Our lawyers are trying to get my bank account in Portugal opened at Millennium BCP, and they’re saying that Millennium wants my bank in my home country to issue “a declaration of good standing” for me (declaration stating that I have a bank account at the bank since X, that I have been in good standing throughout this period)? I’ve never heard of this before. Is this something anybody else has had experience getting from their bank?
Yes, I’ve had to provide these or something similar in the past. My past banks, usually one in the UK, have been able to provide. I would consider it a ‘standard’ request tbh.
Here in the US I have had to obtain on behalf of my company and it’s not an unusual thing they deal with. Millinium should have a form you can provide (at least that’s how it’s worked for me). Then I would probably start by calling customer service at my bank unless you have a banker you deal with.
I had to do this once for US Banks and I had a terrible time trying to get one to do it. It required repeated calling and speaking with management, etc several layers up. And even then they did not give me exactly what I asked for. This seems to be something that the rest of the world does regularly, but the US does not. If you can ask a non US Bank, that would be ideal.
My advice is to ask multiple of your banks to do it if you have more than one. The importance of the letter seemed to be that you had the account for a long time, rather than having a lot of money in it.
Additionally, I was able to get a few of my US Banks to issue a “verification of deposit” letter, which many US Banks will issue pretty much automatically. Sometimes those documents provide the information needed by the foreign banks and can be used as a substitute.
I think because US banks use ChexSystems, which is like a credit score but for checking accounts. People who overdraft accounts etc are reported there, and US banks check that before letting someone open an account.
Just to note that for me, BPI only required a letter from my employer, a utility bill, some tax info and a copy of my passport to get the account open. If you’re really struggling with the declaration letter, maybe try a different Portuguese bank?
Hello, I see several people have experienced the same or similar. However, ours was different. As individuals (USA residents) (not a business account) we were not asked for this kind of information at all. We acquired our NIF number and then opened an account at Millennium with a 200 deposit. Maybe we didn’t need other steps b/c we got the NIF first, perhaps? Hope this helps…
I think it depends on the individual branch and/or your lawyer’s relationship with the branch or branch manager. I think many people did not have to provide letters of good standing to open accounts, but others might. I personally did not have to in order to open my account in Portugal, but have had to for banks in other countries. The info in this thread should be helpful in those cases.
When I opened my account with Millenium - private client - I had to provide a letter from my UK bank - also private client - saying that the source of funds destined for the GV investment was legit. The UK bank readily provided that and did so very promptly, although as I mentioned this was from a private client bank. I have no idea how you get this out of a regular ‘high street’ bank, where you are on hold for hours, get put through to a customer service rep who just reads from a script, and if you ever need to follow up with a second, third or fourth phone call you will have to repeat your story from scratch, again, to a completely different customer service rep who will have no record of the umpteen conversations you already had requesting such a letter. Good luck!
Has anyone gotten to the point of asking Millenium BCP for the declaration letter that the funds were transferred from abroad to be submitted with the application? How was your experience? How long did it take to issue it? Did you do it through your account manager?
I did. My lawyers have a good relationship with the bank, so they asked them directly for it, the bank called me to confirm it (I think it was my account manager). I approved it over the phone and maybe also in the app, I cannot remember if I did both. And then I got charged for it. I cannot remember how much, but it was less than 200 euro, maybe even less than a 100 euro. My recollection was it was a few days to a week to get done.
If you need to request it directly, I would suggest reaching out to your account manager at millennium bcp.
The answers are
- Yes, twice, one at submission and updated one 9 months after biometric;
- Nothing to note;
- It took a week to 10 days;
- I requested to my account manager directly.
@AH88 yes, my lawyer submitted a bank declaration as part of the GV application last month. My lawyer sent me a standard template email which I forwarded to my bank account manager (at Millennium). I had given a heads up to my bank manager a day earlier via telephone that I would be requesting this document. I got mine turned around within 8 working hours (so sent an email at 4.30pm, had it next day by 2pm). There was a form I had to sign in order to request the declaration. I paid EUR 200 for the declaration, infact it was deducted by the bank automatically. The lawyer only required a digital copy for submission.
There are two documents in my case (private equity fund):
- Declaration of fund transferred from overseas costs 200EUR;
- Certification of PE fund units costs 25EUR.