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Local Banks
Local Banks
I need to open a bank account in Portugal when back in town next week. 
Can anyone advise if any of the banks in the area offer internet banking, and if so can any of their sites be accessed in English (:oops: I've not progressed that far with my Portuguese lessons yet. 
) Also do I need anything other than pasport and fiscal card? 
Thanks in advance for any advice 
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Mexican Pete
- CVO Regular
- Posts: 96
- Joined: Thu Jul 28, 2005 9:19 am
Wizzo,
My advice would be to ensure you use a bank that has a UK branch so that you can transfer money without being ripped off too much on the exchange rate. Most of the larger banks would fall into this group and you could probably open an account through your UK bank via their links with the Portuguese bank. That’s what we did and didn’t need to do any of the money laundering malarkey as our UK bank took it care of everything.
Good luck!
My advice would be to ensure you use a bank that has a UK branch so that you can transfer money without being ripped off too much on the exchange rate. Most of the larger banks would fall into this group and you could probably open an account through your UK bank via their links with the Portuguese bank. That’s what we did and didn’t need to do any of the money laundering malarkey as our UK bank took it care of everything.
Good luck!
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Jak
Bank account
Mexican Pete
are you not allowed to say who your bank is. We also need to open a bank account in Portugal & it would be very useful to know.
We have been told about these capital transfer companies but are very wary
are you not allowed to say who your bank is. We also need to open a bank account in Portugal & it would be very useful to know.
We have been told about these capital transfer companies but are very wary
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Aardvark
All the major Portuguese banks have UK partners if not branches. Banco Espirto Santo has good internet banking with an option of their web site in English. It allows you to access statements and pay bills such as IMI to the local council from the UK. You can set up a curent account with a feeder deposit account. This means you can transfer money in larger batches to the deposit account and get better exchange rates. As well as passport and fiscal number it is simplest if you take in money to open the account. If you want a cheque book they willl want to hold some cash as a bond as well. You automatically get a Multibanco card. They are happy to send statements, cheque books etc direct to the UK.
For cash transfer I have used www.hifx.com for some time now and so far no problems. Their minimum is £5,000 but you can set up a monthly system if you prefer which costs a little more, but you can fix the rate at the start of the year
For cash transfer I have used www.hifx.com for some time now and so far no problems. Their minimum is £5,000 but you can set up a monthly system if you prefer which costs a little more, but you can fix the rate at the start of the year
We set up an account with Millennium bcp in Carvoeiro, after buying our villa at the end of last year. Setting up the account was no problem. You will need some cash to deposit (about 500 euros is expected), your passport and your fiscal card. You can bank in English on their website, and I have used my account to pay third parties - builder, kitchen installer etc., at very low cost whilst still in the UK. Agree with Aardvark that foreign exchange companies provide much better exchange rates than the banks, for transfers over £5,000. For smaller amounts my brother-in-law takes cash in GBP from his UK account, and pays it into his Portuguese account. He swears he gets much better exchange rates!
Graham,
The CVO branch of Millennium is on the road into the village from Lagoa, on the left hand side. The actual address is Rua Pescadores 114-116, 8400-512 Carvoeiro. The phone number from my bank statements is 707 50 24 24, which does not appear local, but I assume works.
Hope you make contact OK.
Barry
The CVO branch of Millennium is on the road into the village from Lagoa, on the left hand side. The actual address is Rua Pescadores 114-116, 8400-512 Carvoeiro. The phone number from my bank statements is 707 50 24 24, which does not appear local, but I assume works.
Hope you make contact OK.
Barry