Close a Bank Account in Portugal

This service is aimed at expats, residents, or individuals with banking relationships in Portugal who wish to close their Portuguese bank accounts. 

It is particularly suitable for those relocating, managing the estate of a deceased loved one, consolidating banking services, or seeking better banking terms elsewhere.

To close a bank account in Portugal, the account holder must ensure:

• The account does not have a negative balance.
• All direct debits and standing orders are redirected or cancelled.
• Any debts or credits linked to the account are settled.
• No unused payment instruments (e.g., cards, chequebooks) are held by the account holder.

1. Consultation and Assessment: Evaluate the client's current banking situation, including any debts and linked services.
2. Document Preparation and Submission: Assist in completing and submitting the necessary paperwork for account closure.
3. Closure Notification: Notify the bank in writing of the intent to close the account, respecting any required notice period.
4. Settling the Account: Ensure the account balance is zero by either transferring out remaining funds or settling any negative balance.
5. Confirmation and Proof of Closure: Obtain and provide the client with proof of account closure.

• Expert Guidance: Professional assistance in navigating the Portuguese banking regulations and closure procedures.
• Streamlined Process: Efficient handling of the closure process to minimize hassle and time.
• Financial Clarity: Ensure all financial obligations are settled to avoid future complications.

• No Closure Fee: In Portugal, banks are prohibited from charging a fee to close an account for consumers and microbusinesses.
• Management of Linked Services: Coordinate the cancellation or transfer of any services linked to the account.
• Compliance with Local Regulations: Adherence to Portuguese banking laws and norms during the closure process.
• Joint Account Considerations: Manage the closure process for accounts with multiple holders.
• Redirecting Financial Transactions: Assist in redirecting income streams to a new account and ensuring all direct debits are transferred.