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The Portuguese banking system was only slightly affected by the recent global financial crisis. The economic sector has changed significantly in the last years, with many Spanish banks opening branches in the country. Expats living in Portugal are recommended to open a bank account in order to be able to pay certain bills. All banks in this country are part of a national group of banks called Multibanko. If you are moving to Portugal from abroad or you travel regularly to this country, a bank account allows you to maintain full control over your finances.
Banking in Portugal is regulated by Banco de Portugak (Bank of Portugal). The most important commercial banks include Banco Efisa, Banco BPI, Caixa Central de Crédito Agrícola Mútuo, Banco Internacional do Funchal (BANIF), Banco Popular Portugal, and Banco Comercial Português (BCP). Foreign banks include Deutsche Bank, BNP Paribas, Barclays, and ABN−AMRO. The euro (EUR) is the currency in circulation in this country.
The Multibanco system in Portugal allows customers a wide variety of conveniences. Account holders can use a Multibanco debit card in ATMs across the country, and for purchasing goods. They may also load time talk onto their mobile phone and pay utility bills online. If you just moved to Portugal and you have a Portuguese bank account, your utility bills will be paid directly from your account. There is no restriction on the amount of money flowing into and out of the country.
In order to open a bank account in Portugal, EU residents will need the following documents:
• An identity card or passport
• Proof of residence
• NIF number
• Residency card
Applicants must be at least 18 years of age in order to open a bank account. You also have to go to the branch office nearest you. Even though you can open an account from abroad, it is frowned upon as the bank officials generally like to see applicants in person. Non-EU expats must provide proof of employment, tax card, proof of address in country of origin, and a passport. If you don’t know which bank to choose for your new account, do proper research and compare several banks before making a decision.
Opening a bank account in Portugal involves a lot of paperwork. Many expats have a difficult time providing all the documents required. Those who are self employed need proof of the business in Portugal. Minimum deposits to open accounts are usually around 250 euros. Account holders have access to a comprehensive range of banking services and products.
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