Opening a Bank Account

Hi when we moved to the Algarve  we got our accounts opened in the novo Banco & we have never had any trouble also helps that our bank manager speaks English & is lovely to deal with.

I have two.
My partner is not an EU national , and not resident. To set up a joint account was easy with Agricole and impossible with Caixa.
However, Agricole asked me for a 500€ "membership" of bank which is repayable if I close account.
Caixa monthly charges more expensive (I am not used to paying banks in UK for managing my money on basic accounts and don't know if other banks are no cost or much cheaper).
I think I am being charged €3-5 a month.
Hope this helps.
If you find one with zero charges please let me know!!
Thanks

Oh, as an aside, I find the fact that everything (ATM options, tickets to queue in bank, online mobile apps and emails ) from bank are all in Portugese and not English, is irksome.
I wonder when the country may realise that its connection with its own language doesn't help it prosper in international trade 🤔🤔🤔

Novo Banco don’t charge us a monthly charge the last charges we got from them was virtually zero think it was in cents rather than euros, & we never had to pay a membership fee, my online account Automatically gives you all your info in English

Thank you.  I need to explore that one on my return!!!

The two banks with greatest retail presence are Millennium BCP and Caixa Geral de Depósitos.

Millennium, for example, has representative branches in the UK that assist with the process prior to people getting to Portugal, so one more administrative task that can be completed ahead of time (good for those wishing to move pre-Brexit).

The younger generation in Portugal is diversifying to using products such as Revolut etc, as are many expats who move to the country.

Hi All,

Although most portuguese banks (BPI, Santander, Novobanco, Millenium BCP, CGD/Caixa Geral de Depósitos, Montepio, Caixa Credito Agricola) have started to charge an increasing amount of fees in recent years (such as current account maintenance fee, which can vary between EUR 5 and EUR 10 per month), there are still some banks that do not charge these current costs:

BIG
Banco CTT
Active Bank
Best Bank

All services available in the euro zone, the use of cards in point-of-sales (POS), ATM/Multibank withdrawals, SEPA transfers, are also free of charge at these banks.

For basic services, I suggest BancoCTT, you will receive a free bank account with a low annual fee debit card (15€/yearly) with 3D secure, contactless, free MB WAY, ... interbank transfers with no fees, savings account for amounts up to 5000 eur with quite good (in these days...) interest rates of its kind, direct debit processing system for all recurring payments... The site has english option available at homebanking.

www.bancoctt.pt/

Debit card service
https://www.bancoctt.pt/o-seu-dia-a-dia … ebito.html

Banco CTT started to charging the issuance of debit cards (ATMs), on march 2020, before it was free of charge
https://jornaleconomico.sapo.pt/en/news … ies-551707

I believe that at the moment it is the only one that has almost no maintenance costs and that has a network of branches available with longer opening hours than traditional banks.

BIG, Activo Bank and Best Bank are exclusively online banks, and have a wide range of financial products, stock market operations, and investment solutions in Portugal and in other markets.

For all portuguese banks:
There is a way to bypass comissions, mainly with traditional banks, which is our ATM Multibanco system. With the debit cards of any bank in the portuguese banking system you can withdraw cash (maximum per day is 400 eur, per bank account), free interbank transfers (with a daily limit, which varies from bank to bank, but it can go up to 2500 eur per day) and service payments: utilities (water, electricity, telecommunications), insurances payments, consumer credit payments, mobile phone call charges, motorway tolls, Via Verde service, purchase of tickets for shows, etc.). Everything free of charges.

Other options, N26 and Revolut also support the fast opening of remote accounts, have low international fees and will send your card to Portugal or other parts of Europe. However, the account is not "domiciled" in Portugal, and so you will lose the great advantage of Portuguese accounts: Multibanco facilities ...


Additional info:
www.nomadgate.com/open-portuguese-bank-account/

Hi Denise, unfortunately for me Novo Banco is not at all as reliable as you suggest. I deposited a foreign currency amount in sept 019 in order to open account in Algarve branch, to assist me, before i left for a trip to Asia.. But i was tricked by the agency, too late they informed me that the account cant be opened, and also they cant even transfer my amount on the euro account! Huge hypocrisy! And now as Result of this Novobanco  professiional mistake- i have  found myself blocked by pandemia since 15 march020, without any fund to survive, cause it is blocked by Novobanco most unprofessional dysfunctioning!! Denise, have you therefore any kind, common sens, responsible contact in NovoBanco who can interfer for me and end my nitemare with them.. For 5 months they say they study this situation, but without any sens of urgency at all.. to all expats, please be alert about the Novobanco irresponsible commitments!!!

Hi Michelallet
It sounds to me like you have been scammed by your agency, the only 1 that can sort out your problem with the bank is you
Good lick

Hi Michelallet, Welcome

Complaints should always be made at a higher level and not at the level of the bank's branch...

I would suggest to use any of these options, preferably the letter with acknowledgement receipt but also the email and the complaint form:

https://www.novobanco.pt/site/cms.aspx? … eclamacoes

address:
Gestão e Tratamento de Reclamações - DCOMPL
Av. da Liberdade, nº 195, 10º
1250-142 Lisboa

email: satisfacao@novobanco.pt

Complaint form:
https://srv.novobanco.pt/sn2/040_Contac … fault.aspx

______

In addition, you should also fill in your complaint here in the "Complaint Book" available online:

https://www.livroreclamacoes.pt/inicio

English version available (top right corner of the webpage)

______

Please check out this (posts #1 & #2):

https://www.expat.com/forum/viewtopic.p … 33#5031169


If you have further questions please ask.

Best regards

Hi All,

I finally decided on Millennium Bank, as they seemed to meet my needs as a non-Portuguese resident, as well as their presence in Portugal.

When I had a problem signing in from Canada, it took one phone call and the issue was resolved in under five minutes. The agent even stayed on the line to make sure everything was working.

Also quite secure, as I have to sign in to online banking with more than one security question.

Overall, after looking through the options, Millennium Bank was the best choice for my needs.

Did you go for the NB Golden Key account or the NB360 account?

We opened a Millennium account when arriving in mid 2015. In 2020 the account cost us less than 40 EUR (as far as I can see). But I learnt that some transactions cost mor ehere than abroad. Johnny is right about the Multibank transactions, which are free. But transfers even inside Portugal are charged. So cheaper sometimes to use a overseas account.

If one has the opportunity then I would recommend limiting the amount of money in Portuguese bank accounts.

I am now with Agricole which charges €500 as a deposit to open.

Also, have just closed a Caixa account that I didn't use much, and it just cost me €50 to close it.

(lovely bank inside, nice fittings, so we can see where their charges go!).

Yes, charges appear to be high and hidden unless you are Portuguese language literate and can pour through the T&C's.

Can I suggest three great alternative options to manage transactions overseas from your own country's bank:

1.  Try a Halifax Card.  It has NO transfer charges if you use in Euro, can be used in every ATM, has near market rate £/Euro and, the best part is that when using for cash (in Euro) that the charges are minimal.
More info on www.moneysavingexpert.com

2. Use TransferWise.  Again, no monthly charges, the rates are exceptional to transfer monies from UK bank into Euros in your Portuguese bank.  The App works great and , If travelling , you can apply for a Transfer Card and simply load it up with other currencies then use it at ATMs.
Safer than carrying lots of cash and anything left over can be transferred back to your own currency or any others with minimal charges.

3. Monzo.   An online UK Bank with exceptional service.
After attempting to set up a joint account with my non UK partner for months , visiting many UK banks and failing, one manager from TSB suggested this online bank that I had not heard of.
Wow.  Amazing.  No charges and set up a joint account in minutes.
They even do free paper statements if required as sometimes authorities don't like the downloaded ones.

Using all these options virtually negates the need for a Portuguese bank (but not for SEF!).

Best regards.

slugsurmamates wrote:

Using all these options virtually negates the need for a Portuguese bank (but not for SEF!).

That might be right for you, but I have noticed that direct debits (e.g. ViaVerde and EDP and Vodafone) require a Portuguese bank account. Also some shops or restaurants only accepted local Debit Cards (that might have changed).

Wise (which was Transferwise) is a very good solution, especially when one has to exchange between currencies.

About transferwise now called Wise, I also have it and it is good for free transfers between countries.

In Portugal, BancoCTT has direct debits, ATM debit card (annual fee 15 eur). Transfers are free in Portugal (!), maintenance of current account is free (!)    Online access is simple and efficient. It has a physical branch presence and is not just an online bank.

www.bancoctt.pt

Another advantage is that you have a savings account of up to 5000 eur with a rate of 0,3%.... better than a term deposit of 0,05% in all banks. In the savings account bancoCTT you can put in/withdraw money without losing interest. The interest is calculated based on the daily account balance and is paid every 3 months.

You can see the table of fees and commissions here on this link: (march 2021)

www.bancoctt.pt/application/themes/pdfs/Precario.pdf

________

You can translate free the PDF into English using a Doctranslator, such as:
https://www.onlinedoctranslator.com/en/

Wise with the debit card is good if you visit countries with different currencies, let's say, The Euro Zone, America, UK etc...

Good point.

I don't have any DD or SO from local bank, so not aware of what the demands are.

Even my Netflix monthly payment , in Turkey, in Turkish Lira, is paid for via Halifax Card and via PayPal also, so I am sure that with a bit of creative thinking, most financial constraints can be overcome.

@JohnnyPT

Hello sir,

I had opened my account remotely and now nova bank after 2 months of waiting it still says bank is under compliance department.

What can i do

My D7 visa appointment is coming closer.

Please suggest

@JohnnyPT

Hi sir,

Can you please guide me?

I opened an account with novo bank 2 months ago remotely and still, they are saying my account is under the compliance department. what can I do now?

Please guide me on this.

@mishaalsama10,

Sorry, but no one here can help you. Those are internal bank rules. Also, that bank was and still is very complicated for portuguese people. It must be even worse for non-nationals....

I suggest you look for another bank. I am even surprised that this bank accepts remote account openings and not in person...

Activo Bank have a "simples" account which is online and/or app based and no fees (for most banking stuff), I am not a Portugese resident nor used a portugese address

Last week.

Passport and some bits of paperwork (NIF etc) and non-Pt phone - go into Activo Office (as found from interweb search) go up to big touch screen which has 4 blocks at the top with letter/number in each - touch the square at lower down "PT" which the gives a choice of "PT" or "EN" with country flags - choose "EN" - go through a few multiple choice questions and the given the option of having a text with the number sent to me or not - my number is assigned (D-07) so then wait till this number appears brightly illuminated in one of the 4 blocks at the top accompanied by tannoy "bing" and robot voice. Go to counter where expectant assistant is smiling, explain in English what I want. do paperwork, give phone number as country code + mobile which had already tested the format for my foreign mobile in PT.   Computers do their stuff and I get text with a code and an email with the other code, get handed debit card and sealed pin number paperwork, go to ATM in office with assistant and use card and change pin number, this activates the card which I think need to be done initially in a proper bank ATM . Still with assistant use bank WiFi and go online with phone to access web based account and check details are ok. Later in hotel go online again and transfer 20 euro from foreign bank to my Activo account, it appears in a few mins, go out to random ATM and use card to withdraw money.   The big issue is people not understanding the format of their mobile phone number.  If your non-PT country code is 0099 and your non-PT mobile is 0777 777 7777 thenthe number to be diales from a local phone is 99 777 777 7777 you can check this by using a normal PT phone to call your mobile, if you give them the number in the wrong format then you'll never be able to access the account so you'll never be able to change the phone number online. 

@JohnnyPT

Thank you so much..can you suggest a good bank which can open account remotely please.

My application is to be submitted in embassy as only bank account is pending sir.

Open a bank account in Portugal as a non-resident

https://www.expat.com/forum/viewtopic.php?id=933658

Good morning, how long does it take to open a bank account in Lisbon? A few days, weeks, or hours? I've got my NIF number. I'm trying to figure out how much it will take to get ready for the SEF appointment. Thanks in advance.

Read here : [Link Moderated] for how to open an Online Bank account in Portugal from anywhere.

@MrFitz Thank you. I mean, in Lisbon in person. I tried it from my homeland but it was rejected. 

@MrFitz Thank you. I mean, in Lisbon in person. I tried it from my homeland but it was rejected.
-@fburak1878

If you read this forum then all the information, and a lot more is there.

As I wrote above, if you look there's several branches of this bank in Lisbon. Other banks may also have similar arrangements at their branches. so with the right documents then maybe an hour with some waiting in the (virtual) queue to get served then you'll have a working account with ATM card and pin and web logon details.

Activo Bank have a "simples" account which is online and/or app based and no fees (for most banking stuff), I am not a Portugese resident nor used a portugese address

Last week.

Passport and some bits of paperwork (NIF etc) and non-Pt phone - go into Activo Office (as found from interweb search) go up to big touch screen which has 4 blocks at the top with letter/number in each - touch the square at lower down "PT" which the gives a choice of "PT" or "EN" with country flags - choose "EN" - go through a few multiple choice questions and the given the option of having a text with the number sent to me or not - my number is assigned (D-07) so then wait till this number appears brightly illuminated in one of the 4 blocks at the top accompanied by tannoy "bing" and robot voice. Go to counter where expectant assistant is smiling, explain in English what I want. do paperwork, give phone number as country code + mobile which had already tested the format for my foreign mobile in PT.  Computers do their stuff and I get text with a code and an email with the other code, get handed debit card and sealed pin number paperwork, go to ATM in office with assistant and use card and change pin number, this activates the card which I think need to be done initially in a proper bank ATM . Still with assistant use bank WiFi and go online with phone to access web based account and check details are ok. Later in hotel go online again and transfer 20 euro from foreign bank to my Activo account, it appears in a few mins, go out to random ATM and use card to withdraw money.  The big issue is people not understanding the format of their mobile phone number. If your non-PT country code is 0099 and your non-PT mobile is 0777 777 7777 then the number to be diales from a local phone is 99 777 777 7777 you can check this by using a normal PT phone to call your mobile, if you give them the number in the wrong format then you'll never be able to access the account so you'll never be able to change the phone number online.

@Strontium Thank you. Sometimes one gets lost in the stream of info in the forum. Thanks for the update.   

I am not a Portugese resident nor used a portugese address
-@Strontium

Why?

I am not a Portugese resident nor used a portugese address
-@Strontium

Why?
-@SimCityAT

Got temporary employment last year in UK so had to have all paperwork with UK address.

@JohnnyPT Novobanco accepts it but then it goes to compliance department for months and it's refused.  EU rules have changed. The guidelines are to not open bank accounts for non EU residents. This is due to strict money laundry and terrorism laws.

@Strontium but are you an EU citizen/ resident?

@Strontium but are you an EU citizen/ resident?
-@Nia Queiroz

No

@Nia Queiroz

Hi,

I think -generally - things in Portugal are not so inflexible so rules may have several interpretations hence I am presently not resident in the EU but maintain an EU mailing address and several fee free EU based bank accounts (with almost nothing in them). I find that actually going to talk to people in person is the way forward as they are often very helpful and know of ways round obstacles where as online forms only have one way of doing things. Activo do allow non EU residents to have accounts but it often difficult to navigate their application online as it involves being sent a code by phone and their inflexible online form assumes any phone number is Portuguese, once input the incorrect phone number cannot be changed as it requires the code sent to the phone. I was physically in the bank office with all my paperwork and discussed the EU/non EU bits so I do beleive the bank when they say I can have an Portugese bank account with an nonEU addrerss and nonEU passport/residency and nonEU phone number.    I expect there are many many nonEU residents who live part time in the EU and many many of them will have EU bank accounts. Even people trying for D7 visa need bank account before they get any visa.

PS. MilleniumBCP which own Activ0 have many bank branches around Portugal also an office in nonEU London and they allow nonEU people with nonEU addresses to open Portuguese bank accounts.

@JohnnyPT

Hello sir,

I got message from bank saying my novabanco account got cancelled and my new account got registered in novabanco 360

What does this mean.

What do you suggest me sir.

@mishaalsama10,

I am afraid that what you mention here does not make any sense. The 360 account of novobanco is a type of current account (conta deposito à ordem) of that bank.... you should enquire with someone in the bank and not here, IF and WHY your account has been cancelled....

@JohnnyPT

Noted and Thank you so much

@Strontium I am a Portuguese citizen and Immigration consultant. EU citizenship is different from EU residency and both have different legal meanings. That said, you don't need to have a EU residency as long as you have a EU citizenship. And the issue stated here is opening an account remotely. The main issue for many non EU citizens is that they are not in the country before they apply for a visa, and they need to have a Portuguese bank account opened when applying. So, they can't physically be here and only a few Portuguese banks have branches in other countries, and only at main cities. Millennium does open accounts for non EU citizens at their branches outside of Portugal but internally they can't no longer do it in the country. Off course that, some don't follow the rules and it's a matter of luck to find a manager that agrees in opening an account.

Activo (my bank) doesn't allow opening an account online for non EU citizens that aren't EU residents.