campos

I intend to visit Portugal soon (mentioned in other thread) to do a recce before moving there from Italy before the end of 2020.
On this visit I might open a bank account in preparation for my move.
If I do an IBAN transfer from my Italian bank to this new account in Portugal before I fully re-locate, of a five figure sum, will the new bank query it, maybe asking for evidence of its source, or similar?

When I bought my Italy prop a few years ago I transferred, using a currency change company as intermediary (Sterling to Euro), from my UK bank to my Italy bank without any problems. I just advised in advance (IIRC) the Italy bank that my account would be receiving a significant sum.

liveaboard

They won't ask anything, but a notification will be sent to the relevant tax office.
It's mandatory, but they've set the bar so low that the tax authorities are deluged with huge numbers of notifications daily.
So don't worry about it unless you have something to worry about.

My bank doesn't charge fees for transfers under 50,000 so when buying our house I made multiple transfers.
No trouble.

dingg

In my case I received an email from the account manager asking where my cash was coming from and what was the purpose of the large sums being transferred into my account.

Millennium bank pt.

Rambling archer

Same here - no real problems but it is better to do a direct transfer (or several if need-be) than to pay in a cheque from another country, even if in Euros. For our bank a direct transfer does not incur charges whereas a cheque does. They have to note the source and purpose - as far as I know that is the same for all EU banks. But since there is no skullduggery going on here, you can happily declare - sale of property, purchase of property (you do not have to show any evidence to back up the declaration, nor be in actual process of purchase as yet - no questions asked)

Rambling archer

You will initially register your temporary address, still the Italian address?, when you set up the new bank account, as non-resident, and notify them when you become resident with the resident-address (rental/purchase). You will need your NIF set up first at the local Finanças office, and then go to the bank of your choice to set up your account. Check what is on offer in the way of charges, credit +/- debit card, etc. Most banks seem to have at least one English speaker available ....

campos

Great feedback guys! Cheers! Yes, I'll likely be using my Ital address for my NIF non-residant.
I don't think I could use an new Portugal address for NIF, could I? NIF registration is before prop rental I thought...

Rambling archer

NIF is first for everything! If you can prove a different interim address for yourself, you might hide the Italian job, but probably not worth the effort and if you are eventually using the Italian proceeds to buy in Portugal, then logic says you might as well let Portugal know where you are coming from ...??