If you’re considering making Portugal your new home or buying a property here, you will need to open a Portuguese bank account. While opening a bank account should be a relatively straightforward process, that isn’t always the case (and it has become more challenging in recent years due to increased regulations).
Don’t worry, though: At Portugalist, we’ve helped thousands of people open a Portuguese bank account and we’ve created this article so you can do the same.
If you don’t want to read the whole article, use the form below to find the best option for you.
Reasons to Open a Portuguese Bank Account
You may need a Portuguese bank account if:
- You’re a non-EU/EEA/Swiss citizen applying for a Portuguese residency visa like the D7, D8 (know as the digital nomad visa), or golden visa.
- You’re buying a property in Portugal.
- You’re already living in Portugal and need an account for day-to-day expenses and to pay bills like your internet or phone bill.
Why It’s Challenging
Here’s what you should know:
- Most Portuguese banks don’t allow non-residents (people that live outside of Portugal) to open bank accounts online.
- To open a bank account online as a non-resident, you’ll typically need to go through a lawyer or company. This typically costs anywhere from €336-€500 or more, depending on the company you choose (don’t worry: we have a comparison table to help you find the best company).
- You can come to Portugal to open a bank account in-person for free, however, a lot of banks won’t open a bank account for non-residents, especially if you are resident outside the EU/EEA. This is due to increasingly strict regulations.
- The ease of opening a Portuguese bank account in-person can vary from bank to bank and even branch to branch. You may get lucky with the first bank you try or you might need to visit multiple.
- You will need a Portuguese NIF number (tax identification number) to open a Portuguese bank account (don’t worry: we list companies that can help you get the NIF and bank account at the same time).
How to Open an Account Online
- Some Portuguese banks allow you to open a bank account online, but usually only if you’re already resident in Portugal.
- However, it is possible to open a bank account remotely if you go through a lawyer or relocation company.
- There is a cost to this (typically around €336-€500) as you’re paying for the services of the lawyer or relocation company for their time and services.
See the comparison table below for companies that will open a Portuguese bank account remotely. Some companies have bundles that include both the NIF number and bank account, should you need both.
Company | Bank Account Cost | Bank | Turnaround | NIF + Bank Account Cost |
---|---|---|---|---|
Anchorless | €269.25 with code PORTUGALIST25 | Millennium BCP | 3-4 weeks | €389.25 with code PORTUGALIST25 (see here) |
Bordr | $340 with code PORTUGALIST | Millennium BCP | 3-4 weeks | |
E-Residence.com | €225 with code PORTUGALIST | NovoBanco | 3-4 weeks | €336 with code PORTUGALIST (see here) |
Get Sortd | €169 | NovoBanco | 3-4 Weeks | |
NovoMove | €290 with code PORTUGALIST | NovoBanco | 3-4 weeks | €349 with code Portugalist (see here) |
Visas.pt | €395 (includes cost of obtaining NIF) | NovoBanco | 2-3 Weeks | €395 (see here) |
SGP- Sandra Gomes Pinto & Associates | Bank With Best Rate | 3-4 Weeks | €700 (includes tax advice and guidance) |
Choosing a bank
Most relocation companies typically offer a bank account with Millennium BCP or Novobanco, two of the largest banks in Portugal. Most work with just one bank.
Although both are large, Millennium BCP has slightly more branches across Portugal. Novobanco covers almost all of mainland Portugal, but doesn’t have any branches in the Azores.
If you work with a lawyer, such as SGP- Sandra Gomes Pinto & Associates, they will be able to offer a larger choice of banks, including some not listed, like Caixa Geral.
Typical documents required
You will normally need the following documents. However, it’s a good idea to check the requirements of the individual account opening service.
- Valid passport
- Proof of address (e.g. utility bill)
- Portuguese NIF Number (personal tax identity number)
- Proof of employment status (e.g. employed, student, retired etc.)
- Tax number from your country of residence
The minimum age for these bank accounts is typically 18 years of age. Many banks offer special bank accounts for those under 18 years of age.
Opening an account in Portugal
If you’re already physically in Portugal, even if you’re just visiting, you may be able to open a bank account.
Opening a bank account in Portugal isn’t always easy or straightforward, particularly if you are resident in a country outside of the EU (e.g. the US). If you get rejected in one bank, it is worth trying another bank and even just another branch.
In the case that you can open a bank account, you will normally need the following documentation:
- A NIF number (there’s a whole article on NIFs, if you’re not sure what this is.
- A Portuguese mobile phone number (not always required, but it may be needed for login codes)
- ID such as a passport or European ID card or Residency card (if resident in Portugal)
- Proof of address such as utility bills (gas or electric or a mobile phone contract)
- Proof of income – Payslips (that ideally state your profession) or a letter of employment for employees, pension slips for pensioners, and a tax return for the self-employed
- Initial deposit – many banks require an initial deposit, which is usually around €250
Some banks may ask you for your recent payslips or proof of earnings. It’s a strange requirement that some Portuguese banks have. If you’re a pensioner, your pension slips should suffice and if you’re self-employed, show your most recent tax returns.
How to choose a bank
If you come to Portugal, you’ll have a choice of more banks than just Millennium BCP or Novobanco. Here are a few things to consider?
- Does this bank have branches where I’m going to live (if you don’t know yet, pick somewhere with a lot of branches like Millennium)?
- Does this bank offer other products (like credit cards, health insurance, savings accounts, and mortgages)?
- Do the staff seem friendly and is there someone there that speaks my language?
- What are the maintenance charges and other costs (a monthly charge is a fact of life with many current accounts, but usually isn’t more than around €7.50 per month)*
Monthly Costs
You may have free banking in your country but in general, most banks in Portugal charge a monthly fee. If you’re looking to keep costs down, you can ask for a basic bank account or conta de serviços mínimos bancários.
This may not be advertised, and the person at the bank may not suggest it, but if you ask for it, they should provide it. As a basic bank account provides a debit card, online banking, and direct debits, it’s more than most people need. The Bank of Portugal sets a maximum fee for basic bank accounts which, in 2022, was no more than €4.35 per year.
Activobank is one of the few Portuguese banks that offers free banking. However, their branches are mainly based around the Lisbon and Porto areas.
Other Options
Atlantico
Atlantico is one of the few Portuguese banks that allows you to open an account online. This isn’t a very well-known bank, with only one branch in Portugal, but many people moving to Portugal have used it to meet the residency visa requirements.
To open an account with Atlantico, you’ll need to:
- Download the MyAtlantico app.
- Submit the required documents.
- Do a video interview to confirm your identity.
Once you’ve completed the interview there can be a long waiting process waiting for your account to be opened. The account opening service also isn’t available in every country.
Note: A lot of people report very long waiting times to open an account with Atlantico.
Cant even get into the app and the reviews are terrible for Atlantico. Apprarently noone shows up for the video verification call, leaving people waiting for hours, then not showing. Im sure some have success, but thats all the reviews I read
Jen (commenter on Portugalist)
Banks with International Branches
Some Portuguese banks have branches in other countries and you can open a Portuguese bank account through them.
Millennium BCP, for example, has a branch in London which many UK residents have visited in order to open an account without visiting Portugal. You will most likely need a NIF in order to do this, although some people have said the bank offered them a ‘temporary NIF’ in order to bypass this requirement.
What about Revolut, Wise, & N26?
Why open a Portuguese bank account when you have a Euro account inside app-based banks like Revolut, Starling, N26, or Wise?
Simply put, because Revolut and Wise are not Portuguese banks. This means they cannot be used for a residency visa application like the D7 or D8.
You will be able to use them for day-to-day spending and you may even be able to pay some bills (such as home internet) using your IBAN number. However, as these banks don’t have the Multibanco technology used in Portugal, you won’t be able to pay all your bills this way.
Basically, they’re perfectly fine for travelling in Portugal but very limited if you’re planning to move to Portugal.