This is an excellent option for those who want to open a bank account in Portugal. The minimum banking services account is a current account that allows the holder to access a range of banking services considered essential at a reduced cost.
In addition to opening and maintaining the minimum banking service account, the holder can, at no additional cost:
Have a debit card to use the minimum banking services account;
Operate the minimum banking services account through ATMs in Portugal and in the other Member States of the European Union;
Move the account through the homebanking service (ie, the credit institution's website) and the credit institution's branches;
Make deposits, withdrawals, payments for goods and services and direct debits;
Perform intrabank transfers (that is, transfers to accounts opened at the same credit institution where the minimum banking services account is domiciled);
Carry out interbank transfers (that is, transfers to accounts opened in other institutions), through ATMs, without restriction on the number of operations that can be carried out, and homebanking, in which case there is a maximum of 24 per calendar year. domestic and European Union interbank transfers;
Transfers via payment applications (apps) operated by third parties (for example, MBWay), with a limit of five transfers per month and for an amount equal to or less than 30 euros per operation.
As reported on the BCE's website, below is what is included in the minimum banking services:
Who can open a minimum banking account?
Any natural person can access the minimum banking services if they do not hold a demand deposit account. If you have a single demand deposit account, you can also convert it to a minimum banking service account.
However, there are some exceptions:
A natural person holding other demand deposit accounts may be the holder of a minimum banking service account with a person over 65 years of age or with a degree of permanent disability equal to or greater than 60% who does not have other accounts.
A person who already holds a minimum banking service account with a person over 65 years of age or with a degree of permanent disability equal to or greater than 60% can individually access a minimum banking service account, if they do not have other accounts deposit on demand.
Customers who have been notified that their current account will be closed may request the opening of a minimum banking service account.
What is the cost of a minimum banking account?
Credit institutions may not charge commissions, expenses or other charges for the provision of minimum banking services that, annually and as a whole, represent an amount greater than 1% of the value of the social support index (IAS). In 2021, the annual cost of minimum banking services cannot exceed 4.38 euros (corresponding to 1% of the IAS).
Bank of Portugal Headquarters
Telephone service: +351 213 130 000
E-mail: info@bportugal.pt
Website: www.bportugal.pt
Office Hours: 8:30 am to 3:00 pm (business days)
Address: R. do Comércio, 148 (1100-150 Lisbon)
Services to the Public: Treasury; Credit Liabilities; Account Database; Restriction on the use of checks (access from R. do Ouro, 27); Museum of Money (Largo de S. Julião).
Article inspired by the publication on the Banco de Portugal website without date.
Find out more about minimum banking services on the Portal do Cliente Bancário, the Banco de Portugal portal that supports all bank customers.