The Minimum Banking Account allows access to a range of basic banking services at a reduced cost and all credit institutions are obligated to make them available to their clients.
This account does not include additional costs in opening or maintaining the account, and the customer also does not incur additional fees with the debit card necessary to operate the account, or when making movements through ATMs in Portugal and the European Union.
You can also make deposits, withdrawals, payments for goods and services, direct debit and transfers to accounts in the same bank at no additional cost.
You can also make transfers to accounts in other banks through ATMs without transaction limits, but through local banks you have a limit of 24 transactions per year. For every MBWay, for example, there is a limit of five transactions per month.
A person can maintain a minimum of a banking account if he does not have a checking account. If this is the case, and if you wish, you can convert your checking account to a minimum service bank account.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
