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If you are thinking of opening a
bank account in Portugal, you will have a great deal of choice.
The major Portuguese commercial banks are the
Banco Português do Atlantico (BPA) and the Banco Espirito Santo e Comercial de Lisboa.
Privately-owned banks have been established, such as Banco Português de Investimentos (BPI), Banco International de Credito (BIC) and Banco Comercial Português (BCP), Banco Internacional de Funchal (Banif)
and Santander Totta. The Caixa Geral de Depositos is the national savings bank.
Banks generally open from 8.30
until 3pm, sometimes longer in tourist areas, Monday to Friday
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Most Portuguese banks are very
efficient and have the latest technology available including
Internet banking. However
one to one customer interaction is still very important in
Portugal. It is not unusual, even if there are large queues, for
a bank attendant to take his/her time with you to ensure you are
happy with the service.
One thing to note about bank
accounts in Portugal, which you may not be used to, is that
there will be charges for having an account if you only keep a
small amount of cash in reserve. The banks do tend to charge for
most services - bankers drafts, money transfers and the like,
however they will also make a quarterly charge for
administration. You can counter act this by placing a certain
amount - each bank has different levels - of cash within the
account. |
Multibancos in
Portugal (Cash Machines)
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The system of cash machines,
called Multibancos, is extensive throughout the
country. Multibancos in Portugal are used for a variety of
purposes other than just withdrawing cash. Once you have a
Portuguese bank account you can deposit cash, pay bills,
check your account and even top up your mobile phone as well
as setting up direct debits and standing orders. In addition
to all these services you can also order cheques for your
bank account. |
Cheques in
Portugal
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Cheques are now
rarely used except in business payments. Unlike some countries
where banks issue a cheque book automatically, in Portugal a
customer must order cheques separately. They come loose but
numbered in a plastic wallet or paper envelope (Livrete de
Cheques), and include a transaction record sheet. They are
written out in the same way as in most countries – to the order
of/pay (à ordem de). They must be signed and dated.
Cheques will
contain the following information: Account Number
(Conta Numero), Cheque Number (Cheque),
Name (Nome), Signature (Assinatura),
payable to (à ordem de) amount (à
quantia de). At the bottom of the cheque is a 10-digit
cheque number (Número de Cheque), 11-digit account number
(Número de Conta) and an 8-digit Interbank number (Z.Interbancária)
Note:
The Portuguese are extremely strict
about bouncing cheques. If more than three cheques are written
without sufficient funds in the account to cover them, the
client will be charged and will be prohibited from ordering
cheques for two years. The client's name will also appear on a
Bank of Portugal blacklist and be circulated to all other banks
in Portugal. |
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