robtrev
4/5/2017 22:07 EST
We are preparing to move to the Algarve in Sept 2017. The one issue that I haven't seen much written on is how to go about setting up a bank and the best way to transfer funds from US to Portugal bank. Not many US banks have offices/banks in Portugal that I can see. There are some money exchange services available that claims to have fees much lower than mainstream banks. If anyone that has gone thru this can shed some light we would really appreciate it.
Thanks
robtrev
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Mikeywaz
4/5/2017 22:30 EST
I would be interested in hearing others' experiences, too. We are planning to move to Portimao in November. We are putting most of our funds into a Schwab savings and checking account. We hear it's great for good currency conversion rates and they reimburse ATM fees.
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Mikeywaz
4/5/2017 22:48 EST
I'd be interested in hearing others' experience also. We're moving to Portimao in November. We are putting most of our funds into a Schwab savings and checking account. I've read they have good conversion rates and will refund any ATM fees. Is it easy to pay bills online, use a credit or debit card and withdraw cash using an international bank? Is a Portuguese bank essential as well?
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MrBife
4/6/2017 04:18 EST
Not really sure what further light needs to be shed... Walk into bank with fiscal number and ID - sign papers and get an account.
Any one of about 50 currency exchange companies will help you move funds from dollars to euro
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Countga
4/6/2017 04:36 EST
Hello robtrev. I have been in Portugal since Dec 2015. I use Schwab Bank. I use a USA address (my daughter). I transfer money at least monthly. I watch the rates using the XE.com website. I have found Transferwise.com to be the cheapest way to transfer funds. For example, 5 minutes ago I transferred $1300 into euros. The fee was $12.87. It will be in my bank in Portugal in 7 hours. I use BPI here and they have been good to me. Friendly and helpful, at least at my local branch. I had worked in banks for many years so they aren't cheap. I suggest calling your US Bank and ask them how much it would cost to transfer $1300 to a bank in Portugal. That way you have a basis of comparison. If I had to guess there will be at least a $20+ wiring fee plus they take a cut on the exchange rate. The exchange rate is constantly moving. That is why I check xe.com.
Hope this helps you. Good luck!
countga
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drewmckee
4/6/2017 06:50 EST
Robtrev,
I recently went thru this as well. As an American I wanted to have a local bank in the Algarve and transfer money from my U.S. bank. My real estate agent (expat) recommended using Novo Banco (https://www.novobanco.pt/site/) and I have been happy with the service so far (over one year now). They have a good website (in English) and an excellent APP for iPhone.
As for the transferring issue, I used GCEN - Global Currency and Exchange(https://gcen.co.uk). They worked well...but I might have been able to find a better exchange rate if I had hunted a bit more. However, my real estate agent had a history with them and I wanted to use a trusted service. I only used them for the transfer of funds to purchase my house. After that, I simply use my U.S. ATM card and withdrawal money from the ATM and deposit it in my Novo Banco account. My monthly expenses aren't that high and I get a better rate through the ATM card (visa) than I did with GCEN. Yes, there is a $5 fee (or something like that) but I did the math and it is better/easier to just do it this way (in my opinion).
Drew
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drewmckee
4/6/2017 06:56 EST
Is it essential.....it depends. I have a Portuguese bank account because both my power (EDP) and water bills are automatically taken from the account. Plus, I can pay bills with a domestic transfer to a local Portuguese business. So, in my case, I needed a local bank. But if I didn't have those few needs, I would just use my U.S. ATM card.
Drew
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wilsonworld
4/6/2017 07:04 EST
I agree about Transferwise. I have two banks in the US and also one in PT (Novo Banco).
I found TFW is the fastest and cheapest for me. It certainly is easy and convenient, especially compared to going to a bank and filling out forms.
I didn't shop around for a bank but was pleased with the extra services I received from NB. Things like they will send a Doctor and a repairman to your house one time a year for free (I found many of the services banks offer strange compared to the US).
Also online access being is very clear which is important for me.
You may want to see what bank has branches near where you will be living as well as check ATM (multibank) fees.
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robtrev
4/6/2017 11:42 EST
Thanks for the response Countga. Really appreciate the input. Looking forward to the move.
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