Portugal is an increasingly popular travel destination, attracting visitors from all over the world thanks to its stunning scenery, rich history and delicious cuisine. Whether you’re planning a short break or an extended visit, it’s important to consider the financial aspect. In this article, we’ll look at the benefits of having a bank account when travelling to Portugal.
Making your day-to-day spending easier
When travelling to Portugal, having a bank account can make your day-to-day spending a lot easier. Rather than carrying large amounts of cash or constantly worrying about the exchange rate, you can use your bank card to pay for purchases in shops, restaurants and tourist attractions. What’s more, many establishments in Portugal accept card payments, making transactions more convenient and secure. Find out more about the formalities for travelling to Portugal by visiting https://anchorless.io/blog/finance/how-to-open-a-bank-account-remotely-in-portugal-as-a-non-resident.
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Avoiding high withdrawal charges
If you rely solely on your foreign bank card to withdraw money in Portugal, you could be faced with high withdrawal charges. Portuguese banks and ATMs may charge extra fees for transactions made with foreign cards. By opening a bank account in Portugal, you can avoid these charges and save money in the long term, especially if you plan to stay in the country for an extended period.
Benefit from advantageous exchange rates
Having a bank account in Portugal can also allow you to benefit from more advantageous exchange rates. When you transfer money from your foreign bank account to your Portuguese account, you can take advantage of competitive exchange rates offered by your bank or a specialist money transfer service. This can save you money compared with using bureaux de change or withdrawing money from cash machines, which often charge less favourable exchange rates.
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Simplifying payment of bills and subscriptions
If you’re planning to stay in Portugal for an extended period, having a local bank account can simplify your day-to-day life. You’ll be able to easily pay your electricity, water or telephone bills, as well as subscriptions to local services such as a gym or leisure club. This means you won’t have to make costly international transfers or go to the office in person to settle your payments.
Access to additional banking services
Finally, opening a bank account in Portugal can give you access to a range of additional banking services. Depending on the bank you choose, you may be able to benefit from travel insurance, multilingual customer assistance or personalised financial advice. Some Portuguese banks also offer special deals for expats and non-residents, with advantages such as reduced charges or preferential interest rates on savings accounts.
