PT then go and talk to the nice people at Barclays who will set you up with International Accounts and an International Account Manager. Then you can use any branch in PT for your Banking. There is a very nice branch just behind the EDP off Marquis De Pombal in Lisbon.

But don't forget that these are companies that are set up in a specific country and are not directly linked, (for regulatory purposes) to the parent company.

Personally, for all the hassle it entails especially with MultiBanco, I would open an Account with a Bank in PT ......................way easier IMHO

Rob


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## travelling-man

I might be wrong but as I understand it, one can only open a PT based bank account once you're in the country?

Consequently, I've now opened an offshore Euro account but will open a PT based Euro account once I've arrived in the country. (I'll hope to find one that has online banking in English though) 

However, I flatly refuse to deal with Barclays or Barclays subsiduary banks because they support Robert Mugabe to the tune of around US$100M a year for no apparent reason or return. (Feel free to Google that one!).


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## canoeman

It is possible to open a Portuguese bank a/c with a Portuguese branch in another country, but it does require a temporary Fiscal Number (tax number) being issued unless you already have one, it can be a problem converting the temporary number to a permanent one, so it is easier to do in Portugal.
Opening an account here is easy and you don't have to be a Resident, but it is necessary to have correct documentation.
As a non Resident:Fiscal number, passport, proof of address (utility bills) , proof of employment/income (contract/payslips/pension or tax return) when a Resident you then just change address.
As a Resident same plus Resident Registration. 
Millennium and BES both have good English internet banking, my personal preference is Millennium, who I think have a branch in Jo'burg


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## Maggy Crawford

*Bcp*

We bank with Millennium BCP and have always found them to be very helpful. I would avoid Caixa Geral. We had nothing but slow, inefficient and very rude service when trying to do any banking for friends in two of their branches. They are civil servants and behave as such with no commercial nous.


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## travelling-man

Thanks folks

Millenium it will be then!


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## Frank Wilson

Don't want to make this thread a Millennium love in but we have never had any problems with them either.

Frank.


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## notlongnow

"I might be wrong but as I understand it, one can only open a PT based bank account once you're in the country?"

This definitely isn't the case, in Lisbon banks are actively marketing non-resident accounts on bus stop billboards.

"It is possible to open a Portuguese bank a/c with a Portuguese branch in another country, but it does require a temporary Fiscal Number (tax number) being issued unless you already have one, it can be a problem converting the temporary number to a permanent one, so it is easier to do in Portugal."

This is a really good point and important to take note of. We thought we had been awfully clever by opening our account with BES from their London branch but they gave us one of these temporary numbers. When we moved out a couple of months later it took over 8 weeks to cancel the temporary ones, during which time we were unable to sign up for ADSL or cable TV which required a proper fiscal number - with 2 people needing to work online using broadband dongles, it turned out to be quite an expensive mistake!

FWIW, we are perfectly happy with BES. Great service at London and Portuguese end, easy transfers via an RBS "shadow" account which makes it straightforward to move money from the UK at a good exchange rate, and they do offer Internet banking in English. Having said that, it's best to try to keep it in Portuguese to help learn the language.

As for trying to live here without a PT account.....bad idea. So much relies on the Multibanco system...literally everything from phone bills to fishing licences, via tax payments, mobile phone topups and train tickets.


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## canoeman

Just trumpet Millennium again they also operate a shadow account via HSBC, money paid into or transferred via HSBC arrives within 12 hrs at no cost to sender or us we also opened BES a/cs because of discounts offered on insurance but did close them as Mbcp just had the edge for us.
Learning Portuguese a good point, but as I now understand how the internet banking operates seldom use the English option, but I do like the fallback and being able to check out other services where more and more information is being provided in English. 

Originally started with Totta (Santander) but closed because my nearest local branch more or less refused to handle anything because I hadn't opened a/c there!


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## Guest

canoeman said:


> Does CP stand for Portugal? if your living in Portugal you ultimately need a Portuguese Bank to set up D/D access Multibanco system etc, so I don't really understand why you didn't open an account here in the first place.


In the UK I opened an account with Espírito Santo Bank London prior to using FX Ex to exchange a wad of Sterling into Euros. Espírito seemed to chose a branch in somewhere randomly in Portugal and got a provisional tax number without informing me, the branch wouldn't post to an address in the UK and no ATM card. So I ended up with an account I couldn't use (I couldn't even close the account so they withdrew their fees then it became overdrawn etc.) and tax mess of a provisional number and panic of converting a wad at the best exchange rate. This has let me exchange at the best rate, keep the euros in an accessible account then go to Portugal and sort out the Portugese end.


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## canoeman

Sorry but buyer beware, if Santander did as you say without informing you then you have grounds to complain, get fees refunded and start again.
The Irish bank might be useful to hold Euros but it is absolutely useless for any day to day operations.
Unless you change the temporary fiscal number to a permanent one, you'll find it a considerable problem.
You mentioned sending money to a Solicitor, you do realize that you require a Fiscal number to purchase property, so he should have organized for you before accepting any money.


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## dstump

It seems a waste to open a new thread so I’m recycling this one. Things might have changed or moved on since the original start of the thread back in 2011. Anyhow, advice, guidance and personal experiences much appreciated. 

I have read a couple of conflicting statements on opening a PT bank account for non- residents and the ‘essential documentation’ required.

For clarity, a non-resident can open a PT bank account, yes?. They require a NIF, (best if one is issued by finances in PT, rather than a temp one issued by overseas branch of PT bank). Next is a passport. Next, is proof of residency and proof of income and I believe a wod of cash.

However, I read on another forum a couple opened an account with BPI with: NIF, passport and €100. No mention of residency/proof of income. 

Anyhow, back to the advice/guidance side of this post. As a UK citizen but not actually living in the UK or EEC country, is it possible to open account? 

We will get our NIF when we are across in a couple of weeks. Passport is a given. As for proof of residency, we live in company provided accommodation where utilities are paid via the company, so no bills available. I can get a letter from my company to this effect, although in English only, not sure if this would be acceptable by the bank. And proof of income will have to be bank statement of monthly pay cheque. Any experience out there on this? 

We have simple requirements: access to money via ATM, a debit card, ability to pay bills and transfer money via the Internet, so Activo Bank looks attractive, because they don’t have fees. Worse case we would open an account with a bricks and mortar bank.


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## canoeman

Have a look at Millennium which is representative of all banks and probably Activo as it's a part of Millennium Account Opening - Millenniumbcp initialy you shopuld open the account as a* Non Resident* then when you make the move you change your staus and address, the easiest is to bring what documentation you can a Contract of Employment is generally good enough, afraid a little bit of automy exists in these things or even a day to day attitude what might have been ok in this branch won't be ok in another or on different days
Don't be surprised that they want your Parents names it's a given requirement

Personally I'd open with a main stream bank and then when I was settled look at the alternatives, Activo as an example your nearest branch would be Leira or Lisbon to open an account whereas Millennium will be on your doorstep and to date probably one of the better banks even with their faults


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## dstump

Great, thanks for the pointers CM. We will be coming with a armful of documents and see what ones are acceptable.


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