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Millennium bank account T&C

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Posts: 5
 Sud
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(@sud)
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Joined: 3 months ago

Hi all,

we are considering opening a bank account with Millennium and were curious about:

1- your experience with them 

2- if you'd be willing to share T&C of your account eg: do you pay a monthly fee, a fee per transaction/withdrawal etc.

Thanks in advance!

75 Replies




Posts: 145
Premium Member
(@ericj)
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Joined: 2 years ago

I opened my account in late 2020 and have had no issues.  I pay $8.32US/mo for fees, etc.  Have two debit cards....I only withdraw from it when making trips to PT.

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Posts: 1616
VIP Member
(@jonesdn2020)
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Joined: 1 year ago

We opened a Millennium Prestige account in 2021. We get quite a few benefits with it. Our favorite is our personal account manager. He calls us and discusses options we are interested in. Here is the fee breakdown.

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17 Replies
 Sud
Community Member
(@sud)
Joined: 3 months ago

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@jonesdn2020 Thank you for the info! We are considering opening a prestige account as well. I was wondering if you could help me understand what is the difference between Financial assets + wage or financial assets + card charges? The table I received is similar to yours but I am not sure I completely understand what they mean

 
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Premium Member
(@blaze451)
Joined: 1 year ago

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@sud the 1st is you need to have income of 750 or more coming into account every month. The second is if you don't have income coming in then you need to spend 500 or more on credit card every month to qualify for the 5 euro a month fee. to qualify for 6 euro fee you only need to have over 50k in account or income of 2500 a month coming in.

https://support.bordr.io/article/93-what-are-the-fees-for-millennium-bcps-prestige-program

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VIP Member
(@jonesdn2020)
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@blaze451 Thanks for breaking that down. I completely ignored the credit card charges. Now I have to check my service fees for the months we exceeded the credit card fees qualification.

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Premium Member
(@lowellmk)
Joined: 2 years ago

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Posts: 123

@sud 

I opened my Millennium account about 18 months ago and am generally pleased.  Fees are essentially based on your account "plan" which is dictated by how much money you have on deposit.

You should expect to pay fees and receive no interest.  I think that's just the way it is, not unique to Millennium.

The good news is that I have seen Millennium banks just about everywhere I've traveled in Portugal (from Porto to Madeira and beyond). The Multibank ATMs are not in English but pretty easy to figure out - the staff will be glad to help.

I will also say that, typical of many banks, if you go into the lobby, you may have a bit of a wait.  PLEASE build that into your schedule and mindset...no sense having a stroke of longer waits in exchange for more personal care.

Hope that helps.

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Community Member
(@johnnycocktail)
Joined: 1 year ago

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Posts: 75

@jonesdn2020 I will open a prestige account. I will not have "wage"/earned income but monthly transfers from investment portfolios for living expenses. Will these transfers count as "wage" or do I need to have a Millennium credit card? Do you have a Millennium credit card?

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Premium Member
(@blaze451)
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@johnnycocktail I believe they will count, as I do not have a wage income either, but fund the account every month from a monthly transfer from my wise account and I am being charged 5 euros so it seems that it satisfies the criteria. I also have a credit card but have not used it yet. If they don't accept it then it just means you get charged 6 euros instead of 5 so not the end of the world. ( as long as you have the required 50k amount in the account though)

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(@jonesdn2020)
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@blaze451 We funded the account to fulfil the VFS and SEF appointment requirements and went above to get the Millennium fees lowered. This was before the US raised the interest rates. We will now leave our money in our US High Yield Savings accounts and pay the increased fees with Millennium.

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Community Member
(@johnnycocktail)
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Posts: 75

@jonesdn2020 I could do my own Millennium account info digging but if you could save me some time if you already know...Millennium does or does not pay interest on your account balance? Is there a recommended minimum account value for streamlining the VISA and SEF processes? Is a red flag raised if you reduce the account balance below a recommended minimum after receipt of the resident card? I could see keeping a few months living expenses in the Millennium account (paying a higher monthly fee if it is not Premium level) and transferring living expense amounts monthly from my online US interest-paying account, would yield thousands in my plus column.

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Premium Member
(@blaze451)
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@johnnycocktail As far as I am aware it does not pay interest.

For D7 and SEF you are advised to have 18k in the account. (this is equal to just over 2 years of minimum Portuguese salary)

Once you have your residency permit you can go nuts and spend the money as you see fit ( put in all on black at casino) as there is no red flags, sirens, knocks on door etc.

However, when you then go to renew your permit 2 years later they will again want to see a certain amount in the account and you want to make sure it has been in there probably for at least 3 months prior, so they don't think your pulling a fast one. Not sure if it is still the 18k or 27k due to being renewed for 3 years (27k being just over 3x min salary)

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(@jonesdn2020)
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@blaze451 No, they do not pay interest. We had a long talk with our bank account manager. He told us to leave our money in our US accounts. This was back at the beginning of the year when our US HYSA was at .5 %. 

Ei! had us put in 32k into our account for VFS since there are two of us. She is now mentioning 50k for some reason I cannot understand.

Our bank account manager called us in March when the account was going from 6 euros to 15 a month. I think there might be a 3 month intro rate. We brought the balance over 50k to lower the monthly service fee.

Ei! did want us to have the 50k in the account for our SEF appointment but since we already did that to lower the service fee that was not an issue. 

Now that we have stabilized and have numbers to set our budget we are tracking at 3500 a month including travel or vacations, I guess that is what you could call them.  

The US HYSA is now averaging a return of 25 for every 10,000 per month so we have to take that into account with the exchange rate. We are looking at returns in the US to get closer to 37 for every 10,000 per month or higher by early next year. 

We do plan to keep track as the Portuguese minimum wage changes. We plan as you suggested to have 3 years of minimum wage in our Portugal account at least 3 months if not more before our renewal. Now that would be close to 50k for the two of us. Maybe Gilda is mixing up the two year and three year numbers. 

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Premium Member
(@blaze451)
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@jonesdn2020 next year the minimum wage rises to 750, which is 9k a year. so 3yrs x9k x 2 people is 54k.So you would be advised to have 55k in for next renewal...unless it rises again the following year (2024).

Anyone applying for D7/SEF next year is prob advised to have 18k min per person, so my initial comment still valid for that.

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Premium Member
(@blaze451)
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@jonesdn2020 sounds like your manager is on the ball, I hear nothing from mine. Does reply to some questions I've asked, but not always.

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(@jonesdn2020)
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@blaze451 He has called us several times. He also answers when we call. When he went on vacation, he introduced us to the branch manager in case we needed anything.

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Community Member
(@johnnycocktail)
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@jonesdn2020 @blaze451 Solid info as always, gents. Thanks.

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(@jonesdn2020)
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@johnnycocktail That is a good question, and I would assume the transfers in would count. Now that I think back maybe that is why we had the lower rate since we were transferring in money. 

Our bank account manager called us and offered us the credit card. We do each have one and use them for online purchases. 

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Premium Member
(@lowellmk)
Joined: 2 years ago

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Posts: 123

@johnnycocktail 

Two things I’d like to mention.  

Portugal runs largely on debit cards. So I would highly recommend that everyone on the account have a debit card.  When you go to pay (at a restaurant, for example) you will be presented with a handheld terminal -you will be handed the terminal to review/confirm the amount to be charged.  After you review the charge, you’ll enter your pin and return it to the server. 

So…get the ATM card and visit the bank to ensure your PIN works and you know how to use ATMs!

Second point is money transfer. I don’t know your requirements - but if you need fast, efficient, safe and economical funds transfers - I highly recommend SpartanFX. Great white-glove treatment!!!

Here is a bonus tip. Investigate Schwab banking   They charge no ATM fees and it’s very easy to transfer funds from a brokerage account to your SpartanFX account (for example) so that those funds can be exchanged and transferred to your Portuguese bank account.

Hope that helps.

 

Feel free to ask additional questions.  I’m curious to see if others had similar feedback  

 

 

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 DXJ
Premium Member
(@dxj)
Joined: 1 year ago

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Posts: 48

@lowellmk Thank you. I think I have already said plenty around here in praise of Spartan-FX for exchange and of Charles Schwab for their international banking services. Fidelity Investments (brokerage and banking) can be another good option, with quicker reimbursements of ATM fees, but possibly lower limits on ATM cash withdrawals by default. In the US, at least, other small local banks and credit unions are also now starting to get competitive with features like international ATM-fee reimbursement. The withdrawal limits tend to be even lower, but they can be raised on request, at least temporarily. Before leaving home, explore local options.

Much of Europe uses EMV chip-and-pin authentication for transacting with payment cards. Many US cards, even if they have the chips, are often not set up for PIN transactions. With US credit cards, be sure to enable PIN-based credit transactions with the issuer, preferably before leaving home. To avoid other unexpected fees, it can also help to minimize or eliminate the capacity for cash advances on credit cards. Some issuers allow this, while other may not allow any such changes. It's still good to know your options, in any event, and plan your card carrying accordingly.

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 Curt
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(@curt)
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Joined: 7 months ago

No fees for withdrawals at ATM if that's what you meant, at least not at Millennium ATMs (haven't needed to try another ATM). I also had no fees for a wire transfer within Portugal. I do have fees for wiring money from the US to PT. But it's reasonable, and I let Millennium do the exchange rate conversion instead of my bank in the US, because Millennium's exchange rate is always much better.

The Millennium app is quite good. It's easy to make payments to any business. The security also seems good, in terms of layers of protection. The way the app security works seems better (more complex, more layers) than my bank in the US. 

When I chose Millennium I was told by an immigration agency (not the same agency you'll see referenced in this forum) that Millennium is very customer centric, and has widespread access, both of which have proven true for me so far.

I opened my account from the US about a year ago and it was a sizable process. Lots of papers and signatures that had to be done just right. It was a paper process, and I had to do a video call with the bank because they wanted to be certain I had signed the documents correctly before couriering them to Portugal. My signatures had to be notarized as well. But after I cleared the hurdle of actually opening the account everything has been good and I'm happy.

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20 Replies
VIP Member
(@jonesdn2020)
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@curt Interesting. We wire transfer our USD to our Spartan account and they wire euros to Millennium and we are not charged a fee. I am wondering how competitive Millennium is with Wise and Spartan on the exchange rates.

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 Curt
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(@curt)
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Posts: 82

@jonesdn2020 likely not as competitive as Wise for sure. Also I can't pick the exact timing or the transfer. But the rates are better than I expected. I have Euros coming into Millennium too, so it is interesting you are not getting a fee and I am. Difference in accounts maybe, or funds? Not sure.

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VIP Member
(@jonesdn2020)
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@curt We have the Prestige account.

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Community Member
(@jaydolores)
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@jonesdn2020 We will be in Aveiro Oct. We will be obtaining NIF for Dolores, I already have. Does Millinium have joint account for over 65’s? Thanks, Jay

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(@jonesdn2020)
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@jaydolores We are unaware of any age limits on bank accounts.

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Premium Member
(@blaze451)
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@jonesdn2020 Millennium does have an account that is only for 61- 65s apparently - conta Millennium-

https://ind.millenniumbcp.pt/en/Particulares/Contas/Pages/cta_millennium.aspx

check under the features tab for age

 

strange age range

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Premium Member
(@lowellmk)
Joined: 2 years ago

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@jaydolores

Yes they do. 

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 Curt
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(@curt)
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Posts: 82

Correction: I used to have Euros coming in (US bank was converting dollars to euros prior to the transfer). But now I have dollars coming in (Millennium is converting dollars to Euros, there is a 20€ fee for that, but the exchange rate is much better this way).

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Premium Member
(@lowellmk)
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@jonesdn2020 

i do the same.  I believe Spartan is more cost effective. 

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Premium Member
(@lowellmk)
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Posts: 123

Spartan is great!  

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VIP Member
(@antonio_f)
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@curt Withdrawals from PT bank accounts using the portuguese ATM network (Multibanco) have no costs. If you use the international network (Euronet ATMs) for the withdrawal from portuguese bank accounts, there are costs.

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Community Member
(@karmilkitty)
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@curt Hi Curt, to you remember how long it took to open your account remotely?  I have not had any luck getting Millennium to send me paperwork to start the process.  It's been almost 2 weeks and my Visa appointment in San Francisco is on December 1.

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VIP Member
(@jonesdn2020)
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@karmilkitty Hi Monica, who put you in contact with Millennium? Are you working with Vera from Millennium? Are they sending the docs through a secure online system?

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Community Member
(@karmilkitty)
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@jonesdn2020 Hi Trevor. I am working with Cristina and Ana at Ei! For my visa. They said they would have Millennium contact me and get the paperwork started. I have not heard from them or Millennium in almost 2 weeks. I don't mind contacting the bank but I need a name and email from Ei!

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Admin
(@gerry)
Joined: 3 years ago

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Posts: 760

@karmilkitty 

Hi Monica,

I contacted Ei! regarding your comment about Millennium and they have replied as follows:

The bank branch we use is undergoing an audit, which is causing them to be very delayed in replying to our clients.

We have only recently learned this, so we are now explaining this as clients complain about the delay 😐

We know it’s unfortunate and are working on establishing new partnerships for bank account openings.

I also understand that Cristina has already been in touch with you regarding this matter and all is understood.

 

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Community Member
(@karmilkitty)
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@gerry Hi Gerry. Yes. I received an email from Cristina yesterday explaining that Vera will contact me after the audit is over. Hopefully that will be next week. I appreciate you contacting her.

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Premium Member
(@lowellmk)
Joined: 2 years ago

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Posts: 123

@karmilkitty 

Hi -

Not sure if this would help, but you may want to reach out to my client manager in Aveiro - he helped me through the process. The form to open the account was about 48 pages in Portuguese and requires about 8 signatures throughout. 

Here is my contact - he speaks English:

Paulo Teixeira 

Paulo.sousateixeira@millenniumbcp.pt

Let us know if that helps. 

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Premium Member
(@lowellmk)
Joined: 2 years ago

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Posts: 123

@karmilkitty 

It took about a month to 6 weeks.  Here’s why:

1. Documents required apostile signatures (about 2 weeks, possibly more)

2. Ship documents to bank (4-5 weeks); $79 to mail, clear US customs. Clear Portuguese customs, deliver to bank. 

3. Bank review, pass compliance, get account. About 1 week. 

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Community Member
(@karmilkitty)
Joined: 6 months ago

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@lowellmk 

I am working with Vera Tome at Millennium to open my bank account while I am still in the U.S. in Arizona.  I was amazed at the volume of paper I had to print out just to open an account and get a debit card.  I am heading to Phoenix tomorrow to get the apostille and signatures notarized. I was lucky to get an appointment so soon but I think someone canceled an appointment because the next opening is November 22.  I was not aware that it took so long for a Fed Ex or DHL envelope to get to Lisbon.  That is not encouraging since my Visa appointment in San Francisco is December 1st.  I am keeping my fingers crossed that the timetable can be expedited in some manner.  

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Premium Member
(@lowellmk)
Joined: 2 years ago

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Posts: 123

@karmilkitty 

scroll up to see the timeline I experienced. 

The envelope has to ear US and Portuguese customs the shipping of that envelope is surprisingly expensive. I used the USPS and paid $79. 

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Posts: 5
 Sud
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Topic starter
(@sud)
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Joined: 3 months ago

Thank you all! This is very helpful 🙂

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