I just received a distribution from my GV investment and noticed that the custodian bank charged a 2% fee on the income and there is a VAT of another 0.45 %. Does anyone know if this is standard and or expected ?
Which bank and which fund?
2% on the entire sum invested? Or 2% of the gain?
2% of the return … I have been since shown a price sheet and told that this is pretty standard in the Portuguese banking system
Do you get 2% of the loss in bad years as a refund?
I suspect I’m invested in the same fund and with the same bank as you – I noticed the same thing yesterday. It’s certainly expected – see page 32 on the price list here for example: Price List - Bison Bank though I can’t speak to the competitiveness vs. other banks.
I also suspect we invested in the same fund. MillenniumBCP also charged the same 2.4% commission on income (rendimentos) from fund.
Goodness. Pages and pages of fees, plus maintenance charges. Why would anyone go near these institutions in the current era of international platforms. There ane multiple platforms for your investments and then bank using a free bank account.
Sorry can’t help here but am venting my frustration about the PT banking - some of the worst banking systems with no data protection / lousy service - but one of the highest worldwide in fees. I look at it as the price we pay for entering a cheap EU country:((
I also suspect same fund based on timing.
I seem to have been charged a 2.5%+VAT “Dividend Fee” on the first distribution by my bank, ATLANTICO Europa, though I can’t find a mention of it in their price list.
@ccmw @rogergan68 @tom1 have you figured out if we need to file Portuguese taxes on this income ? Also, who are you using … my lawyers charge an exorbitant fee for tax representation.