Funding a New Novo Bank Account in Porutgal

Finances
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1

Hello All,

I am considering opening a Novo Bank account in Portugal from abroad. I have read their website thoroughly, and everything about the process seems clear, except for one thing that bothers me. They say that one’s initial deposit must be SEPA or MB deposit from a National Bank.

This mystifies me, since I am clearly opening an account as both a non-EU and non-resident person. I need to be able to transfer money to Novo Bank from a different continent. Can anybody offer any clarification on how one can fund a new account if one is outside of Europe?

2

I transferred money directly to Novo Banco via wire from my Wells Fargo account. I had to confirm the amount a couple times, and it took 5-7 days to reflect in my novo account. This was in October maybe?

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That’s good to hear, Kari. Maybe what they are saying on their website is mental. Any chance that you recall what kind of transfer code you used, for example, IBAN?

Below is what is written on their website:

To activate your account, the first transfer must comply with the following conditions:

  • SEPA transfer
  • Made from a national account
  • You do not need to be the holder of that account
  • Immediate transfers, MB WAY, ATM (multbank) or cash deposits
4

IBAN/swift for me!

-Kari Langslet

5

We used a lawyer to open the Novo Banco account from overseas. The initial deposit needed to be from our US bank, as record of fund origination. Subsequent deposits came from multiple sources, other bank account, brokerage accounts, Wise transfer. IBAN/Swift format.

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Thanks for the response. That’s good to hear, but very strange that they have such strange/erroneous information on their website in the section for non-resident accounts. Sounds like I shouldn’t have a problem doing the initial transfer.