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Bank Set Up

egchelsea

UK citizen trying to set up a bank account. I wanted to use ActivoBank but they require a residence permit which we don't have yet because we're still in UK, so going for Revolut - they need a PT address but Chatgpt says it's possible to set up a UK one & transfer it to PT account at a later date?


Has anyone had any experience with this or who did you use?

*side note - we need the PT account before we move for property sale.


Thanks as always!

See also

Banking in PortugalExpenses - US credit card OR PT debit card?Opening a Bank Account as a Non-residentAnyone recommend a good Accountant in Algarve for NHR / TaxTrying to Run a virtual Practice
JohnnyPT

@egchelsea,


You have some support here. As it's been posted a while ago, I don't know if it's still true:


/en/forum/europe/p … ident.html


Strategies:


Get Your NIF ASAP: This is the absolute first step. Appoint a fiscal representative (*) in Portugal to obtain your NIF (número de identificação fiscal = tax number) for you while you're still in the UK. This can be done remotely.


(*) can be a friend or an acquaintance of yours who lives in Portugal. It could also be a lawyer or solicitor, as long as they live in Portugal.


Open a Non-Resident Account: Some Portuguese banks do offer non-resident accounts. These often have fewer requirements than resident accounts but may come with higher fees or limited services. You would still need your NIF and proof of address from your home country (UK in your case). Research banks like Millennium BCP, Novo Banco, or Caixa Geral de Depósitos, as they sometimes have options for non-residents. You might need to visit a branch in person or arrange it through a legal representative.


See post #34. Ask one of the Portuguese banks in the UK about your case. Maybe you will get a better answer:


/en/forum/europe/p … ml#5782322


Wise (formerly TransferWise): Wise offers a multi-currency account with local bank details for several countries, including a Euro account with an EU IBAN. While it's not a traditional Portuguese bank, it can be extremely useful for receiving funds for a property sale. You can open a Wise account from the UK and receive EUR payments directly. You'd still need your NIF for the property transaction itself. You could then transfer the funds to your future Portuguese bank account once you establish it.

northernlites

I second all that @JohnnyPT says. What I don't understand is how you are at this point. Get on a plane and go open an account,. Are you suggesting that you will sell your UK property and put the proceeds in REVOLUT???  Don't rely on chatGPT - lies and hallucinates.

Strontium

Ive Portugese MilleniumBCP and  Portugese Activo accounts as a UK resident based on UK address. Just took NIF and made appointment then went Millenium office in London you can search online for their phone and address   then laters on went to an Activo office in Portugal and opened account.

As for Chatthingie that's just a stupid thing to trust for honest information,

Ceresiet

Bison Bank in Lisbon opens accounts remotely once you have your NIF



info@bisonbank.com

Strontium

Bison Bank in Lisbon opens accounts remotely once you have your NIF


info@bisonbank.com - @Ceresiet


I found Bison's fees to be too high to consider (think annual management fee was 500+) whereas Activo "Simples" is basically fee free so even leaving 5 euro in it for a couple of years means it's still there and working.

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JohnnyPT

Bison bank is an investment bank aimed at high net worth clients.

Bison Bank's account maintenance fees vary according to the client's assets and the size of the account.


For Assets of less than €100,000: The account maintenance fee is €130.00 per quarter, totalling €520.00 per year.


For assets of €100,000 or more: The account maintenance fee is free.


Dormant accounts (no transactions for more than 6 months): In these cases, a quarterly fee of €35.00 is charged, totalling €140.00 per year, in addition to the normal maintenance fee if applicable.