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Personal bank recommendations (from own experience)?

Hannahmazing
There's an extremely helpful post here about opening a Portuguese bank for non residents, here: /forum/viewtopic.php?id=933658

But I'm wondering if anybody here has any positive reviews to share or personal recommendations for banks,  where everything was easy, and they were treated well?

I'm trying to narrow down what bank to first attempt opening an account, when I go to Portugal in the fall. I know quite a few banks would be possible for me, but I would love to hear personal recommendations from people, who are pleased with their banking experience. (or any warnings of banks to avoid)

In my case, I am a non EU resident (USA) with a NIF. So I have a NIF, but no Portuguese residence.
Would love to hear personal recommendations from °µÍø½ûÇøs, for banks that worked well for you

Thanks!

See also

Banking in PortugalOpening a Bank Account as a Non-residentAnyone recommend a good Accountant in Algarve for NHR / TaxTrying to Run a virtual PracticeOpen a bank account remotely
Hannahmazing
(I meant to post this under "banking", not sure how to move it. )
Guest097662
@Hannahmazing

Hi Hannah. My husband and I opened a bank account with Millennium Bank. We did this online with Bordr.

They were extremely efficient.  We would highly recommend their services. We are South African.

Julie
Strontium
Hi,

I'd get a millenium_BCP account as a foreigner with a NIF then when here change to ACTIVO (which is owned by millenium but is separate) bank account by going into one of their "branches" - they are online but have a some "branches" with people but not traditional bank branches, Millenium charge for current accounts but Activo do not, you get an ATM card etc with both
rogerpart
@Hannahmazing
Hi Hannah-

We have been happy with BiG (Banco Investmento Portugal) bank. We opened up a bank account remotely and transferred funds for investment and to have a Portuguese account. They are compliant with US Tax laws. The bank manager I dealt with was very responsive and in her absence her assistant monitored her emails and responded promptly. The one relative downside is that the website is Portuguese only, but is a non issue if accessed via Chrome browser which provides effective translation.

We transferred a very large sum of money for GV investment and were able transfer directly with less than $100 and with a very favorable exchange with very little spread (the exchange margin the bank uses for profit). I’m happy to share contact information if you want to send me a DM.
Roger
Hannahmazing

Thanks everybody!

kinggra68

@Hannahmazing

Hi Hannah

we are dual citizens of Ireland and Canada, and we opened remotely using Santander Bank. Almancil. The manager there was very easy to deal with and very helpful. It was all set up from Canada but I then popped into the branch while I was there in August to meet him and he took me step by step through the app so I can do everything online.

best of luck

Gra

Hannahmazing

Well both millennium and novo bank have denied me an account,  here in Lisbon.



Millennium said that one month ago a new requirement came into place that requires any new account to have an official residence in Portugal.



And novo bank said that they could at first, and then a manager came and said that they could not because now they can only open foreign bank accounts for people with large amounts of money who want to invest.



Anybody have any other bank suggestions for  me (an American with NIF) while I'm here in Lisbon? Would appreciate it!

Hannahmazing

I also went to BIG, but they also said they only do investment accounts with large amounts of money

Hannahmazing

(This is for the D7 visa,  to be clear)

Hannahmazing

I guess I'll try Santander next!

Jean Denise

Hi why don’t you try crédito agrícola it’s a bank owned by the people not the state you have to pay a small fee once a year, I am with them have had no problems

JohnnyPT

@Hannahmazing,


You can also try this bank BniEuropa. It has no branches, only online. Request to be contacted.


Then, when you are resident in Portugal, you can always change bank...


Hannahmazing

UPDATE: I was able to open an account with Santander, in person.


2 things that various banks asked for, which I didn't know they would:

  • SSN card (social security number) - the actual card, not just the number
  • Work contract / proof of income (ie rental contract, etc). I thought I would just have to show funds, not an actual contract


Anyways, Santander did not require an official Portuguese residence (just a current one - ie my airbnb). They DID require some sort of "work contract" or official document proving my income. They were very friendly and appreciated my attempts to converse in Portuguese. 150e to open the account. I also have to pay 10e/month for insurance, which is a requirement for the account. Expensive!


From my experience I get the feeling that the requirements vary from bank to bank, and even person to person, depending on the day.

Hannahmazing

Another things that was surprising was that she had never heard of the D7 visa. She wanted to know "why" do you want to open the account? There had to be a justifiable reason. When I told her because of the D7 visa, she had no idea what I was talking about, so she googled it.

Hannahmazing

Oh, and Santander did not need any of the documents notarized, as asked about in my other post. Also, none of the other banks asked for any "notarized" documents. They just asked for other things I didn't have with me (an actual SSN card, an official Portuguese residence)