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The biggest portal about international asset protection and diversification

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Cost: from от 1000 EUR


Open a Private Non-Resident Account with a Bank in Madeira Remotely

Should you wish to open a private account in Madeira for foreigners, we advise you to seek professional assistance. We will help you collect and submit the documents to the bank. In addition, we will advise you on the current terms and conditions the bank offers to the new clients and the rates and fees it charges.

Banking System of Portugal

Madeira is an island archipelago located 1,000 km away from mainland Portugal. Despite the fact that the island is located in the ocean, quite far from the coast (a 1.5 hour flight), it is part of Portugal as an autonomous region, and accordingly belongs to the European Union.

Portugal has a typical European banking system. The Bank of Portugal controls the country’s credit and financial system and cooperates with the European Central Bank.
Madeira is home to a regional unit of the National Bank.

The financial and economic situation in Portugal is quite calm, although some banks may experience certain difficulties. In order to protect savings from loss, Portugal has a deposit guarantee system that provides a return of deposits of up to EUR 100,000.


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Peculiarities of Banking Service in Madeira

Adapting in Madeira might be difficult for a foreigner without an open bank account. And if a non-resident is going to spend more time in the island, or plans to make investments, find a place to settle and live here permanently, then they will not be able to do without a bank account in Madeira.

When you open a bank account with the bank in Madeira, you get access to a large number of services and privileges. Thus, the bank’s client can order a payment card on a free basis. This card makes your payments easier. You can use it in stores / for services, there is always an opportunity of cash withdrawal. In addition, Madeira banks offer their clients a variety of benefits such as:

  • Free entry to all exhibitions;
  • Discounts for the purchase of concert tickets;
  • Preferential issue of a special card;
  • Buying up-scale stuff on credit.

The benefits of holding a private bank account in Madeira are undeniable:

  • A large selection of banking products;
  • Low service rates;
  • Internet banking;
  • Access to the account via apps;
  • Excellent service;
  • An extended ATM network, including access to the Multibanco zero-fee system;
  • Access to low-interest-rate lending;
  • English-speaking support.

Peculiarities of Opening an Account with the bank in Madeira

Madeira banks are open to cooperation with private individuals. They are ready to offer you a variety of products that will help improve your living conditions or support your professional activities. At the same time, there is no bias towards non-residents in Madeira.

In order to open a private account in one of Madeira’s banks, a foreigner would need to be identified as well as confirm that the source of their funds is completely legal. There is no need to make any down payment, nor will there be a minimum balance in the account required.

To be able to control your account right away, you can use one of the convenient mobile applications. You can also make arrangements for regular payments that will be carried out routinely according to the plan.

Country Restrictions

Can any foreigners regardless of their country of origin open a non-resident private account with a Madeira bank? This issue should be discussed individually, as banks are reluctant to work with the people from countries that have been blacklisted internationally.

Restrictions on Business Activities

As for the type of activities that a potential foreign client is engaged in, the most important thing for Madeira banks is that it must be legal and not related to terrorism or crimes.

Currency for Account Opening  and Transfers

Clients are free to open current accounts with Madeira bank in the following foreign currencies:

· US dollar (USD);
· Swiss franc (CHF);
· Pound sterling (GBP);
· Canadian dollar (CAD);
· South African rand (SAR);
· Hong Kong dollar (HKD);
· The New Zealand dollar (NZD);
· Singapore dollar (SGD);
· Japanese yen (JPY);
· Australian dollar (AUD);
· Norwegian krone (NOK);
· Danish krone (DKK);
· Swedish krone (SEK);
· Macau pataca (MOP);
· Polish zloty (PLN).

The main service is effected in euro (EUR). In order to be able to make international payments, the client is assigned an IBAN (International Bank Account Number).

Types of Accounts

Foreign individuals can open a bank account in Madeira in any of the formats:

  • Current account in foreign currency;
  • Account with quick access to online services;
  • Family account;
  • Baseline terms account;
  • Minimum services account;
  • Youth account (13 to 25 years, preferential);
  • Children’s account (0 to 12 years, preferential).

In addition to that, non-residents have access to such services as:

  • Ordering additional payment cards from Madeira bank;
  • Payments using checks;
  • Investment products;
  • Deposits;
  • Credit products.

Types of Bank Cards

Foreigners can use the following payment cards in Madeira:

  • Credit cards (VISA, MasterCard, discount cards, official UEFA Champions League card, cards with insurance);
  • Debit cards (universal and electronic);
  • Prepaid cards (cash bracelet).

Service Rates of the Bank in Madeira

Having decided to open a non-resident account with Madeira bank, it is necessary to understand what purposes the account will be used for, how often the transactions will be carried out and what the payment volumes will be. Service rates for certain account types may vary from a full exemption from the service fee (children’s account) to a family package costing about EUR 200 per month and more.

Service Terms for a Conventional Current Account

Should you choose this package, you will gain the following advantages as a client:

  • Access to convenient mobile banking apps;
  • 2 debit cards (Electron, VISA);
  • Various credit cards (the account holder is issued a single one);
  • Bank transfers to/from Portugal.

Here are the main rates for this package:

  • The cost of opening a private account with a bank of Madeira is от 1000 EUR
  • SEPA transfers online or over the phone are free of charge.
  • Account maintenance is 60 EUR per year.

Account Maintenance Terms with a Minimum Set of Services

Those clients who do not have deposit accounts and are under the age of 65, can open a current account with a minimum set of services. To be able to use such an account, you will need to make at least one banking operation in two years.

The package includes:

  • Opening and maintaining a current account.
  • Use of a debit card for accessing your account.
  • The possibility to withdraw money from ATMs in the European Union.
  • A maximum of bank transfers is 24 transfers per year.

Terms and Conditions for the Youth and Children’s Accounts

To open a Madeira bank account for a child or a teenager, you must contact the bank as their parents or guardians. Holding a personal account will allow the child to learn making savings and spending money wisely.

Such accounts are exempt from service fees. 25 EUR will be required to open such an account. Teenagers (over the age of 13) are given access to payment cards and credit.

It is important: In order to understand what type of account you can open and whether it meets your expectations, please consult our experts first.


The deposit service can be easily used by foreign individuals. The minimum initial deposit is 250 EUR and the minimum balance is 25 EUR. The deposit period is 1 to 367 days, and fixed-term deposits (up to 7 days) cannot be extended. Interest is paid on the payment date or at the time of early withdrawal of the deposit.

How Do I Open a Bank Account in Madeira?

To open a private bank account for a non-resident, you will need to collect and prepare certain documents that are on the list and fill out the forms provided by the bank. With our help, you will be able to prepare everything without experiencing any difficulties.

Procedure of Opening a Private Bank Account:

To open a personal bank account in Madeira, please check with us if it is still possible to do it remotely. Some banks allow advance filing of documents and online identification. But all of that is processed individually.

Procedure of Opening a Private Bank Account:

  1. First of all you should sign a service agreement on opening of your private account with a bank in Madeira. After that please send your application to [email protected].
  2. This done, we will kindly ask you to pay for our services according to the invoice, from от 1000 EUR. We accept payments made in any way you wish, i.e. bank cards, transfers, PayPal, WebMoney or Western Union.
  3. After that we will help you to fill out the bank forms. We will advise you on how to do it properly. You will just need to have the documents at hand. At the Pre-Approval Stage, we will carefully study your papers and provide our professional advice.

Useful tip: The bank’s compliance department may request additional documents. So, you should be prepared for that.

Documents Required for Opening a Private Bank Account in Madeira

To open a bank account in Madeira, a private foreign individual will need to prepare the following documents:

  • Your identification document.
  • Confirmation of your address of residence (for example, a utility bill).
  • Confirmation of your fiscal address (tax residence certificate issued in the client’s country of residence).
  • Proof of employment from your employer.
  • Portugal taxpayer card.

All the documents must be translated into Portuguese. In addition, you will need to get them notarized.

Timelines for Opening a Private Bank Account in Madeira

In the case when you visit the bank in person, it will be possible to get the account opened in a couple of days provided that the bankers will not have additional questions to the potential client. The general deadline for a decision on opening the account usually does not exceed 15 days (excluding the forwarding of documentation).

Please do not hesitate to ask our experts and find out all the details on how to open a private bank account in Madeira. Please feel free to write to us to [email protected].

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