GSL / Offshore and International Law / Offshore Banking / Banco de Portugal

How to open a bank account in Banco de Portugal

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April, 2020 December, 2021 April, 2021

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Primary requirements:
- the bank opens checking and savings accounts;
- the minimum balance for a corporate account is 500 EUR;
- an account can be opened without leaving Portugal;
- the term for opening an account - case by case (check with the consultant);
- the bank does not work with US residents;
- the bank does not open accounts for offshore companies

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
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    Year of foundation 1991
    History Founded in 1991. One of the largest commercial banks in Portugal. There are branches in Poland, Macau, Switzerland, Mozambique and Angola
    Personnel There is an English-speaking staff
    Bank’s shareholders Several large financial companies
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    500 No restrictions 500 1 No restrictions
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    Minimum balance, € Minimum account balance requirement - EUR 500
    Transactions permitted per month No limit on the number of transfers
    Initial deposit of funds, € The initial payment is equal to the minimum account balance - 500 EUR
    Deadline for the initial deposit, month The initial deposit must be paid at the time of opening the account
    Minimum turnover, €/year No restrictions
    How fast payments are executed Day to day or next day

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    7 6 65 N/A N/A
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    Outcoming transfer, € Transfer fee (SEPA) is EUR 6.24 plus additional fees
    Incoming transfer, € The enrollment fee is 5.20 EUR plus additional fees
    Account maintenance, €/year Account maintenance fee is 65 EUR per year
    Distant access to the account There is a Homebanking system
    Financial products The bank provides a wide range of banking and financial services, including services for private and corporate clients. The bank also offers special programs such as Programa Prestige
    Credit/debit cards MasterCard, bank cards

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings & current
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    Visit to the bank You can open a bank account without leaving Portugal
    Required Standard set of incorporation documents, copy of the beneficiary's passport, proof of place of residence (e.g. utility bill) and completed bank forms. Documents must be certified by the Portuguese consulate
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Moderately detailed: along with the description of the business, it is necessary to provide information on the sources of origin of funds.
     
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