Whether you are processing Portugal investment immigration procedures or living in Portugal after your investment immigration application is approved, it is essential to open a personal account in a Portuguese bank. Below, we will introduce the details of opening a personal bank account in Portugal using the largest commercial bank in Portugal, BES (Banco Espírito Santo), as an example.
The following materials are required to open an account:
The main applicant's passport, the main applicant's original English employment verification, and the original address proof.
1. BES Bank offers three types of accounts for non-residents: 360 Account, 360 Golden Key Account, and Regular Cash Account;
2. Clients applying for a Golden Visa are generally advised to open the latter two types of accounts.
Common point: The minimum deposit amount when opening an account is 250 euros;
Differences: The 360 Golden Key Account has a management fee of 15 euros/month; no transaction fees for deposits and withdrawals; discounts on hotel stays, insurance purchases, and other expenses;
The Regular Cash Account requires a minimum balance of 3500 euros to waive the management fee; however, a small transaction fee is charged for each deposit and withdrawal;
Account opening fees:
1. If the initial deposit reaches 3500 euros, there will be no management fees for this account in the future;
2. If there is no initial deposit, the bank will charge a management fee of 15 euros/month;
Account usage:
1. After the applicant completes the bank account opening procedures on-site, they will receive a temporary debit card (or the client may not need one); this card can only receive one deposit;
2. Within 3-5 working days, the official card for the account will be issued, at which point the account will be activated, and operations such as deposits and transfers will no longer be restricted, allowing for normal use;
3. The official card for the account will be sent to the domestic address provided by the client in the "address proof" at the time of account opening;
Note: Because the applicant's bank card will be sent to the address on the applicant's "address proof," it is essential to ensure that this "address proof" is a valid address for receiving documents; generally, the "address proof" only requires the applicant's "ID card"; however, if the address on the domestic "ID card" is no longer the actual residence and receiving address of the client, it is recommended to provide utility bills such as water, electricity, gas, or internet that reflect the client's actual residence address.
