# Bank in Portugal/Azores



## azoreseuropa (Nov 10, 2013)

I know that you can opened the account there with 200 EURO or 300 EURO but I was told that some banks required 3000 euro to be deposited after 3 months for opened the account ? I hope not.


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## canoeman (Mar 3, 2011)

You can open an account with 50€ but Banks here charge monthly maintenance fees, but if balance is +????? free, put ??? marks because varies bank to bank


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## azoreseuropa (Nov 10, 2013)

Do you know which bank that do not charge monthly maintenance fee ? I am thinking of deposit for opening the bank at least 200 euro because of my SSDI will go to directly deposit there anyway.


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## canoeman (Mar 3, 2011)

Afraid not, you need to check on accounts offered as some if you receive a regular payment per month of +500 (i think) salary or pension etc then no charges, Millennium is one


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## JohnBoy (Oct 25, 2009)

canoeman said:


> Afraid not, you need to check on accounts offered as some if you receive a regular payment per month of +500 (i think) salary or pension etc then no charges, Millennium is one


Quite right Canoeman regarding Millennium provided the minimum €500 per month is transferred in. You cannot pay the amount in, it must be by transfer. Also if you have at least €7,500 in a savings account there are no charges for operating the account other than the annual fee for the debit card. Even that is not charged if the account balance is zero.


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## azoreseuropa (Nov 10, 2013)

A 500 Euro in the bank just to opened the account with no charge is affordable. It is better than 3000 Euro with no charge at all.


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## JohnBoy (Oct 25, 2009)

bearmon2010 said:


> A 500 Euro in the bank just to opened the account with no charge is affordable. It is better than 3000 Euro with no charge at all.


Bearmon let's make this clear as I would hate you to get caught out. In relation to Millennium, if all you have is €500 in the account then there will be charges. The €500 Canoeman and I mentioned is a regular transfer into the account every month of at least €500 as the result of a pension payment or salary.

This relates to Millennium accounts and I cannot speak for other banks who will have different rules.


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## canoeman (Mar 3, 2011)

You need *500€+ per month* transferred in not a 1 off payment to pay no charges


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## azoreseuropa (Nov 10, 2013)

Yeah, I understand. That's mean I will looking for other bank instead of Millennium Bank when I move there next year or so. That's why I am so well prepared for that. Thanks for the information, you two! Cheers!


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## canoeman (Mar 3, 2011)

Think you'll find that all operate very much the same, where the difference is I believe that a few do have lower balance limits for no charges think Agricoura might be one but it's a simple toss up keep 3-4000€ ++ tied up in a non interest paying a/c to not pay appox 6€ per month in charges


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## JohnBoy (Oct 25, 2009)

canoeman said:


> Think you'll find that all operate very much the same, where the difference is I believe that a few do have lower balance limits for no charges think Agricoura might be one but it's a simple toss up keep 3-4000€ ++ tied up in a non interest paying a/c to not pay appox 6€ per month in charges


Or keep €7500 in a Millennium savings account for free bank charges. If you were settling on the mainland rather than the Azores then there is a bank that is totally free regardless but I think I'd rather pay up and stay in the Azores!


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## azoreseuropa (Nov 10, 2013)

Ahh.. I will find the bank in Azores that do not charge anything after 300 to 500 Deposit. There must be somewhere out there.


I am going to live in Azores for now because of my other family live there. After settle things down for a while in a year or two then I will move to Portugal because I like Portugal the best than in Azores for one reason: Sunny alot!  

Why do you rather to stay in the Azores instead of Portugal ? Curiosity.


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## JohnBoy (Oct 25, 2009)

So far I've only visited São Miguel and loved the scenery, beautiful fresh produce and warm and friendly people. I cannot wait to go back to explore the other islands in the group.


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## azoreseuropa (Nov 10, 2013)

Good to know that but friendly people ? Hehe.. Not really. Around the local people are not only friendly people. They might be friendly at first because they dont know you.. Once to get know you and get used to you then reveal will be too obviously. 

Anyway, think about move to Azores huh ?


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## izian (Nov 21, 2013)

Thank you for the info on this thread. I've just been charged 15 euros bank charges for Apr - Jun.
I will be looking at Millennium to open an account now, as from next month I should be getting over 500 euros transferred each month.


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## azoreseuropa (Nov 10, 2013)

izian said:


> Thank you for the info on this thread. I've just been charged 15 euros bank charges for Apr - Jun.
> I will be looking at Millennium to open an account now, as from next month I should be getting over 500 euros transferred each month.


Really ? From what bank that charged you for 15 euro since Apr-Jun ?


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## canoeman (Mar 3, 2011)

All Portuguese banks charge a/c fees for various things, varies slightly bank to bank, most have no fees with some level of minimum balance or like Millennium if you have a regular payment like wages or pensions +500€ per month


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## azoreseuropa (Nov 10, 2013)

Ahh, okay. To have no fee, you must have 500 euro or above in the bank ? Okay, got it. Obrigado.


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## canoeman (Mar 3, 2011)

*No!* it depends on the bank with Millennium if you have a regular transfer into the account each month of +500€ then they don't charge *some* of the fees, some fees have to be charged by law.

*Some not all* banks will have a *minimum balance stipulation* to be fee free, believe lowest with Agricola or maybe BPI??? is around 3000€, go under minimum balance at any time you pay fees


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## JohnBoy (Oct 25, 2009)

bearmon2010 said:


> Ahh, okay. To have no fee, you must have 500 euro or above in the bank ? Okay, got it. Obrigado.


Or use the Millennium online bank of Activo who have no fees unless you move money from Portugal to another country.


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## azoreseuropa (Nov 10, 2013)

Ahh, I understand. Thank you JohnBoy and Canoeman.


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## izian (Nov 21, 2013)

bearmon2010 said:


> Really ? From what bank that charged you for 15 euro since Apr-Jun ?


I'm with BPI. I'm also charged 7.50 per year for having a bank card, plus tax on top of the charges.

The others are right when they say it's the norm to charge, and indeed, with 500+ euros coming in every month, BPI might well have an account that offers me free banking too, I'll have to ask. Apr - Jun I had very little money paid in so that might be where the charges have come in? It's just something I'd not thought about before as it didn't occur to me that they'll be charges. I think we are spoiled in the UK with free banking!


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## azoreseuropa (Nov 10, 2013)

Ahh, I understand.



> BPI might well have an account that offers me free banking too, I'll have to ask.


Really ? Can you let me know us know if you don't mind to share ? We will thank you if you do.


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## izian (Nov 21, 2013)

Of course. Although by free banking, I mean it might be free as I'll be having a regular monthly payment of over 500 euros paid in, which maybe the criteria for an account with no charges.
Probably won't be finding out for another month or so, but will update on here with any info I get.


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## canoeman (Mar 3, 2011)

There are always some charges on Portuguese accounts as certain things carry IS tax and it depends what you do, every bank I believe publishes those charges at bottom of Home pages.

Not familiar with BPI site but they don't appear to have "free" banking for regular monthly transfers in and charges for balances are
Accounts with FA(*) < €1,000 and Liabilities < €2,500: €15.00 / quarter
Accounts with FA(*) < €2,000 and Liabilities < €5,000: €10.00 / quarter
Accounts with FA(*) < €3,000 and Liabilities < €7,500: €5.00 / quarter
Accounts with FA(*) >= €3,000 or Liabilities >= €7,500: Exempt


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## izian (Nov 21, 2013)

Thank you canoeman, that's useful to know as I'll probably have under 1,000 euros in my account on a constant basis.


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## azoreseuropa (Nov 10, 2013)

Thanks izian and canoeman.

Agricola banks including in Azores islands if anybody wants it. Here:

There are several banks list --

BaniF
Minnunnium
Banco Espirito Santo
Banco PI
Creído Agricola
Caixa Geralde Depositos
Multibanco (I am not sure if it is still around or shut down)

Maybe some of them might accept over 300 euro if you deposit it regular monthly payment. I do not know for sure.

I know one in America called Bank of America that accepted 300 USD as regular monthly payment and no fee at all.


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## canoeman (Mar 3, 2011)

Multibanco is the national network of ATM's, wouldn't currently touch BES with a bargepole, shares are suspended at the moment.

As far as I'm aware it's only Millennium that offers "free" banking with a regular banked monthly income


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## azoreseuropa (Nov 10, 2013)

Ahh, That's what I thought about Multibanco.

Those lists except Millennium is a good question and need to know more about at first. I went there for a few times to see my relatives and I regretted not to asked around about those list. Heh.


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## canoeman (Mar 3, 2011)

Millennium is largest Portuguese Bank, CGD is the old Government bank now private, BES had account with but closed, you've not got Santander Totta on your list, but with any from the Stares you will have to be in Portugal or the Azores to open an account as far as I know no Portuguese bank has a true branch or office in the USA where an account could be opened


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