Are you thinking of setting a bank account in Portugal? Well, this article is going to be devoted right to this topic. Hope you will find a lot of useful data here!
Dealing with Kinds of Banks and Bank Accounts in Portugal
There are quite a few establishments in this country but not all of them are the same. Here are the types to choose from:
- Public retail;
- Private national, and so on.
As for the types of accounts, you can familiarize yourself with them below:
- Current one. This kind is used for everyday purposes. In the majority of banks, you will not be charged for possessing such a type of account but certainly, there are some banks where you will still have to pay for using such an account. What is more, you may have to input the smallest deposit into this account too;
- Time-deposit kind. As you can guess, these ones are used for keeping your saving mainly. And, in this case, you are not going to access your funds anytime;
- Instant-access savings. This variant is introduced in order to deal with the savings too but you are about to access your funds without any hardships when you are interested in doing so.
So, before you start getting ready for the procedure of creating a bank account in Portugal, it is going to be wise to decide what kind of account you wish to open and what bank you intend to deal with.
Taking a Look at the Procedure of Opening a Bank Account in Portugal
Well, the process is not going to be hard for you if you follow all of the instructions carefully. Just stick to the sequence of actions given below and you will be perfectly fine:
1) Find out whether the bank you have chosen suggests an opportunity to do everything online. If there is such a chance, things are about to get much easier for you. If the bank you have selected does not introduce such a variant, you will have to visit it in person.
If you intend to create a bank account by means of the site (and the bank is ready to help you with doing so), note that you may have to provide your NIF physically. However, it is going to be a nice idea to clarify this aspect by asking the bank’s representative who will be working with you.
2) Collect all the essential documents that are going to be vital to open bank account in Portugal. You ought to get the following stuff ready: your proof of residence, ID (a passport), a pay slip or proof of being employed, and a NIF number.
What if you do not have your NIF yet? It’s not a big deal as long as it does not take too much time to apply for it. Besides, now you have an opportunity to do this online by means of asking for the qualified assistance of the experts who have been dealing with such a request for quite a relevant time.
If you plan to establish a non-resident account in Portugal, you are likely to suggest proof of your abroad address. What is more, in this case, you may request the help of the lawyer with completing all of the necessary steps to finish the procedure of opening a bank account.
Besides, you may need to enclose some extra papers depending on what kind of account you intend to open. For instance, you will need to suggest evidence of studying in case you are interested in the student’s account.
3) Complete the application that you will receive in the bank and introduce all the documents we have listed. In most banks, it will not take you more than half an hour to complete the steps of creating a bank account. Naturally, everything depends on the bank you have selected too.
Sure, you are also going to get credit or debit cards that are associated with the particular type of account you have picked.
Why Do You Need a Bank Account in Portugal?
The first and foremost goal you have probably set is using credit and debit cards and having a spot to hold your funds at. But this is not the only purpose the bank account may be necessary for. Let’s see what the other reasons are:
- You are going to be able to track how much you spend (at least, it will be far easier with the bank account);
- You will be informed about your expenses and income by means of mobile banking (if such an option is going to be suggested by the bank you plan to work with; however, a lot of them are ready to introduce this for you);
- You will utilize a bank account if you have found a job as long as your earnings must be transferred somewhere.
Is It Much Easier to Open a Bank Account in Portugal with the Help of Experts?
Well, in this case, you will make far less effort, this is for sure. And, accordingly, you are about to spend not that much time as if you choose to do this yourself. All you will have to do is to pay a fee, enclose the necessary documents, and this is it! Soon, you will be given access to your bank account.
By the way, such services normally will not cost you a fortune.