# Setting up a bank accounts



## Budleigh (Mar 15, 2013)

we're in the process of purchasing a holiday home. Has anyone got any experience in setting up a bank accounts online from the UK? Is this possible or do we need to go into a branch?


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## BodgieMcBodge (Mar 8, 2013)

Hi, Bank need to do an I/D check to open account. You can phone Millenium BCP Bank London office then take I/D papers to them in London in person to open account at branch near where you buy. They run round doing all the papers while you sit and drink the best coffee. Other banks will do same if they have London office but have bad coffee.


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## canoeman (Mar 3, 2011)

You need to visit a branch, you must have a Fiscal number (Tax Number) it is *impossible* to open an account without, a couple of Portuguese Banks have UK offices like Millennium who also have good English online banking and free transfer of funds UK to Portugal, they can get you a *temporary* Fiscal Number but be warned it is difficult to turn a temporary number into a permanent one. 

You might already have the Fiscal number as you also require that to purchase, Millennium London 0207 4894800 give them a ring and discuss


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## Budleigh (Mar 15, 2013)

Thanks for the recommendation. I'll give them a call.

Once concern though : I just read somewhere that Millennuim have recorded recorded losses. Just wondering how safe you money would be, and whether they have a similar things where up to a certain amount your money is protected.


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## canoeman (Mar 3, 2011)

Yes all Portuguese Banks have similar to UK protection schemes but your unlikely to keep major sums in the account for long if your buying property


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## JohnBoy (Oct 25, 2009)

Hi Budleigh. I can help you to open an account with Millennium via email and one letter from the UK to PT. It would save you a journey from Devon up to London. If you are looking for an account only I would recommend Activo Bank operated by Millennium as it offers free banking. If you are looking for a loan for your property you will not be able to use Activo for that.


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## BodgieMcBodge (Mar 8, 2013)

*option C*



Budleigh said:


> we're in the process of purchasing a holiday home. Has anyone got any experience in setting up a bank accounts online from the UK? Is this possible or do we need to go into a branch?



Don't know your point in the buying process or if this useful. We open 2 x Irish bank euro accounts at Dublin with our UK address then can use XE.com for the exchange pounds..euro. Still need to do I/D. We pay for Portugese house + lawyer with internet euro xfers from Irish bank. We use Irish card for euro cash from PT ATM (multibanco) etc. After buy in Portugal start using local bank


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## canoeman (Mar 3, 2011)

The only problem with that, it means you don't have a Portuguese bank for Direct Debit or online payment of expenses etc in Portugal and need a third party to then handle for you, more expensive in long run


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## JohnBoy (Oct 25, 2009)

If you have a Millennium account there is an easy way to transfer money from your UK account via the Millennium branch in London. The tranfers are very fast and at an excellent exchange rate.


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## Budleigh (Mar 15, 2013)

Thanks for all your feedback. 

Not sure I can see the benefit of setting up an account with Irish bank for Euros - you can do this with UK banks, so not really any advantage. Sounds like the Millennuim bank is a good place to start.


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## canoeman (Mar 3, 2011)

JohnBoy said:


> If you have a Millennium account there is an easy way to transfer money from your UK account via the Millennium branch in London. The tranfers are very fast and at an excellent exchange rate.


It's even easier than that, you just do an online or paper transfer from any UK bank in sterling to Millennium's HSBC a/c, your Millennium a/c number as reference and shows in your Millennium a/c within 24 hours in €'s with no fees in UK or Portugal


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## JohnBoy (Oct 25, 2009)

canoeman said:


> It's even easier than that, you just do an online or paper transfer from any UK bank in sterling to Millennium's HSBC a/c, your Millennium a/c number as reference and shows in your Millennium a/c within 24 hours in €'s with no fees in UK or Portugal


That's exactly the process I was referring to Canoeman. Sorry if my explanation did not make that clear.


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## JohnBoy (Oct 25, 2009)

Budleigh said:


> Sounds like the Millennuim bank is a good place to start.


If yould like me to help with that Budleigh please send me a PM. Unfortunately you are not able to do that until you have made five posts.


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## canoeman (Mar 3, 2011)

Can you actually open an a/c for Budleigh without a Fiscal number? keep looking at this new Activo but information a bit sparse, with lots of gaps I can't seem to get answers too, my overall impression it would be great if I only required a PT bank but as majority of our money comes in from outside Portugal then the benefits still make more sense with Millennium rather than Activo, I'd have been more interested if the pre-paid card was M/Card rather than Visa as it could have been used with Ryanair and saved 10€ a booking


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## BodgieMcBodge (Mar 8, 2013)

Budleigh said:


> Thanks for all your feedback.
> 
> Not sure I can see the benefit of setting up an account with Irish bank for Euros - you can do this with UK banks, so not really any advantage. Sounds like the Millennuim bank is a good place to start.


For me, in 2012, there was no fiscal number problem with Millenium London opening account in Portugal. Exchange pound euro much better with XE.com. There was no UK Bank euro current account so no euro ATM card etc. Irish bank speak/email in English and hold euro current account so large sum xfer to pay for house easy to arrange, timing if you get wrong is diesaster. When in Portugal easy to sort Millinum acount and Fiscal number with non UK address athen internet xfer of funds from Irish euro bank. Sometimes holdup with Milleninum funds as my daily limit was 3k so would not have managed to pay for house ontime. Irish euro account was less stress and more control outside Portugal and if not understanding the Portugese small print.


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## JohnBoy (Oct 25, 2009)

canoeman said:


> Can you actually open an a/c for Budleigh without a Fiscal number? keep looking at this new Activo but information a bit sparse, with lots of gaps I can't seem to get answers too, my overall impression it would be great if I only required a PT bank but as majority of our money comes in from outside Portugal then the benefits still make more sense with Millennium rather than Activo, I'd have been more interested if the pre-paid card was M/Card rather than Visa as it could have been used with Ryanair and saved 10€ a booking


Yes Canoeman it is possible to open the account without a fiscal number.

Re Activo. If you would like to PM with any questions I will get answers for you. I am not sure if a transfer through London to Activo is possible but I will have an answer to that one tomorrow.

Know what you mean about Ryanair. It's a pain!


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