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Opening a Bank Account

Posted: Fri Nov 27, 2020 11:22am
8 replies74 views2 members subscribed
Sunny Dave

Posts: 11

Location: Ferragudo

Joined: 11 Jul 2020

Hi -

Any recommendations on a reliable bank to open an account with in Portugal, please?

On-line banking in English a must!

Thanks

Dave

Jazz

Posted: Fri Nov 27, 2020 12:11pm

Posts: 45

Location: Lagos

Joined: 29 Sep 2020

Posted: Fri Nov 27, 2020 12:11pm

Sorry. I can't help you. As a retired banker I cannot understand why Portugal will not permit English-speaking potential customers to open bank accounts, with ATM cards, without charges, probably without interest.

Sunny Dave

Posted: Mon Nov 30, 2020 11:12am

Sunny Dave

Original Poster

Posts: 11

Location: Ferragudo

Joined: 11 Jul 2020

Posted: Mon Nov 30, 2020 11:12am

Sunny Dave wrote on Fri Nov 27, 2020 11:22am:

Hi -

Any recommendations on a reliable bank to open an account with in Portugal, please?

On-line banking in English a must!

Thanks

Dave

Thank you for your reply. I fear that earning any meaningful interest on deposits anywhere is at least half a generation away. However, on a "needs must" basis is there any Portuguese bank that you have found to be better than the rest?

Thanks, Dave 

Ian28

Posted: Wed Dec 2, 2020 9:04am

Posts: 23

2 helpful points

Location: Salir

Joined: 20 Nov 2020

Posted: Wed Dec 2, 2020 9:04am

Hi Dave,

I can recommend Millennium Bank.

I am living in the Netherlands and organised opening my bank account during a visit looking for a property to buy (which I have now done).

I have online banking and a mobile app that I use regularly.

The security features are greater than most banks here in NL and I think still in UK - but that can only be a good thing.

Setting up your account for the online and mobile banking is a bit long winded ( fill in online form and wait for a phone call from the helpdesk to confirm everything ), but once done it all works fine and in English.

You need to have a NIF number to be able to start the process.

I hope this helps.

Ian

Jazz

Posted: Wed Dec 2, 2020 1:18pm

Posts: 45

Location: Lagos

Joined: 29 Sep 2020

Posted: Wed Dec 2, 2020 1:18pm

Ian28 wrote on Wed Dec 2, 2020 9:04am:

Hi Dave,

I can recommend Millennium Bank.

I am living in the Netherlands and organised opening my bank account during a visit looking for a property to buy (which I have now done).

I have online banking and a mobile app that I use regularly.

The security features are greater than most banks here in NL and I think still in UK - but that can only be a good thing.

Setting up your account for the online and mobile banking is a bit long winded ( fill in online form and wait for a phone call from the helpdesk to confirm everything ), but once done it all works fine and in English.

You need to have a NIF number to be able to start the process.

I hope this helps.

Ian

Thank you for your detailed answer but, after I opened a savings account with Millennium, it wanted charge me a reqular fee - for just lodging my money to it and making ATM withdrawals i.e. no complications, no Standing Orders, no Direct Debits, no cheque book etc?

I closed it immediately in disgust.

Sunny Dave

Posted: Wed Dec 2, 2020 2:39pm

Sunny Dave

Original Poster

Posts: 11

Location: Ferragudo

Joined: 11 Jul 2020

Posted: Wed Dec 2, 2020 2:39pm

Ian28 wrote on Wed Dec 2, 2020 9:04am:

Hi Dave,

I can recommend Millennium Bank.

I am living in the Netherlands and organised opening my bank account during a visit looking for a property to buy (which I have now done).

I have online banking and a mobile app that I use regularly.

The security features are greater than most banks here in NL and I think still in UK - but that can only be a good thing.

Setting up your account for the online and mobile banking is a bit long winded ( fill in online form and wait for a phone call from the helpdesk to confirm everything ), but once done it all works fine and in English.

You need to have a NIF number to be able to start the process.

I hope this helps.

Ian

Thanks a lot Ian, that's very helpful.

Might you know whether l will need a Portuguese mobile number to open an account, or can I do it with UK mobile?

Thanks again,

Dave

Ian28

Posted: Wed Dec 30, 2020 3:32pm

Posts: 23

2 helpful points

Location: Salir

Joined: 20 Nov 2020

Posted: Wed Dec 30, 2020 3:32pm

Sunny Dave wrote on Wed Dec 2, 2020 2:39pm:

Thanks a lot Ian, that's very helpful.

Might you know whether l will need a Portuguese mobile number to open an account, or can I do it with UK mobile?

Thanks again,

Dave

Hi Dave,

Sorry for the delay with this reply.

I use the App on my Dutch mobile, so no problem seen using a UK mobile.

Ian

Ian28

Posted: Wed Dec 30, 2020 3:43pm

Posts: 23

2 helpful points

Location: Salir

Joined: 20 Nov 2020

Posted: Wed Dec 30, 2020 3:43pm

Jazz wrote on Wed Dec 2, 2020 1:18pm:

Thank you for your detailed answer but, after I opened a savings account with Millennium, it wanted charge me a reqular fee - for just lodging my money to it and making ATM withdrawals i.e. no complications, no Standing Orders, no Direct Debits, no cheque book etc?

I closed it immediately in disgust.

Hi Jazz,

I do not have a Savings Account, just a regular debit account with ATM card.

It costs me about 1 Euro per month for 'regular' use while in Portugal and cost me 6 Euro while transferring 180,000 Euro ( collecting in and then all out again within 1 month ) during the purchase of my house in Portugal.

I think all banks in Portugal charge a little, for just about everything.

Ian

Jazz

Posted: Wed Dec 30, 2020 3:46pm

Posts: 45

Location: Lagos

Joined: 29 Sep 2020

Posted: Wed Dec 30, 2020 3:46pm

Sunny Dave wrote on Wed Dec 2, 2020 2:39pm:

Thanks a lot Ian, that's very helpful.

Might you know whether l will need a Portuguese mobile number to open an account, or can I do it with UK mobile?

Thanks again,

Dave

In my experience I did NOT need a Portuguese phone number.

Jazz

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