Expat guide: Banking in Portugal
Here's a brief guide to Expatica's information on banking in Portugal.
Opening a bank account in Portugal
If you're an expat, you'll need to open a bank account in Portugal. The paperwork associated with expat banking can be a hassle at first, but it often eliminates the fees associated with withdrawing cash from back home. Overseas savings accounts also give you quick access to cash and a face-to-face relationship with local financial advisers who can help you with financial planning and investments. Different countries have different rules on foreigners' accounts, so check out the articles in our Banking section to learn more on banking in Portugal.
Choosing a bank in Portugal
Before you open an expat bank account, make sure that you know who owns the bank, its credit worthiness and which jurisdiction it falls under. As one of our experts advises, “In light of recent turbulence in the banking sector, you need to know if your bank deposits are protected by any government scheme. Each jurisdiction has a different position on this, and offshore accounts in particular should be checked.” And, as our article ‘Depositors, beware!’ points out, be sure to diversify your assets.
Expatica’s banking section keeps you up-to-date with news from the financial world. Articles cover everything from the local and worldwide economic climate to mergers and acquisitions in the banking sector to investing with a clear conscience.
Need advice? Post your question on Expatica's free Ask the Expert service to see if we can help.
Comment here on the article, or if you have a suggestion to improve this article, please click here.