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Atlantico Bank and D7


Posts: 9
 Wcg2
Community Member
Topic starter
(@wcg2)
Active Member
Joined: 3 months ago

Ola. Has anyone had recently successful experience with Atlantico Bank in terms of opening an account remotely from US,  and then having the account approved as part of a successful D7 application? I'm using VSF Washington, DC. Muito obrigada!

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Posts: 69
Premium Member
(@sunil)
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Joined: 9 months ago

Hi @Wcg2 🖐️ 

We've heard vague anecdotes online of folks having success with Atlantico. In our experience, we were only sort-of-successful! Our recent experience may or may not be relevant to your needs but maybe it'll give you some insight into Atlantico's operations. 

My partner was able to open an account with Atlantico remotely (from the US) via their mobile app. Once we got his account setup and funded (via bank transfer from our bank in the US) with the amount needed to show "sufficient economic means" for our D7 applications, I opened my own account. It's not complicated, but the process took each of us a week or two and you have to coordinate with a team that only works Lisbon business hours. Also, we set up individual accounts because they wouldn't let us open a joint account via the app -- so we decided we would just open an account for each of us (which an immigration consultant assured us would be fine for D7).

After you open an account, you then have to "fund" it, and once that's done, Atlantico subsequently provides you with the login info to access your account and use it however you might expect. Since we'd already transferred all the funds we needed directly into my partner's account and he was able to log in, we planned for him to simply transfer a chunk of that money into account to fund it. That way we would each have the necessary euros in our accounts in PT for the D7. The support staff at Atlantico assured us this was possible, but we got error after error, and could not get their system to initiate a transfer from his account to mine. After reaching out to Atlantico support NINE separate times (over the course of 3 frustrating weeks!), and still unable to transfer funds into my account, we finally gave up on Atlantico. 

If we had wanted to keep working with them, we could have initiated another transfer of additional funds from our US bank to my un-funded account at Atlantico, and we would have finally had two functional accounts. But we found the repeated failures of their support staff to resolve a pretty basic issue (one they insisted would be resolved if we just sent one more email to this team or that other team, yadda yadda yadda) left us disinclined to trust them and we chose not to move any more money into their care. 

Ultimately we needed to work with a different bank for another matter and in the course of that process we opened an account with Banco BPI (with the assistance of an attorney based in Lisbon). 

That's just our experience so take it with a grain of salt, I guess!  But hopefully what we experienced and shared here helps some other folks make a slightly more informed decision about whether Atlantico is a good fit for their needs. 

Best of luck with your D7 process, @Wcg2!

-Thea

 

 

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1 Reply
 Wcg2
Community Member
(@wcg2)
Joined: 3 months ago

Active Member
Posts: 9

@sunil Hi Thea! Thank you so much for this detailed reply. Very helpful information. Best to you both 😊

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Posts: 211
Ask our Expat Consultant
(@thomasribatejo)
Estimable Member
Joined: 5 years ago

Whilst this is not necessarily decisive, and whilst Atlantico is an authorised and regulated bank, it is essentially aimed at non-resident customers, and as such has no branch network (other than its main office in Lisbon).

I see no reason, from this fact, not to trust it - but it may prove less practical than the "regular" PT banks for day-to-day use when in Portugal.

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1 Reply
 Wcg2
Community Member
(@wcg2)
Joined: 3 months ago

Active Member
Posts: 9

@thomasribatejo Hi Thomas! Thank you for your reply. You make a good point. Best to you 😊

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