How to Open a Portuguese Bank Account (Online or in-Person)

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Written by: | Last updated on March 19, 2024 | Est. Reading Time: 8 minutes

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).

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 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, 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 reside 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).

Ready to open a Portuguese bank account?

In this article, we’ll discuss opening an account…

  1. Online from abroad
  2. In-person at a bank branch in Portugal

Opening an account online

Some Portuguese banks allow you to open a bank account online, but usually only if you’re already resident in Portugal.

If you want to open a bank account from abroad, for example from the US or UK, you could either:

  • Use a lawyer or relocation company.
  • Come to Portugal and open an account in-person.

Unfortunately, it’s becoming more and more difficult for non-residents, particularly non-EU/EEA residents, to open a Portuguese bank account in-person. You may need to visit multiple different banks and branches if you decide to do this yourself.

Alternatively, you could use a bank account opening service.

Comparison Table: Bank Account Opening Services

The following companies open Portuguese bank accounts for non-residents, typically at a cost of around €300-€350.

CompanyBankTurnaround
Anchorless€269.25 with code PORTUGALIST25Millennium BCP3-4 weeks
Bordr$340 with code PORTUGALISTMillennium BCP 3-4 weeks
E-Residence.com€225 with code PORTUGALISTNovoBanco3-4 weeks
Get Sortd€169NovoBanco3-4 Weeks
NovoMove€290 with code PORTUGALISTNovoBanco3-4 weeks
Visas.pt€395 (includes cost of obtaining NIF) NovoBanco2-3 Weeks

If you don’t already have a NIF number, you will need to order one of these as well, which several companies, like Bordr, Anchorless, and E-Residence, are able to offer.

CompanyAverage DeliveryBankCostWebsite
Anchorless.io3-4 WeeksMillennium BCP€389.25 with code PORTUGALIST25Visit Website
E-Residence3-4 WeeksNovobanco€336 with code PORTUGALISTVisit Website
Bordr3-4 WeeksMillennium BCP$460 Visit Website
visas.pt2-3 WeeksNovobanco€395Visit Website
Novomove2-3 WeeksNovobanco€349 with code PortugalistVisit Website

Typical documents required

Services such as Anchorless or Bordr typically ask for the following documents:

  • Valid passport
  • Proof of address (e.g. utility bill)
  • NIF 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.

Millennium Vs NovoBanco

Millennium BCP and NovoBanco are two of the largest banks in Portugal. Both offer online banking, banking apps for iOS and Android, and have local banks situated throughout all of Portugal. Both also offer mortgages, savings accounts, insurance, and other services.

Although both are large, Millennium BCP has slightly more branches across Portugal. Novobanco covers almost all of mainland Portugal, but doesn’t seem to have any branches in the Azores. If you’re thinking of living in the Azores, Millennium BCP would be the better choice.

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, and you won’t find branches throughout 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, and then 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 show sup 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)

Other Options

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. 

Opening an account in Portugal

If you’re already physically in Portugal, even if you’re just visiting, you might 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). Some banks seem to still allow this, but it’s possible you will struggle and may need to work with a Portuguese lawyer or use a service like Bordr to open your account. 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

There are a lot of banks in Portugal. So which one is best?

When choosing a bank there 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)*

*You may have free banking in your country but in general, most banks in Portugal charge a monthly fee (Activobank is the main exception). 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 annual fee for basic bank accounts which, in 2022, was no more than €4.35.

Written by

James Cave is the founder of Portugalist and the author of the bestselling book, Moving to Portugal Made Simple. He has visited just about every part of Portugal, including Madeira and all nine islands of the Azores, and lived in several parts of Portugal including Lisbon, the Algarve, and Northern Portugal.

You can contact James by emailing james@portugalist.com or via the site's contact form.