Opening a bank account in Portugal: what banks ask, what the law guarantees

What every bank asks for

Portuguese banks identify customers under the anti-money-laundering law (Lei n.º 83/2017). Whatever the bank’s brochure says, the file contains:

1. Identity: passport (or EU identity card); for residents, the residence card as well;
2. NIF — Portuguese tax number, always (how to get it);
3. Proof of address: a utility bill, a bank statement or a lease, in Portugal or abroad;
4. Proof of income or activity: payslips, a pension statement, a tax return, an employment contract or company documents — the “source of funds” question the law obliges the bank to ask;
5. a foreign tax number for non-residents (the bank reports under the CRS/FATCA exchange rules);
6. a Portuguese mobile number for the app and confirmation codes — some banks accept a foreign one.

Non-residents can open accounts: the account is flagged non-resident, which changes nothing for daily use and matters only for tax reporting. When you become resident, the bank updates the status with your residence document.

• NIF + passport + address + income — the four documents no bank skips
• 5,37 € a year: legal ceiling of the basic account in 2026
• 1–3 weeks typical time for a non-resident opening, remote or in branch
• Debit card + transfers + direct debits included in the basic account by law

Remote or in branch

Several banks — Millennium bcp, Novo Banco, BPI, Santander, ActivoBank, Bankinter, CGD in some cases — accept non-resident applications started online or by video, with documents uploaded and the signature by video call or at a branch of a partner abroad. Others still want you in a branch once. A Portuguese address is not required for a non-resident account; a Portuguese NIF is. Access Portugal prepares the file, books the appointment or the video session and, when the client holds a power of attorney, opens the account by proxy where the bank allows it.

Expect compliance questions about the origin of large transfers (a house purchase, visa funds). Answering with documents at the outset — sale contract, pension award, savings statements — avoids the freeze that follows an unexplained transfer.

The basic account the law guarantees

Decreto-Lei n.º 27-C/2000 obliges participating banks (all the main retail banks) to open a serviços mínimos bancários account for any natural person who does not hold another current account in Portugal. It includes the account, a debit card, ATM access, direct debits and transfers, and the annual cost cannot exceed 1 % of the IAS — 5,37 € in 2026. The only lawful refusals are that you already hold a current account, refuse to sign the declaration that you have none, or hold a Portuguese debit or credit card, which the bank may check through the card systems. Residence in Portugal is not a condition written in the decree for individuals.

This is the account we recommend for students, pensioners with modest income and anyone who wants no monthly fee; it can be converted to a full account later.

Fees on ordinary accounts

Monthly maintenance ranges from 0 € (online banks, some packages with salary domiciliation) to 5–10 € for a standard account with card; SEPA transfers in the app are usually free, and ATM withdrawals on the Multibanco network are free for Portuguese cards. Since 2020 banks may not charge for MB WAY transfers below 30 € per operation and 150 € per month, or for the first 25 app transfers a month, for private customers (Lei n.º 53/2020) — a detail worth knowing when comparing offers.

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