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

How to open a bank account in Banco de Portugal

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

April, 2020

Last contact

October, 2022

Last update

September, 2022
  • 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
GSL rating
Beginning of cooperation
April, 2020
Last contact
October, 2022
Last update
September, 2022
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
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.
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    Minimum requirements

    500
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    500
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    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

    7
    Outcoming transfer, €
    6
    Incoming transfer, €
    65
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    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

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    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
    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.

    Banks of Portugal

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 030
    N/A
    N/A
    1 820
    193
    3
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