Transfer of social security payments from U.S to Portugal?

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Posted by

on 20 Jul 2015

How do U.S. Expats who retire in Algarve, Portugal manage transfer of retirement and Social Security Payments to a local bank? Are there any security issues to be concerned about? How does one find a Bank and Open an account? Thank you

Anonymous (not verified) on 28 Aug 2015 - 09:43

It is fairly straightforward You choose a bank...No just a minute!! Thats not so straighforward these days is it .Not being flippant here but your choice of bank in the Algarve is becoming limited. Banco Espirito Sancto recently went bust taking peoples savings with it.So this IS a serious question for you.Barclays Bank has publicly announced that it will be pulling out of Portugal so there's another one to avoid. at the moment My money is on Millennium or Deutsche Bank but really you have to do your homework and ask others (ex-pats) which bank they use. You will have no problem organising transfers of money .You will need all the usual proof of residency, passport ,fiscal no to open an account and the bank will use it's IBAN no to organise the transfers. Ask about fee's ? that might help to make up your mind..which Bank Good Luck

Anonymous (not verified) on 20 Jul 2015 - 11:22

Hi Algarveme,

I suggest taking a look at Banking, Money and Taxes in Portugal, in order to answer your questions. As you will see, the guide features concise information about opening accounts, and how banks operate in Portugal.

In terms of finding out about transferring your Social Security payments into a local bank, I think you'll have more luck phoning the banks in order to query any issues that may arise and be prepared for what is expected.

Below is a list of the major banks in Portugal:

Millennium BCP

Tel: 707 502 424

Banco Bilbao e Vizcaya (BBVA) (in Portuguese)

Tel: 213 117 201/2

Banco Português de Investimento SA (BPI) (in Portuguese)

Tel: 808 200 500

Santander Totta (in Portuguese)

Tel: 217 807 130

Barclays Bank (in Portuguese)

Tel: 707 505 050

Please note that the dialling code for Portugal is +351.

Best of luck!

Alex

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