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Millenium Bank vs Banco BPI in Ponta Delgada

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missymess
  8/30/2019 18:52 EST

Planning on having a lawyer open a bank account for us in the Spring and trying to decide which bank to use. I was planning on going with Millenium (I can switch easily to Activo later if I want) but someone recently suggested Banco BPI. I noticed with the latter you are only allowed 3 cash withdrawls a month without charge. I can't find out online what the policy is with Millenium. I know, at least at first, we are not going to know how much cash we need to take out for the month. Can anyone give me an overview of the two banks? I know the monthly fee with Millenium is 15 Euro a month, and BPI is something like 6.50 Euros. Thanks for your input.

microbrain
  8/30/2019 19:08 EST

Millennium is 15 Euros a month only if you upgrade to "Prestige" (which we did),

It is only 4.5 to 8 Euros per month for the Cliente Frequente account--with most of the same features--depending on how much other banking you do with them. (E.g, direct deposit of pension, investment minimum balance, etc.).

I don't believe there are fees or limits on withdrawals or multibanco [debit] payments, which can be a big savings if you use the various debit features a lot.

Happy with Milennium so far.

See

https://ind.millenniumbcp.pt/en/Particulares/solutions/Pages/sol_cliente_frequente.aspx

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missymess
  8/30/2019 19:36 EST

Microbrain; I'm guessing maybe the regular account doesn't have the insurance products. But glad to hear no ATM charges. That could make it worth it.

missymess
  8/30/2019 19:41 EST

I see they do have the home emergency insurance with the Frequente account.

Helene01
  8/31/2019 03:14 EST

I have a checking account with Millennium and my monthly fee is 25 euros, but I haven't transferred in much money yet, so I don't know if the fee would go down with a larger balance. I haven't had time to compare banks, and they were helpful in opening the account with a US address to get me started in settling here. Best wishes.

Wallvestor
  8/31/2019 04:48 EST

All residents of PT, including 3rd party nationals are eligible for ONE free bank acct. Ask your bank with persistence as some tellers aren't even aware of such

We went with BPI and use the atm multiple times daily with no fees.

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craigandmicki
  8/31/2019 05:02 EST

To Wallvest0r's post: We are entitled to a free bank account but note that transactions, such as a IBAN transfer or payment conducted online, will have a minor fee...a euro and some centimos, for example. A transfer in, as from your third party exchange company, will incur a small transaction fee...again, euro or so. You'll also pay a fee for your debit card. Using the multibanco machine is free. Hopefully you're using multibanco and not ATMs, tho!

Wallvestor
  8/31/2019 07:02 EST

I wire money in and out all the time, with no fees. I use both multibanco and atm with no fees. I just looked and I paid 0.34 of a euro for some maintenance and 0.01 euro for a seal tax, each month. That's all. And I wear this card out daily as I don't like carrying cash.

The only real downside I've noticed, is the Portuguese FDIC type of insurance is limited to coverage of only $150,000 euro.

dancebert
  8/31/2019 10:24 EST

If there are free accounts, I don't understand why the government has mandated serviços mínimos bancários (minimum banking services). The Bank of Portugal summarizes them as (via google translate):

"Minimum banking services are a set of essential banking services which citizens can access at reduced cost. They include opening a current account - the minimum banking services account - and making the respective debit card available.

Minimum bank services must be provided by all credit institutions authorized to receive deposits from the public, ie banks, savings banks, central cash and mutual agricultural credit banks and which make the services included in the minimum banking services available to the public."

and, as to fees:

"Credit institutions shall not charge for the provision of minimum banking services any fees, expenses or other charges which, annually and as a whole, represent more than 1% of the value of the social support index (IAS), ie 4, 35 euros according to the value of IAS in 2019.

Fees related to the maintenance of the bank account for minimum banking services charged by credit institutions are disclosed in this Portal, in the commission comparison ( https://clientebancario.bportugal.pt/aplicacao/comparador-de-comissoes ) functionality ."

Doesn't mean banks do charge, only that they have limits on what they charge.

https://clientebancario.bportugal.pt/o-que-sao

Bemadam
  9/1/2019 08:10 EST

All these people paying monthly fees unnecessarily! It never ceases to amaze me how people pay for things they can easily obtain fro free.

I'm with Activobank which is a subsidiary of Millenium. There is no minimum account balance necessary, I pay no fees either monthly or for making or receiving bank transfers which I do myself online. There is no fee for using the ATM within the network. So after over 2 years with Activobank, I've paid 0 Euros in fees.

I really don't get why people feel they're getting value for money paying for something that is available elsewhere for free. Just goes to show that people aren't rational, or operate in their own best interests. Next their bank will be charging them for breathing air, and the same customers will be happy to pay up!

snoble
  9/2/2019 08:22 EST

Bemadam, why do you insist on insulting people and being so condescending? Why can't you simply offer what Activo Bank offers without all the nasty editorializing? It's belittling and does not befit the quality of people on this forum who are simply trying to get answers to questions while being reassured that they are doing things correctly. I'm sure people who are making an expat move are already feeling some stress and pressure as they go through the process. Do you think your contributions help ease that?

SNoble

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tmac100
  5/22/2020 09:32 EST

Do Portuguese banks have savings accounts with no fee atm/multibanco usage?
I am retiring in PT this Sept (getting my Residency Visa arranged) and am 72 y.o. soon.
I need a bank, starting in Cojmbra, where I will live for 1+ year. Thank you ??

realspear
  5/22/2020 12:42 EST

As stated above, Activobank never has account fees. Also, per the posts above, you are entitled to one free account from a bank, but I have not even been asked about this when opening accounts.

Savings accounts don't pay right now, or if they do it, it's so little that there's no point. There's no checking accounts, just a standard account that you can use.

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