How to Open a Portuguese Bank Account

Ready to make your Portuguese dream a reality? Whether you’re applying for that D7 visa or planning to buy a property in Portugal, there’s one key step you can’t skip: opening a Portuguese bank account.

Sounds simple, right? Surely you can just open a Portuguese bank account online? Unfortunately, that’s not usually an option unless you’re already a resident (legally living) in Portugal. You can come to Portugal and try to open an account in person, but that’s expensive, time-consuming, and you stand to get rejected a few times.

Don’t worry though: I’m here to help.

Since 2016, Portugalist has helped thousands of people open bank accounts in Portugal – and at the most affordable rate as well. Fill out the form below to see how you could open an account for as little as €269.25.

Why You Need a Portuguese Bank Account

Before we dive into the how-to, let’s quickly cover why having a bank account in Portugal is so important:

Visa Requirements: It’s typically a requirement for residency visas such as the D7, golden visa, or Digital Nomad Visa. No: your international bank account in the UK or US won’t be accepted and neither will a Wise account. This means you need a Portuguese bank account before you move to Portugal. Yep! Cart before the horse?
Ease of Payments: Paying bills like rent, utilities, internet, and phone services is much simpler with a local account (and especially one that has Multibanco technology).
Access to Services: You’ll need a bank account in Portugal for banking services like mortgages, credit cards, savings accounts, and insurance products (hello health insurance!).
Currency Stability & Travel: If you’re a frequent visitor to the Eurozone, holding savings in euros can help you avoid currency fluctuations and ATM withdrawal fees. It’s not essential, and you could use an account with one of the many online banks like Wise, N26, or Revolut instead (note: those don’t work for visa applications as even though they’re Euro bank accounts none of these accounts are with Portuguese banks).

In short, if you’re living in Portugal or planning to move here, having an account with a bank in Portugal is essential.

The Challenge: Opening an Account as a Non-Resident

Here’s where things get tricky. While many Portuguese banks allow online account opening, this option is typically only available to Portuguese residents (people who already live in Portugal). If you’re applying for a residency visa like the D7 or Digital Nomad Visa, you won’t be a resident yet.

Ah, the classic “you-need-a-bank-account-to-get-residency-but-you-need-residency-to-get-a-bank-account” conundrum. Welcome to the fun house of Portuguese bureaucracy, folks!

Now, you could try the old-school approach: jet off to Portugal, march from bank to bank with your best “please let me in” smile. But fair warning: you might end up with more rejections than a backpacker at a five-star hotel.

Don’t worry though: there’s light at the end of this bureaucratic tunnel. Stick with us, and we’ll turn you from a non-resident outsider to a Portuguese account-holding insider quicker than you can learn to pronounce “Açores” correctly. Let’s do this!

Your Options for Opening an Account

Given these challenges, there are three main routes you can take:

Use a Lawyer or Relocation Company (Recommended)
Open an Account In-Person in Portugal
Use Atlantico Bank (Online option with limitations)

Let’s explore each of these options in detail.

1. Using a Third-Party Service (Recommended)

This is our recommended approach, especially if you’re from outside Europe. Here’s why:

Cost-Effective: While there’s a fee (typically €250-€400), it’s often cheaper than flying to Portugal and potentially not succeeding.
Time-Saving: It saves valuable time during your scouting trip, allowing you to focus on other important tasks like finding housing. (Finding a rental is something that’s better done in person whereas opening a bank account can be done remotely.)
Higher Success Rate: These services have established relationships with banks, increasing your chances of approval. (Whereas if you walk in, you’ll be taking your chance with the cashier working on the desk that day).

How it Works:

Choose a Company: Use the comparison table below to select a service provider.
Upload Documents: Provide copies of required documents (ID, proof of address, NIF number, proof of income).
Verify Identity: Complete a video call for identity verification (required for some services).
Wait for Approval: The process typically takes 3-4 weeks (Sorry! We wish it could be quicker too!).

Our Recommendation: It’s difficult to pick a “best bank” however, we suggest using a service that opens accounts with Millennium bcp. While it can be harder to open an account with them initially, they consistently receive positive reviews from expats and seem to be less problematic in the long run.

Most people that open an account stick with them, and that’s important if you’re thinking about potentially using banking services like a mortgage later on.

Caixa Geral is a popular recommendation with the Portuguese as it’s seen as one of the most stable banks in Portugal. For historical reasons, stability is very important when it comes to banking in Portugal. To open a bank account with Caixa Geral as a non-resident you’ll need to work with a lawyer. Please contact us for more information.

2. Opening an Account In-Person

If you decide to open an account in person during a visit to Portugal, here’s what you need to know:

Easier for EU Residents: EU residents generally have an easier time, but non-EU residents have also succeeded.
Try Multiple Banks: If one bank refuses, try another bank or even just a different bank branch.
Time-Consuming: Be prepared to spend significant time visiting multiple branches. This method can have a high level of rejection.

Steps:

Choose a Bank: Research banks based on your needs. Popular options include Millennium BCP and Novo Banco as these both open accounts for foreigners.
Schedule an Appointment: Call ahead or visit during opening hours (usually 8:30 AM to 3:30 PM).
Gather Documents: Ensure you have all required documents (see list below).
Visit the Branch: Arrive early to avoid long queues. Consider bringing a Portuguese-speaking friend to act as a translator.
Complete the Application: Fill out forms, submit documents, and make the initial deposit.
Receive Your Card: Some banks issue cards immediately, while others mail them.

3. Atlantico Bank

Unlike Millennium bcp or Novobanco, Atlantico Bank isn’t a bank that most people will have heard of — even in Portugal. This is because this isn’t a brick and mortar bank that has a physical presence in Portugal. However, they have grown in Portugal among prospective expats, particularly during covid times, as they allow non-residents to open a bank account via video call.

Unfortunately, they’ve become a little victim of their own success as the bank now has very long wait times to open bank accounts.

Long Wait Lists: The process can take a considerable amount of time.
No Physical Presence: Atlantico doesn’t have physical branches in Portugal, which can be inconvenient. Once you move to Portugal, you’re going to want a bank you can actually walk into.

Required Documents

Regardless of the method you choose, you’ll need the following documents:

Proof of Identification: Valid passport or EU ID card.
Proof of Address: Recent utility bill, rental contract, or bank statement.
Portuguese NIF (Número de Identificação Fiscal): This is your Portuguese tax identification number. Don’t have one? Don’t worry: most of the online services can help you get one too.
Proof of Employment or Income: Pay slips, employment letter, or proof of pension or social security.
Portuguese Mobile Number: May be required for SMS verification.
Initial Deposit: Typically the minimum deposit is between €200-€300.

International Money Transfers

Once you finally get a bank account in Portugal, your next challenge is going to be putting money into it. Obviously, you’ll need to pay the minimum deposit, but if you’re applying for a visa like the D7 or D8, you’ll also need to transfer a year’s worth of savings into it. If you’re buying a property in Portugal, you’ll need to transfer a lot more.

Now, you can send money directly from your current account (in the US or UK, for example) to your new bank account in Portugal. Most banks will allow you to do this through your online banking, but some may require you to come into the branch.

This option is totally fine, but typically you won’t get the best rate if you do it this way. We suggest using an international money transfer service like Wise in order to get the best possible rate. If you’re sending a significant amount of money (e.g. for a property purchase), we suggest shopping around and speaking to a few currency brokers.

Frequently Asked Questions

Q: Can I open a bank account as a non-resident? A: Yes, but it’s challenging due to stricter know-your-customer (KYC) and anti money laundering (AML) requirements. Banks are especially wary about non-residents from outside Europe and will do more due diligence here.

Q: Can’t I just open a Portuguese bank account online? A: Sorry but no. Yes, it’s possible to open bank accounts online, but only if you’re already a resident in Portugal (i.e. legally living here). Otherwise, you’ll need to come to Portugal and try to open an account in-person or open one through a third party service.

Q: What about international banks? A: Unfortunately, while there are international banks operating in Portugal, you can’t just walk into your local HSBC and ask to open a bank account in Portugal.

Q: What if I don’t have a NIF (Número de Identificação Fiscal)? A: Don’t worry: most services that can open a bank account, whether a lawyer or relocation company, can also help you get the all-important NIF number. You can also go to a Finanças office, Loja de Cidadão office, or Espaço Cidadão office. Note: if you’re resident outside the EU/EEA, you will need a fiscal representative to get a NIF number and we think it makes a lot more sense to just use a lawyer or online service.

Q: What will my new bank account come with? A: Obviously, this will depend on the bank but expect to get a current account with a debit card, access to online banking and mobile banking via the bank’s app, and an account manager. Your bank account will also have a Portuguese Iban (PT50) which will allow you to make free bank transfers to other Euro bank accounts within the SEPA area.

Q: Are there any fees for maintaining an account? A: Yes, most banks charge a monthly maintenance fee, but fear not! All banks have basic accounts and a very small number offer fee-free options. Activobank offers free banking but you typically need to be a resident to open a bank account with them. Other banks void bank fees if you hold a certain level of savings or other products with them. You can always switch banks once you move to Portugal.

Q: Help! My country is blacklisted. Residents and citizens of certain countries will find opening a bank account in Portugal harder than others. For example, countries like Afghanistan, Iran, and Iraq typically appear on the list of non-supported countries. If you are having issues, please get in touch.

Q: Do I need a Portuguese address? A: No, you can use a foreign address like your address in the US or UK.

Q: How long does it take to open an account? A: In-person accounts can often be opened on the same day. Opening an account online usually takes around two to four weeks, depending on the service you use and depending on where you’re resident.

Q: Can I open an account with Revolut, N26, or Wise? A: Yes, but these accounts are typically not accepted for residency visa applications and lack the magical Portuguese Multibanco technology for easy bill payments. However, if you just need a bank account for travel in Portugal or Europe, these online banks allow you to hold money in Euros and offer debit cards that work most of the time in Portugal (tip: a debit card from traditional Portuguese banks is more likely to be accepted in smaller Portuguese stores and just easier for daily financial transactions).

Q: What’s Multibanco? Multibanco is Portugal’s own banking system. You can easily pay your bills or top up your phone online or even at an ATM with the multibanco logo. Once you have a bank account in Portugal, you’ll then be able to use MBway. This is the Portuguese equivalent of Venmo and is what a lot of Portuguese people use for sending money to each other or making payments.

Q: Can I open an account with an international branch? A: If it’s a Portuguese bank abroad, you might be in luck! Some UK residents have charmed their way into Millennium BCP accounts via their London branch, without ever setting foot in Portugal. However, going to London to open a bank account is rarely cost-effective when you could do it online.

Conclusion

So, opening an account with a Portuguese bank…

It’s not exactly simple, especially if you’re still sporting that “non-resident” label. Sure, you could try your luck in person, armed with your best “please love me” smile and a pocket full of dreams. But the easier option is definitely to use an online service.

Yes that comes with a price but the money you’ll spend on a service could save you a fortune in plane tickets, hotel stays, and aspirin for those bureaucracy-induced headaches. More importantly, you can focus on the million other things on your “must do before I move to Portugal” list like finding a rental or working out how you’re going to ship your antique china there.

So there you have it, folks! Whether you choose to be a banking DIY maverick or let a service do the heavy lifting, you’re now armed with more Portuguese banking know-how than a seasoned expat. Now go forth, open that account, and start living your best Portuguese life!