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Opening a bank account in Portugal is one of the first practical steps for anyone planning to live, invest, or apply for a visa in the country. The good news is that the process is straightforward once you know what documents you need and where to apply.
Whether you’re a resident, an expat settling in, or a non-EU citizen preparing your move, this guide walks you through each step so you can set up your Portuguese bank account with confidence in 2025.
Overview of the Portuguese Banking System
The Portuguese banking system is modern, reliable, and well-regulated, offering a full range of services for residents, expats, and international investors.
You’ll find both traditional banks with local branches across the country and fully digital banks that allow you to manage everything online.
Major institutions like Millennium BCP, Novo Banco, Santander, and Caixa Geral de Depósitos provide everyday accounts, savings products, mortgages, and investment services.
Portugal follows strict EU banking standards, which means strong consumer protection, secure transactions, and transparent processes. Most banks offer English-friendly support, making it easier for newcomers to navigate the system.
Why Opening a Portuguese Bank Account?
Member of SEPA and Euro Currency
Portugal is part of SEPA, making transfers and payments quick and simple across Eurozone countries.
To Establish a Financial Footprint
A local bank account helps build financial history in Portugal, which is useful if you plan to apply for credit, stay long term, or invest in the country.
Wide Access to Cash Machines (ATMs)
Portugal has an extensive ATM network, and most banks offer strong online and mobile banking, making it easy to manage your money anywhere.
To Invest in Portugal
If you’re buying property or investing in other assets, a Portuguese account simplifies transfers and financial management. Some banks also offer dedicated investment services.
To Move to Portugal
Non-EU citizens applying for visas such as the D7 Visa, Digital Nomad, or D2 Entrepreneur Visa typically need a Portuguese bank account as part of the application process.
What Can I do With a Bank Account in Portugal?
A Portuguese bank account gives you everything you need to manage your daily finances smoothly. From paying bills to receiving income and handling visa or property requirements, it’s an essential tool for anyone living, investing, or planning a move to Portugal.
Can Foreigners Open a Portugal Bank Account?
Yes, foreigners can typically open bank accounts in Portugal. Many banks in Portugal offer accounts tailored to the needs of non-residents, making it relatively straightforward for foreigners to open accounts.
However, requirements and procedures may vary depending on the bank and the individual’s specific circumstances. Generally, you’ll need to provide identification, a NIF number in Portugal, proof of address in your home country, and sometimes additional documentation, such as proof of income.
If you are coming from a non-EU country, to obtain your NIF, you will need to assign a fiscal representative to be your contact point with the Portuguese tax authorities.
Types of Bank Accounts in Portugal
There are several types of bank accounts available in Portugal, each designed to suit different needs and financial goals. Here are some of the most common types of bank accounts available:
Current Accounts
A current account is the most basic type of bank account, designed for everyday banking transactions. It allows you to deposit and withdraw money, pay bills, and make transfers to other accounts.
Many banks in Portugal offer free current accounts with no maintenance fees, although some may require a minimum balance to be maintained.
Savings Accounts
A savings account is a type of bank account designed to help you save money. They typically offer higher interest rates than current accounts and may have restrictions on the number of withdrawals you can make in a given period.
Savings accounts can be a good option if you are looking to build up a nest egg or save for a specific financial goal.
Time Deposit Accounts
Time deposit accounts, also known as fixed deposit accounts, offer a higher interest rate than savings accounts. But require you to commit your money for a set period of time.
The longer the term of the deposit, the higher the interest rate typically is. These accounts are a good option if you have a lump sum of money you don’t need immediate access to.
Investment Accounts
Investment accounts are designed for individuals who want to invest their money in various financial products, such as stocks, bonds, and mutual funds.
They require a higher level of financial knowledge and can be riskier than other types of accounts, but can offer higher returns over the long-term.
How to Open a Portuguese Bank Account: Step-by-Step Guide
Opening a bank account in Portugal is a straightforward process, whether you’re already living in the country or preparing your move from abroad.
Open a Bank Account in Portugal as a Portuguese Resident
Step 1. Gather your documents
Have your ID or passport, NIF number, proof of address (such as a utility bill or rental contract), and income proof ready.
Step 2. Visit a branch or apply online
Most banks in Portugal accept walk-in applications, and many also offer online account opening for residents, making the process quick and convenient.
Step 3. Choose the type of account
Decide which account fits your needs—whether it’s a standard current account, a salary account, or another option.
Step 4. Receive your online access and debit card
Once approved, the bank will provide your online banking login details and issue or order your debit card so you can start using your account right away.
Open a Portuguese Bank Account Remotely as a Non-EU Resident
Step 1. Gather your documents
Prepare your passport, proof of address from your home country, and any supporting documents the bank may request.
Step 2. Obtain your NIF
Non-EU citizens need a fiscal representative in Portugal to obtain a NIF. This representative will act on your behalf with the tax authorities.
Step 3. Choose the type of account
Select the account you want to open based on your needs—personal, investment, or visa-related.
Step 4. Handle the banking paperwork
Your fiscal representative—often a lawyer—will manage the entire process for you. They can certify your documents, assist with the bank’s due-diligence checks, and submit the application. Some banks also allow remote onboarding through a video call, which can speed up the process.
Step 5. Receive your online access and debit card
Once the account is approved, you’ll receive your online banking details and the bank will issue or mail your debit card.
Documents Required by Banks in Portugal
To open a bank account in Portugal as a non-EU citizen, you will typically need to provide the following documents and information:
- Personal Identification: You will need to provide a valid passport or other government-issued identification document.
- Proof of address: You may be asked to provide proof of your address in Portugal, such as a utility bill or rental contract (unless you are a non-resident).
- Tax identification number: You will need to obtain a tax identification number (NIF) from the Portuguese tax authority (Autoridade Tributária e Aduaneira).
- Proof of income: Some banks may require proof of your income or employment status, such as a payslip or employment contract
- Phone number: While a Portuguese phone number may not be strictly mandatory to open a bank account in Portugal, some banks may require a local phone number as part of their account opening process or means of verifying your identity.
For more videos about investing or moving to Portugal, explore our YouTube channel here: YouTube Channel Portugal Residency Advisors®.
The Best Banks in Portugal
The retail banking market in Portugal is competitive and diverse, with many banks offering a range of products and services to customers.
The sector is dominated by several large Portuguese banks, including Millennium Bank, Caixa Geral de Depósitos, and Novo Banco, which collectively account for a significant share of the market.
The retail banking market in Portugal is regulated by the Bank of Portugal, which oversees the safety and soundness of financial institutions and promotes a stable financial system.
Here is the list of the most important retail banks
- Millennium Bank
- Caixa Geral de Depósitos
- Novo Banco
- Bankinter
- Banco BPI
- Banco Montepio
Best International Banks in Portugal
Apart from the Portuguese banks listed above, several of the world’s largest banking corporations have a presence in Portugal. While this list is not comprehensive, it does encompass some of the notable global banks operating in Portugal for your reference.
- Santander
- Bankinter
- Bison Bank
- Atlantico Europa
- ABanca
- Credit Agricole
Best Online Banks in Portugal
The online banking market in Portugal has been rapidly evolving in recent years, with the emergence of new digital banking startups and the increased investment in digital platforms by traditional banks.
As more consumers in Portugal seek the convenience and accessibility of online banking services, the market has become increasingly competitive, with a variety of online banks offering a wide range of banking products and services.
Here is the list of the most important online banks:
- Banco Best
- Activo Bank
- Banco BIG
Why Work With Us
Local Expertise
We know Portugal. Due to our extensive local knowledge, we believe that concentrating our services in a single country destination is the best way to give you the most thorough and useful information.
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One single channel of communication for the entire process. We provide you with a comprehensive service that covers all aspects of your move, from identifying the ideal residency visa to finding your new home or helping you to settle.
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Simple Process
Technology plays a very important role in our company. We minimize our clients’ involvement in paperwork. We are customers ourselves and we know how to serve you.
Frequently Asked Questions
Do I need to be a resident in Portugal to open a bank account?
No, many Portuguese banks allow non-residents to open accounts. However, having a Portuguese fiscal number (NIF) is mandatory.
What documents are required to open a bank account in Portugal?
Typically, you need:
- Passport or ID card (for EU citizens).
- NIF (Portuguese tax identification number).
- Proof of address (e.g., utility bill).
- Proof of income (sometimes required).
How do I get a Portuguese NIF?
You can obtain a NIF by visiting a local tax office (Finanças) with your passport and proof of address. A representative or lawyer can also assist.
Can I open a bank account online?
Yes, some banks, like ActivoBank and Millennium BCP, offer online account opening, but you may need to complete identification in person.
What types of accounts are available for foreigners?
Common account options include standard checking accounts, savings accounts, and non-resident accounts tailored for expats.
Are there fees for maintaining a bank account?
Yes, many banks charge maintenance fees, ranging from €5–€10 per month. Some offer fee-free accounts if conditions like minimum balances are met.
Which banks are expat-friendly in Portugal?
Popular expat-friendly banks include Millennium BCP, Novo Banco, Banco Santander, and ActivoBank. These often have English-speaking staff.
Can I open a joint bank account with my spouse or partner?
Yes, joint accounts are available. Both parties need to provide identification, NIFs, and other necessary documentation.
Do I need to deposit a minimum amount to open an account?
This depends on the bank, but many require an initial deposit, usually between €50 and €250.
Is my money safe in Portuguese banks?
Yes, Portugal is part of the EU, and deposits are protected up to €100,000 per account holder under the European Deposit Guarantee Scheme.
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