EnglishIn general, opening a bank account in Portugal is not a particularly complicated thing, in contrast to opening bank accounts in many other European countries and in general. Who and when should you open a local account in Portugal?
>> If your business is run using the euro currency
The currency used in Portugal is the Euro currency, which is still one of the strongest currencies in the world, not only in the EU countries. In addition, Portugal belongs to the SEPA (uniform euro payment area), which means that all money transfers (Including standing orders) between the EU countries will be carried out under the same commission (which is usually 0 euros), even if your activity is carried out in a EU country different from Portugal. So why open an account in Portugal? Because for the most part, the commissions used by the banks there, although on the rise over the years, are still relatively low compared to other countries in the Union, and in some cases they amount to a charge of 0 euros for current operations. When thinking in terms of day-to-day business activity, the savings are obvious.
>> If you often visit Portugal in a private or business setting
ATMs scattered throughout Portugal are “regular” ATMs, at least as long as foreign credit cards, or foreign debit cards are used. Once your credit card is a local card, the ATM allows you a whole world!! The ATM service is called MULTIBANCO, and as its name implies: through it you have the opportunity to manage a wide range of services that you probably consume in Portugal as returning visitors and certainly as business owners: from phone payments to purchasing tickets for various shows. And except for ATMs…. As someone who is in Portugal, you have probably noticed that in many places the politic is to pay in cash or by local credit card only. Surprisingly perhaps, many bars and restaurants in Portugal do not accept international credit / debit cards, of any kind. If you have a local credit card, you have no problem, and you do not have to think twice and calculate how much money you have in your wallet before you go in to eat, drink, hang out or anything else.
>> If you are building on a gold visa!!
The coveted visa that so many investors aspire to obtain in order to enjoy the benefits it provides. It is not possible to get this visa without a local bank account. If you have decided that you want to open an account in Portugal, continue to the next article where we review for you the recommended procedure for opening an account.
