If you’re moving to Portugal, you’ll need a Portuguese bank account — for your visa application, to receive income, pay rent, set up utilities, and access Multibanco (the payment network that runs Portugal).1
The problem? As a non-resident, opening an account isn’t straightforward. You can’t just sign up online like you would back home, and walking into a branch often ends in rejection — sometimes at multiple banks.2
The good news: specialist services can open your account remotely, often in 2–4 weeks and for as little as €290. We’ve compared them all so you can find the right one.
You’ll Need a Bank Account To
✔ Apply for a visa (D7, D8, Golden Visa, etc.)
✔ Show savings for your visa application
✔ Pay rent and utilities
✔ Receive salary or pension income
✔ Access Multibanco (Portugal’s payment network)
✔ Buy property in Portugal
Along with a NIF, it’s one of the very first things you’ll need — and most visa applications can’t proceed without it.
Open a Portuguese Bank Account For €290
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 to see if they can help.
Why Use Our Comparison Tool?
💰 Find the lowest price: Online bank account services range from €290 to €500+. We show them side by side — and our exclusive discount codes often make it cheaper than going to the provider directly.
🏦 Compare banks: Different providers open accounts with different banks. Our comparison tool shows you which bank each provider uses, so you can choose the right fit.
⏱ Compare delivery times: Some providers open your account in 2 weeks, others take 4+. If your visa appointment is approaching, that difference matters.
🛡️ Skip the rejection risk: Walking into a Portuguese bank branch as a non-resident often ends in rejection. These services have established relationships with banks, making approval far more reliable.
How It Works
If you’re outside Portugal — which is the case for most visa applicants — an online service is the most reliable route. These providers have established relationships with Portuguese banks, which means fewer rejections and a smoother process than going it alone. Here’s how it works:
1. Choose a provider
Use our comparison tool above to find the provider that suits your budget, timeline, and preferred bank.
2. Upload your documents
You’ll typically need a scan of your passport (or EU ID), proof of address, your NIF number, your home-country tax number, and proof of income or savings. Some banking managers only accept scanned copies rather than digital photographs, so keep that in mind.
3. Send your deposit
Most banks require a €250 deposit to open the account. Tip: use a service like Wise for better currency conversion rates.
4. Wait for approval
Most accounts are opened in 2–4 weeks. Some banks require a short video call for verification.
5. Get access
You’ll receive your login details for online banking. Your debit card is either mailed to you or requested through your online portal.
Other Ways to Open a Portuguese Bank Account
Through a lawyer or relocation company
Most immigration lawyers bundle a bank account (and NIF) with their visa application service. This is convenient — one point of contact for everything — and if you want a bank other than Millennium BCP or Novo Banco, a lawyer may be able to offer more options (such as Caixa Geral, Bankinter, or Abanca), although the two main banks are perfectly fine for most people.
In person at a Portuguese bank
You can walk into a branch and try to open an account, but be prepared for rejections. Non-EU/EEA residents frequently report being turned away at multiple banks. EU/EEA residents have better luck, but it’s still not guaranteed. Bank hours are typically 08:30–15:00 and appointments may be required. If you do get accepted, the account is opened the same day — making this the fastest route when it works.
If you’re based in London, some people have had success going into the Millennium BCP office on 63 Queen Victoria Street, London, EC4N 4UA.
Which Bank Will I Get?
Most online services open accounts with one of two banks: Millennium BCP or Novo Banco, with Millennium being the more common of the two. Both are large, well-established Portuguese banks with English-language apps and online banking. Either will satisfy your visa requirements.
- Millennium BCP has the larger branch network (695+ locations) and offers premium tiers like Prestige, which include a dedicated account manager — useful when you’re still learning how things work in Portugal.
- Novo Banco has 350+ branches and also offers premium accounts (Golden Key) with dedicated managers who speak English, French, or Chinese.
Monthly fees for either bank typically range from €5 to €15, depending on the account tier and services included. You can always switch banks or downgrade to a Minimum Banking Services Account (around €5/year) once you’re settled. 3
Frequently Asked Questions
Digital banks like Wise, Revolut, and N26 are popular with expats in Portugal — and for good reason. They’re great for currency transfers, everyday spending, and keeping money in multiple currencies.
However, they won’t work for your visa application. Portuguese consulates require a bank account with a Portuguese bank.
In almost all cases, yes. A NIF is required to open a Portuguese bank account. In rare cases, a bank may issue a ‘temporary NIF,’ but you shouldn’t count on this. If you don’t have a NIF yet, many of the services in our comparison tool can handle both — often at a bundled discount. You can also get your NIF separately first.
No. You can open an account as a non-resident using your current foreign address. You’ll typically need to use an online service or a lawyer, or come to Portugal to try opening an account in person.
This depends on the visa and the number of people on your application. In 2026, most lawyers recommend an individual applying for the D7 or Digital Nomad Visa show at least €11,040 in their Portuguese bank account. You’ll need to provide a recent statement as part of your application. The initial deposit to open the account is typically €250.
Most Portuguese banks charge a monthly fee, typically €5–€15 depending on the account tier and what’s included. These fees often come with benefits — Millennium BCP’s Prestige tier, for example, includes credit cards and several types of insurance. If you’d rather not pay, you can downgrade to a Minimum Banking Services Account (around €5/year) or switch to a fee-free bank like ActivoBank once you’re settled. Some banks also reduce fees if you keep your balance above a certain amount.
Yes. In Portugal, bank deposits are protected by the Fundo de Garantia de Depósitos (FGD) up to €100,000 per depositor, per institution, in the event of bank failure. This is the same level of protection as in other EU countries.
Some people — particularly those with larger account balances — are offered a credit card right away. Credit limits tend to be lower than what you might be used to in the US, but they can be increased over time as you build a credit history in Portugal.
Further Reading
Footnotes & Sources
- Multibanco is Portugal’s nationwide payment network, and it’s used for far more than cash withdrawals: people use it to pay utility bills, taxes, subscriptions, transport tickets, and many everyday services. In practice, if you live in Portugal, having a Portuguese bank account makes life much easier because many bills and service payments are set up around the Multibanco reference system and are paid through your local bank or a Multibanco terminal. It’s often possible to pay for many services using the bank’s IBAN, but the Multibanco system is usually the easier route.
- Some nationalities are rejected more than others. For example, countries like Syria and Iraq are blacklisted by many banks. Americans also have a harder time opening a bank account in Portugal because Portuguese banks must handle extra U.S. compliance requirements, especially FATCA, which makes American customers more expensive and administratively burdensome to onboard.
- The Minimum Banking Services Account in Portugal, or conta de serviços mínimos bancários, is a basic current account that gives you the essential banking functions at a legally capped low fee. It typically includes a debit card, cash deposits and withdrawals, payments for goods and services, direct debits, and basic transfers, and it’s meant for people who don’t already have another current account in the system.