You might be asking, “what is so special about that?” The bank accounts we are speaking of do not require the account holder to have a physical presence in Portugal. How is that possible? What are the advantages of that? What are the procedures? Read all about it in this brief blog.
Your First Account is Free!!
We are willing to bet you didn’t know that. When a person opens their first-ever bank account in Portugal, it is completely free. If the account includes a debit card at specific Portuguese banks, there are no fees associated with that either. Later on in the life of your account, transaction and maintenance costs are extremely low. What better reasons to open an account in Portugal?
Another Great Reason
There are other great reasons to do this. The most significant one is you do NOT have to be a resident in order to do it. Unlike a chunk of European and Far Eastern countries, Portugal makes opening a bank account easy. In the majority of cases it can be done over the Internet. As long as you have the proper documentation, this is totally feasible.
What Documents Will You Need?
Shortly we will discuss the proper procedures for opening a bank account in Portugal. This particular blog section notes what documents are required. You need to have:
- Proper identification
- Proof of your address
- Proof of employment and/or paycheck slips
- **Your Portuguese tax number, also known as an NIF number. This number is unique for everyone.
NOTE: Your NIF number is something you have to apply for with the country of Portugal. For residents or travelers it is done in person at a local tax office. Otherwise, this is also something that can be accomplished online.
What Are the Standard Procedures?
First you must determine the kind of account you want. Then decide on some banks to interview and meet their banking officers. You shall be given appropriate forms to fill out. Keep in mind you will need references from reputable sources. Next submit the forms along with your documentation. The banking officer will go forth and review all materials. If you are approved, you can make your first deposit right there and then.
Could You Be Denied an Account Here?
This is unusual, but it does happen. Common reasons for bank account denial in Portugal have to do with any account problems in your homeland. If you had too many checks bounce or fees that were not paid, that counts against you. If you had frequent instances of negative bank balances or an account purposely closed, those reasons could also affect the decision. An automatic denial occurs if you were ever suspected of identity theft of another person, or you were suspected of fraudulent activities. If none of these things have happened to you, you should be approved by Portuguese banking authorities.
Are There Any Portuguese Banks Better Than Others?
The true answer is Yes; however, you will not have any troubles if you select a bank that is not on the list. A sample of them is as follows:
- New Bank
- CTT Bank
A complete list of good banking choices in Portugal can be found on the Internet. A great place to start is the website where you are reading this blog.
What Steps Should You Take Now?
If you have decided to move forward with opening up a Portuguese bank account, the best thing you can do is find a service firm who can assist you. This firm will already understand all the nuances associated with the correct procedures. Ideally you want a business that has first-hand experience. This is in contrast to someone who has only studied it in books. It is critical to the success of your account to go through a proven expert. The best thing you can do now is hire us to assist you with your dealings. We welcome your phone call.