How to Open a Portuguese Bank Account (As A Non-Resident)

Moving to Portugal? You’ll need a Portuguese bank account for most visa applications (like the D7, Digital Nomad Visa, or Golden Visa). You’re also likely to need one if you’re buying a property in Portugal.

However, it isn’t as simple as going to a Portuguese bank’s website and clicking ‘open new account.’ As a non-resident (someone who isn’t resident in Portugal yet), you won’t be able to easily open an account online—and, as of 2025, opening an account in-person isn’t much easier either.

Don’t worry, though: this guide, updated for 2025, will walk you through the easiest, fastest, and cheapest ways to open a bank account in Portugal — one that’ll satisfy the visa requirements, and provide the Multibanco service you need for paying bills in Portugal.

Option 1: Open Your Account Online (Using a 3rd-Party Service)

Best for:

• Americans, Brits, Canadians, and other non-EU/EEA residents trying to open an account remotely.
• Anyone who doesn’t want to waste time risking rejection in-branch.

There are an ever-increasing number of online companies that can get you a NIF number and bank account in Portugal (we’ve compared them below with prices, ratings, and delivery timeframes).

There are a few benefits to this:

1. These services partner with Portuguese banks. Because they already have contacts at the banks, the process is often more reliable than applying in-person.
2. With prices starting at less than €250, this is usually cheaper than using a lawyer and definitely cheaper than the cost of flights and accommodation to come open an account in-person.

Step-by-Step:

1. Pick a provider – The main providers are:

Reviews taken from TrustPilot. Monthly fees vary depending on account services, with account benefits (like health insurance) costing more. Some accounts reduce your fees if you keep your balance above a certain amount.

2. Upload required documents –
   • Typically:
     • Scan of Passport or European ID card (some banking managers only accept scans rather than digital photographs)
     • Proof of address (bank statement showing proof of income, utility bill,
     • NIF number document from Finanças (all services can provide this, if needed)
     • Tax number from your country of residence (e.g., US Social Security Number of UK National Insurance Number)
     • Proof of income (retirement income, salary, rental income, etc., or savings of €35,000 or more)
3. Send deposit – For most banks, this is €250.
   • Tip: Use a service like Wise for better currency conversion rates.
4. Wait for approval – Most accounts are opened in 2–4 weeks, though delays are possible. Some banks require a short video call for verification.
5. Get access – You’ll receive your login details. Some banks send the debit card in the mail, while others require you to request it in your online portal.

Best Banks:

Most services open accounts with one of two banks — Millennium BCP or Novo Banco.

Note: While these services can open accounts for most nationalities, citizens of the following countries are commonly excluded (e.g., Pakistan, Nepal, Russia, Syria, and Iraq). If your nationality is excluded, speak with a lawyer (see Option 2) to see if they can help.

Option 2: Open Your Account Through a Lawyer or Relocation Service

Best for:

• Those who prefer one point of contact for the entire relocation process.
• Those who want more choice than just Millennium or Novo Banco.

Most immigration lawyers and relocation companies include a NIF and bank account setup in their visa packages. Although it may be cheaper to get a NIF and bank account separately (using the companies mentioned above), it’s often easier to have one company (i.e. your Portuguese immigration law firm) handle the entire process.

If, for whatever reason, you want to open an account with a bank besides Millennium or Novo Banco, a lawyer may be able to offer you more options. Other popular options include Caixa Geral, Bison Bank, Bankinter, Abanca, although Millennium and Novo Banco are perfectly fine for most people (and you can always change once you become a resident).

This option usually isn’t any quicker than using one of the cheaper online services — both options take anywhere from 2-4 weeks or more. As with using one of the cheaper 3rd party services, this option is generally easier than in-person as lawyers, like relocation companies, have established relationships with various banks in Portugal.

Option 3: Open Your Account In Person

Best for:

• EU/EEA residents already visiting Portugal.
• Non-EU/EEA residents visiting Portugal who have significant time and patiences.

You can walk into a bank and open an account, but it’s not as straightforward as it sounds. Prospective expats often report being rejected by multiple banks, and some people leave Portugal without having been able to open an account.

EU/EEA residents are less likely to be rejected, and some nationalities (Brits, for example), have more luck than others, but the vast majority of non-EU/EEA residents get rejected at least once — if not multiple times.

The following are common experiences for those that try to open accounts in-person:

• Some people are rejected in one branch only to be accepted in another.
• Some banks allow opening in person but require an appointment (which might be weeks away).

This process can be quite time-consuming and so isn’t ideal if you’re visiting Portugal on a scouting trip. Spending just one day going from bank-to-bank would almost cost the same as using one of the discounted online services and your time would be better spent finding a property to rent or buy. However, if you are successful, this is the fastest route as bank accounts are opened same day.

As an alternative, E-Residence offers an in-person account opening service in Lisbon. This is more expensive at €499, but ensures your account is opened at the first bank you go to (despite opening in person, the opening process take 3-4 days).

Steps:

1. Decide which bank(s) you’ll attempt to open an account with
2. Book an appointment or walk in – Bank hours are typically 08:30–15:00 (some branches have later hours in cities). Continue going from bank to bank (and even branch to branch) until someone says yes.
3. Present required documents –
   • Typically:
     • Passport or European ID card
     • Proof of address (bank statement showing proof of income, utility bill,
     • NIF number (document from Finanças)
     • Tax number from your country of residence (e.g., US Social Security Number of UK National Insurance Number)
     • Proof of income (retirement income, salary, rental income, etc.,)
     • Portuguese cell phone number (sometimes required)
4. Pay deposit – For most banks, this is €250.
5. Collect your debit card – Sometimes issued immediately, but often mailed.

Common Questions

Do I need a Portuguese address?
No. You can open an account even if you don’t live in Portugal, but you’ll typically need to use a lawyer or relocation company or come to Portugal to try to open an account in person.

Do I need a NIF first?
In rare cases, a bank will issue a ‘temporary NIF’ but in most cases, a NIF is required.

Will my foreign credit history be taken into account?
This isn’t looked at when opening a Portuguese bank account. Building a credit history in Portugal will make it easier to get approved for Portuguese credit cards.

Can I use Wise, N26, or Revolut instead?
Not for visa applications as they’re not Portuguese banks, but they’re fine for everyday use and currency transfers.

How long does it take?
In-person: same day (if accepted). Online: usually 2–4 weeks.

Is there a monthly fee?
Most banks charge a monthly fee (with Activobank being one exception). You can downgrade to a Minimum Banking Services Account with costs around €5 per year or switch to a bank like Activobank. It’s worth noting that the fees often come with benefits — for example, Millennium BCP’s Prestige account includes credit cards and several types of insurance.

Are deposits protected?
In Portugal, bank deposits are protected by the Fundo de Garantia de Depósitos (FGD), up to €100,000 per depositor, per credit institution, in the event of bank failure.

How much do I need to transfer for my visa application?
This depends on the particular visa and the number of people on the application. In 2025, for example, most lawyers recommend an individual applying for the D7 or Digital Nomad Visa, show at least €10,440. You will then need to show a recent statement as part of your visa application.

How easy is it to get a credit card?
Some people, particularly those that hold reasonably large balances, are able to get a credit card immediately. Credit limits are typically lower than automatically granted in the US, but you can increase your limits over time.