Tried to open an account with Activobank online today and they refused because they don’t open accounts for Golden Visa card holders. They told me to instead open an account with Millennium BCP who charge 180+ per year for the privilege. Crazy that they are actually blocking you from opening the account just to try and extract more money from you via their parent company. Looking forward to Revolut entering the market here with local IBAN, multibanco payments and disrupt these dinosaurs.
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What stage are you at with the GV? It could be that your bank will have to make multiple declarations to AIMA attesting that you transferred the money from abroad into Portugal or that you still have a share certificate if you invest in funds throughout the life of your GV and these services are only provided by Millennium as part of their Prestige account. This costs me €6 a month (+ VAT).
I do agree with your sentiment though. I already use Revolut with its LT IBAN for just about everything in Portugal with few notable exceptions (our local restaurant being one of them and the government being another). I do a free SEPA instant transfer from Revolut to Millennium just before I have to make a local payment but just about everyone else including the cleaner and the cat sitter are happy with SEPA Instant payment from Revolut.
Hot Tip: for a limited period, buy flights off TAP using Revolut Pay (first time for me using this payment method) and get 10x Revpoints which exchange 1:1 to the airline programme of your choice.
Wait no more:
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They didn’t ask what stage just a blanket refusal because of my card. I’m with you already using Revolut for 90%+ of payments but there are some companies and especially Governmental institutions which are (I think illegally but since when has that stoped them) only accepting payments/direct debits using the portuguese multibanco system or IBANs beginnging with PT50.
Interesting. My spouse - here on a ARI family reunification - was able to walk into Active Bank in Lisbon and open an account in person. Maybe you could do it in person too. Try different branches. Probably Activo is no different to everything else here and the outcome depends on the specific individual who deals with you. It’s certainly worth it because it’s a rare free bank account in Portugal.
Since Revolut announced its PT IBAN and integration with MBWay earlier this summer, I’ve been checking my app weekly but so far nothing. In practice, it doesn’t make much difference on a daily basis but it will simplify maybe one transaction a month.
Are you actually living in Portugal? If not I am guessing you ran into someone’s interpretation of the no non-EU residents policy they’ve had for the past year or so. Or perhaps they just assume that ARI holders don’t actually live in Portugal, and denied it due to that.
I’d do as @richn4 suggests, try opening the account in a branch. Only in very specific instances can non-citizens open an account online anyway, so in-person is likely the way to go. Personally I like the branch at Almada Forum, they don’t seem to require appointments to open accounts. But if that’s inconvenient for you just go to whatever is the closest branch.
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My spouse and I were denied accounts at Activobank, in person, in Porto. (Even though we were accompanied by a Portugal resident with an Activobank account.)
I am living in Portugal. The way that is was asked was like a screening question that would prevent you from opening an account. Similar to the are you related to a politically exposed person questions etc. It may be a new policy company wide but would need to go in person and probably waste hours of my time to find out.
The Millennium BCP also does not open an account for the Golden Visa