Stay Away from Novobanco --- 52 Days Locked Out of My Own Account — My Novobanco Golden Visa Experience

Finances
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In October 2021, I opened a Novobanco account at the recommendation of IAS lawyers as part of my Mercan Golden Visa investment in Portugal. I funded the account and, for nearly four years, paid monthly maintenance fees without issue. That changed in June 2025 — when Novobanco suddenly locked me out of my own funds, setting off a 52-day ordeal that highlighted serious concerns about their treatment of international clients and Golden Visa investors.

Timeline of Events

October 2021 – Opened Novobanco account via IAS recommendation for Golden Visa investment; deposited funds and began paying monthly maintenance fees.

June 18, 2025 – Without notice, my account access was blocked. I was told this was due to a KYC review, even though all documents were current.

June–July 2025 – Submitted sensitive personal and tax documents via unsecured email as instructed by Novobanco. Despite this, the account remained inaccessible.

July 24, 2025 – Requested account closure due to ongoing issues. Received no clear path forward.

June 18 – August 8, 2025 – Sent 38 emails to multiple Novobanco representatives, directors, and executives. Most went unanswered.

August 8, 2025 – After 52 days, funds were finally wired out and account closure confirmed — but only after escalating to Portuguese regulators, filing formal complaints, and copying multiple executives in my correspondence.

Key Issues Observed

  • Unannounced Account Lockout — No prior warning, no explanation until after repeated requests.
  • Unsafe Communication Practices — Required to send sensitive documents via unsecured email.
  • Prolonged Inaccessibility to Funds — 52 days to regain access to my own legally owned money.
  • Lack of Responsiveness — Dozens of emails ignored at all levels, including directors and C-level executives.
  • Impact on Visa Process — The account was originally opened to manage my residency visa-related payments; I had to make alternative arrangements at personal cost.

Outcome

While I eventually received my full account balance and confirmation of closure, Novobanco has still not acknowledged or reimbursed the documented costs I incurred during the lockout period. My experience, unfortunately, is not isolated — in a Golden Visa investors’ WhatsApp group of over 1,000 members, many echoed similar stories of account freezes, delays, and lack of communication.

Why I’m Sharing This

Golden Visa investors often rely on local banks for critical transactions tied to residency requirements. A sudden lockout can derail visa processes, create legal risks, and cause significant stress. I believe it’s important for others to be aware of how Novobanco has handled (or mishandled) these situations so they can make informed decisions.

Advice to Others

  • DO NOT USE NOVOBANCO
  • Document all correspondence and escalate early if unresponsive.
  • Consider alternative banks with proven track records of supporting international clients.
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This happened to me also and I am living in Portugal so I was unable to do much of my daily financial transactions. I have sent set up an account in Santander and it is so much better in every way.

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I know it’s offensive but I still want to say maybe NOVO BANCO is the most foreigner-friendly bank in PT,I mean for those who don’t have a PT address, let alone a residency card.
Bison may also provide account service for foreigners but it charges more or its threshhold of fund is higher so fewer investors will choose it.
The account service of Novo is almost monopolistic so it’s not surprising that they didn’t reply.Ther want to earn money from the foreigners but they don’t want to bear the risks from the regulations,even if your files are updated,as you said.
All in all,it’s quite portugal.

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I don’t see how a bank that can lock your access for over 50 days could be even an option for financial services…I’m glad I’ve closed it and will move my business elsewhere (and hopefully I won’t even need anything in Portugal at this point.)

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In my experience, I used the fund route in 2021 and chose Bison. this was because, (a) at the time, they were one of the few compliant with US Reg requirements and (b) as they were one of the few where the focus was on wealth management and had good international experience. I have had nothing but excellent service from them. I can send an email to Nuno (director) or my account manager and have a prompt and accurate answer back. If you are in town, take time to go to the office, also…relationships are personal.

If you are worried about slightly higher fees, and you are actively in the GV process, you are worrying about the wrong things.

In the subsequent time, we have received our first ARI cards. Visited multiple times, and last year bought an apartment in Braga. We used a local mortgage broker to sort the various lenders and landed on Novobanco. The process of working with them was wretched. Autopsy without the benefit of death. They almost tanked the deal owing to delay after delay. The selling realtor refuses to engage in any further deal where NB is involved. Finally, paid the deal in cash myself and told them to stuff it. Only then did they finalize the 50% mortgage and refund our account. After that, I drew down the balance 10k at a time and transferred it back to Bison, to preclude any severe shenanigans.

That said, Nobvobanco is a retail/consumer bank first and foremost. For that, their online and mobile banking is quite satisfactory. The tech is great, the staff - not so much.

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Atlantico is without a doubt the most foreigner friendly bank - their entire purpose is serving “international people in Portugal”, per their own marketing materials.

In 4 years of using them I’ve never had so much as a hiccup, and anytime I need anything, I just send a WhatsApp message to my account manager. She usually replies in 5 or 10 minutes tops. They don’t bat an eyelid when I want to send or receive five and six digit wires, have never once locked me out or demanded additional KYC.

I’m honestly shocked to hear all the horror stories with other banks, because my interactions with Atlantico has been leaps and bounds better than with any American bank or brokerage. (They’ve even treated me to sports games in their box seats.)

So I guess TLDR, do consider Atlantico.

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I love this. After the nightmare of SEF->AIMA and waiting nearly four years and still not having my card, and now when trying to PAY for the card when it was approved with my bank and being locked out for over 50 days, I am starting to think that everything in the country is this dysfunctional, so it’s wonderful to know that there is at least one functioning bank in Portugal that can work smoothly. Thank you for sharing.

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