# Banks



## portonh

Hi, we are thinking of purchasing a property in Portugal and would like opinions on which Bank we should use.

After a brief search I have found that BCP ( re Millennium re Activo) have/are having difficulties, suspended trading in June, takeover bids for Activo etc, just doesn’t sound very stable to me.

Novo Banco – rescued from the ashes of BES

Santander Totta – Good reviews, I am a UK Santander account holder

Barclays Bank Portugal – offers free transfers but do you get stiffed on the exchange rate?

Anybody with experience with any of these (or more) I would like to hear your opinions on how easy/reliable are they to deal with, do they have English language support, good online banking presence, associated fees etc.

Also is it better to use a currency trader (I have used FC Exchange previously) when moving large sums, aka house purchase or can the above Banks compete. 

Yes I know it’s a terrible time to be thinking of buying with the £ in the gutter but if I had a crystal ball……..

Thanks in advance for your thoughts.


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## Maggy Crawford

We use Millennium and find them excellent. Bank manager is superb, incredibly helpful and we have no complaints.


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## portonh

I’ve heard that Millennium are very good, my concern was about their current stability. Do you know if there is a branch locator or a list of regional branches?

Was it just passport and NIF to open an account?


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## steve01

Hi,
barclays in Portugal were taken over by Bankinter - a spanish company
they have very few branches in Portugal, but previously i found them to be good
Millennium - i use now - keep over 5k in your account and you get free banking, service is ok
All of the banks in Portugal offer very little interest - you are lucky to get 0.5% at the moment - all of them will offer 'investments' - usually based on 4 or 5 company stocks or stock market indices - they describe them as low risk - but everyone i know including me got burned with every one so far- for example can you in reality say that the portuguese, chinese, usa and Brazilian stock markets will definitely all be a minimum of 3% higher in exactly 4 years time - avoid temptation

passport and Nif and proof of address should be all you need.
Its Portugal, somehow with a folder of information it still took me over an hour to open an account


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## JohnBoy

Portonh I would be very interested for the source of your concern over BCP. Can you post links to any articles, blogs, etc. to support your concerns?

I have used Millennium and then Activo for almost 10 years now and would not hesitate to recommend them. They maintain a London office making it very easy to transfer money over and you can even visit the London office to open your account. As one of our members has mentioned previously, all that will be conducted over an extremely good cup of coffee! Regarding money transfers, they are always finalised within 48 working hours on amounts up to £10,000 and you will not get a better rate of exchange anywhere.

As far as MIllennium is concerned you can find your nearest branch by entering location details here:

https://goo.gl/GoEn6f

Activo is mainly an Internet/ATM based account, so there are not many physical branches in the country. Despite that, you are always welcome to use any branch of Millennium in an emergency. The benefit of running an Activo account is that it is 99% free without any minimum deposit requirement. There is no charge for debit or credit cards or for using your account. In fact, the only charge that I have discovered is that in the unlikely event of needing to transfer money back to the UK, then they will charge. You can access a list of Activo branches here:

https://goo.gl/UephAU

If you are not in the position to attend the London office, I am able to help you to open an account via email and one good old snail mail. Once you have made five posts on this forum you will granted access to the private messaging system. If you need any further help, please contact me by PM then.


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## portonh

Hi, 
Some of the info I read about BCP I found here:

Sorry can't post links, will post when I have more than 5 posts

You have to dig a little but the info points to sliding share value and takeover bids hence my concerns about stability, not trying to scare monger as its only bits of info on the net and not the big picture, perhaps its cause I don’t like/trust banks. :

Anyway thanks for the replies especially about Millennium as I’ve heard only good comments so far.

Johnboy do you have links to there exchange rates?


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## portonh

I believe it was China's Fosun group that tried to buy Activo


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## portonh

Also 16.7 percent of shares in Millennium (not hostile)


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## portonh

If that's 5 posts then here are the links: 
Banco Comercial Portugues SA (BCP.LS) News| Reuters.com
https://www.euronext.com/en/products/equities/PTBCP0AM0007-XLIS
Billionaire Whistle-Blower Loses $730 Million Alleging Fraud - Bloomberg


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## JohnBoy

Thanks for the links portonh. I can not see anything there that worries me unduly. 

Regarding the Activo exchange rates, they do not publish them, so you just take your chance on the day but safe in the knowledge that you will not get better. You also have to take into account the fact that there are no charges for the service. If it helps at all, I made a transfer on 2 September and was given a rate of 1.1733. If you dig around, I'm sure you will find out what others offered on the day but don't forget that the Activo rate is as is and no exchange charges applied.

I'm going to make another transfer probably towards the end of the week and will update this post with the relevant rate.


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## portonh

Hi, thanks for the positive feedback on Millennium/Activo, perhaps my concerns relate to my 10 years living in BG, where my first bank saw the owner and 2nd richest man in BG assassinated along with his bodyguard in broad daylight (nobody was ever charged), the bank was broken up. 

In my last year I closed a 3yr term account (7.5%) only to read 6 months later the bank had collapsed and the government were actively seeking the owner over a reportedly missing 700 million euro, now believed to be in Serbia. That was a close call, maybe I’m being a little over conscious but I don’t like banks and regard them as a necessary evil.

Previously I’d banked with RBS for 20 yrs before leaving the UK and we all know what happened there. 

Anyway, back to the present, I think I’ll open an Activo account first, perhaps I can PM JohnBoy for more info on this. I will be over in a fortnight for a flying visit to view some property, what documents should I have copies of?

Thanks again for everybody’s input.


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## JohnBoy

Hi portonh. You are welcome to drop me a PM anytime. If you would like to pass me your email, I find it easier to communicate that way. For your security you should only pass your email via PM. It is a breach of the forum rules to post emails in an open forum anyway,

Three points for you to keep in mind. The first is that there is a government guarantee on bank deposits which I believe stands at €85k, but I stand to be corrected on that one if anyone else knows differently.

Secondly, I understand the government have recently passed a law which gives them access to the details of anyone holding more than €50,000 in their bank. No doubt questions will follow to determine where the money came from and if appropriate taxes have been paid.

Thirdly, although it will not bother me personally, the government announced yesterday that they are considering a way of adjusting the rules regarding savings accounts in the next budget. Your guess is as good as mine, but cast your mind back to Cyprus a few years ago. Failing that, maybe they will insist on savings being declared on your annual IRS return. There are no details yet so all the previous is pure speculation on my part. What is fact though, is that you will already pay 28% tax at source on any interest you manage to get on your savings.

Look forward to your PM.


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## portonh

PM sent


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## RichardHenshall

portonh said:


> ... my first bank saw the owner and 2nd richest man in BG assassinated along with his bodyguard in broad daylight (nobody was ever charged), the bank was broken up.
> 
> In my last year I closed a 3yr term account (7.5%) only to read 6 months later the bank had collapsed and the government were actively seeking the owner over a reportedly missing 700 million euro, now believed to be in Serbia. That was a close call, maybe I’m being a little over conscious but I don’t like banks and regard them as a necessary evil.
> 
> Previously I’d banked with RBS for 20 yrs before leaving the UK and we all know what happened there. ...


Are you sure a Portuguese bank will want you as a customer?


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## portonh

RichardHenshall said:


> Are you sure a Portuguese bank will want you as a customer?


Your right, perhaps its the banks that don't like me rather than vice versa.


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## JohnBoy

I stand corrected on my earlier post. The government guarantee on accounts is €100k per person or €200k per couple.


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## portonh

Hi JohnBoy, did you get my PM?


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## JohnBoy

Yes and sent you an email.


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## portonh

Not received your email JohnBoy, have sent other PM


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## JohnBoy

I did not get not receive your second PM, but not to worry. I have now sent the email to the correct address! Sorry about that.


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## portonh

Anybody have any opinions on Santander Totta?


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## JohnBoy

JohnBoy said:


> ... I understand the government have recently passed a law which gives them access to the details of anyone holding more than €50,000 in their bank. No doubt questions will follow to determine where the money came from and if appropriate taxes have been paid.



Those of you lucky enough to have more than €50k in the bank can sleep easier tonight. The President has intervened and the Government seem to have done a U-turn on this proposal.


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## Andy Martin

We also use millennium with no problems, online banking is simple and easy to use and totally secure. Definitely you need to use a specialist money transfer company. We transferred the deposit and the final payment into our millennium account, we found it safer this way, they charge €15.00 for a guaranteed cheque.


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## JohnBoy

Andy Martin said:


> We also use millennium with no problems, online banking is simple and easy to use and totally secure. Definitely you need to use a specialist money transfer company. We transferred the deposit and the final payment into our millennium account, we found it safer this way, they charge €15.00 for a guaranteed cheque.



I'm interested why you are suggesting a specialist money transfer service if you are a Millennium customer. Their transfer system via the London office is quick and at the best rate of exchange I've come across. I had a transfer come through last week when the rate being quoted on the Sky financial report was 1.12, I received 1.155.


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## portonh

Thanks to Johnboy and Graca's help I now have an Activo account, the Bank were very helpful and easy to deal with and was completed in an hour.

I also would be interested in the comment "specialist money transfer company" as in previous international transfers I have used FX Exchange, any further details on companies used and rates of exchange at the time would be appreciated, although at the minute I think the exchange rate is equal to a handful of mud and a lump of of coal


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## Andy Martin

I can only comment on my own experience, we purchased our property in June this year pre brexit, our UK bank rate at the time was €1.25, we used used a specialist transfer company at €1.30 a big difference when transferring large amounts. I have no experience of transferring from Portugal to the UK although you should get a better rate here with the pound on the floor at the moment.


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## JohnBoy

It was a pleasure to meet up and help you Portonh. We never did get around to talking about lawyers, so if you have any queries please drop me an email.

From what you have said Andy it would seem that you transferred over a largish sum and that will always attract a better rate of exchange then a normal day to day transfer. I rarely transfer more than 1k and find the exchange rate offered by Activo/Millennium to be the best available.

You did mention a transfer in the opposite direction from PT to the UK. Activo operate free accounts with one or two exceptions. A transfer back to the UK is one of them but, as I have never needed it, I have no idea what the charge would be.

For anyone else needing to transfer money from their UK bank accounts to either Millennium or Activo, you should do an online transfer from your bank to:

Sort code: 60-00-04
Account number: 10013458 

In the reference field, enter your Millennium or Activo account number which is eleven digits long.

If you make the transfer before 2 p.m., the GBP £ that you transfer will arrive in your PT account in Euro within 48 working hours.

For those reading this thread in years to come, please check the sort code and account number above as these were valid in October 2016.


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## RichardHenshall

JohnBoy said:


> ... find the exchange rate offered by Activo/Millennium to be the best available. ...


Is the rate published anywhere?


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## absy

Hi All

I'm looking to open a bank account in Portugal and Activo seems to be a good fit.

Can anyone advise on whether it is better to just pop into a branch to set the account up (Aveiro would be the closest branch), or do I HAVE to get the ball rolling through the online website?

Many thanks in advance.
Abs


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## JohnBoy

RichardHenshall said:


> Is the rate published anywhere?


Sorry Richard, but no. I always keep an eye on the rate shown on the Sky News Financial Report to get a idea of movement and place my transfer when I think I've got a good rate. What you need to remember is that the rate on the day you send the transfer, is not necessarily the rate that you get. The exchange usually takes place the following day, though it does make a difference depending on the time of day and day of the week that you send the transfer through.


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## absy

JohnBoy said:


> Sorry Richard, but no. I always keep an eye on the rate shown on the Sky News Financial Report to get a idea of movement and place my transfer when I think I've got a good rate. What you need to remember is that the rate on the day you send the transfer, is not necessarily the rate that you get. The exchange usually takes place the following day, though it does make a difference depending on the time of day and day of the week that you send the transfer through.


Hi All

I haven't been on the forum long so apologies if this has already been mentioned but I have used 2 companies in the past to transfer money across borders:

1) Transferwise - a great, cheap option, though I've read that other online sites now offer a similar and sometimes slightly cheaper service - google "p2p money transfer" to see more options.

2) Revolut - I only used this today for the first time. It claims to offer free money transfers. I've transferred some GBP to my account today and spent in EUR for the first time. The rate looked slightly worse than another new mobile app I signed up to recently, and for which I also spent in EUR today, but the difference in rate could just be a timing issue as it's the weekend.

Cheers
Abs


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## JohnBoy

absy said:


> Hi All
> 
> I'm looking to open a bank account in Portugal and Activo seems to be a good fit.
> 
> Can anyone advise on whether it is better to just pop into a branch to set the account up (Aveiro would be the closest branch), or do I HAVE to get the ball rolling through the online website?
> 
> Many thanks in advance.
> Abs


Hi Abs. As Portonh found out last week, the whole process took about an hour but that did include a bit of chatting. Well, a lot actually!

You will need to take into the bank with you:

1. Passport
2. NIF
3. Proof of UK address, e.g. utility bill, driving licence or bank statement.
4. Proof of employment, which could be a recent payslip, or simply state that you are currently unemployed.
5. At least €250 to make an initial deposit, but once the account is set up, you can withdraw up to €240 immediately leaving €10 in the account.

If you want a joint account with your wife, or two individual accounts, she will also need all of the above with the exception of the €250 initial deposit in the case of a joint account as it is €250 per account not per person.

You will leave the bank with everything ready to go including a debit card, Web card and credit card should you want one. The staff will also take you through the processes for operating your account on line.

There really is no advantage to starting the process online as it is so straightforward in the branch. 

Clearly, as you have a Portuguese wife, language will not be a problem but, if you feel that you might need any help in the branch, drop me a PM and if we're available we'll pop up to Aveiro and lend a hand. You will need to make five posts on the forum before you can use the PM system.

Best of luck.


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## JohnBoy

absy said:


> Hi All
> 
> I haven't been on the forum long so apologies if this has already been mentioned but I have used 2 companies in the past to transfer money across borders:
> 
> 1) Transferwise - a great, cheap option, though I've read that other online sites now offer a similar and sometimes slightly cheaper service - google "p2p money transfer" to see more options.
> 
> 2) Revolut - I only used this today for the first time. It claims to offer free money transfers. I've transferred some GBP to my account today and spent in EUR for the first time. The rate looked slightly worse than another new mobile app I signed up to recently, and for which I also spent in EUR today, but the difference in rate could just be a timing issue as it's the weekend.
> 
> Cheers
> Abs


Yes Abs this has been mentioned before earlier in this thread. If you do go ahead with your Activo account, you will be able to transfer money easily between your UK bank and your Activo account within 48 working hours if the transfer is made before 2 p.m. All the instructions are given in post #21 on page 3.


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## absy

Hi JohnBoy

Many thanks for your response.

My wife actually has a place here so we're getting one of the bills changed to my name and will use that for POA.

I'm not registered as a resident here, but as far as I'm aware that shouldn't be an issue.

Thank you for the offer to head up and help! I've just realised how close you are so if you're in the area (and I've reached the magic 5 posts) feel free to drop me a line and maybe we can go and grab a coffee?

All the best
Abs


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## JohnBoy

absy said:


> Hi JohnBoy
> 
> Many thanks for your response.
> 
> My wife actually has a place here so we're getting one of the bills changed to my name and will use that for POA.
> 
> I'm not registered as a resident here, but as far as I'm aware that shouldn't be an issue.
> 
> Thank you for the offer to head up and help! I've just realised how close you are so if you're in the area (and I've reached the magic 5 posts) feel free to drop me a line and maybe we can go and grab a coffee?
> 
> All the best
> Abs


Coffee sounds good and now that you have that magic 5, I will drop you a PM.

Residency is definitely not an issue as any person is eligible to open a bank account here.


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## KW85

My partner and I set up a Millennium account in their London office. 

Very helpful manager only a phone call away. 

Good transfer rates. Better than some very big companies..


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