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Opening bank account in-country

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Posts: 22
Premium Member
Topic starter
(@sbwtwo)
Eminent Member
Joined: 1 year ago

Good morning, fellow travelers and potential immigrants. 

I will be in Portugal on my scouting trip in a few weeks.  I have my NIF and now hope to open a Portuguese bank account, but one of the stated required documents has me concerned.  I see there is a need to produce recent pay stubs.  (Un)fortunately, I am no longer employed (I retired last year).   I have savings to draw down before I begin a regular withdrawal from my retirement accounts in a few years.

Has anyone who does not receive a regular paycheck been able to open a bank account?  I can show the balances in my US accounts as evidence that I am financially sound, but the last pay stub I have will be nine months out of date.

Hoping to set up an account with ActivoBank, but would do so with Millenium if only to get through the visa application process.  However, if there is a pay stub requirement, ...

Thank you,

scott

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Posts: 119
Premium Member
(@ericj)
Estimable Member
Joined: 1 year ago

@sbwtwo Hi Scott......I am currently retired as well and was able to open a Bank Account through Millennium with no issue.  I did produce a current statement from my US Account at that time but I think that was used just to further confirm my identity.

EricJ

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Premium Member
(@sbwtwo)
Joined: 1 year ago

Eminent Member
Posts: 22

@livinginusa Thanks, Eric.

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Posts: 93
Community Member
(@sonia)
Trusted Member
Joined: 6 months ago

When opening a bank account in Portugal you must provide ID, proof of address (usually a water, electricity or phone bill) and proof of employment (usually a recent pay stub) retirees can provide a document that states that they are retired, this is for all banks, I believe it’s required by the Banco de Portugal which is the entity that regulates the banks.

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Posts: 244
Community Member
(@aspidistra)
Estimable Member
Joined: 4 months ago

Hi Scott I am exactly the same position, three years off getting my pension but living on savings until then. I am also wondering what to do. This also applies to getting the visa.

 

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Posts: 469
Admin
(@thomasribatejo)
Reputable Member
Joined: 4 years ago

The legal/Bank of Portugal requirement for proof of employment-based income was removed around 15 years ago, as it was disenfranchising unemployed people, informal workers, housewives/husbands, etc.  However, it's still normal for banks to request it as a default, and acceptance of customers is at their discretion, of course.  For Portuguese citizens, other documents (being "signed on" for unemployment benefit; a document from the Freguesia) can cover this off, but this won't help you.

Banks should be able to accept other proofs of solvency/cashflow, although without clear income (of some established form) it may reduce your potential to access any form of credit.  So, I would bring what you have - evidence of future pension, savings/deposits, country of origin bank statements, etc - and if doing it in person, and the first bank doesn't allow it, try others.  A good colleague in a branch should be able to assess you appropriately.

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Premium Member
(@sbwtwo)
Joined: 1 year ago

Eminent Member
Posts: 22

@thomasribatejo Thank you, Thomas.

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