I’ve seen reports of many Portuguese banks charging high fees for transfers from brokerage accounts. Something about them assuming it’s capital gains or dividends and they charge a percentage of those.
Not sure if that’s the case with your transfer, but best not withdraw from brokerages directly to many mainstream Portuguese banks.
On the plus side, Revolut now actually started offering Portuguese bank accounts to residents (including MB way support etc). It’s a decent option for day-to-day banking.
I am using Revolute and have been successfully transferred to a PT50 IBAN account and MB way. The original IBAN still works. It is so much more straight forward with online help. It’s very nice.
It was not a capital gain and i did zero trading with IBKR. In fact it was a test transfer from a PT IBAN to my IBKR IBAN (my IBKR was opened in Asia, but they provide an IBAN of Belgium or something like that). And then I onward transfered to my MBCP account.
As I already have an Revolut account, i can not have 2nd one with Revolut PT.
Is anybody having issues with accessing Novobanco account online in last few days? When I try to log in, I see “Service unavailable” message, and I wonder whether it is the general issue with the service, or my account is fully blocked now…
I did all the KYC stuff through my lawyer first, and then they instructed me to send the translated / whatever files directly. Still very unsecure, but it eventually worked.
Wow… I got the email from Novobanco with the account statement with saldo=0 and short note that my account is closed:
Informamos que procedemos ao encerramento da Conta DO nº 0005 1416 8289, na data 20/01/2026, bem como de todos os contratos associados e suportados por esta conta. Este é o último extrato da sua conta no novobanco. Para qualquer esclarecimento adicional, ligue para Linha Direta 707 24 7 365 (atendimento personalizado das 8h00 às 24h00) ou dirija-se a um balcão novobanco.
I did not request the account closure. I did not have any notice about this in advance. My branch manager does not reply for several days, and I can’t use the hotline as the associated phone number is the one I can’t use from the country I’m in now… Also no idea I have where the money from the account is now.
It depends on what do you mean by “work this thing out”. My lawyer has contacted the bank, and the bank has informed that they simply closed all the accounts of people having Russian passports. With no advance notice, nothing. They are ready to transfer the money from that closed account to any other bank, but only upon my personal visit to their branch (which will not happen before October this year in my case).
By saying “Work this thing out”, i meant that you and your lawyer could find out what the bank needed and reserve their decision of closing your bank account.
But it seems to me that they want your originality to be not russian and it is impossible to change the originality i.e. russian passport.
I am having the same problem with portuguese bank. Although I am not russian passport holder and has nothing to do with Russia, they still closed my account!
Does your GV Investment Fund stay in the closed account? Or in a different bank account?
Well they wanted me to not have Russian citizenship, which is (1) not viable at this time point and (2) is not a desired position for me. Luckily my investment is in the real estate, thus no relationships with funds. In last months Novobanco was not really good in communication, so I really wish you much success in driving out from the situation.