Portugal banking institutions like those of any other foreign country have their own rules, currency rate and fee structure. Therefore, prior to opening an account governed by these factors, it's important that you know the banks in Portugal basics. If you have a thorough understanding of the basics, it'll make the process of navigating the industry much easier for your company. For instance, if the dollar is rising relative to the Euro, which is the currency of Portugal banks, your company could lose money if you time the conversion incorrectly.

Besides the currency conversion issues, Portugal commercial banking also differs from U.S. banks in the general process of opening a corporate or individual account. If you're going to open a branch of your company in Portugal, you'll need to educate your employees on the basics of opening an individual account as well as getting your company up to speed on the corporate side. Either way, before you or your employees begin banking in Portugal, there are a few items to consider, such as:

1. Understand the basic essential elements of business banking in Portugal.

2. Review basic economic information related to the Portugal commercial banks.

3. Contact an international commercial bank in Portugal.

Action Steps
The best contacts and resources to help you get it done

Evaluate the initial business issues with commercial banking in Portugal

Before you can reasonably assess the viability of banking in Portugal, you need to understand the basic process of opening an account and have a basic history of the industry. Essentially, if you were to decide to do business with a bank in Portugal, you'll first have to review the essentials of the bank and the economic conditions in the country.

I recommend: Use the banking account information at AngloINFO to determine the process of opening an account. Evaluate the Portugal banking review at Just Landed to understand the basics of the industry. Visit the World66 website, which will give you an overview of the basic economy in Portugal.

Examine the currency and business climate for banks in Portugal

The currency rate and the economic conditions in Portugal will have a significant impact on your company's ability to conduct banking business in the country. Therefore, before you open an account, it's imperative to know the challenges of doing business in Portugal and to know the current currency conversion rate for the Euro.

I recommend: Visit the business guides at BuyUSA or The World Bank Group to evaluate the opportunities and challenges of doing business in Portugal. Use the currency conversion application at Yahoo! Finance to determine the strength of the Dollar against the Euro.

Speak to a representative at an international Portugal bank

One of the easiest ways to begin banking in Portugal, is to open an account with an international bank. These banks have offices in most every country in the world, which will make it easier to transfer funds between accounts and learn the basics of banking in Portugal. If you start with a local Portuguese bank, you'll limit your banking options.

I recommend: Contact the banking professionals at HSBC plc Spain about its rates and banking account options. Visit the ING Wholesale Banking website to determine if its services match your company's banking needs.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Once you understand the banks in Portugal basics and are ready to open an account, be sure to get all rate quotes and fee schedules in writing. Then, read all the information that any bank in Portugal provides so there isn't any surprises when you begin making transactions. Often, banks hide fees in fine print or make promises on the phone or the Internet that turn out to be misleading.

Banking in Portugal can be a challenging experience because of different customs, technological barriers and of course because of the language difference. Many Portugal banking institutions, including clearing banks and savings banks, insure that the needs of foreign business account holders will be taken care of by providing them with translation services and quality customer service.

There are three main groups of banks in Portugal, and they account for 80% of the banking business in the country. These groups include:

1. Portugal commercial banking with Banco Comercial Português.

2. Commercial banking in Portugal through foreign financial institutions.

3. Portugal banking institution of Banco Espírito Santo group.

Action Steps
The best contacts and resources to help you get it done

Find and open an account with a Portugal banking institution

It is possible to do business in Portugal without a Portugal bank account, however, it is much easier if you have one. By having an active account you can make purchases and take care of business expenses through a local Portugal bank, instead of having to deal with the hassles of international financial transactions.

I recommend: It is best to open a Portugal bank account in person.To open an account you will need a valid passport and you will need to be at least 18 years of age. Learn more about Portuguese banking customs from Just Landed. To find a bank to work with, review your options from the list of banks provided by Pure Portugal.

Compare services in Portugal commercial banking institutions with Banco Comercial Português

Large companies who want to work with a prominant provider of commercial banking in Portugal will want to work with Banco Comercial Português. Their primary focus is on customer service and they offer a 24 hour contact in order to ensure every customers complete satisfaction and problem resolution.

I recommend: Banco Comercial Português offers a wide array of services to businesses including access to accounts through online banking, savings, credit and insurance. Banco Comercial Português investor relations services provide up-to-the minute investment value, financial statements and personalized service with an investor relations adviser. If you speak Portuguese then you can compare the commercial banking products offered by Banco Comercial Português to those offered by Santander Totta.

Explore banks in Portugal with the Banco Espírito Santo group

Much of the information pertaining to the Banco Espírito Santoo group is written in Portuguese so it may be best to have a translator with you if you are not fluent in the language.

I recommend: The Banco Espiríto Santo group provides a foreign property buyers' guide for mortgages and financing. Banco Espírito Santo group also offers the services of a relationship manager to assist in global investing as well as personal and business banking transactions.

Bank in Portugal through a foreign bank

Barclays, Citibank and Deutsche Bank are three of the foreign banks that operate in the very small foreign financial Portugal banks market. This market makes up less than 20% of the banking business in Portugal. They are located mainly in the larger cities of Lisbon and Porto.

I recommend: Compare Portugal banks that are based in foreign countries by accessing each site. Barclays offers up to the minute account information with Internet access, telephone banking and a 24 hour global trader. Citibank has a strong investment service with markets, global banking and global transaction services. The information with Deutsche Bank centers on private banking, online services and investments with such notable companies as JP Morgan and PICTET funds.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Portugal banking institutions have changed over the past decade. They are much more automated since joining the European Union in 1986.
• •  The Bank of Portugal, which is the country's central bank, was founded in 1846 and functions strictly as a bank of issue.

Portugal banking institutions have won kudos for their drive to modernize and banks in Portugal education and training are necessary to make this goal. Portugal banking institutions benefit from having some of the oldest universities in the world, with reputations for excellent education.

Portugal commercial banking gains too as the country becomes more wired, giving banks more access to compete. A commercial bank in Portugal needs qualified bankers and also qualified technical staff to bring its banking capacities into line with other European nations.

1. Banking in Portugal will increasingly modernize through Portugal's higher education universities and technological schools.

2. Banks in Portugal education and training is desirable in part because Portugal's climate, standard of living and freedoms are high on the quality of life index.

3. Getting education and training for a career in banks in Portugal will find yourself in a exciting time for banks and the economic growth of Portugal.

Action Steps
The best contacts and resources to help you get it done

Get an overview of the education possibilities for Portugal commercial banks

Knowledge of the conditions of banking and finance in Portugal is a good way to decide what kind of training and education you wish to pursue.

I recommend: Portugal Banking and Finance is from the Encyclopedia of Nations, and does a good job of describing banking in Portugal. With all that in mind you should check out Universidade Católica Portuguesa's School of Economics, considered the best program MBA program in the country. It has classes in English and Portuguese and visiting professors from Europe and the USA.

Modernize Portugal banking institutions with technology training

Although Portugal banks are wired and its possible to find ATMs everywhere, complaints about Portugal banks computer systems are because so much paperwork needs to be done by hand.

I recommend: Portugal banks badly need to meet the technology standards of other countries in the EU. Graduates of CMU-Portugal Information and Technologies Institute's technology programs for business management undoubtedly play a role in modernizing Portugal's banking system. Or if you are already working in banking technology, keep up with your field and go to conferences as listed by Conference-Service for Portugal Conferences.

Investigate taking other kinds of classes for banking in Portugal

Keeping abreast of new business and management techniques is good for anyone working in a Portugal commercial bank. Also, taking seminars on different problems affecting corporate banking in Portugal will ensure that Portugal commercial banking will continue its drive to modernity.

I recommend: AESE gives courses on management and finance at executive levels. Banker's Academy is an international company that gives seminars on banking problems faced by banks all over the world all in every country. Attending a seminar on money laundering can prevent your bank from ever being used for that.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Portugal's universities are well regarded and you would be surprised by how many of these schools have courses in English.