opening an bank account in carvoiero - advice please

[gabby27]

Hi all you helpful people,

We are coming over on the 17th to sign the completion deed on a property and we need a bank account.

I have been sent an e-mail by Barclays but they require so much information about fiscal representation, passports being verified by Banks or Post Offices, Tax Number etc. We do not have any of this information yet.

Can anyone please tell me who is the best bank and what we will need to take to open a personal account. It is so much more involved than in the UK and we are worried we will leave something at home and not be able to open one.

Our completion monies are being sent straight to the lawyer so the account is not for receiving theose monies.

Any advice or recommendations for a pair of English idiots would be gratefully received.

Sue x

[Lesley Jean]

We have been with Millennium bcp who have a branch in Carvoeiro on the in road at the top, we have never had a problem with them, only help and friendliness. You will need your passports etc for ID. I am able to do Internet banking with them from the UK, paying bills and transferring money, can't recommend them enough.

The Barclays bank in Portugal is nothing to do with Barclays in the UK so having an account in the UK with them doesn't help at all.

[DaveK]

You will also need to produce your fiscal card. I assume your lawyer has arranged for this to be issued by the tax office but I would check with him/her. It may well be at your lawyers office awaiting collection.

[kteee]

Have a look at the financial section of the forum

http://www.carvoeiro.com/finance/01b_2006.html

You will need a copy of your full birth certificate showing both parents names

[Bruce Wallis]

We are also with Millenium/BCP. They have been excellent and send us monthly statements to our address here in the UK.

Banka Too-to or whatever they are called didnt impress at all, even though they have branches in major UK cities

As stated, you will need Fiscal number, passport and probably your birth certificate.

I suspect proof of Portuguese address may be needed. ie a gas or electricity bill in your name, though your fiscal number may be enough. nothing happens in Portugal without a fiscal number!!!

Good luck.

[bjay]

Have sent you a pm

[fmm]

Millennium are great. However, your lawyer needs to get your fiscal card sorted out before you can open an account.

[BONDI]

I am sure you will know this but please remember you have to have a reliable fiscal representative, who will forward all your mail, pay IMI etc . They will be legally responsible for you, check with your lawyer who your appointed fiscal rep is ?.( Dont forget any late IMI payments will incur heavy penalties) and make sure you carry your fiscal card with you when ever you need to have any financial dealings any where, in portugal, and make sure your lawyer organises your water, and electricity in your name,, and all previous owners bills are cleared prior to deeds, and have Direct debit set up with your bank. Check how much your lawyer is going to charge you for this service, or will it be included in your conveyanicing costs. Water name change has to be done in person, by you or your lawyer or your rep and bank details etc will need to be provided along with your fiscal numbers.Check also where your bills will be posted to? And most of all ask your lawyer to give you copies of all the bills paid, and all the paperwork done on your behalf. GOOD LUCK. and stay on top of things, and dont assume your lawyer will take care of all the paper work. Also make sure you get a COMPLETION STATEMENT from your lawyer to reflect what work he has carried out, and what he has charged for each process he has completed on your behalf. My lawyer wanted to charge me 250 euros for name change for water, and electricity.

[gabby27]

Thank you once again for your detailed reply.
We have taken on board all you have advised us with grateful thanks.
It is quite scary buying abroad and we do not want to do anything that could implicate us in a bad tax position in the uk.
I hope that our lawyer will not overcharge us for transfer of utility etc. but we still are trying to find out the tax position on rental as we only plan to rent for the summer period to recoup our mortgage in the uk.
Do you also rent your property or are you a resident?
with best regards
Sue

[BONDI]

Sue

Yes i rent my property in the summer season. And i have Sovereign as my fiscal reps. and they do my tax returns at the year end, and declare my rental income, and claim expenses. I have applied for AL RENTAL LICENSE from local CAMARA. I strongly advise you to consider getting this license, or atleast explore the possibility and try and stay above board as much as you can with bureaucracy. I know you will swim in paperwork in portugal. That is why you need to keep a check on your paperwork pre and post deeds. If you want i can recommend a company who provide service of helping in getting this license for you, and guide you, and obtain all the necessary paperwork from Govt depts for you. The cost is about 648 euros.(might sound steep but unless you are prepared to do a lot of leg work speak the lingo, know the law. or let your fiscal rep. to do it for you that is good too.) Your lawyer may be able to do this, but check the charges, and time limit etc.

I am a non resident living in london but I lived in algrve for 10 years, and used to be in real estate, and have been going to algarve for nearly 30 years, I speak the lingo, and know the system well, Believe me I have gone through a lot of pros and cons and cowboys in my time over there.

I suggest you also have your electrics and gas in your place etc checked out before the deeds are done. If possible get an english translation of your property search done by your lawyer to make sure the property title, and plans, etc are as shown in land registry drawings, to avoid any headaches in future.and to make sure no previous owners mortgage is loaded on to you name.

Hope you are not put off buying, it is not too complicated you just need to understand the buying process and keep in mind Lawyers in portugal work little differently to lawyers in U.K.

I wish you good luck, and if you need any further help or guidance you may send me PM, i will be happy to help.any time

[BONDI]

PLEASE SEE ABOVE.

[ceh]

I bank with Millenneum bcp and they've been excellent, especially Isabel. She sorted everything out in one visit to the bank and my cashpoint card etc arrived in the UK before I got home. I'd already got the fiscal card.

When they changed the online authorisation system, again Isabel was brilliant.

I have occasionally seen her in Cafe Fino with her family and she always speaks to me.

[Globetrotter]

We have been banking with Banif the past 2 years. However, we do not recommend them at all. In fact, we will be changing banks as soon as possible. In anything beyond basic checking accounts, we have found that their service is very lacking and inflexible.

I hope you have had better luck with the bank you chose.

[fmm]

Millennium is excellent. They are always very helpful and keen to assist. They also rang me last year to wish me happy birthday

[steve]

I have banked with BPI for many years using the Lagoa branch. There is now a branch in Carvoeiro. A couple of years ago I looked around at several different banks but in the end decided that there was no advantage in changing. I had heard good reports of Millenium but if I remember correctly they charges for clearing sterling cheques whereas I pay nothing at BPI. For people who want internet banking but bho do not speak Portuguese BPI have now got a version in English.