Opening a Bank Account in Portugal

cynthiaelsener New member

Member since 26 January 2023

cynthiaelsenerNew member09 February 2023 15:59:06

Hello,

We are moving to Portugal shortly and want to open a bank account with Novo Banco or Santander.聽 We have all of the requested documents including our NIF numbers.聽 The problem is that although we are retired, our income is not from a pension but instead is from a 401K which is much more common in the United States.聽 We can provide copies of our 1040 Tax Statement from 2021 showing ample income as well as statements from our 401K accounts.聽 The banks can't seem to get past this idea of pensioner income and have also requested a letter of retirement which neither of us have since that is also not common in the US.聽 Any suggestions?

Kind regards, Cynthia.

we2zebras New member

Member since 22 September 2021

we2zebrasNew member09 February 2023 16:16:29

Hi! If you are collecting Social Security, maybe you can use the cost of living adjustment letter that was sent out or the end of year statement. Just a thought. I hadn鈥檛 started to collect Social Security at the time but I provided my annual statement when I opened my bank account. Good luck.

Strontium Serial 暗网禁区

Member since 27 April 2019

StrontiumSerial 暗网禁区09 February 2023 17:56:03

382

Hi,

I'd suggest trying different banks as I've opened several bank accounts here both before and after retirement age and as a non-resident but not provided information about employment or retirement. The easiest for me was the聽 Millenium-BCP owned on-line Activo bank and their "simple" account with no monthly charge but other people have had issues with them.

JohnnyPT Portugal Expert

Member since 23 May 2020

JohnnyPTPortugal Expert09 February 2023 18:15:39

4840

Hi,

Why don't you get information about this in a portuguese consulate in the USA? That question applies to banks, but also to the proof of income to be submitted to the SEF.

Experience sharing about Visas to Portugal (D7 & others)

/forum/viewtopic.p 鈥� 60#5334399

(Post #4 - USA)

Best Regards

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basil3 New member

Member since 14 September 2021

basil3New member10 February 2023 15:29:24

Cynthia, we opened an account with Millennium BCP a few months ago and they didn't fuss much about the source of income. We don't have an active source of income other than savings and investments. We gave them copies of our 1040 tax returns along with a copy of a checking account with less than $5,000 in it and a couple of statements from our brokerage accounts showing Dividends. There were no questions and was fairly routine. As others also suggested,聽 trying a different bank, like Millennium, is worth exploring. Find the path of least resistance.