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Bank account for a freelance


Posts: 28
Community Member
Topic starter
(@kiukkien)
Eminent Member
Joined: 7 months ago

Hello everyone!

Does anyone know if, working as a freelance in Portugal, I have to open a business account or if I can also open a second personal account and use it for my freelance activities only? Any idea?

In addition, can anyone suggest a good account/bank?

Many thanks! 😀 

 

7 Replies




Posts: 55
Community Member
(@sonia)
Trusted Member
Joined: 3 months ago

Do you do taxes in Portugal? If so have you checked with your accountant what is his recommendation?

If you don’t do taxes here I don’t think a business account is required, but sometimes the business accounts have some perks that the personal ones do not have, like a flat fee that include a certain number of transactions.

I can recommend Activobank  for personal accounts, it’s an online bank, with few locations, they have a good app and online service and they don’t charge a lot of things, for example the bank transfers are free, the debit card also is free.

For business accounts Millennium also works fine, but they charge for the bank transfers, I think they have some options with a flat fee.

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1 Reply
Community Member
(@kiukkien)
Joined: 7 months ago

Eminent Member
Posts: 28

@sonia 

thanks! 🙂

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Posts: 373
Ask Our Expats Consultant
(@thomasribatejo)
Member
Joined: 4 years ago

You really will need to start by talking to an accountant in Portugal, and run through how your freelance work works.  If you set things up the wrong way, you may well end up paying too much tax (by being unable to offset enough of your expenses, for example).  Advice not based on a full understanding of your situation is likely to be well-intentioned by inaccurate.

If you want to be able to visit your accountant on any frequency, it will help the forum to know where you are/will be based.  I have used a good Algarve-based accountant in the past; my current one is not currently recommendable, sadly, though very pleasant.

Having had experience of various banks, we have moved both personal and business banking to Crédito Agrícola.  They are a mutual, rather than a profit-driven, bank, and claim to have a particular interest in supporting small businesses.  We have been delighted by the ease of service.

However, service can vary from branch to branch within the same bank brand.  With Novo Banco (before this) we had a wonderful advisor in Queluz; but here in Santarém, their disinterest and borderline rudeness was palpable.

Whoever you go with, check all charges.  Some lead with "no charge for X", but actually charge for something different, that another one doesn't, making it hard to draw full comparisons at a glance.  There are online banks (many of which are owned by major banks, like Moey! from Crédito Agrícola) - these often have lower headline charges, but not always the full range of services for business banking, etc.

Some banks (notably Santander and BPI, to my knowledge) are in the process of reducing their branch network, so if in-person access is important, this may be worth asking about.  

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3 Replies
Community Member
(@kiukkien)
Joined: 7 months ago

Eminent Member
Posts: 28

@thomasribatejo 

thanks! I did have an appointment with my accountant (yes, I found one near to where I live, suggested by a few friends who are using her as well) and she sounds pretty good. We discussed a lot of stuff and she did give me a lot of good tips, I just forgot to ask her about the bank account 😝 . Will double check with her next time, in the meanwhile I wanted to get some feedback from other freelancers, to have a better idea.

I'm glad to hear your feedback about Credito Agricola as they do have a branch in the same building of my accountant therefore...it might be handy.

thanks again!!!

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Community Member
(@kelvinrutter)
Joined: 3 weeks ago

New Member
Posts: 1

@kiukkien Can you give me the contact for this accountant please? 🙂

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Community Member
(@kiukkien)
Joined: 7 months ago

Eminent Member
Posts: 28

@kelvinrutter 

apologies, I saw your question now. The company is located in Pedrogao Grande. It is called Sabio Projectos Formacao e Servicos Lda. If you do a search they have a website with all their contact details. Alternatively, please send me a private message.

 

Thanks!

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Posts: 186
Premium Member
(@itexpert7)
Estimable Member
Joined: 1 year ago

I would set up a company abroad, and then do NHR to not pay the taxes from that company abroad for 10 years, otherwise taxation in Portugal is really high!

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