NIF/Bank Account
#1
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Joined: Jun 2021
Posts: 236
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.
#2
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Joined: Jun 2021
Location: North West England and Eastern Algarve
Posts: 125
Re: NIF/Bank Account
#4
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Re: NIF/Bank Account
Not quite sure how it works it was set up by the lawyer when the house was bought and she was added to the onshore property at company House in the UK. How do you get an additional shareholder NIF card?
#5
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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.
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.
#6
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Joined: Sep 2019
Posts: 654
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
https://www.monito.com/en/send-money...rrency-account
Last edited by Listen Very Carefully; Jul 1st 2022 at 2:27 pm.
#7
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Joined: Jun 2021
Posts: 236
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.
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.
#8
Re: NIF/Bank Account
As far as the PT authorities are concerned, that would constitute the property being owned by an offshore company.
#9
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Re: NIF/Bank Account
Hence, hardly any negative consequences, save for the endless paperwork.
#10
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Location: Greater Lisbon
Posts: 263
Re: NIF/Bank Account
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.
#11
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Joined: May 2023
Posts: 2
Re: NIF/Bank Account
I take the liberty to answer late to this
I strongly do not recommend to use Wise account, a lot's of People in portugal struggle with this neobank.
There is a lot of possibilité to open a bank account and get a nif online since 2023, check Anchorless or bordr
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
#13
Re: NIF/Bank Account
https://britishexpats.com/forum/france-76/money-transfer-947473/#post13184990https://britishexpats.com/forum/france-76/money-transfer-947473/#post13184990
Re NIF
Payshop online
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
Last edited by Jon-Bxl; May 19th 2023 at 5:54 am.
#14
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Joined: Oct 2011
Posts: 163
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.
#15
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Posts: 808
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 ?
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 ?