Barclays

Your guide to expatriate banking services in Portugal

Introduction

Portugal, a member of the European Union, is located in the south-west of Europe, on the western border of Spain.

The Portuguese banking sector was largely unaffected by the recent global financial crisis, and in recent years, increased competition in retail banking has resulted in banking customers benefitting from a more competitive, enhanced range of banking services.

The euro (EUR) is the currency of Portugal.

Banks in Portugal

Central bank

• Banco de Portugal

Commercial banks in Portugal

• Banco BPI
• Banco Comercial dos Açores
• Banco Comercial Português (BCP)
• Banco Efisa
• Banco Espírito Santo
• Banco Popular Portugal
• Banco Internacional do Funchal (BANIF)
• Banco Português de Negócios
• Caixa Central de Crédito Agrícola Mútuo

Bank opening times in Portugal

Banks in Portugal open from 8.30am - 3pm, Monday to Friday, with some branches offering Saturday services. In the major towns, cities and tourist resorts, some banks offer evening services, primarily to provide currency exchange services.

Banking in Portugal

Portugal offers both residents and non-residents a comprehensive range of banking services and products, with services such as internet banking being widely available. Whilst many branches may offer multilingual counter services, many of the online banking facilities offered by Portuguese banks are only available in Portuguese, with no English translation available.

Portugal has one of the most developed supermarket banking networks in Europe, with telephone banking used to support the provision of these personal banking services.

The main types of bank account in Portugal

Portuguese banks offer the following core accounts to customers:

• Current accounts are widely used for everyday banking, with current accounts providing customers with services such as internet banking, standing orders and debit cards. Current accounts generally pay low rates of interest, but provide account holders with easy access to funds
• Savings accounts generally pay higher rates of interest than current accounts, but may limit access to funds and may require a minimum account balance to be maintained. Savings accounts should be considered as a medium to long-term account
• Fixed-deposits are primarily for long-term saving, as higher interest rates may be offered in return for limited or no access to funds until account maturity. Deposit accounts may require minimum regular or lump sum payments to be made into the account

In addition to these accounts, many Portuguese banks will offer accounts in a range of foreign currencies, including US dollars and pound sterling.

Opening a bank account when you arrive in Portugal

To open an account, the bank will require the completion of a number of forms, and typically include an account application form, a Terms & Conditions acceptance form, along with a personal information form.

As an EU citizen, you will also need to provide verification of your ID, which can be done by providing the bank with your passport, a residency card, proof of residence/address (e.g. utility bill) and a tax number.

Opening a bank account before you arrive in Portugal

An alternative to opening a local Portuguese bank account is to open an international account. International Accounts can be opened before you move to Portugal, and provide expats living and working in Portugal with a convenient way to manage their finances abroad.

In addition to giving you access to a range of access to a range of savings and bank accounts, you will also benefit from a comprehensive range of international banking services, including online banking, international payments and online money transfer services.

Automatic teller machines (ATMs)
In Portugal, current account holders will typically receive a Multibanco card, which acts as a multi-functional electronic card. The Multibanco card allows customers to carry out a range of daily banking tasks at ATM machines, such as cash withdrawals, account deposits, money transfers, account payments and payment of local taxes. In addition, the card can be used for making payments for goods and services at venues and outlets that accept forms of electronic payments.

It is also possible to apply for a joint Multibanco account, which provides credit card and electronic banking services. It is advisable to ascertain the fees incurred for using a Multibanco card prior to use, as services may be charged.

Cheques
Due to the increased use of electronic 'chip-and-pin' and electronic 'point-of-sale' services, and a drive to minimise fraudulent payments, cheque usage in Portugal is largely on decline, with the issuing of cheques now largely limited to business use.

Credit cards
Major credit cards, such as Visa and MasterCard, are widely accepted in Portugal by the majority of the larger hotels and retailers. However, credit card payments are not accepted by all vendors, and a surcharge may be incurred when making a credit card payment. Credit cards can be used in many of the ATMs for cash withdrawals, but customers using this service will be charged a fee.

Money transfers to and from Portugal

Regulations relating to the import and export of foreign currencies are subject to change, so consult with the customs department or Central Bank regarding current regulations.

As a member of the EU, there are no limits of the amount of foreign currency that can be brought into the country. However, currency with a total value in excess of €10,000 (approximately £8,900 GBP) must be declared to Customs upon entering or leaving Portugal.

Bank charges

Whilst many bank accounts and financial services in Portugal benefit are provided free of monthly fees and charges, other services may incur a charge, so always confirm with the bank what charges may apply. Competition between the banks to attract new customers can often benefit new customers, as certain services or accounts may include special offers to new account holders, in the form of enhanced rates or lower charges.

Banking in Portugal - other information

How numbers are written
In Portugal, a decimal point is used to display large numbers (e.g. 1.000.000 = one million) whilst numbers are written using a comma to denote a decimal point (e.g. 8,5% APR).

Portuguese Ombudsman
If you have any complaints or issues relating to financial services in Portugal, contact the Banking Ombudsman. Details are at www.provedor-jus.pt.

More information on banking with Barclays International

To open an International Bank Account with Barclays International, you can speak to a specialist adviser on +44 (0)1624 684316†.

For full details of the range of international accounts and services available to expats moving to Portugal and international residents, visit Barclays International online.