The death of a family member requires certain procedures to be carried out with banks, as outlined by the Bank of Portugal (BdP), which provides a step-by-step guide to navigate this “delicate moment.”
Step-by-step instructions
1 – Determine the accounts held by your relative. The Bank of Portugal provides this information in person or by mail at no cost.
“Heirs or their legal representatives can inquire with the Bank of Portugal, free of charge, about the accounts held by a deceased family member. This information is available from a database managed by the Bank of Portugal, called the “Database of Accounts.”
The information can be obtained in person at any public service branch of the Bank of Portugal or requested by mail. To consult the information in person, the heir of the account holder must visit a Bank of Portugal branch and present the following documents:
- Original (or certified copy) of the heir’s identification document;
- Original (or certified copy or access code) of the public deed of heir affirmation or the certificate of declaration as the estate administrator issued by the Tax and Customs Authority (or alternatively, and as a direct descendant, an original, certified copy, or access code of the death or birth certificate or identification document of the heir showing the relationship);
- Original (or certified copy) of the deceased account holder’s identification documents if such identification is not included in the heir affirmation (or alternatively, a statement issued by the Tax and Customs Authority about the deceased holder and their tax number).
If the request is submitted by a representative of the heir, the following documents should also be presented:
- Power of attorney (original or certified copy) granting authority to perform such acts;
- Original (or certified copy) of a document containing the representative’s identification details.
The request can also be submitted by a solicitor or lawyer of the heir, with a power of attorney authorizing them for this purpose.
If the request is made by mail, the heir or representative must sign it according to the identification document, attach certified copies of the mentioned documents, and send it to the following address: Banco de Portugal, Praça da República, n.º 1, 4710-305 Braga. In case of doubt, the Bank of Portugal may request the presentation of the original documents for verification purposes.
The information provided by the Bank of Portugal covers deposit accounts, payment accounts, credit accounts, financial instruments opened within national territory, and leased safes. Information regarding financial instruments, safes, or bank amounts, movements, or balances must be requested from the institutions where the accounts are held.
The information provided by the Bank of Portugal does not include savings certificates and/or treasury bonds (the IGCP — Agência de Gestão da Tesouraria e da Dívida Pública should be contacted for this) nor capitalization insurance, retirement savings plans, pension funds (for which the ASF — Autoridade de Supervisão de Seguros e Fundo de Pensões should be contacted).”
2 – Notify the credit institutions where the deceased has deposit accounts
“The death of a family member who holds a deposit account must be promptly communicated to the credit institution where the account is domiciled.”
3 – Provide the required information to the credit institution
“If the account is individual (the deceased is the sole holder), the heir may access it after proving their status as heir to the credit institution. To prove this, the heir must provide the documents specified by the credit institution, such as the death certificate and the heir affirmation certificate. Credit institutions that are aware of the death of a deposit account holder can only permit the withdrawal of deposits if the heirs demonstrate, through legally established means, that:
- The stamp duty related to the deposit transfer has been paid; or
- The obligation to declare the transfer to the competent finance service has been fulfilled in case of exemption from this tax (e.g., in cases of spouses, children, or parents of the deceased).
In exceptional cases, the account may be frozen to determine the balance at the date of death. However, this freeze cannot extend beyond one business day from the date of death notification.
The values deposited are considered prescribed in favor of the State if, during a period of 15 years, the holders of the deposit account have not moved the account or manifested their right to the deposited amounts in any legitimate and unequivocal way.”
What if it’s a joint account, can the other holders continue to operate it?
“If the account is joint (with multiple holders, including the deceased), the credit institution must, immediately upon learning of the death, secure the deceased holder’s share of the balance as of the date of death.
The remaining holders can continue operating the account according to the established operational regime. For example, if the account is joint and several (where all holders can operate the account individually), the other holders can continue to transact the amount corresponding to their respective shares of the deposited value, assuming all holders contribute equally to the deposited amount.”
