Bank accounts?

[travelling-man]

If I have a UK based Euro account that gives me internet banking and a debit card etc, is there any advantage in also having a Portuguese account or can I get by with just the UK one please?

[silvers]

Millenium just charged me €50ish for the year, so if you can get yours cheaper in the UK, you can still use the cash machines here for a small fee but you would have to pay that anyway when you transfer across. Of course if you transfer across large amounts, you will get a better exchange rate using an fx company

[canoeman]

There is very little difference between a UK Euro account or Sterling Account, slightly better transfer rates, normally a service charge.

The downside is you wouldn't be able to pay any basic bills by D/D, a requirement for unlimited internet use, access the Multibanco system and every transaction purchase etc would attract a fee, nor would a cheque drawn on that account be much use as it would need to clear.
You really need a Portuguese bank account.

Millennium for example has English internet banking, transfer money from UK for no cost, and I find costs reasonable, for me nowhere near 50€

[travelling-man]

OK thank you both. Millennium it is then!

[robc]

Originally Posted by travelling-man

OK thank you both. Millennium it is then!

If you can afford to wait a couple of days I would....................it appears that a couple of the Portuguese Banks may have been close to the line in the recent EBA stress tests. Whilst I take this with a certain amount of scepticism, it may be worth letting the dust settle to see if there is any fall out.

The Saturday Telegraph had an article which named Banks in Europe that both failed and those that need to increase Tier 1 Liquidity ratios.

HTH

Rob

[travelling-man]

Rob,

Thanks for that but it'll be a couple of months rather than days or weeks anyway.

[kingrulzuk]

Originally Posted by travelling-man

If I have a UK based Euro account that gives me internet banking and a debit card etc, is there any advantage in also having a Portuguese account or can I get by with just the UK one please?

Hiya mate I use this Euro currency exchange prepaid card
It was recommended to me by Peter who is an expat of this forum I think silvers know him.
This card I use on my trips to Europe. All I do is just top it up and go and I get good exchange rate

Check it out for Ur self: Prepaid Travel Money Card | Currency Card | Caxton FX

[canoeman]

That's ok if your a hoilday visitor or you need it to save money on Ryanair, but for living in Portugal they have serious drawbacks and are not a suitable card for everyday needs.

[canoeman]

robc can you give a link to article? can't find anything on a search

[robc]

Originally Posted by canoeman

robc can you give a link to article? can't find anything on a search

Hi Canoe

This is the only on line article I can find

European stress tests: banks set for 'chaos Monday' after nine fail - Telegraph

The original article was in the hard copy paper on Saturday. I will try and find that.

Rob