If you are thinking of opening a bank account in Portugal, you will have a great deal of choice. The major Portuguese commercial banks are the Banco Português do Atlantico (BPA) and the Banco Espirito Santo e Comercial de Lisboa.

Privately-owned banks have been established, such as Banco Português de Investimentos (BPI), Banco International de Credito (BIC) and Banco Comercial Português (BCP), Banco Internacional de Funchal (Banif). The Caixa Geral de Depositos is the national savings bank.

Banks generally open from 8.30 until 3pm, sometimes longer in tourist areas, Monday to Friday only. Most Portuguese banks are very efficient and have the latest technology available including Internet banking. However one to one customer interaction is still very important in Portugal. It is not unusual, even if there are large queues, for a bank attendant to take his/her time with you to ensure you are happy with the service.

Multibancos in Portugal (Cash Machines)

The system of cash machines, called Multibancos, is extensive throughout the country. Multibancos in Portugal are used for a variety of purposes other than just withdrawing cash. Once you have a Portuguese bank account you can deposit cash, pay bills, check your account and even top up your mobile phone as well as setting up direct debits and standing orders. In addition to all these services you can also order cheques for your bank account.

Cheques are now rarely used except in business payments. Unlike some countries where banks issue a cheque book automatically, in Portugal a customer must order cheques separately. They come loose but numbered in a plastic wallet or paper envelope (Livrete de Cheques), and include a transaction record sheet. They are written out in the same way as in most countries – to the order of/pay (à ordem de). They must be signed and dated.

Cheques will contain the following information: Account Number (Conta Numero), Cheque Number (Cheque), Name (Nome), Signature (Assinatura), payable to (à ordem de) amount (à quantia de). At the bottom of the cheque is a 10-digit cheque number (Número de Cheque), 11-digit account number (Número de Conta) and an 8-digit Interbank number (Z.Interbancária).

Note: The Portuguese are extremely strict about bouncing cheques. If more than three cheques are written without sufficient funds in the account to cover them, the client will be charged and will be prohibited from ordering cheques for two years. The client's name will also appear on a Bank of Portugal blacklist and be circulated to all other banks in Portugal.