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Opening a bank account is often one of the first things you do when you move to Portugal, buy property, start a business or apply for residency.
Portuguese banks offer current accounts to residents and some non-residents. The process and the documents you need differ from bank to bank.
If you live abroad, it can be harder. The bank may ask for further identity checks, proof of income or documents which evidence where your money has come from.
In this guide, we show you how to open a bank account in Portugal in 2026, what documents you need, how to open a bank account remotely, the fees, the options for residents and non residents.
Can Foreigners Open a Bank Account in Portugal?
Yes. Foreign nationals can open bank accounts in Portugal, including people who don’t yet have Portuguese residency. Approval isn’t automatic, though. Each bank sets its own eligibility criteria, customer identification procedures and compliance policies.
A US citizen preparing to move on the D7 visa, for example, may be able to open a Portuguese bank account before moving, if the bank accepts non-resident applicants and approves the documents. A Portuguese residence permit isn’t universally required, although some banks or account types may be limited to residents.
Do You Need a Portuguese Bank Account to Move to Portugal?
Not legally. Moving to Portugal doesn’t by itself require you to have a Portuguese bank account. It can still be useful for several things:
- Receiving a salary, pension or other income
- Paying rent, utilities and other regular expenses
- Making payments through the Portuguese Multibanco network
- Transferring funds for a property purchase
- Managing Portuguese tax and administrative payments
- Supporting some visa and investment applications
For some residence visa categories, you may be asked to show your available financial resources through a Portuguese bank account. The exact requirements depend on the visa category, your consulate and the procedure that applies.
Documents Required to Open a Bank Account in Portugal
Most Portuguese banks want ID and a few supporting papers before they open an account.
| Document | Why they ask |
|---|---|
| Passport or national ID card | To confirm who you are |
| Tax number (NIF) | For tax reporting and customer records |
| Proof of address | To confirm where you live |
| Job or professional details | For the bank’s due diligence |
| Proof of income or savings | For compliance checks |
| Contact details | To reach you and verify the account |
Banks commonly ask for a Portuguese NIF, especially for everyday local accounts. If you don’t have one yet, read our guide to getting a NIF in Portugal.
Your bank may ask for more, such as recent payslips, pension statements, tax returns, company documents or proof of where your money came from. Foreign documents may also need certification or translation.
How to Open a Bank Account in Portugal: Step by Step
Step 1: Get your Portuguese NIF
For most foreigners opening a standard Portuguese bank account, getting a NIF is a useful first step. You can request one before you move, including through an authorized representative where the procedure allows it.
Step 2: Select a bank
Compare banks for non-resident acceptance, account maintenance fees, online banking, international transfer options and customer support. If you are living abroad, check that the bank will accept applications from your country of residence.
Step 3: Get your documents ready
Get your ID, tax number, proof of address and financial documents. Make sure your name, address and tax residency details match across all of them.
Step 4: Apply Now
Application can be in person, through a digital onboarding process or with an authorised representative depending on the bank. Not every bank offers the same options to foreign applicants.
Step 5: Finish the compliance checks
The bank checks your details and verifies your identity. It may ask for more documents or clarification before it decides whether to approve the account.
Step 6: Activate your account
Once you’re approved you get your account info and instructions for online banking. Debit cards, payment services and other features depend on the terms of your account.
Can You Open a Portuguese Bank Account Remotely?
Yes with some Portuguese banks but it is contingent upon the bank and your situation. Some banks allow digital identification; others require a visit to a branch or additional verification. A bank may also accept an application that is coordinated through an authorised representative, according to its own policies.
For non-residents, eligibility may depend on your nationality, country of residence, documents and what you’ll use the account for. An applicant living in Canada, for example, may find that one Portuguese bank accepts their application remotely while another asks for an in-person appointment.
Confirm that remote opening is possible with your chosen bank before you start the application.
Opening a Portuguese Bank Account as a Non-Resident
A non-resident account lets an eligible person who lives outside Portugal keep a banking relationship with a Portuguese bank. That can be useful if you’re getting ready to move, buying a holiday home or investing in Portugal.
Non-resident applicants may face extra checks, because their income, address and tax obligations are outside Portugal. The bank may ask for documents showing your professional activity, your financial position and why you want the account. Having a NIF or working with a representative doesn’t guarantee approval.
Get In Touch With Us
Portugal Residency Advisors® has helped hundreds of international families and investors secure residency, citizenship, and investments in Portugal. Get in touch with a specialist today and discover how we can help you start your journey to Portugal.
Best Banks in Portugal for Foreigners
Portugal has several established banks, including Millennium BCP, Caixa Geral de Depósitos, Novo Banco, Banco BPI, Santander Totta and Bankinter. You can also bank digitally through institutions such as ActivoBank. There’s no single best bank for every foreign applicant, though.
When comparing banks, consider these factors:
| Factor | Why It Matters |
|---|---|
| Non-resident eligibility | Not every bank accepts applications from every country |
| Remote opening | Some applicants may need to visit Portugal |
| Maintenance fees | Monthly or annual charges can differ |
| Minimum opening deposit | Requirements vary by account |
| International transfers | Important for receiving funds from abroad |
| English-language support | Useful for clients unfamiliar with Portuguese |
| Online banking | Essential for managing accounts remotely |
| Mortgage services | Relevant for future property buyers |
Someone moving to Portugal permanently, for example, may want a bank with a convenient branch network and day-to-day payment services. For a non-resident investor international transfers, remote communication and support with larger transactions may be more important.
Before you choose, check the bank’s current account conditions and confirm your eligibility with it directly.
How Much Does It Cost to Open a Bank Account in Portugal?
Opening fees, maintenance charges and minimum deposits vary according to the bank and type of account. There are some accounts where the maintenance fee is lower if you meet certain conditions, like having your salary paid into the account. Some others charge standard maintenance fees or additional fees for some payment services.
Before you open an account, read the bank’s fee information and terms. Also check the charges for international transfers, debit cards and foreign currency transactions.
Portuguese Bank Accounts for D7 and Other Residency Visas
If you’re preparing a residence visa application, a Portuguese bank account may be part of your financial plan.
D7 Passive Income Visa
D7 applicants generally have to show they have enough money to support themselves in Portugal. Depending on the consulate’s requirements, you may be asked for proof of funds held in a Portuguese bank account. Check the amount and the supporting documents against the requirements for your own application.
D8 Digital Nomad Visa
D8 applicants must show qualifying remote income and meet the financial requirements of their visa route. A Portuguese bank account can be useful for moving and managing your money, but don’t assume every D8 application requires one.
D2 Entrepreneur Visa
If you’re starting a business in Portugal, you may need banking for your professional activities, company capital or business operations. The right account setup depends on whether you operate on your own or through a Portuguese company.
Portugal Golden Visa
Golden Visa investments may involve Portuguese banking, investment subscriptions and source-of-funds checks. The documents and transfer procedures depend on the investment route and the institutions involved. Coordinate the process with your immigration lawyer and any financial professionals you use.
Why Do Portuguese Banks Ask for Proof of Income and Source of Funds?
Portuguese banks have to follow anti-money laundering and customer due diligence rules. As part of those checks, a bank may ask for documents showing your professional activity, your income and where the money you deposit or transfer came from.
A client sending €250,000 from the United States after selling a property, for example, may be asked for the sale agreement, bank statements and other supporting documents. A retiree may be asked for pension statements or proof of accumulated savings.
These checks are standard banking procedure, and they can continue after the account is open. Banks can also ask you to update your ID, address and financial information from time to time.
Is Your Money Safe in Portuguese Banks?
Portuguese banks operate under a regulated financial framework and are supervised by the relevant authorities. Eligible deposits are generally protected up to €100,000 per depositor, per institution, under the deposit guarantee scheme.
For banks headquartered in Portugal, that protection comes through the Portuguese Deposit Guarantee Fund. Branches of banks headquartered in other EU countries are generally covered by their home country’s scheme.
The protection applies to eligible deposits. Don’t confuse it with protection for investment products, which can follow different rules.
How Portugal Residency Advisors Can Help
Portugal Residency Advisors helps international clients open a Portuguese bank account as part of their move or investment.
Our team can help you get a Portuguese NIF, prepare the documents you need and coordinate your account application with our banking partners. We also help with related services, such as residence visa applications, property purchases and planning your move. Every account application is still subject to the bank’s eligibility requirements, compliance checks and final approval.
Need a Portuguese bank account?
If you’re planning to move to Portugal or invest here, contact us and tell us what you need.
Your Questions Answered
Can a Foreigner Open a Bank Account in Portugal?
Yes. Portuguese banks can accept foreign residents and non residents, depending on their eligibility and documentation requirements.
Do I Need a Portuguese NIF to Open a Bank Account?
Yes, usually banks need the Portuguese NIF. The exact requirements for identification vary from bank to bank and account type.
Can I Open a Portuguese Bank Account Without Visiting Portugal?
Possibly. Some banks accept remote applications, but eligibility depends on your nationality, your country of residence, the identification procedures and the bank’s policies.
What Is the Best Bank in Portugal for Expats?
There’s no universal best option. Compare non-resident eligibility, account fees, online banking, international transfers and customer support.
Is a Portuguese Bank Account Mandatory for a D7 Visa?
You will commonly need to show proof of a Portuguese bank account for D7 applications, but check the current requirements of your consulate or visa application center.
Can I Open a Joint Bank Account With My Spouse?
Many banks offer joint accounts. Both applicants must meet the identification and compliance requirements.
Is There a Minimum Deposit to Open an Account?
Some accounts require a minimum deposit and others have different terms. Check the bank’s current requirements.
Are Deposits Protected in Portugal?
The deposit guaranty scheme generally covers eligible deposits up to €100,000 per depositor per institution.
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