recommending saving bank account in euro or dollar in Portugal

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Member since 27 February 2022

Antony Gamal AbdelmalakActive member08 April 2022 07:14:03

I am from Egypt and will transfer to Portugal this September. I confused between an open saving account bank with a dollar or a euro
why I am confused because the dollar will be strong next 3 or 4 years
so which better to get a benefit interest rate in euro or save in Doller then convert to euro

millennium BCE for example open a multi-currency account but what I want which better to save money to get a reward euro or dollar

also could recommend banks

also, I prefer to buy credit cards and pay monthly which banks have low rates on Bank interest, cashback, and reward

GuestPoster316 Guest

GuestPoster316Guest08 April 2022 10:02:59

214245

If you can, yes open an account in multi currency but of course in Portugal, you will need euros. and you need a current account before you can open a savings account. Dollars won't do much. They will just be in your account not doing much. As for credit card, I am not even sure you will be qualified to one as you are a new comer. Well, they didn't give me one. Keep in mind the interest rates the banks will be paying you (if any) will be extremely low. Almost nothing.

All banks charge monthly fees in Portugal. I am not sure about Millennium but Sandarder is usually good in Portugal.

As for cash back, rewards and so on.... read the fine prints ! lol

Docx2 Member

Member since 28 February 2022

Docx2Member08 April 2022 23:46:16

I will be in Portugal in September. One of my tasks will be to open a bank account, presuming I will seek a D7 visa at some point. I already have a NIF number. Since I do not know when I will move to Portugal, I would like a low or no-fee bank account. My research led me to ActivoBank which sounds great, but the reviews online are awful. I have not been able to determine if the reviews focus on one branch or all branches or if ActivoBank has fixed its problems. Any advice would be appreciated.

Thanks in advance,

Antony Gamal Abdelmalak Active member

Member since 27 February 2022

Antony Gamal AbdelmalakActive member09 April 2022 04:30:48

@juliajonesjy is exchanging fees from dollar to euro high
as if fees in exchange are low. it is better for me to transfer euro when I need it

JohnnyPT Portugal Expert

Member since 23 May 2020

JohnnyPTPortugal Expert09 April 2022 07:59:02

4488

@Antony,

Bank account in Euro or another currency:

Be aware that this can have both advantages and disadvantages... When the outlook is one of depreciation against the euro, you run the risk of losing part of the value you have invested. Volatility is high, even more so in this context of crisis, war and great uncertainty.

At the moment, interest rates are very very low, as @Juliajonesjy said, but they are expected to rise. There is also the exchange rate risk, ....

The best rates in foreign currency saving accounts in Portuguese banks are these: (2021/07)

https://www.deco.proteste.pt/investe/de … valem-pena

_____

Exchange Rates

https://www.bportugal.pt/taxas-cambio

_____

Credit Cards

https://www.comparamais.pt/cartao-de-credito

https://www.comparamais.pt/cartao-de-cr … m-anuidade

Unibanco can be a good option, with lower rates.

Remember that one way to save money is not to use credit cards ....

_____

Have you heard of the Transfer Wise (now Wise) account? It could be a good solution for you. Free account and free debit card, and with lower exchange rates:

https://wise.com/

JohnnyPT Portugal Expert

Member since 23 May 2020

JohnnyPTPortugal Expert09 April 2022 08:07:06

4488

@Docx,

ActivoBank is a bank just like many other digital banks, with one or two support desks.

See also Big.pt

https://big.pt/

Bancoctt account is free of charge. You only pay aprox 15 eur / year for a debit card. But you have to be a resident in Portugal....

https://www.bancoctt.pt/

Jk1976 Active member

Member since 05 January 2021

Jk1976Active member09 April 2022 08:19:18

Hi Antony,

I use Revolut which allows me to switch between euros and dollars whenever I want to. My wife and children also use it and have their own cards. It's a debit card system that allows you to insure your purchases and it offers travel insurance as well. Especially handy for people who travel a lot or want to move again at some stage.

Antony Gamal Abdelmalak Active member

Member since 27 February 2022

Antony Gamal AbdelmalakActive member10 April 2022 06:15:44

@JohnnyPT

the dollar will be strong next 3 years
change rate will be reasonable if I exchange from dollar to euro
what I want to know is the fees for exchange
also bank interest rate if I keep in euro
this is the comparison to decide which one dollar or euro

SimCityAT Expert

Member since 08 April 2014

SimCityATExpert10 April 2022 07:29:32

11308

@JohnnyPT
the dollar will be strong next 3 years
change rate will be reasonable if I exchange from dollar to euro
what I want to know is the fees for exchange
also bank interest rate if I keep in euro
this is the comparison to decide which one dollar or euro
- @Antony Gamal Abdelmalak

You can not predict how the exchange rate will be from day to the next, let alone in 3 years!

GuestPoster316 Guest

GuestPoster316Guest10 April 2022 15:47:22

#10

214245

@Antony Gamal Abdelmalak It all depends on where you make the transaction. Fees can vary. You can also wait and see if the value of the dollar increase versus the euro which will give you more purchasing power. Right now the dollar is pretty strong compared to the Euro.

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