Where should I setup a bank account in Funchal?

We asked expats in Funchal what banks they use and there advice about banking. They advised...

"Expats considering retiring in Funchal, should be aware of several factors before making the move. Firstly, it is essential to research the cost of living, which is generally lower than in other European countries, but can vary depending on lifestyle choices and housing options. It is also crucial to understand the residency and visa requirements for Portugal. Non-EU citizens will need to apply for a residence permit, while EU citizens can reside in the country for up to three months without a visa. After that, they must register with the local authorities. Healthcare in Portugal is of a high standard, with both public and private options available. Expats should research the healthcare system and consider purchasing private health insurance to ensure access to the best facilities and specialists. Funchal has a mild climate, with warm summers and mild winters, making it an attractive destination for retirees. However, it is essential to visit the city and experience the weather firsthand before making a decision. Portuguese is the official language in Funchal, and while many locals speak English, it is highly recommended that expats learn some basic Portuguese to help with daily life and integration into the community. Funchal has a well-developed public transportation system, but owning a car can be beneficial for exploring the island of Madeira. Expats should research the process of obtaining a driver's license and the costs associated with owning a vehicle. Taxes are an important consideration for retirees, and Portugal offers a Non-Habitual Resident (NHR) tax regime, which can provide significant tax benefits for qualifying individuals. It is essential to consult with a tax professional to understand the implications of this program and any other tax obligations. Finally, it is crucial to research the local culture, customs, and traditions to ensure a smooth transition into life in Funchal. This includes understanding the local cuisine, festivals, and social norms, as well as making an effort to connect with the local community and other expats," wrote a member who made the move to Funchal, Portugal.

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