Euro bank account

georgie · Post by **georgie** » Fri Sep 17, 2004 4:59 pm

Sorry to be a bore as I'm sure you've covered this before, but a quick search didn't show anything.
We have a property in CVO and have managed to use Euro currency and British bank cheques to settle our accounts with the management company and others.
However, we feel we should now open a "local" bank account as we intend to spend longer in your wonderful area.
Just a quick question - is it reasonably easy to open an account in CVO and if so, where? Our UK bank doesn't operate a Euro Account and in any case they are fairly useless (so we are going to change that)
I heard from a neighbour that Barclays are soon to open branches in the area - if so, that might that be an option, but would we do it here (UK) or in the CVO area?
Thanks for reading this and your anticipated help.
lol G

pjenkins · Post by **pjenkins** » Fri Sep 17, 2004 5:09 pm

Thanks for mentioning this Georgie - we were only thinking of similar ourselves this week, so it is a timely request.
However, I hope Gambrinus moves your message to the General Forum so more people see it.
Thanks
Pete

kteee · Post by **kteee** » Fri Sep 17, 2004 5:40 pm

As I recall it is fairly easy to open a bank account here - you will need your passport, fiscal number and some cash to deposit. Don't deposit a uk cheque as they take 3 weeks to clear and cost 12 euros in commission, but take some cash out the hole in the wall and use that instead. You can apply for a multibanco card, which is like a switch card but you can also use it to pay bills at the cash machine, and for cheques (which come loose, not in a book).

We bank with Caixa Geral next to the sports shop in rua dos pescadores but I'm sure the others are fine too.

e-richard · Post by **e-richard** » Fri Sep 17, 2004 5:46 pm

Georgie. You're not a bore. this sounds like a very reasonable question. Here are some personal observations. Maybe others have different experiences.

We opened a bank account at BPI in Lagoa (recommended to us) about 5 years ago, and my recollection of the event is that it was very very simple to do in person. I fear that time may have passed and with recent anti-laundering legislation they may require quite a few bits of paper and proof of identity. The main point is to walk in and do it in person - They do speak reasonable English and will help you through all the stages. It helps to have a fairly sizable cheque to deposit. A few hundred at least.

On a very positive note, I run the bank account entirely by Internet from my desk in England or wherever I am in the world. We pay property management fees, and many subcontractors directly. Even paid Steen (webmaster), for our advert here on cvo.com with a few clicks of the mouse, while sitting in my garden (on a wireless connection). You also get a local debit card with chip-n-pin which is very convenient for cash or paying for goods and the many bits you'll need for the house.

Getting money IN to the account is an interesting exercise. You can use your debit card to deposit Euro checks at an ATM, or just take it into the branch. Transferring funds from abroad is less easy. Although I Internet Bank in the UK as well, there is no way to transfer myself. You have to go into a UK bank and fill in a long complicated form and they will send money within a day or 3 for a nice fat fee (approx £20). If you take a Sterling check into the bank in Portugal for deposit, it will take 5 weeks to clear. Yes, thats 5 weeks !

Good luck, and don't be too afraid. Many others have trodden this path before you.

Guest · Post by **Guest** » Sat Sep 18, 2004 2:45 pm

I have banked with acouple of Banks here.......gave up on all except BPI in Lagoa...couldnt stand the 45 min wait in line and then be told to join another Q ..etc etc.....BPI in Lagoa are fantastic..they speak English well..and usually I'm in and out in 5 mins...
My only question is why post said they cant Xfer direct to their account here from Internet banking..I do it all the time ???

By the way I also get a much better rate from UK Moneycorp....Xfer from UK bank to Money corp to here or anywhere.....right now I'm getting just under 1.49

e-richard · Post by **e-richard** » Sat Sep 18, 2004 3:10 pm

Anonymous wrote:...
My only question is why post said they cant Xfer direct to their account here from Internet banking..I do it all the time ???

Guest, I'd really love to know who you (Internet) bank with in the UK where you can do International transfers. I've not found this anywhere yet, but would dearly love to use it. If you don't want to post pubically, I'd be very grateful if you could send me a PM (private message).

kteee · Post by **kteee** » Sat Sep 18, 2004 3:49 pm

Posting pubically - that conjures up a picture

Guest · Post by **Guest** » Sat Sep 18, 2004 4:25 pm

Yet again - another question that has gone off topic - e-richard you should be ashamed of yourself

And moderators should not be encouraging it Kteee

Guest · Post by **Guest** » Sat Sep 18, 2004 5:00 pm

To E. Richard.........I'm a bit confused here because I don't know any other way.....Any Bank in UK has internet banking....so you just transfer to your Algarve bank.....Have I missed the point or something ??....I personally use Barlcays UK and have an Internet account...and part of Internet banking is to transfer..??

kteee · Post by **kteee** » Sat Sep 18, 2004 5:03 pm

I have internet banking with first direct in the uk and Caixa Geral here and neither of them support international transfers.

Guest · Post by **Guest** » Sat Sep 18, 2004 5:42 pm

I have used Barclays (Internet Banking) to transfer from my UK account to my BPI account here in Lagoa and also to pay a number of suppliers here (New Kitchen etc)........it is just normal Internet banking....and it gets transferred within 2 or 3 days......the only negative is the charge...and so I now do it another way..via a Broker....it takes a bit longer (4 or 5 days) but I get a better rate and from Zero to £15 transfer charge depending on the broker....

biffa · Post by **biffa** » Sat Sep 18, 2004 5:55 pm

I have found the same problem as E-Richard. I bank with Lloyds and can't make on-line transfers abroad. The on line webpage simply doesn't support the number of digits you need to input to identify the foreign account etc. Similarly couldn't make an internet transfer from my Portuguese bank (CPP) to a Spanish Bank.

On the subject of foreign "transfers" I believe there is no central Euro clearing bank yet thus if you go to say Spain and pass a Portuguese Euro cheque be ready for large bank charges when it eventualy clears.

Chris · Post by **Chris** » Sat Sep 18, 2004 6:26 pm

Barclays are set to open 3 branches in the Algarve next month.

Not sure if it will then be easy to transfer money from a UK Barclays to Portugal Barclays?

They will be opened in Almancil, Vilamoura and Lagoa in October.

digger · Post by **digger** » Sat Sep 18, 2004 7:24 pm

Chris wrote:Barclays are set to open 3 branches in the Algarve next month.

Not sure if it will then be easy to transfer money from a UK Barclays to Portugal Barclays?

They will be opened in Almancil, Vilamoura and Lagoa in October.

….not Barclays Plc but Barclays Portugal [a very distant relation]. And I would be interested to learn of any benefits of banking with them…..

Guest · Post by **Guest** » Sat Sep 18, 2004 11:56 pm

Sorry Guys......I just dont understand the Problem...tonight I just once again transferred some money via my Internet Barclays account to my BPI account...I didnt want to because of the high charges..but need the money here rather quickly.........just types in the account and sort code etc..and Bobs your uncle...am I special ????......Hey maybe I can start a business here seeing as nobody else can do this....!!!....I'm amazed because many of my friends here do the same thing...??? but only when they have to due to charges..very high

Euro bank account

Euro bank account

Int Xfer

International Internet Transfers