Out of curiosity, it this a new thing with Millennium BCP or have they never offered investment accounts? Is it specific to US investors?
I don’t particularly know, but they do offer investment accounts. Just not to Americans.
I’d guess it’s a simple cost-benefit issue; there are probably enough US citizens to make it worth doing FACTA book keeping for the banking side, but not for the depository side. Typically your investment house is structured as a separate entity (it is with every bank I’ve ever known, it’s no doubt regulatory) so it’s a separate set of books and records to maintain. For the handful of AmCits that might use them, for the relatively slim pickings of those depository fees, why bother?
Anyone tried opening a Citi bank account in Portugal through their banking relationship with Citi in the US?
No but typically this does not work. They are owned by the same parent but they are legally separate banks and each one has to do their own KYC. The relationship helps and can grease skids but only so far.
Is it possible to open up an account online? I went online at Millienium and did not see a mechanism to do so. Please let me know if anyone had success with it.
FWIW, my lawyer in portugal says the only bank that will allow you to open an account remotely for the purpose of the investment option is Bison Bank.
Based on the website, it doesn’t appear that they are into Retail banking. is that correct?
No, currently Bison doesn’t offer retail banking.
Only if you’re not a US citizen (they don’t offer that service for Americans), you maybe able to open an account to hold your GV fund at Millennium BCP, but I think you may have to have a lawyer to help you with the remote account opening process.
@wkb I am US citizen and was told that i can open an account at Millenium BCP remotely. Is there a web link or do i need to get in touch with one of their representatives? Please advise.
@amitporto I don’t have experience dealing with Millennium BCP. Please read this whole thread. Someone has already shared their experience with opening an account at Millennium BCP remotely. Then you can message them directly for the contact info.
Cannot be done. There was an earlier discussion around this.
For a depository account the only option seems to be Bison Bank
For a regular account Novo Banco
To the best of my knowledge and research these are the only two that can be done via an atty who is local and the client (you being remote)
Not true. I have an account with Millennium BCP opened remotely.
Thanks for correcting me. This is what I love about this group, someone always has better and more current info
@mmtravelguy How do i go about opening an acct with Millennium remotely? I have tried to contact them, but no response. Please advise!
i can try to find the name of my contact at Millennium.
what are your intentions for the account and what is your citizenship? For retail banking, ok. For holding investments, not so good unless you are not US citizen.
@mmtravelguy Thanks! US citizen interested in retail banking account.