w roberts

Finally and reluctantly opened a PT bank accout with Millenium. The deal to get "free" banking requires me to pay in E2500 every 3 months. I can do this but ideally would like to have a Euro account that I can pay stirling into and then transfer, in euros, into my new to PT Millenium account.
I KNOW that Uk banks will try stupid fees and charges as well as poor exchange rates.

Anyone have any ideas?
my thanks

macliam

I don't know about transfers, but Metro Bank provide a debit card that is not loaded for Euro transactions.......

ouriquejan

We've banked with Millennium for over 10 years and don't have to keep that amount in the account. We do, however, pay a small fee each month, 5€ a month, I think.

But very helpful staff, so more than happy with them.

And they've been more than helpful, about the house sale, transferring of monies etc.

mfesharne

Four years for us but similar charges & service levels.

Oh & we bank our UKP income into offshore (IoM & Jersey) UKP accounts & bring in what we need when we need it. (In Euros)

Dal Dy Dir

Alternatively if you stick 5k in a savings account with them the monthly charges on your current account are dropped.

RichardHenshall

A Euro denominated account in the UK will probably cost more to operate than your PT account and will probably still involve hefty transfer charges from the UK into the Eurozone.

Why not use the likes of TransferWise or CurrencyFair (depending on the amount involved) to exchange and transfer from your UK to your Euro account as required?

w roberts

I've said it before, but the speed and usefulness of responses to requests for advice here are quite remarkable....... my thanks to all. With ref to one response and the amount of cash needed in the account account for "free" banking...... Yes I could keep E5k in savings acc....but the 3 monthly E2.5 is not required as an average balance...... in other words I can put it in on a Monday and take it out the next day.The account is called Portugul Mais....and the first 3 months are free.....but I think this offer ends at end DEC 2015. Also included is some kind of medical cover for non resident Brits.

my thanks once more

macliam

Am I being thick? The "Solução Mais Portugal" says the first three months are free, but thereafter you'll pay 8 Euros plus stamp duty a month, with a 50% discount if you increase the balance of your Poupança Mais Portugal. So how do you see it as "free" banking?

w roberts

Hi Macliam, that is NOT what they told me...... they were VERY clear that if I keep the 3 monthly E2.5K transfer on track then I would pay NOWT, NADA, ZERO.
If this is NOT the case it will be the shortest lived account on record....... I really do hope you are wrong......but my built in hatred of ALL banks is bubbling up....... NOTHING would surprise me in the way Banks behave.
I'll get back to you as soon as I have checked......

my best

macliam

That may be true, but I'm quoting from their website....... you might want to make sure there are no exit fees.

BillBullock

I recommend you speak to Peter Rexstrew at Premier FX in Almancil. I use this company to transfer Sterling from my UK bank to my Portuguese bank account. He gives me really good rates of exchange. Last week I got 1.42 Euros to the Pound. You can keep money in the client account (Barclays Bank), either in Sterling or in Euros, and get 3.5% interest after tax. When you need it in your Portuguese account, you just email Peter and he makes the transfer. I've been doing this for ages and am very happy.

w roberts

Hi Macliam....with a heavy heart and a very angry head I must tell you that you were quite right. I went back to MillM in Tavira to speak with the oddly named but lovely Brenda. She insisted that despite what MillM website said about approx E8 ish per month charge.....this applied only to the standard Mais Portugal account....but as long as I paid in the E2.5k each trimester there would be no charges . She was once again VERY clear on this but offered to double check with HQ ( Lisbon ?). Surprise surprise.....she then told me after her call, with the same beaming smile, that it was her mistake and that all that had gone before was total cobblers.......
She said these offers were constantly changing but why not use the acct for the first free 3 months.....which I am forced to do as in a few days I am going to the notary for a property purchase.
I have asked her by email about exit fees, if any.
Remember that old saying about if it seems to good to be true etc etc.
Bloody Banks!!!!!

macliam

Sorry to have been the one to burst the bubble, but better now than later.
For what it's worth, I had a look around but found things as complex as you seem to have found them - I stick with my standard no-frills Caixa Geral account - and although the annual fee has just jumped from 13 to 16 Euros, that's still a lot cheaper than the "pay monthly" alternatives.
I've also found their transfer arrangements fairly honest too - transfer funds from your UK account to their UK holding account and it gets transferred to your CxG account at interbank rate with no fees.
.... but still happy to look at alternatives ..... no fee and/or a few frills would be nice!

nogard

Hi. Do you have any contact details for Peter Rexstrew?

nogard

Hi. Are you a pensioner? My understanding is that, all pensioners are entitled to 'free banking!' I bank with, Montepio; a mutual, like a Brit. building society. I am a pensioner and transfer one small pension, on a monthly basis and receive free banking! One receives a pass book that one can use to draw money, only at Montepio hole in the walls. One pays for both a credit and debit card; i continue to use my UK credit card and do without a debit card. One can also receive free banking; at Montepio should one be willing to open a savings acc. One need only save 5€ a month, for ten years, albeit, with an option to close the acc. at five years, with no penalties!