Open a Bank Account

How to Open a Bank Account in Portugal: A Complete Guide for Expats and Non-Residents

Opening a Portuguese bank account simplifies life in Portugal – for receiving salary or pensions, paying rent/bills, and making local transfers. Both residents and non-residents can open accounts, but requirements differ. Generally you will need a valid ID (passport or Portuguese Citizen Card), a Portuguese tax number (NIF), proof of address, and sometimes proof of income deco.proteste.pt. EU citizens have a right to a basic account and banks cannot refuse a simple checking (“basic banking”) account wise.com. Non-EU residents often face stricter documentation (proof of origin of funds, apostilled documents, etc.). Foreigners can open accounts in person (at a branch) or, increasingly, by digital means (video call or online) with certain banks (see below).

Here are step-by-step instructions and insider tips:

1. Gather Required Documents

Portuguese banks require standard documentation. According to DECO (Portuguese consumer association) and bank guidelines, the mandatory documents for any personal account are:

• Identification – valid passport, national ID card, or (for residents) Portuguese Citizen Card or Residence Permit clientebancario.bportugal.pt.

• Tax ID (NIF) – almost all banks insist on your Portuguese “Número de Identificação Fiscal” before opening an account. This is like a Social Security or CPF number. If you don’t already have one, you must request a NIF from the tax office (online at ePortugal) or via a fiscal representative in Portugal. (Some banks — e.g. Millennium BCP or BNI Europa — may allow you to open first and obtain a NIF through them, but generally it’s safer to get a NIF beforehand.)

• Proof of address – a utility bill, rental contract, or any official correspondence showing your name and Portuguese address. If you don’t have a bill in your name, some banks accept a “residence certificate” (atestado de residência) from your local parish as proof. Note: Non-residents often use a foreign address and present a recent utility bill or bank statement from their home country.

• Proof of income/employment (if applicable) – recent payslips, an employment contract, or tax return (IRS). Self-employed can show registration (recibo verde). Students present enrollment proof or tuition payment. Retirees show pension statements. (Some banks ask for this under anti-money-laundering rules.)

• Initial deposit – many Portuguese banks require a minimum opening deposit (e.g. €50–€150)millenniumbcp.pt santander.pt. This varies by account type (see Table below).

For non-residents (tourists, digital nomads, etc.), all the above still applies. EU/non-EU status mainly affects refusal rights: EU citizens cannot be denied a basic account. Non-EU citizens may need extra forms (e.g. FATCA for Americans) and sometimes have to appear in person or use an international branch. In practice, prepare your passport, NIF, proof of address (your home country address is acceptable), and any visa/residence permit you hold.

Once you have documents in order, you can open an account either in person at a branch or online. Many banks (Millennium/Activo, Santander, Novo Banco) now offer 100% online account opening using video calls and digital ID (Citizen Card + digital PIN) novobanco.pt. If you go to a branch, it’s wise to schedule an appointment in advance (many banks allow online booking). When you apply, ask for “basic terms information” (FIN) and “fees info” (DIC) before signing. The account and debit card can often be issued on the spot, but the physical card may arrive by mail in ~5–10 days. Credit cards require a separate credit check.

Insider tip: Portuguese accounts charge a 0.3% stamp duty (“imposto do selo”) on certain transactions (for example, credit card use and sometimes monthly maintenance) expatica.com. This tax is in addition to any stated fees. Also, ask about maintaining free status: many banks waive the €5–7 monthly fee if you meet conditions (salary deposit, minimum balance, or student status).

2. Comparative Table: Major Portuguese & Digital Banks

Below is a summary comparison of popular Portuguese banks and fintechs. Fees and features may change, so always check the latest terms.

*Fees are approximate for basic personal accounts; many banks waive fees (or charge less) if you deposit salary/pension, maintain minimum balance, or use online only. All accounts incur the Portuguese 0.3% stamp tax (“imposto do selo”) on selected transactions unless exempt.

3. Opening Accounts: Residents vs. Non-Residents

For Residents (with Portuguese address): The process is straightforward. Get a NIF first (free online at Portal das Finanças). Then go to any bank branch with your passport/ID, Citizen Card or residence permit, proof of address (bill or tax notice), NIF document, and work/study status. Ask for a “conta à ordem” (checking account). The banker will review your documents, have you sign the forms, and issue an account (with debit card, often immediately or mailed). There is usually a minimum deposit (e.g. €50–150) to activate the account. If you’re a student (18–25), mention this: many banks will open a student account with no monthly fee. Example: Santander’s “Conta Jovem” has €0 maintenance fee; Millennium’s GO! Universitário is also free for students.

For Non-Residents: Non-residents (no Portuguese address) can still open accounts, though banks may ask more. Key steps:

• Obtain a NIF. Non-residents must designate a local tax representative (often a solicitor or a friend in Portugal) to get a NIF. You cannot open an account without it in most cases.

• Choose a bank that allows non-residents. Several banks advertise non-resident account opening (Millennium BCP, Novo Banco, Banco Best/BNI, etc.). Some even allow opening by mail or video call, though you’ll likely need to send notarized docs.

• Prepare extra docs: Apart from ID and NIF, non-residents often need a cover letter explaining why you want the account, plus multiple proofs of foreign residence and income nomadgate.com. Banks must comply with anti-money-laundering rules.

• Visit in person if required. If you’re not yet in Portugal, you can sometimes open a “non-resident account” by scheduling a branch appointment upon arrival or using the “open account from abroad” service some banks offer. ActivoBank, for example, allows remote opening for residents of the EU/EFTA (via video-ID) activobank.pt.

• Be ready for rejection: Some banks may refuse without solid reasons (though in the EU that’s not allowed). If one bank declines, try another – BNI Europa and Millennium are known for accommodating foreigners, sometimes even before you have a NIF.

Legal Right to a Basic Account: If you’re an EU/EEA citizen, Portuguese law (transposing EU rules) gives you the right to a basic banking account even without full documentation. This is a no-frills account (limited services) but guarantees at least debit card and basic payments. Ask for a “conta de serviços mínimos” if needed.

4. Online and Mobile-Only Banking Options

Many expats opt for fully digital banks to bypass branch visits:

• ActivoBank – A Portuguese digital bank (Millennium Group). You can open an account online in minutes if you have a Portuguese Citizen Card or residence permit. The interface and app are excellent and available in English. It has no monthly fee and instant IBAN.

• N26, Revolut, Wise, etc. – These are EU-based fintech “neo-banks.” They allow immediate opening from anywhere (no Portuguese address or NIF needed). N26 provides a German IBAN, Revolut offers local IBANs in some countries, Wise gives you an EU IBAN (if eligible). They have full English support and low fees, but note: they are not traditional Portuguese banks. (They do work with Portuguese merchants and SEPA transfers, but you can’t, for instance, easily set up direct debit of Portuguese utility bills without a local account.)

Upcoming Digital Account Opening: Portuguese regulators are moving to allow remote account opening. New rules (effective 2024–25) permit video-ID checks and e-signatures (Cartão de Cidadão) for account opening, reducing the need for in-person visits. Keep an eye on bank offerings; many have “abrir conta online” options now.

5. Tips for Non-Portuguese Speakers

• Choose English-friendly banks: Santander, ActivoBank, and BPI offer some English service. Santander has English brochures and a 24/7 helpline; ActivoBank’s app and website are fully bilingual. Avoid smaller local banks with only Portuguese interfaces.

• Bring a Portuguese speaker (or go with online tools): At branches, staff in big cities often know some English, but less so in rural areas. Use a translation app if needed. You can also bring a friend or colleague to help translate.

• Digital Assistance: Use Chrome’s page-translate for Portuguese sites. Many banks offer English versions of their forms (check for an “EN” toggle). Also, ask for “customer service for international clients” – some branches have an “Expat Desk”.

• Chave Móvel Digital: If you eventually get a Portuguese Citizen Card, register for a Chave Móvel Digital (Digital Mobile Key) – this lets you sign forms and even open accounts online easily.

• MB Way App: Download MB WAY, a popular Portuguese mobile payment app. It links to any Portuguese debit card and is user-friendly (and English-friendly). Many expats use MB WAY to pay or send money to other accounts instantly.

6. Insider Advice, Fees & Warnings (From Portuguese Sources)

• Watch Out for Fees: Most Portuguese banks charge a monthly maintenance fee of roughly €5–7 (about €60–80/year). Some accounts (especially student, youth, or salaried accounts) waive this fee. Always ask how to qualify for a fee waiver. For example, Santander waives the €7.90 fee if you deposit a salary/pension or keep ≥€300/month in the account. Millennium/ActivoBank often waive fees below age 24 or if you join a loyalty program. There are also fees for ATM withdrawals (outside EU) or for in-branch services; check the “preçário” (fees schedule). Importantly, stamp duty (“imposto do selo”) applies on most transactions (and is often included in the fee). Expatica notes that “most accounts charge ~€5–7 a month plus stamp duty”. In short, banking is not free by default in Portugal – read the fine print in the account info (Ficha de Informação Normalizada, FIN, and Documento de Comissões, DIC) before signing.

• Minimum Balances: Some accounts have minimum balance requirements. For example, Novo Banco’s youth account requires a €50 opening deposit. Be aware that falling below a minimum (often €25 or so) and being inactive for 6 months can trigger extra charges or closure.

• Hidden Requirements: Banks may ask for extra proof. If one person opens a joint account (e.g. as spouse), both must provide documents. A new migrant sometimes faces “unofficial” extra hurdles (some banks historically asked for a Portuguese guarantor or employment contract). This is not legal, but it happens. If refused, request the written reason. Under EU law, you can ask Banco de Portugal or the Ombudsman (Provedor de Justiça) for help.

• Appointment “Hacks”: Big branches in city centers tend to have English-capable staff and “rapid service” desks for documentation intake. If you can, time your visit early (9–10am) to avoid crowds. Use the bank’s app or website to book an appointment if available (Santander, Millennium, BPI and others allow scheduling online).

• Proof of Address Workaround: If you lack a utility bill in your name, one trick is to deposit a €0 transfer slip from home. For example, ask someone to send you a SEPA transfer of €0.01 – the proof of that transfer (or the beneficiary notification email) sometimes suffices as address proof. Not all banks accept this, but some do under “other documents”.

• Multi-Currency Needs: If you frequently move money internationally, consider accounts that support multiple currencies. Some Portuguese banks (BPI, Santander) offer foreign-currency accounts. Fintech accounts like Wise can be used alongside your Euro account for cheap transfers.

• Basic Banking Guarantee: If you do get completely refused by commercial banks, remember there is a basic account guaranteed by law. Ask specifically for the “conta de serviços mínimos bancários” – it’s free (no maintenance fee) and must allow deposit, withdrawal, debit card, and at least one cash deposit per month. Portuguese citizens have the right to this, and so do EU foreigners.

7. Special Cases and Accounts

• Student & Youth Accounts: Portuguese banks vigorously promote accounts for 18–25-year-olds. Typically these have €0 maintenance fees, free debit cards, and often no minimum deposit. (Example: Santander’s Conta Jovem is free; Millennium’s GO! Universitário has 0€ maintenance; NovoBanco’s Conta 18|25 is free and opened online.) To get one, show your student ID or enrollment proof. If you’re between 23 and 30 but recently graduated, Millennium even extends its youth account. These accounts are usually identical to normal accounts except the fee exemption, so they come with full online banking and ATM access.

• Golden Visa Investors: If you’re obtaining residency through Portugal’s Golden Visa investment, a local bank account is strongly recommended (even if not strictly mandatory). It makes the money transfer and proof-of-funds easier. Warning: Portuguese banks now scrutinize investors very closely. You’ll need the same ID/NIF as above plus certified documentation of the investment and its origin. Nomad Gate reports that Golden Visa applicants face long banking delays (2–4 months), multiple notarized documents, and may even need letters from previous banks verifying funds. To save time, prepare meticulously: have your passport and NIF ready, collect bank statements and a source-of-funds letter (all apostilled/translated), and consider using a specialized advisor. Some Golden Visa clients open an account with Millennium bcp or Novo Banco, which have tailored services for investors.

• Digital Nomads / Remote Workers: Portugal’s D8 visa (digital nomad visa) requires proof of income (≥€3,280/month in 2024) and savings (≈12× minimum wage, ~€9,840) rippling.com. While you can show foreign accounts, many nomads find it convenient to open a Portuguese account to deposit initial funds. In practice, you will need a NIF first (see Step 1). Any standard account will do; no special “nomad account” exists. Use your home digital nomad platform (Revolut/Wise) for daily spending, and Portuguese banks for rent and utility payments. If you have dependents, factor in extra fund requirements.

• Retirees (Pensions): Foreign retirees should open a Portuguese account to receive state pension or private pension transfers. CGD (the state bank) handles many pension accounts. If bringing pension from abroad, talk to the bank about currency conversion. Otherwise, any account that supports SEPA incoming transfers is fine (see table).

• Other Cases: If you are setting up a business, a different procedure applies (see corporate accounts). Also note: minors can have accounts (with parents’ consent); specific “Conta de menores” exist. For remote companies or freelancers, Portugal allows non-resident accounts (with appropriate documentation).

8. How to Proceed: Next Steps

1. Get your NIF. If you haven’t already, apply online or appoint a fiscal rep. You will need it for everything (opening accounts, signing contracts, paying taxes).

2. Choose a bank. Based on your profile (student, salary earner, investor, nomad), pick a bank. For English support and simplicity, ActivoBank or N26/Revolut are popular. For a full-service local bank, Millennium, Santander, or CGD are good.

3. Book an appointment or go online. Visit a branch with your documents, or use the bank’s digital account opening. Wear business-casual attire – Portuguese banks are formal.

4. Submit paperwork and deposit. Fill out forms. You may need to sign a “Terms and Conditions” booklet. Deposit the required initial sum (if any).

5. Receive your IBAN and card. The banker will give you your account IBAN (starts with PT50…). The debit card may be given immediately or mailed. Activate internet banking (get your keys or download the app).

6. Set up payments. Domicile (set up direct debit) your monthly bills or employer’s salary. Test a small transfer or payment. Enroll in MB WAY (for cardless payments) if desired.

Final Tip: Keep copies of everything and note your account and client numbers. Bank queries are best done with secure email or messaging through the app. For any troubles (refusals, unexplained fees), you can contact the Bank of Portugal’s client portal for complaint resolution.