Algarve Banking Services & Fees
Banks in the Algarve offer customers a variety of services to both individuals and businesses. Most are straightforward processes and the banks are very helpful to foreign clients.
Please note it is advisable to get professional advice if you are looking to take out a Mortgage.
If you just starting out on your Algarve journey we advise that you shop around the banks to find the best services offered suited to your needs.
Services Offered by Algarve Banks
Digital and online banking – all main banks in the Algarve offer online banking, including 24/7 access to your account.
Mobile banking – All banks have downloadable mobile banking apps to use on your mobile phone. You can also open an account with a mobile-only bank.
Insurance Products – Include home insurance, car insurance, life insurance, and health insurance.
Savings and Investments – These can be high-interest savings or deposit accounts for investment funds and pension plans.
Current accounts – These include personal and joint accounts also for students as well as premium accounts with a wider range of credit options.
Loans and overdrafts – Most accounts have an overdraft option if applicable. All banks offer personal loans for purchases such as home improvements, holidays, cars or unforeseen expenses.
Mortgages – Both fixed and variable rate mortgages can be taken out through the lending facilities of most Algarve banks. Check the cost of the mortgage from several lenders to get the best rate.
Business banking – Most of the services above are also available for businesses.
Algarve Bank Charges and Fees
Banking in the Algarve can be slightly more expensive than in other countries.
Most of the banks in the Algarve charge a small monthly fee for each account which is generally around €5–7 a month.
Student accounts are usually exempt from these monthly fees.
As in most other countries, there are the usual charges for other services such as overdrafts and credit cards.
If you have a credit card the charges will depend on your bank, the card type, and how much you spend each month.
The fees are usually between €15–50 a year, however, some of the premium cards do charge more.
The Annual Percentage Rate (APR) dictates the cost of loans and mortgages with Algarve banks and there may also be additional service or administration charges on top.
The APR payments on a loan taken over a five-year period with some of the main Algarve banks would be around the 10 % mark
Most of the Algarve banks have a simulator on the website so you can check this to find the best rates.
International money transfers are around €15 anything less than €50,000, more than this could cost €30 or more.
You can find a full list of charges from the main banks on their websites or when opening an account in the Algarve.
Opening a Bank Account in Algarve
You can open a non-resident bank account from overseas online or if you are already in the Algarve in person at a local branch.
You will find it quite straightforward to open a bank account in the Algarve as long as you have the necessary documentation.
- Your Passport or valid identification
- Proof of your Algarve address such as a recent Portuguese utility bill
- Your Portuguese NIF number
One way to get a NIF and an Algarve bank account are by using an online service such as Bordr. You to apply online for both, making the procedure easier.
Banking in the Algarve Conclusion
If you are in the process of moving or thinking of making the move to relocate to the Algarve it is a good idea to sort out your finances and work out the easiest way to access your money.
If you are looking to apply for a mortgage opening a Portuguese bank account is a must. You can shop around online beforehand to find the best solution and rates for your situation.