Paying Bills in Portugal: Opening a Portuguese Bank Account
Opening a Bank Account in Portugal
One of the easiest and most cost-effective ways to pay household bills for your property in Portugal is to open a Portuguese bank account. Bills can then be paid via Direct Debit, domestic transfer or manually online using the ‘Pagamento por Multibanco’ details issued on your bill.
Paying household bills in Portugal through a Portuguese bank account is not complicated. With straightforward payment options, clear billing and online accounts available for most services, you should be able to easily take control of your overseas finances from the comfort of your own home.
Opening an account in Portugal is really simple as long as you have the following:·
two forms of identification,·
your fiscal number (NIF),·
proof of residential address.
You can register your Portuguese bank account to your residential address so you don’t have to worry about any correspondence sitting in your overseas mail box.
With online banking services also translated into English, there is no reason why managing your own account and checking payment of your bills can’t be done remotely with very little effort - and most banks also offer helplines for their English speaking customers should you need to chat to a real person at any time.
Portuguese Bank Charges Vs Bill Payment Service Fees
Portuguese banks charge customers to hold an account. As of February 2017, a standard account with Millennium BCP will cost between €4 and €8 per month, whereas, Banco BPI will charge €15 every three months with an additional €15 per year for your debit card. Fees are also subject to tax at 4%.
For many homeowners it is more cost effective to pay bank charges, rather than paying for a bill payment service provided by a property management company or currency exchange service - especially when it comes to paying larger bills such as IMI (Municipal Property Tax).
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