# Opening a bank in PT that has a branch in the US **URL:** \ **Category:** Finances\ **Tags:** banking, portugal\ **Created:** [April 1, 2024, 10:19pm UTC](https://community.nomadgate.com/t/opening-a-bank-in-pt-that-has-a-branch-in-the-us/63591 "2024-04-01T22:19:28Z")\ **Posts on this page:** 5\ **Page:** 1
**Author:** ![nrodeia](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/n/9de053/32.png) [@nrodeia](https://community.nomadgate.com/u/nrodeia)\ **Post date:** [April 1, 2024, 10:19pm UTC](https://community.nomadgate.com/t/opening-a-bank-in-pt-that-has-a-branch-in-the-us/63591/1 "2024-04-01T22:19:28Z")
I am living in the US and need to have my Portuguese retirement checks direct deposited into a Portuguese bank that has a branch in the US? Does anyone have any idea what bank to use? ---
**Author:** ![bissell](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/b/ee7513/32.png) [@bissell](https://community.nomadgate.com/u/bissell)\ **Post date:** [April 2, 2024, 8:40pm UTC](https://community.nomadgate.com/t/opening-a-bank-in-pt-that-has-a-branch-in-the-us/63591/2 "2024-04-02T20:40:13Z")
If you only need to receive a monthly incoming payment, you can open a [Wise](https://nomadgate.com/go/wise) account from the US with your US identity documents and address, then set up a Euro virtual account. That will provide you an account number in Belgium from which you can receive transfers using the SEPA network. Any Portuguese government office by law can’t refuse to pay if your valid SEPA account number known as an IBAN number happens to be in another European country. Upon receiving the payment to the Euro account you can then transfer to your US bank account at a better exchange rate than a bank would offer. There don’t appear to be any remaining Portuguese banks in the US that are grandfathered in to FDIC insurance and could therefore open consumer accounts. The banks with a presence in the US mainly handle corporate customers. Santander Bank from Spain has branches serving consumers in both Portugal and the US. First you would probably need Portuguese ID and address to open the account in Portugal, and once you did you would be stuck paying their high fees to send to a US account. We have had a [Wise](https://nomadgate.com/go/wise) account for years and regularly work across UK pounds, Euros and dollars for various payments without an issue. ---
**Author:** ![nrodeia](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/n/9de053/32.png) [@nrodeia](https://community.nomadgate.com/u/nrodeia)\ **Post date:** [April 4, 2024, 10:02pm UTC](https://community.nomadgate.com/t/opening-a-bank-in-pt-that-has-a-branch-in-the-us/63591/3 "2024-04-04T22:02:55Z")
Thank you Ted for the great information. This is my first time doing this so I may sound dumb but how or where do I open a Euro virtual account? Do I do it from the [Wise](https://nomadgate.com/go/wise) account? ---
**Author:** ![tkrunning](https://community.nomadgate.com/user_avatar/community.nomadgate.com/tkrunning/32/9053_2.png) [@tkrunning](https://community.nomadgate.com/u/tkrunning)\ **Post date:** [April 4, 2024, 11:47pm UTC](https://community.nomadgate.com/t/opening-a-bank-in-pt-that-has-a-branch-in-the-us/63591/4 "2024-04-04T23:47:43Z")
Yes, step one is opening a [Wise](https://nomadgate.com/go/wise) account. Once you’re logged into the account you can create several sub accounts in various currencies. Some of these (depending on the currency) come with actual unique bank account details which you can use for regular bank transfers. More details here: > **[How to Open a Wise Multi-Currency Account](https://nomadgate.com/open-wise-account/)** > > A guide to opening one of the world’s most popular multi-currency accounts – Wise. Save money on fees when travelling abroad. ---
**Author:** ![nrodeia](https://community.nomadgate.com/letter_avatar_proxy/v4/letter/n/9de053/32.png) [@nrodeia](https://community.nomadgate.com/u/nrodeia)\ **Post date:** [April 5, 2024, 7:54pm UTC](https://community.nomadgate.com/t/opening-a-bank-in-pt-that-has-a-branch-in-the-us/63591/5 "2024-04-05T19:54:37Z")
Hello Thomas, thank you so much for your assistance. I think I’ve got my account set up and the IBAN and BIC #'s entered in my Portuguese retirement account. I hope that they will now automatically send my pension to my [Wise](https://nomadgate.com/go/wise) account. Up till now they have been mailing my checks and it has been a nightmare. My check for March has never been received. Who knows where it is. Thanks again for your assistance.