How to Open a Portuguese Bank Account in 2025 – For Expats & Non-Residents

Written by / Last updated on June 13, 2025

To open a bank account in Portugal in 2025, you’ll need a valid passport, Portuguese tax number (NIF), proof of address, proof of income, and in some cases, a Portuguese mobile number.

While opening an account online is usually restricted to residents, there are services that allow non-residents to open accounts remotely for a fee.


Quick Facts: Opening a Bank Account in Portugal

Requirement Summary
Who it’s for Non-residents, visa applicants, expats
Main methods Online via service, or in-person in Portugal
Approx. timeframe 1 day (in-person) or 2–4 weeks (online)
Estimated cost Free (DIY), or €250–€400 (via service)
Key document Portuguese NIF (Tax ID)
Visa suitability Must be a local Portuguese bank account

Step-by-Step: How to Open a Bank Account in Portugal

Option 1 – Use a Third-Party Service (Recommended)

Best for non-EU residents or those applying for visas like the D7 or Digital Nomad Visa.

  1. Choose a Trusted Service
Company Bank Average Delivery Time Cost
E-Residence Novobanco 3-4 Weeks €225 (with code PORTUGALIST25)
Anchorless Millennium bcp 3-4 Weeks €269.25 (with code PORTUGALIST25)
Novomove Novobanco 2-3 Weeks €290 (with code PORTUGALIST)
Bordr Millennium bcp 3-4 Weeks Around €300
Visas.pt Novobanco 4+ Weeks €395 (includes NIF)
  1. Submit Your Documents
    You’ll need: passport, proof of address, NIF, and income documents. Some services also require a selfie or video call.
  2. Wait for Approval
    Most accounts are opened within 2–4 weeks. Some banks may take longer.
  3. Get Access
    Once approved, you’ll receive login credentials and your debit card by mail.

Best Banks via Services:

  • Millennium bcp: Great long-term choice, widely used by expats
  • Caixa Geral: Known for financial stability; requires lawyer

Option 2 – Open In-Person at a Branch

Ideal if you’re already visiting Portugal.

  1. Choose a Bank
    Popular options: Millennium BCP and Novo Banco
  2. Book or Walk In
    Go during business hours (typically 08:30–15:30).
  3. Bring These Documents:
    • Passport or EU ID
    • Proof of address
    • NIF
    • Proof of income
    • Portuguese mobile number (optional but helpful)
  4. Be Patient
    You may be rejected by one branch but accepted by another.
  5. Complete Setup
    Fill out forms, deposit funds (€200–€300 minimum), and receive your debit card.

Option 3 – Atlantico Bank (Remote + Non-Resident Friendly)

  • Allows online account opening for non-residents via video call
  • Long waiting times due to high demand
  • No physical branches in Portugal
  • Not ideal for long-term everyday banking once you arrive

What Documents You’ll Need

  • Passport or EU ID
  • Proof of Address (utility bill, lease, or bank statement)
  • Portuguese NIF (tax ID)
  • Proof of Income (pay slips, pension, or bank statements)
  • Portuguese Mobile Number (Sometimes required to get login codes)
  • Initial Deposit: Typically €200–€300

Sending Money to Your Portuguese Account

Once your account is open, you’ll need to fund it—especially if you’re applying for a visa.

Best Ways to Transfer Money:

  • Wise – Great rates and low fees for regular transfers
  • CurrencyFair or Revolut – Competitive rates for large transfers
  • Bank Wire – Slower, more expensive, but accepted by all banks

Tip: If transferring large sums (e.g. to buy property), speak to a currency broker for the best exchange rate.


What’s Changed in 2025?

  • Online account opening still limited to residents, except via approved services
  • KYC (Know Your Customer) checks stricter, especially for U.S. and other non-EU residents
  • New EU-wide AML rules mean longer verification times

FAQs: Portuguese Bank Accounts

Can I open an account as a non-resident?
Yes, but typically via a lawyer or online service. It may be possible to open an account in-person, but many people face rejection (at least a few times before they’re successful).

Do I need a NIF first?
Yes. Some may be willing to issue a temporary NIF number, but most will require an actual NIF.

What banks are best for expats?
Millennium bcp and Novo Banco are popular, particularly when opening an account remotely. Activobank offers free accounts but opening an account as a non-resident, particularly outside of the EU/EEA, is challenging.

Can I use N26, Wise, or Revolut?
These accounts are not accepted for visa applications. However, they’re perfectly fine for day-to-day spending and travel.

What is Multibanco?
Portugal’s ATM/payment network. Enables easy bill pay, MBWay (mobile payments), and more.

How long does it take to open an account?
Online: Typically 2–4 weeks. In person: same day if accepted.

Do I need a Portuguese address?
No. A foreign address is fine.

Is there a monthly fee?
Most banks charge €2–€8/month unless you maintain a balance or open other products.

Is it hard for U.S. citizens?
Not impossible, but stricter rules apply. Using a service helps.


Common Issues & How to Fix Them

Didn’t get accepted at the branch?
Try a different branch or bank. Policies vary by location and staff.

Long delays opening online?
Some banks now take 4–6 weeks.

Missing your NIF?
Get one first. Services like Bordr or E-Residence can help.

Can’t verify income?
Bank statements or a notarized letter from an accountant may help.


Next Step

Don’t have a NIF yet? You can get one here.

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