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Opening a bank account


Posts: 33
Premium Member
Topic starter
(@fearless)
Eminent Member
Joined: 1 month ago

Hello to everyone from crazy & hectic London. Is there anybody out there that could reply to my following question? 

Is it possible to open a personal bank account in euros without living in Portugal yet? I am an EU citizen. Thank you.

Wish you all a lovely day.

Karin

 

4 Replies




Posts: 247
Premium Member
(@jeanne)
Estimable Member
Joined: 12 months ago

Do you just want an account that can hold euros, or do you want an account with a Portuguese bank? If the former try (Transfer) Wise. You can hold multiple currencies in their accounts. 

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3 Replies
Premium Member
(@fearless)
Joined: 1 month ago

Eminent Member
Posts: 33

@jeanne Hi Jeanne Marie. Thank you for your reply. I would like a Portuguese bank account, if possible. Everything I could do online from London would be great as my job is very demanding. Furthermore I am building up my own business. The word retirement doesn't go with my nature. 

Kind regards.

Karin

 

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Community Member
(@derrymore)
Joined: 9 months ago

Active Member
Posts: 5

@fearless

Hi Fearless!

You could consider opening an online account with N26 or Revolut.  Neither charges for routine electronic transactions - lodgements, standing orders, direct debits, bank transfers etc.  All business can be checked online or with an app on your phone. 

If you want an ATM card to withdraw cash from the ATM, you'll be charged a once-off €10 fee for it to be posted to you, and you can use this for no-fee cash withdrawals 2 or 3 times a month.  There is no fee for payments from Euro to Sterling/Dollars or vice versa - and you get a very good rate.

Both N26 and Revolut offer paid versions of their accounts where you pay a monthly fee, but the only obvious advantage that I can see is that you get a prettier ATM card (without the €10 fee) and can make cash withdrawals more frequently each month.  Neither offer an automatic overdraft facility, so you'll be unable to make a transaction if you don't have the money in your account.

If you want to open a main street Portuguese account, expect to pay either a monthly fee of up to €6 per month and/or electronic transaction fees of around 20c to 40c a pop.  Some banks waive this fee for routine electronic transactions when you arrange regular monthly payments, such as salary or pension, (typically at least €700) directly into the account.

Activo bank in Lisbon is the only Portuguese online bank I can think of which does not charge for routine transactions in Euro, but they punish you with fees of around 5% for non-Euro payments, such as into Sterling and Dollars.  Activo will issue you with a credit card on request, and if you keep your nose clean, you can apply for an overdraft facility.  

All the above can offer you limited overdraft facilities when you arrange to have a regular payment, such as a salary or pension, paid directly into the account.  

In all cases, even though they advertise that application is simple and quick, there is a bureaucratic procedure involved, and the websites list the paperwork, identification, and other requirements necessary to open an account.  You should have these ready to minimise delay.  

Whatever you choose, good luck!

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Premium Member
(@fearless)
Joined: 1 month ago

Eminent Member
Posts: 33

@derrymore Thank you so much. 

Regards,

Karin 

 

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