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.
- 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) |
- Submit Your Documents
You’ll need: passport, proof of address, NIF, and income documents. Some services also require a selfie or video call. - Wait for Approval
Most accounts are opened within 2–4 weeks. Some banks may take longer. - 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.
- Choose a Bank
Popular options: Millennium BCP and Novo Banco - Book or Walk In
Go during business hours (typically 08:30–15:30). - Bring These Documents:
- Passport or EU ID
- Proof of address
- NIF
- Proof of income
- Portuguese mobile number (optional but helpful)
- Be Patient
You may be rejected by one branch but accepted by another. - 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.
Have a question about moving to Portugal?