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Revolut banking

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(@aspidistra)
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This may well have been addressed before but not coming up in the tags. Does anyone use Revolut for banking in Portugal, and any reason not to use them? Someone suggested them so just wondered if anyone has used them?

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(@thomasribatejo)
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Revolut does not hold a Portuguese banking license, and so it is not officially recognised as a bank here.  This may potentially mean it doesn't "count" for some official purposes residents/immigrants may need.  It is also not covered by the Government's underwriting of deposits, as it is not a bank.  It claims to have ambitions to get licenses worldwide, so this may change.  Right now, it is effectively a payment system, set up in the UK and apparently running most EU activity out of Lithuania.

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(@jeanne)
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@thomasribatejo   You mention the gov't underwriting of deposits.  What are the limits? Per account / account holder?

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(@thomasribatejo)
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@jeanne I believe it's €100k per private individual per banking institution.

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(@aspidistra)
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@thomasribatejo ah brilliant, that’s exactly what was concerning me. I am still ever hopeful of getting free banking although unless I can get into an ActivoBank branch, I can’t use them. As I am in the Algarve, that would mean a special trip to Lisbon, too much hassle I think.

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(@thomasribatejo)
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@aspidistra I can't remember whether you've tried Moey, from Crédito Agrícola - it's alternative to ActivoBank...

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(@aspidistra)
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@thomasribatejo not sure I remembered to reply re Moey, got as far as a video chat with a lovely woman, who told me that sorry, without a Portugueuse residency card, for the moment they can’t accept other ID but are working on it.

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(@midlifecrisis)
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@aspidistra I'm in the process of opening a Banco CTT account which has free basic banking. Banco CTT is part of the Portuguese Post Office but is a Bank. My brother and father both have accounts and claim the service is good but I'd like to know @thomasribatejo view. https://www.bancoctt.pt/index?gclid=CjwKCAjw-sqKBhBjEiwAVaQ9a5s2KCfYG5GYtZ-D0Ep2tX0gT7uOCxBdfwadBMJ5VgZrgK5rJ_zHkRoCQ7IQAvD_BwE

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(@thomasribatejo)
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@midlifecrisis I looked into them when I first moved over, but went no further as our first location here had a ridiculously busy CTT branch, with poor facilities. Where we are now, there is a full service post office with dedicated bank setup, so I'd take it more seriously. I know no-one who uses them, to be able to be of more use, sorry.

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(@alleycat)
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@thomasribatejo Sir, you are so knowledgeable and helpful!  I would love to know if one can commonly find and rent a "safe deposit box" in the banks in PT?  Thank you.

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(@thomasribatejo)
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@alleycat Thanks 😊 you are very kind! I confess on this point that I know relatively little, never having had recourse to one... but I know they DO exist. Whether they are present in all branches of all banks, I couldn't say, nor can I reliably find out 😐 sorry

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(@alleycat)
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@thomasribatejo Obrigado, we will investigate further.

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Posts: 247
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(@aspidistra)
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Yes I did thanks Thomas. Same problem, they want some sort of residency card and I am not resident so I guess both those online banks aren’t open to foreigners without residency. I might wait until I am over there now and go into Credito Agricola and ask them. 
Anyone care to say, for a simple account, only euros going on and out and a couple of direct debits, bank with the lowest bank charges, for a non resident?

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(@thomasribatejo)
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Posted by: @aspidistra

I might wait until I am over there now and go into Credito Agricola and ask them. 

I'd try that, as they may be able to do the validation bit, I am not sure.  

I've not seen a direct comparison, but we are with CA (normal, not Moey) and because I have €500 in a "membership" with them (which I can take out any time I want) then fees are much much lower.  Whichever bank you do go with, make sure you check their transaction fees - some offer much lower monthlies, but then, say, 26c per bank transfer, which may be 1 every few months, or 10 a month, depending what your needs are.

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(@midlifecrisis)
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(@paulr)
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@midlifecrisis  I use Revolut but just as a debit card. If you pay to be a premier member you get lots of freebies medical  insurance one is interesting You also seem to get very high rates in exchange. However I would not use them for transferring very large amounts , Example property purchase. I use Spartan FX for that.

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