Open a bank account as a non-residents in Portugal can be a challenging task, especially if you are unfamiliar with the process or the requirements. Whether you are planning to move to a new country, studying abroad, or looking to expand your business overseas. And also having a local bank account is crucial for managing your finances efficiently.
In this article, we will guide you through the essential steps and requirements for opening a bank account as a non-resident in Portugal. And providing you with the necessary information to make the process as smooth and easy as possible.
Why opening a Bank Account in Portugal?
Member of SEPA and currency Euros
Portugal is a member of the Single Euro Payments Area (SEPA), which means that payments. And transfers can make easily and quickly between accounts in different countries in the Eurozone. This is particularly beneficial for individuals who frequently travel or do business across European borders.
To establish a financial footprint
Having a bank account in Portugal can help establish a financial history in the country. And which may be necessary if you plan to apply for credit or a loan in the future. This can be especially important for individuals who plan to stay in Portugal for an extended period of time or who may be looking to invest in the country.
Low Maintenance and transactional Costs
Compared to other countries in Europe, Portugal offers relatively low maintenance and transactional costs for bank accounts. Many banks in Portugal offer free or low-cost banking services, which can be particularly beneficial for individuals who are living or working on a budget.
Wide access to cash machines (ATM’s)
Portugal has a large network of ATMs, which makes it easy to access cash and conduct banking transactions. Banks in Portugal also offer mobile banking apps or online banking services, which can make it even easier to manage your finances on the go.
To invest in Portugal
If you plan to invest in real estate or other assets in Portugal, having a local bank account can make it easier to transfer funds and manage your finances. Additionally, some banks in Portugal may offer investment or wealth management services, which can help you make informed investment decisions.
To move to Portugal
If you are a foreigner from outside the EU/EEA seeking to move to Portugal (such as by applying for the D7 Visa, Digital Nomad Visa, D2 Visa. Or other Visa you will still need a Portuguese bank account to submit your visa application.
To receive government benefits
If you are a non-EU citizen who is legally residing in Portugal, you may be eligible for certain government benefits. Also such as social security payments, which may require a local bank account. Having a local bank account can also make it easier to receive payments from an employer or other sources of income.
Can a foreigner open a bank account in Portugal?
Yes, foreigners can typically open bank accounts in Portugal. Many banks in Portugal offer accounts tailored to the needs of non-residents, making it relatively straightforward for foreigners to open accounts.
However, requirements and procedures may vary depending on the bank and the individual’s specific circumstances. Generally, you’ll need to provide identification, a NIF number in Portugal, proof of address in your home country, and sometimes additional documentation, such as proof of income.
If you are coming from a non-EU country, to obtain your NIF, you will need to assign a fiscal representative to be your contact point with the Portuguese tax authorities.
Fiscal Representative: Do I need one?
What types of bank accounts are available in Portugal for non-residents?
There are several types of bank accounts available in Portugal, each designed to suit different needs and financial goals. Here are some of the most common types of bank accounts available:
Current Accounts
A current account is the most basic type of bank account, designed for everyday banking transactions. It allows you to deposit and withdraw money, pay bills, and make transfers to other accounts.
Many banks in Portugal offer free current accounts with no maintenance fees, although some may require a minimum balance to be maintained.
Savings Accounts
A savings account is a type of bank account designed to help you save money. They typically offer higher interest rates than current accounts and may have restrictions on the number of withdrawals you can make in a given period.
Savings accounts can be a good option if you are looking to build up a nest egg or save for a specific financial goal.
Time Deposit Accounts
Time deposit accounts, also known as fixed deposit accounts, offer a higher interest rate than savings accounts. But require you to commit your money for a set period of time.
The longer the term of the deposit, the higher the interest rate typically is. These accounts are a good option if you have a lump sum of money you don’t need immediate access to.
Investment Accounts
Investment accounts are designed for individuals who want to invest their money in various financial products, such as stocks, bonds, and mutual funds.
They require a higher level of financial knowledge and can be riskier than other types of accounts, but can offer higher returns over the long-term.
Credit Card Accounts
Credit card accounts allow you to make purchases and pay bills using a credit card. In Portugal, most banks offer credit cards with different features and benefits, such as cash-back rewards or travel perks.
These accounts can be a good option if you want to build up your credit score or have access to credit when needed.
Junior Accounts
Many banks in Portugal offer special accounts designed for young people, typically under the age of 18.
These accounts may have lower fees or higher interest rates to encourage saving, and can be a good way for young people to start building a relationship with a bank.
Documents needed to open a Bank Account in Portugal
To open a bank account in Portugal as a non-EU citizen, you will typically need to provide the following documents and information:
Personal Identification: You will need to provide a valid passport or other government-issued identification document.
Proof of address: You may be asked to provide proof of your address in Portugal, such as a utility bill or rental contract (unless you are a non-resident).
Tax identification number: You will need to obtain a tax identification number (NIF) from the Portuguese tax authority (Autoridade Tributária e Aduaneira).
Proof of income: Some banks may require proof of your income or employment status, such as a payslip or employment contract
Phone number: While a Portuguese phone number may not be strictly mandatory to open a bank account in Portugal, some banks may require a local phone number as part of their account opening process or means of verifying your identity.
How to open a bank account in Portugal for non-residents?
Step 1 – Gather necessary documents
As mentioned earlier, you will need to provide identification, proof of address, a tax identification number (NIF), proof of income (if required), and an initial deposit.
Step 2 – Visit a branch
Visit a branch of your chosen bank with all of the necessary documents. Some banks may allow you to open an account online, but it is best to check with the bank first to confirm their process.
Step 3 – Complete and sign contract
Fill out and sign an application form and provide the required documents to the bank representative. They may ask you questions about your reasons for opening the account and how you plan to use it.
Step 4 – Make an initial deposit
You may need to make an initial deposit to activate the account. The amount required will vary depending on the bank and type of account.
Step 5 – Receive your account information
Once your account is activated, the bank will provide you with your account information, such as your account number and any login credentials for online or mobile banking.
Major Portuguese banks in Portugal
The retail banking market in Portugal is competitive and diverse, with many banks offering a range of products and services to customers.
The sector is dominated by several large Portuguese banks, including Millennium Bank, Caixa Geral de Depósitos, and Novo Banco, which collectively account for a significant share of the market.
The retail banking market in Portugal is regulated by the Bank of Portugal, which oversees the safety and soundness of financial institutions and promotes a stable financial system.
Here is the list of the most important retail banks
International Banks in Portugal
Apart from the Portuguese banks listed above, several of the world’s largest banking corporations have a presence in Portugal. While this list is not comprehensive, it does encompass some of the notable global banks operating in Portugal for your reference.
Online Banks in Portugal
The online banking market in Portugal has been rapidly evolving in recent years, with the emergence of new digital banking startups and the increased investment in digital platforms by traditional banks.
As more consumers in Portugal seek the convenience and accessibility of online banking services, the market has become increasingly competitive, with a variety of online banks offering a wide range of banking products and services.
Here is the list of the most important online banks:
Why choose Portugal Residency Advisors for your relocation to Portugal?
One single channel of communication for the entire process. We provide you with a comprehensive service that covers all aspects of your move, from identifying the ideal residency visa to finding your new home or helping you to settle.
We recommend what’s best for you based on an extensive process experience that saves time and money to clients. Our pricing is clear and competitive, and we don’t sell services that make us more money.
Frequently Asked Questions About Opening a Bank Account in Portugal as a Foreigner
Do I need to be a resident in Portugal to open a bank account?
No, many Portuguese banks allow non-residents to open accounts. However, having a Portuguese fiscal number (NIF) is mandatory.
What documents are required to open a bank account in Portugal?
Typically, you need:
- Passport or ID card (for EU citizens).
- NIF (Portuguese tax identification number).
- Proof of address (e.g., utility bill).
- Proof of income (sometimes required).
How do I get a Portuguese NIF?
You can obtain a NIF by visiting a local tax office (Finanças) with your passport and proof of address. A representative or lawyer can also assist.
Can I open a bank account online?
Yes, some banks, like ActivoBank and Millennium BCP, offer online account opening, but you may need to complete identification in person.
What types of accounts are available for foreigners?
Common account options include standard checking accounts, savings accounts, and non-resident accounts tailored for expats.
Are there fees for maintaining a bank account?
Yes, many banks charge maintenance fees, ranging from €5–€10 per month. Some offer fee-free accounts if conditions like minimum balances are met.
Which banks are expat-friendly in Portugal?
Popular expat-friendly banks include Millennium BCP, Novo Banco, Banco Santander, and ActivoBank. These often have English-speaking staff.
Can I open a joint bank account with my spouse or partner?
Yes, joint accounts are available. Both parties need to provide identification, NIFs, and other necessary documentation.
Do I need to deposit a minimum amount to open an account?
This depends on the bank, but many require an initial deposit, usually between €50 and €250.
Is my money safe in Portuguese banks?
Yes, Portugal is part of the EU, and deposits are protected up to €100,000 per account holder under the European Deposit Guarantee Scheme.
