Opening a Bank Account in Portugal: Your Essential Guide (2024)

Opening bank accounts in several countries, particularly in financial centers such as the UK, Singapore, and Hong Kong, can be challenging. Indeed, many countries in the European Union have hoops that you’ll need to jump through to open a bank account with them.

However, if you are looking to open a bank account in Portugal, you’ll be pleasantly surprised by the simplicity of the process. The country is one of the easiest countries to open a bank account, whether you are an EU resident or a non-resident.

In this article, we’ll dive into the steps to open a Portuguese bank account, including:

• Essential info before you open a new account in Portugal
• The required documents
• How to open bank accounts in Portugal
• Types of accounts that Portuguese banks offer
• List of banks in Portugal and the best banks in Portugal to consider
• Important information about banking in Portugal
• Bank fees in Portugal

The Portuguese Banking System

The Portuguese banking system is controlled by the Central Bank of Portugal and the European Central Bank. This is what makes banks in Portugal meet high EU standards. The central bank in Portugal is called Banco de Portugal, and it acts as the regulatory authority for Portuguese banks.

The cornerstone of the Portuguese banking system is the advanced interbank network system, Multibanco, which stands as one of the world’s most sophisticated. This links the local banks through a common network.

This includes around 12,000 ATMs, and you can withdraw money from any of these ATMs without having to pay any fees. Alongside this, you can pay your bills, taxes, and social security contributions this way, as well as transfer money and top up your account. There is also a mobile app called MBWAY that allows you to make payments quickly, which is perfect for splitting the bill with a friend after dinner.

In recent years, the Portuguese banking system has experienced a positive transformation. Notably, banks in Portugal have significantly bolstered their capitalization, marking a substantial improvement in their financial health. This enhanced capital position contributes to a more stable resource intermediation, reflecting positively on the overall resilience of the banking sector.

Currently, Portugal has over 150 local and international banks. The country’s modern banking system includes private national banks, public retail banks, regional cooperative banks, investment banks, and savings banks.

The presence of international banks further enriches Portugal’s financial landscape. International banks operating in Portugal include Banco do Brasil, Banco Sabadell, BBVA, Barclays, BNP Paribas, Citibank, Credit Suisse, ING, and Deutsche Bank have established themselves within the country. This international collaboration promotes diversity and brings a wealth of expertise and global perspectives to the Portuguese banking sector.

Can non-residents open a bank account in Portugal?

Yes, non-residents, including citizens from the United States, can open bank accounts in Portugal. The first step is obtaining a Portuguese NIF, which stands for Número de Identificação Fiscal.

Before You Open a Bank Account in Portugal

Get an NIF number

An NIF is an essential, unique sequence of numbers that allows citizens and visa holders to partake in any government activity. This includes starting or running a business, investing, pursuing legal matters, and paying taxes.

Before you open a new bank account, you must obtain a NIF. This is your Portuguese Tax Number, and you will be required to open a bank account and carry out any daily financial transactions in the country. A fiscal or lawyer representative can help you apply for your tax identification number on your behalf.

If you’re already in Portugal and looking to acquire your NIF yourself, you must visit your local Finanças office. We recommend arriving early to avoid long wait lines. For more information on this, check out our Ultimate Guide on how to get an NIF.

Applying for a NIF is one of the typical steps to get set up for your move to Portugal or when applying for the Portugal Golden Visa program.

Documents Required to Open a Portuguese Bank Account

So, you have your own NIF and are ready to open a Portuguese bank account. Most required documents you’ll need to present are easy to collect.

To open a bank account in Portugal, you’ll need to show the following documents:

• Proof of ID (e.g., passport)
• Proof of address (e.g., recent utility bill or letter received in the previous three months, with your name and address both visible)
• Confirmation of NIF
• Proof of income or employment (e.g., recent payslip or employment letter). You can still open a local bank account if you are not employed. You must show proof of registration with the Portuguese employment center (Centro de Emprego) or that you have an assured work contract.
• A Portuguese phone number for SMS activation: This may not be required and depends on the bank. Some banks also accept international phone numbers.
• A minimum cash deposit of €250-300 is common, although this will depend on the bank.

Please note that these documents may differ depending on your chosen Portuguese bank.

How To Open a Bank Account in Portugal

Once you have all the above documents, you must decide which Portuguese bank best suits your needs.

Steps for opening a bank account for expats who already have a NIF:

1. Choose your local branch of your preferred Portuguese bank
2. Gather your necessary documents to present
3. Visit your branch to request a new account
4. Select the type of account you want to open – for example, a savings account or current account
5. Follow the steps provided by your bank representative
6. You may be required to deposit cash immediately into your new account to activate it.

Open a Portuguese bank account online

If you’re a non-resident but already have a NIF, some banks allow users to open their bank accounts online, such as:

• ActivoBank
• Banco N26
• Caixa Geral de Depósitos
• Millenium BCP
• Novo Banco

Opening an account online requires you to have an online video meeting with the bank representative to confirm your identity and answer their questions.

Types of Bank Accounts in Portugal

Portuguese banks offer three primary types of bank accounts. They are as follows:

• Current Account (Conta à Ordem):

They are the most common type of bank account used for everyday transactions and financial activities. It can be used for deposits and withdrawals and is ideal for managing day-to-day expenses and conducting various transactions. This account comes with a debit card and online banking access.

• Instant-Access Savings Account (Conta Poupança Instantânea):

The Instant-access savings account is designed for individuals looking to save money while maintaining quick access to their funds. It provides liquidity, allows account holders to withdraw funds without significant delays, and offers competitive interest rates.

An Instant-access savings account is perfect for those who want to earn interest on their savings while retaining the flexibility to access funds as needed.

• Time-Deposit Accounts (Depósitos a Prazo):

Time-deposit accounts are for individuals looking to invest a specific amount of money for a fixed period, earning a predetermined interest rate. It involves a fixed-term commitment, ranging from a few months to several years.

What Can You do With a Bank Account in Portugal?

If you open a bank account in Portugal, the premise is the same as opening a bank account in any other country. Most of the main banks in the country offer business and corporate banking as well as individual banking. For foreigners, opening a bank account can be beneficial as it can make the process of paying taxes, getting paid by a Portuguese company, and obtaining permanent residency simpler.

Some common services for individual and corporate banking are the following:

• Loans and overdrafts
• Mortgages
• Checking accounts
• Savings accounts
• Investments
• Digital and online banking
• Services specifically for expats
• Business banking
• Mobile banking
• Insurance
• Trading services
• Financial planning support
• Health insurance

You can choose to get your banking services through face-to-face banking or through online banking. Mobile banking is also an option in many cases.

With an online banking account, you can make transactions and will be able to manage your payments and loans – you’ll be able to access your account whenever you wish.

With a mobile banking account, you can download the banks’ application on your phone and manage transactions from anywhere in the world. Some modern banks serve their accounts solely by mobile apps.

The Best Banks in Portugal

In this section, we’ll look into the best banks in Portugal, including the largest banks, international banks, online banks, and investment banks.

The largest banks in Portugal are the following:

• Caixa Geral de Depósitos
• Millenium BCP
• Banco BPI
• Novo Banco
• Banco Santander Totta

International banks in Portugal

There are many international banks in Portugal, including Brazilian, Chinese, and Angolan banks.

If you are a resident or citizen of any of a country that has a branch in Portugal, you may be able to use your local branch. Some of the most popular international banks in Portugal are:

• Barclays
• Abanca
• ING Bank
• Deutsche Bank
• BNP Paribas
• Credit Agricole
• BBVA

Best online banks in Portugal

Portugal offers online accounts, which have become more popular in the last few years. These accounts can be more convenient to use than going to a local branch. Digital and online accounts are typically best suited for those staying in the country for a limited time period.

You can open a Portuguese account online if you are a non-resident of Portugal with a NIF. In this case, you may be required to have a video call with the Portuguese bank after you have submitted your documents.

In the following list, you can find the best online banks where you can open an online account.Usually, the process is quite straightforward, and you can easily open your account with no issues. When you’ve opened your bank account, you’ll be able to make all your transactions online.

• ActivoBank
• Banco N26
• Millennium BCP
• Novo Banco
• Caixa Geral de Depósitos

If you are only planning on staying in Portugal for a short period of time, it can be a good idea to use transfer services such as Wise or create an account in a digital bank like N26 and Revolut. These banks offer debit cards that you can use to withdraw cash with no additional charges if you stay within certain limits.

Digital banks are a great alternative to traditional Portuguese banks, as they allow for quick remote account openings, have extremely low international fees, and will ship your card to Portugal or elsewhere in Europe.

Investment banks in Portugal

The following local banks are good options for investors:

• Banco Invest
• Banco Finantia
• Banco Carregosa
• BiG (Banco de Investimento Global)

Important Information about Banking in Portugal

International money transfers in Portugal

International money transfers and financial transactions through most banks in Portugal will incur a fee. You can ask your bank how much an international transfer will cost. Usually, the amount that you transfer is unlimited. However, if the transfer amount surpasses €50,000, the Banco de Portugal (Bank of Portugal) must be notified. Money transfers normally take between three to five working days.

Working hours of banks in Portugal

Generally speaking, most banks in Portugal have opening hours of 8.30 to 15.00, but banks can stay open later. Some banks are also open on Saturday mornings. The bank branches located in malls are often open later.

Bank fees in Portugal

Many Portuguese banks charge their clients a monthly fee for their accounts, normally between €5-7 per month and €60 per year. There are several banks that offer limited services on their no-fee bank accounts, namely:

• ActivoBank
• Banco CCT
• Banco BPI
• BNI Europa
• Caixa Geral de Depósitos

Aside from the monthly maintenance fee, there are charges on credit cards and overdrafts, but this will vary depending on which bank you choose, the card type, the account type, and other criteria. There is also a charge for mortgages and loans, but this will depend on the Annual Percentage Rate.

Regarding international money transfers, for amounts that are less than €50,000, the bank fee is less than €15. For larger amounts, this will be approximately €30 or more.

One of the most common charges you might see is for ATM withdrawals, which can be as much as 13% of the total amount.

If you’re refused a bank account

Should you fail to meet the criteria or if any required documents are missing, the Portuguese bank has every right to refuse your application.

If you disagree with their decision, you should consult the bank’s complaints department or submit your complaint to Banco de Portugal.

Changing or closing bank accounts

Whether you are changing bank accounts or looking to close your Portuguese bank account, you must visit or write to your bank in person. There may be some paperwork to complete, but you should not face difficulties changing or closing your bank account.

Lost or stolen card

For lost or stolen cards, you must contact your Portuguese bank or card provider immediately to cancel it. This prevents any fraudulent transactions from happening if they have been stolen.

Portugal is a member of SEPA, and the currency is the Euro

The Euro is one of the world’s strongest currencies and the most common European Union (EU) currency.

The Euro is the currency in Portugal, having replaced the Escudo in 2002 as the sole currency.

The Single Euro Payments Area (SEPA) is a payment-integration initiative from the EU. SEPA helps to simplify bank transfers denominated in euros, and the transfer of funds between EU countries usually has no costs and is as fast as local transfers.

Direct debit is also present in the Eurozone, so you can easily use your Portuguese bank account across the EU.

Low maintenance and transaction costs

Portuguese banks usually have quite competitive fees, and some, such as Activobank and Banco CTT, have no maintenance or debit card fees.

In the Eurozone, standard transactions, including ATM withdrawals and Euro transfers, are normally free of charge or involve negligible fees.

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Frequently Asked Questions about Opening a Bank Account in Portugal