The Portuguese banking system was slightly affected by the recent global financial crisis. The economic sector has changed significantly in recent years, with many Spanish banks opening branches in the country. Expats living in Portugal are advised to open a bank account to be able to pay certain bills. All banks in this country are part of a national group of banks called Multibanko. If you are moving to Portugal from abroad or traveling regularly to this country, a bank account allows you to maintain full control over your finances.
Banking in Portugal is regulated by the Banco de Portugak (Banco de Portugal). The most important commercial banks include Banco Efisa, Banco BPI, Caixa Central de Crédito Agrícola Mútuo, Banco Internacional do Funchal (BANIF), Banco Popular Portugal and Banco Comercial Português (BCP). Foreign banks include Deutsche Bank, BNP Paribas, Barclays, and ABN-AMRO. The euro (EUR) is the currency in circulation in this country.
The Multibanco system in Portugal allows customers a wide variety of conveniences. Account holders can use a Multibanco debit card at ATMs throughout the country and to purchase merchandise. They can also upload talk time to their mobile phone and pay utility bills online. If you have just moved to Portugal and have a Portuguese bank account, your utility bills will be paid directly from your account. There are no restrictions on the amount of money going in and out of the country.
To open a bank account in Portugal, EU residents will need the following documents:
• An identity card or passport
• Proof of residence
• NIF number
• Residence card
Applicants must be at least 18 years of age to open a bank account. You also have to go to the branch closest to you. Although you can open an account from abroad, it is frowned upon as bank officials generally like to see applicants in person. Non-EU expatriates must present proof of employment, tax card, proof of address in the country of origin and passport. If you don’t know which bank to choose for your new account, do your research and compare several banks before making your decision.
Opening a bank account in Portugal involves a lot of paperwork. Many expats find it difficult to provide all the required documents. Those who are self-employed need proof of business in Portugal. The minimum deposits to open accounts are usually around 250 euros. Account holders have access to a wide range of banking services and products.