# Bank accounts



## randikev (Aug 26, 2016)

Hi 
Can anyone tell me please if there are Portuguese banks that don't charge for current accounts please.
Our bank CDG charges us monthly unless we have a salary over a certain amount going in.
Thanks
RK


----------



## annie16108 (Jan 22, 2017)

Hi, did you get any reply for this. I am with bpi and they charge for everything!


----------



## randikev (Aug 26, 2016)

No sorry not yet, Ill keep you in mind and pm you if I find out.
RK


----------



## Strontium (Sep 16, 2015)

Hi,

You may not like it but banks here have to somehow cover costs somehow but usually do not charge for everything. Either a monthly income or something like a fixed monthly fee of 5 euro for your account but debit card transactions and ATMs not usually charged fits well here as a lot of people pay with cash and hence also have to keep ALL their receipts even for that 50 cent expresso.


----------



## expatgal (Mar 4, 2013)

Strontium said:


> Hi,
> 
> You may not like it but banks here have to somehow cover costs somehow but usually do not charge for everything. Either a monthly income or something like a fixed monthly fee of 5 euro for your account but debit card transactions and ATMs not usually charged fits well here as a lot of people pay with cash and hence also have to keep ALL their receipts even for that 50 cent expresso.


" with cash and hence also have to keep ALL their receipts even for that 50 cent expresso."

Why?


----------



## Strontium (Sep 16, 2015)

expatgal said:


> " with cash and hence also have to keep ALL their receipts even for that 50 cent expresso."
> 
> Why?


I haven't got time to explain it all now but from 2013?... Sure you can do some research. 

Desde janeiro que os consumidores finais são obrigados a pedir fatura aos comerciantes e prestadores de serviços. A medida resulta de uma alteração ao Código do IVA e prevê multas de 75 euros até 2 mil euros.

sorry I'll translate it

Since January, final consumers are required to request invoices from merchants and service providers. The measure results from an amendment to the VAT Code and provides for fines ranging from € 75 to € 2,000


----------



## expatgal (Mar 4, 2013)

Strontium said:


> I haven't got time to explain it all now but from 2013?... Sure you can do some research.
> 
> Desde janeiro que os consumidores finais são obrigados a pedir fatura aos comerciantes e prestadores de serviços. A medida resulta de uma alteração ao Código do IVA e prevê multas de 75 euros até 2 mil euros.
> 
> ...


Yes, I can and will research the subject. Thank you for the information I wasn't aware of this.
Thanks again.


----------



## JohnBoy (Oct 25, 2009)

randikev said:


> Hi
> Can anyone tell me please if there are Portuguese banks that don't charge for current accounts please.
> Our bank CDG charges us monthly unless we have a salary over a certain amount going in.
> Thanks
> RK


Activo Bank is an Internet based subsidiary of Millennium Bcp and has very few charges. Although Internet based they do also have a few branches across the country in:

Aveiro, Braga, Cascais, Coimbra, Leiria, Lisboa, Matosinhos, Oeiras, Porto and Vila Nova de Gaia.

Setting up an account takes around 20 minutes in any branch and is free. You will come away with debit and credit cards (if required), both of which are free as is the general day to day operation of the account. The only charge that I am aware of so far is to transfer money from PT back to the UK, but who ever does that eh! Transferring money from your UK bank is also free, very quick and at the best rates I have ever encountered and is carried out via their branch in the City of London.

You can carry out all your banking online or through any ATM and in an emergency you can also pop into any Millennium branch.


----------



## randikev (Aug 26, 2016)

Thank you so much for the information, we will look into this bank as soon as we get down there.
RK


----------



## JohnBoy (Oct 25, 2009)

randikev said:


> Thank you so much for the information, we will look into this bank as soon as we get down there.
> RK


No problem RK and if you need any more help just drop me a PM.


----------



## smudges (May 2, 2013)

JB - you mentioned in the past the excellent ROE by doing a UK bank to bank transfer to Millennium in London. Does the same method and benefits apply to Activo? Also, do you happen to know if, as Activo is a subsidiary of Millennium, an account can be opened for them at Millenium Victoria branch? Thanks.


----------



## JohnBoy (Oct 25, 2009)

smudges said:


> JB - you mentioned in the past the excellent ROE by doing a UK bank to bank transfer to Millennium in London. Does the same method and benefits apply to Activo? Also, do you happen to know if, as Activo is a subsidiary of Millennium, an account can be opened for them at Millenium Victoria branch? Thanks.


Hi Smudges. Yes, the transfer works in exactly the same way for Activo account holders. That London branch is on Victoria Street which is in the City of London. To be honest, I'm not sure if they can open Activo accounts there or not. You can always give them a call on 020 7489 4800 and ask. They obviously speak excellent English, are very friendly and if you are thinking of popping into see them, according to another forum member, serve excellent coffee!

If you cannot open your account there, drop me a PM and I will try to help from here.


----------



## smudges (May 2, 2013)

Thanks JohnBoy. I'll certainly be in touch with you....if only for that long promised coffee!


----------



## SK1429 (Sep 29, 2016)

Im from Scotland and will be going to Portugal in may for holidays, I also want to open an bank account so I can buy a flat for my father next year.
so far I have got Portuguese passport, citizen card, Fiscal no, social security no.

what else do I need to open an account?

SK


----------



## JohnBoy (Oct 25, 2009)

SK1429 said:


> Im from Scotland and will be going to Portugal in may for holidays, I also want to open an bank account so I can buy a flat for my father next year.
> so far I have got Portuguese passport, citizen card, Fiscal no, social security no.
> 
> what else do I need to open an account?
> ...


With that, not a lot else apart from an address. If you do not have one in Portugal yet, then you will still be able to open your account as an "Estrangeiros" account.


----------



## SK1429 (Sep 29, 2016)

When I was a teenager I worked in Portugal and I had Atlántico and CGD bank accounts but its been 15 years I have never used them.
I don't have any address in Portugal as I will stay at Airbnb in Lisbon.
what bank would you recommend for "estrangeiros em Escocia"?

Thank you
SK


----------



## SK1429 (Sep 29, 2016)

I have just received this email just now, where I have asked the process of opening an account:

Good morning!

Thank you for your email and preference for Millennium bcp!

You can set up a bank account with Millennium bcp in Portugal through this office. The account will be based in Portugal and it could be used there. 

Documents needed to set up the account (for all the account signatories) are the following:
Passport
Portuguese tax number (if you don’t have one yet we can apply for a temporary one on your behalf)
National Insurance Number(NiNo)’s card or any official letter where you can see both your name and the NiNo)
UK Driving license or any other proof of your address with less than three months old (bank statement, utility bill, etc)
Last Pay slip

Next step would be to arrange a meeting with you in this office to complete the forms. Do you have any preference regarding dates and times?
Could you please send us your contact details (mobile) and Post code?

Looking forward to hearing from your shortly!
Kind regards, 
Millenniumbcp Banco Comercial Português, S.A.
DGS GRE - Reino Unido - Londres
1st Floor, 63 Queen Victoria Street - /, EC4N 4UA London, United Kingdom
+44 207 4894829 | Ext. 1 44 334 4010 | Telemóvel +44 781 3608042 | Fax +44 207 4894801


----------



## JohnBoy (Oct 25, 2009)

Hi SK. You are working fast! To answer both your questions, you have already found the bank group that I would recommend. It consists of the main Millennium Bank which has branches the length and breadth of the country and its subsidiary Activo. Activo is an Internet bank but do have some branches in main towns including Lisbon. In the Lisbon metropolitan area are:

C.C. Amoreiras
Av. Engenheiro Duarte Pacheco 
Centro Comercial Amoreiras, Loja 1114
1070-103 Lisboa

C.C. Atrium Saldanha 
Praça Duque de Saldanha 
Atrium Saldanha, Loja 42 
1050-094 Lisboa

C.C. Vasco da Gama 
Avenida D. João II
Centro C. Vasco da Gama, Loja 0063 
1990-094 Lisboa 

Chiado 
Rua Garrett nº68 
1200-203 Lisboa

You have already found the very helpful people in London who can help you to open an account in one of two ways. To fully open the account would mean you making a trip to London to personally sign the documents. Alternatively, they will complete the opening process up to the point of signing and then make arrangements for you to complete the process at any Millennium Branch in PT that you nominate. On arrival here you simply go to the branch that you have nominated and complete the paperwork there. All that does is save you a little time in the branch. London cannot open Activo accounts but once you have a Millennium account you can transfer it to Activo once in PT.

You asked for my recommendation and, having found Millennium, you have the options of full branch or Internet; Millennium or Activo. Millennium have a scale of charges and you will pay for virtually any operation including annual charges for operating your account, another for a credit card and another for debit card and so on. The charge for operating your account can be nil providing you maintain a balance of several thousand euro. I was €5000 when I had my account there. 

On the other hand, Activo is virtually free and the only charge that I have found to date is to transfer money from PT back to the UK. To transfer money UK/PT is free for both Millennium and Activo customers, is fast (within 2 working days for amounts under €10,000) and the best rate of exchange I have found anywhere.

To open an account in branch at either Millennium or Activo is very straightforward and can be completed in around 30 minutes and no appointment is needed.

If it were me in your position, I would wait until I arrived in Lisbon and go to one of the Activo branches that I mentioned above and open your account there. You will leave with everything that you need including any debit/credit cards and you Internet access details.

Good luck.


----------



## SK1429 (Sep 29, 2016)

JohnBoy said:


> Hi SK. You are working fast! To answer both your questions, you have already found the bank group that I would recommend. It consists of the main Millennium Bank which has branches the length and breadth of the country and its subsidiary Activo. Activo is an Internet bank but do have some branches in main towns including Lisbon. In the Lisbon metropolitan area are:
> 
> C.C. Amoreiras
> Av. Engenheiro Duarte Pacheco
> ...


Thank you very much I will take a note of all this.


----------

