It is common when buying property abroad to open a bank account within the same country. Portuguese banks offer a wide range of accounts and financial services including current and savings accounts, joint accounts, business accounts, online banking, and special interest bearing accounts for paying taxes such as IRS (Income Tax) and IVA (Value Added Tax). There are also accounts aimed at children and young savers, students and pensioners. Most banks offer pension top-up schemes and other services.
How to open a Portuguese Bank Account - Each bank has its own forms – usually between two or three that the prospective client must fill out. The forms (Formulários) can usually be downloaded online and handed into the nearest branch. Applicants will have to sign the following: - A General Application Form (Identificação de Títulares e Ficha de Assinaturas) - Client Details & Adherence to Products and Services (Dados de Cliente e Adesão a Productos e Serviços) - Acceptance of General Conditions and Terms (Condições Gerais). In addition, the following documentation is required from an EU citizen: Passport or Identity Card (Passaporte/Bilhete de Identidade) - Tax Number and card (Numero Fiscal de Contribuinte) - Residency Card (Cartão de Residencia) - Proof of Residence (Comprovativo de Morada em Portugal) Any document which has proof of name and address such as utility bills or driving licence.
Portuguese banks are usually open from 08:30-15:00 Monday to Friday. They typically are open-plan with a central counter (Balcão) and a number of staff. Queues at lunchtime and on Fridays are long. The quietest times to carry out business are between 10:00 and 11:30. The most common and convenient way to use a Portuguese bank account is through the Multibanco system. The Multibanco system (Caixa Automático MB) was set up with the co-operation of all the banks in Portugal in 1985, and is now widespread throughout the country, with ATM (cashpoint) machines on just about every commercial street in the country.
Major Portuguese Retail Banks include - (click on Bank name for link to site)
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