NIF/Bank Account
Can one of our kids British and UK resident open a Portuguese bank account? Does she need a NIF number? She is a share holder on our onshore property. She only wants to keep a few hundred pounds in a current account for spending money. Any advice is greatly appreciated.
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Re: NIF/Bank Account
Originally Posted by NataHH
(Post 13126230)
Can one of our kids British and UK resident open a Portuguese bank account? Does she need a NIF number? She is a share holder on our onshore property. She only wants to keep a few hundred pounds in a current account for spending money. Any advice is greatly appreciated.
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Re: NIF/Bank Account
Originally Posted by NataHH
(Post 13126230)
...She is a share holder on our onshore property. ...
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Re: NIF/Bank Account
Originally Posted by RichardHenshall
(Post 13126244)
Did she not need an NIF for her shareholding to be properly recorded?
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Re: NIF/Bank Account
I assumed that onshore referred to a Portuguese property and would therefore be a Portuguese company. Isn't any other nationality of company, by definition, offshore?
A shareholding in a UK company would be irrelevant to Portugal. If it's only for occasional holiday use, an account with Wise, or similar, would probably be cheaper and easier to set up as no NIF would be needed. |
Re: NIF/Bank Account
I would definitely go for a Wise multi currency account especially as they are only looking for spending money access The card can be used at ATMs and in shops restaurants etc Basically you will pay money into the Wise UK account then it can be transferred into € before you go or you can just use it and get the spot rate as you spend
https://www.monito.com/en/send-money...rrency-account |
Re: NIF/Bank Account
Originally Posted by RichardHenshall
(Post 13126269)
I assumed that onshore referred to a Portuguese property and would therefore be a Portuguese company. Isn't any other nationality of company, by definition, offshore?
A shareholding in a UK company would be irrelevant to Portugal. If it's only for occasional holiday use, an account with Wise, or similar, would probably be cheaper and easier to set up as no NIF would be needed. But, as suggested, a Wise account is probably the best option. I used to have a Revolut card but closed it because it is not FCA regulated. |
Re: NIF/Bank Account
Originally Posted by NataHH
(Post 13126325)
Onshore means that holding assets and investments takes place in your home country. It is a UK company that bought the property and all shareholders reside in the UK.
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Re: NIF/Bank Account
Originally Posted by Red Eric
(Post 13126346)
As far as the PT authorities are concerned, that would constitute the property being owned by an offshore company.
Hence, hardly any negative consequences, save for the endless paperwork. |
Re: NIF/Bank Account
Originally Posted by NataHH
(Post 13126230)
Can one of our kids British and UK resident open a Portuguese bank account? Does she need a NIF number? She is a share holder on our onshore property. She only wants to keep a few hundred pounds in a current account for spending money. Any advice is greatly appreciated.
Few hundred pounds could be exchanged cash, at a good rate, with much less hassle. And, yes, she needs a NIF for opening a bank account. |
Re: NIF/Bank Account
I take the liberty to answer late to this
Originally Posted by Listen Very Carefully
(Post 13126272)
I would definitely go for a Wise multi currency account especially as they are only looking for spending money access The card can be used at ATMs and in shops restaurants etc Basically you will pay money into the Wise UK account then it can be transferred into € before you go or you can just use it and get the spot rate as you spend
There is a lot of possibilité to open a bank account and get a nif online since 2023, check Anchorless or bordr |
Re: NIF/Bank Account
I have never had a problem with Wise in fact the very opposite
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Re: NIF/Bank Account
Originally Posted by Listen Very Carefully
(Post 13193081)
I have never had a problem with Wise in fact the very opposite
https://britishexpats.com/forum/france-76/money-transfer-947473/#post13184990https://britishexpats.com/forum/france-76/money-transfer-947473/#post13184990 Re NIF https://britishexpats.com/forum/port.../#post13184569 Just search on the web for how to do it... However for the odd bit of spending money it seems overkill (as it was for my problem... ) Jon |
Re: NIF/Bank Account
Why not just ask you bank for a second debit card or give her yours to use when she is here. No one checks the things these days. We have used our daughters without any issues and I suppose yes, if it did get checked their might be a few questions to answer.
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Re: NIF/Bank Account
I believe you can get cards ( eg from the Post Office in UK ) which you can pre - load with cash. And then use abroad for casual spending in shops, restaurants and so on.
I think they are aimed at such as students on gap years whose parents can credit the card as and when. Anyone have more specific details on such cards, costs and so on ? Do you pay a commission on each transaction or how do they work ? |
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