Banks and insurance

edited December 1969 in General
We are moving to Madeira in 3 weeks time, and will need to open a bank account and take out house and car insurance. Does anyone have any recommendations, or know of ones to avoid? Any advice would be appreciated.


  • you need to get um numero de contrebuinte card.
  • Dear Andrew

    Good luck with your move to Madeira in the forthcoming weeks.

    I can suggest a good bank having banked with many others and have found that Millenium BCP to be the most favourable (in my experience anyway). In order to open an account be prepared and take every bit of paperwork with you. I was told by my bank as I opened a new account recently that laws have slightly changed when 'estrangeiros' want to open new accounts.

    You will need the following:
    *Passport, ID card or Residencia
    *Contribution number
    *A current utility bill of your home address in the UK (this was difficult for me as I live here and have done so for a few years and had to give my non existant old UK address, which they accepted).
    * Utility bill for your Madeira address
    *Both of your parents full names.
    * Copy of salary slip if you have one
    *And money to deposit into the new account!

    A few of the above maybe difficult for you to supply but I found the bank in Calheta most helpful.

    If you have bought a property here and have a mortgage,usually the bank that provides your mortgage will insist that you use their own house insurance. There are many companies around that provide both house and car insurance.

    Also as a new resident you may well be interested in joining AFPOP (Association for froeign residents living in Portugal (and Madeira). By becoming a member you are entitled to some member benefits including house and car insurance. I use Medal through AFPOP and have found that it is cheaper than anywhere else.
    AFPOP also provides a magazine called update every two months which gives you valuable information about changes in the law and other subjects about living in Portugal. As a member you can also obtain bulletin sheets which include areas on how to obtain residencia, import a car, set up a business, pensions ect and we also have an representative here on the island that organises social events which is a great way of getting to know other people.

    Anyway I hope this info has helped.Good luck with your move.
  • thanks jonny.
  • Thanks Madeira Times for your useful contribution. We are moving to the Calheta area, so will try the bank there out. Do you have a contact for AFPOP?
  • Hi there

    Sorry...just trying to work out the technicalities, so i have a question..
    There is Calheta the town and Calheta the province/muncipality? Is this right?
  • Hi phrost,

    Yes - you are right ;-)

    In Madeira (and in Portugal) you have districts (conselhos), communities/towns (freguesias) and places (localidades).
    The districts of Madeira are: Porto Moniz, Calheta, São Vicente, Ponta do Sol, Ribeira Brava, Câmera do Lobos, Funchal, Santa Cruz, Machico, Santana (and Porto Santo).
    The freguesias of CM-Calheta are: Arco da Calheta, Calheta, Estreito da Calheta, Prazeres, Fajã da Ovelha, Ponta do Pargo, Jardim do Mar, Paúl do Mar
    A famous localidade is Estrela, but it is not printed on maps because it's not a freguesia ;-)

    Regards - Anton
  • Hello AndrewM

    Yes contact me for AFPOP as I am the area Rep!
    or email me privately and I can give you more information
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