Best Bank Account for UK national moving to/working in Portugal??

jayneybo

Hello
I'm moving to Portugal (well actually to the Azores) later in the summer for a year.
I currently have a UK current account with Santander (good because I get a good interest-free overdraft), however, my employer says there are difficulties with paying into a Santander account (and also with Citibank) and so I am best to sort another current account.
I am to be paid in Euro's but the currency of my bank account can be Pounds Sterling or Euro. If I choose to get a standard Pounds Sterling account, the money will leave my employer's account in Euro's and will be converted to Pounds Sterling by the bank at their current exchange rate. (The payments are made through a method known to most banks as SEPA).
Can anyone suggest which Current Account would be best to get? Bearing in mind that I will be living in the Azores and wanting to withdraw cash there and pay on card etc and not face horrific charges all of the time?

Many thanks for any help/advice,

Jayney

innovate

jayneybo, may be one of the offshore banks (all the major high street names have them) would suit?

jonny2010

The existence of Necker Anlagen Fund, I knew by chance. I made my first investment. Of course there were doubts in the correctness of my actions. But after receiving the money all doubts were dispelled. I can’t say that I became a millionaire. But there are not any problems with the withdrawal of money.

RetiredInThailand

You must get yourself a EUR-denominated account with a EUR-denominated card, otherwise you will be paying two lots of exchange weighting which could amount to as much as 7%.

Various banks do these, including LloydsTSB offshore, but you must watch out for charges. LTSB is free if you maintain a balance of EUR2500, and they no longer charge for incoming SEPA transfers either.

Other options would be accounts in Belgium/Germany that also pay interest and are available for non-residents.

Of course you could also just open an account in the Azores, and that might be the most sensible procedure if you will be spending most of your income there.