bank fees

edited December 1969 in General

Do you know any bank in Madeira with no fee charge for cash withdraw and free cheque issue?

(teller cash withdraw not the cash machine)

most of them charge 3.50-4 euros for any cash withdraw



  • If you are talking about euro cash withdrawals, my bank BPI charges no fees for almost everything. The only fees I pay every year are annual charges for my debit and credit cards, and for new cheques.

    I used to bank with BES, but they charged for everything.

  • We certainly would recommend BPI but stay away from Banif. We are still waiting since June for proper bankers cards!
  • wow!!! thats something.

    I did not know Banif is that much bad.

  • I think all banks charge for over the counter withdrawals. Even BPI. I use Montepio and am very happy with their low charges for mostly everything.
  • "charge for over the counter withdrawals. Even BPI"

    Derek can you clarified this statement, please?

    who is right who is wrong?
  • Satander Totta is a disaster, they charge for everything. Don't recommend them.
  • I must admit that I have never asked for a over the counter withdrawal at BPI, but I would be suprised if they charge

  • Sorry for the wide distribution, But, Im looking for a list of all Banks in Madeira, with locations, If possible.
    can some one please help.

    Much appreciated
  • There is a list of the main banks here (without locations):

    If you want locations, maybe the yellow pages are the best bet, or you can check on-line at

  • Anyone any dealings with Millenium Bank in Funchal
  • don't know which Millenium bank you mean as there are loads in Funchal, however I have heard that they are very good from friends who use them, but I have no personal experience with them
  • We are with Millennium and have mixed opinions:

    1) We used them for a mortgage and they were brilliant.
    2) We find their internet banking is in English as well as Portuguese and very good to use in both English (for me) and Portuguese for (my wife).
    3) I find some of their charges a little annoying (eg transfer of funds from overseas banks) but they are minor.
  • I have a current account with Milennium BCP for more than 3 years: Excellent after a very frustrating spell with BANIF
    (inefficient and long queues for personal service).

    As I understand it, many of the frequent transaction charges are related to taxes the banks have to pay to the Portuguese government. But yes, they do charge for Direct Debits, Standing Orders and a quarterly service charge of €4. A bit painful if you are used to free banking in the UK......

    I have found very helpful English speaking staff in the Marina Shopping (Funchal) and Canico branches of Milennium BCP. Multi Banco withdrawals are free, but you have to pay for over the counter transactions.

    BTW- If you receive international transfers in Euros (up to €12K) the bank should not charge you.
    Alex vT
  • A big article in todays paper about bank charges ... I have summarised on today's blog :

    Also a useful chart of bank charges and comparisons for the 18 banks that offer services on Madeira, also from today's newspaper, published here :

  • Thanks for the replies re Millenium Bank, will comment on their performance in due course,
  • Hi,

    I did my own research in Funchal recently re banking and charges.

    Banif was a big rip off

    some banks do not charge maintenances fee as per Derek's table which is very good,

    BBVA and Finibanco have the lowest minimum account balance and do not charge any fee (250E and 750E)

    I am not doing internet or phone banking so I have omitted that

    what I was interested was over the counter service and money wire.

    one bank to consider is Caixa Geral - no need to have special expensive card to operate ATM just the bank book which is free do the job (excellent option for me)

    so thanks for the table-very useful
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