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Santander

Posted: Tue Apr 20, 2021 3:23pm
7 replies124 views5 members subscribed
Sweet4

Posts: 5

Location: Albufeira

Joined: 20 Apr 2021

Hi

Can anyone advise.

We opened up a Santander account in the Algarve, but the bank keeps taking the money out for charges,so basically, we kept putting money in and they keep taking the money out. Is this the norm for banks in the Algare/?

Grego

Posted: Sun Apr 25, 2021 7:33pm

Posts: 17

6 helpful points

Location: Pêra

Joined: 27 Nov 2019

Posted: Sun Apr 25, 2021 7:33pm

Hi we are with BPI and have monthly charges deducted from our account which I understand is normal.

These are averaging 5 euros a month so not alot.

Jazz

Posted: Mon Apr 26, 2021 1:05pm

Posts: 75

4 helpful points

Location: Lagos

Joined: 29 Sep 2020

Posted: Mon Apr 26, 2021 1:05pm

Very sad to say....YES.

I had the same experience with Millenium and closed my account forthwith.

james

Sweet4

Posted: Mon Apr 26, 2021 3:17pm

Sweet4

Original Poster

Posts: 5

Location: Albufeira

Joined: 20 Apr 2021

Posted: Mon Apr 26, 2021 3:17pm

Jazz wrote on Mon Apr 26, 2021 1:05pm:

Very sad to say....YES.

I had the same experience with Millenium and closed my account forthwith.

james

Oh dear not good to hear, lets just say, and examle, we were just putting money away slowly, it camt to aroung £200 but the bank took it all,saying it was charges, so how can you possibly, open up a savings account,,,:(

Ian28

Posted: Mon May 3, 2021 4:16pm

Posts: 26

3 helpful points

Location: Salir

Joined: 20 Nov 2020

Posted: Mon May 3, 2021 4:16pm

Hi,

I have a current account with Millennium [ not savings ] and like Grego, I get 2 small monthly charges 0.24 cents tax plus a management charge of about 6 Euro.

I have avoided opening any savings accounts in Portugal as the return seems pointless with interest of 0.0?%. [ You would get a better return buying lottery tickets ;-) ]

Maybe consult an independent financial advisor to look at your situation and requirements.

Ian

Sweet4

Posted: Tue May 4, 2021 2:48pm

Sweet4

Original Poster

Posts: 5

Location: Albufeira

Joined: 20 Apr 2021

Posted: Tue May 4, 2021 2:48pm

Ian28 wrote on Mon May 3, 2021 4:16pm:

Hi,

I have a current account with Millennium [ not savings ] and like Grego, I get 2 small monthly charges 0.24 cents tax plus a management charge of about 6 Euro.

I have avoided opening any savings accounts in Portugal as the return seems pointless with interest of 0.0?%. [ You would get a better return buying lottery tickets ;-) ]

Maybe consult an independent financial advisor to look at your situation and requirements.

Ian

Thank you so much for your reply.

So we may have to take out a current account, we will get in touch, with our solicitor, when we get back to the Algarve.

Derrymore

Posted: Tue Aug 17, 2021 11:45pm

Posts: 4

4 helpful points

Joined: 17 Aug 2021

Posted: Tue Aug 17, 2021 11:45pm

Sweet4 wrote on Tue Apr 20, 2021 3:23pm:

Hi

Can anyone advise.

We opened up a Santander account in the Algarve, but the bank keeps taking the money out for charges,so basically, we kept putting money in and they keep taking the money out. Is this the norm for banks in the Algare/?

Hi Sweet4

Just seen your message.

You have three options if you don't want to be paying bank charges for routine transactions, but otherwise want a full banking service:

1.     Open an online account with one of the international online banks such as N26 (in Germany) or Revolut (in UK).  There are no charges to set up account, for routine electronic payments and lodgements, or withdrawals. N26 does not surcharge you for making online or card payments in US dollars or Sterling.  If you wish to make cash withdrawals from an ATM, you can order a debit card for a once-off fee of €10.  (Both N26 and Revolut have paid account options in which case the €10 fee is waived). You can only withdraw cash from an ATM a very limited number of times a month, (typically a maximum of 3 or 4 cash withdrawals) before they start charging you for further withdrawals. You cannot open a joint account.  Both Revolut and N26 have websites in English, and will send you an English translations of the T & Cs.  You can make your application online.

2.     Open an account with CTT, the post office.  They don't make it easy, and you will have to visit the nearest main branch, which may not be your nearest post office.  Again, no charges for routine transactions.  You can apply for a debit and/or credit card (no cost for either).  When I looked at this some months ago, CTT had part of the website in English, but most of the T & Cs are in Portuguese.  

3.     Open an account with one of the Portuguese internet banks, such as Activo, which is part of Millennium, one of Portugal's largest banks.  There are no charges for routine electronic transactions, but payments in Sterling, US dollars and other non-Euro currencies attract charges of up to 5%.   However, an ATM debit card is free, and can be used at no cost, as often as you wish (subject, of course to funds in your account) in all MB ATMs (which is most of them).  You can apply for a credit card (no charge), and create joint accounts.  You can also apply for a loan.  There are no physical Activo branches in southern Portugal, so you will be assigned a branch in the Lisbon area.  You can make your application online.

In all cases, there are quite a few pieces of paper you will need to hand before you make your application, and these are listed on the websites.  

Good luck

Sweet4

Posted: Wed Aug 18, 2021 7:49am

Sweet4

Original Poster

Posts: 5

Location: Albufeira

Joined: 20 Apr 2021

Posted: Wed Aug 18, 2021 7:49am

Derrymore wrote on Tue Aug 17, 2021 11:45pm:

Hi Sweet4

Just seen your message.

You have three options if you don't want to be paying bank charges for routine transactions, but otherwise want a full banking service:

1.     Open an online account with one of the international online banks such as N26 (in Germany) or Revolut (in UK).  There are no charges to set up account, for routine electronic payments and lodgements, or withdrawals. N26 does not surcharge you for making online or card payments in US dollars or Sterling.  If you wish to make cash withdrawals from an ATM, you can order a debit card for a once-off fee of €10.  (Both N26 and Revolut have paid account options in which case the €10 fee is waived). You can only withdraw cash from an ATM a very limited number of times a month, (typically a maximum of 3 or 4 cash withdrawals) before they start charging you for further withdrawals. You cannot open a joint account.  Both Revolut and N26 have websites in English, and will send you an English translations of the T & Cs.  You can make your application online.

2.     Open an account with CTT, the post office.  They don't make it easy, and you will have to visit the nearest main branch, which may not be your nearest post office.  Again, no charges for routine transactions.  You can apply for a debit and/or credit card (no cost for either).  When I looked at this some months ago, CTT had part of the website in English, but most of the T & Cs are in Portuguese.  

3.     Open an account with one of the Portuguese internet banks, such as Activo, which is part of Millennium, one of Portugal's largest banks.  There are no charges for routine electronic transactions, but payments in Sterling, US dollars and other non-Euro currencies attract charges of up to 5%.   However, an ATM debit card is free, and can be used at no cost, as often as you wish (subject, of course to funds in your account) in all MB ATMs (which is most of them).  You can apply for a credit card (no charge), and create joint accounts.  You can also apply for a loan.  There are no physical Activo branches in southern Portugal, so you will be assigned a branch in the Lisbon area.  You can make your application online.

In all cases, there are quite a few pieces of paper you will need to hand before you make your application, and these are listed on the websites.  

Good luck

WoW thank you very much, that was alot of work for you.

Much appreciated.

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