If you plan to live, work, or start a business in Portugal, opening a bank account is an essential step to manage your finances and comply with administrative requirements. In this guide, we explain how to do it, what documents you need, and the best options available.
Why do you need a bank account in Portugal?
Having a bank account in Portugal will allow you to:
✔️ Receive your salary if you work in the country.
✔️ Pay rent, bills, and other utilities.
✔️ Access financial products such as credit cards and loans.
✔️ Facilitate residency or entrepreneurship procedures.
Additionally, in some cases, landlords may request a Portuguese bank account number to rent a home and sign a contract.
Who can open a bank account in Portugal?
You can open a bank account in Portugal:
- Residents and non-residents in the country.
- Foreigners with a valid passport and NIF.
- Entrepreneurs and self-employed individuals who need a business account.
Requirements may vary depending on the bank and whether you are a resident or not.
Documents required to open a bank account in Portugal
Documents vary from bank to bank, but in general you will need:
📌 Valid passport or ID
📌 Tax Identification Number (NIF). If you don’t have one, you can obtain one through our services.
📌 Proof of address , such as a utility bill or rental agreement.
📌 Proof of income or employment contract , in some cases.
There are many banks that do not open accounts for tourists and require a Visa or Residence Permit.
Best banks to open an account in Portugal
Portugal has several national and international banks. Some recommended options are:
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Millennium BCP
– One of the largest banks in Portugal, serving foreigners. Accounts are only open to residents.
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Each bank has different terms and rates, so it’s a good idea to compare before choosing.
Can you open a bank account in Portugal from abroad?
To open a bank account in Portugal from abroad, most banks will require a Portuguese ID or a residence permit if you are a foreigner. Currently, few banks allow you to open an account remotely and without residency. To do so:
✔️ You must have a NIF and a tax representative .
✔️ At Novobanco, for example, you must have a legal representative sign for you when opening an account.
There are neobanks such as N26 , Revolut or Wise , which are valid digital options in Portugal and throughout the European Union, although they do not always replace a traditional bank account and may be a little limited for some transactions because the IBAN of these accounts is not Portuguese.
Costs and fees of a bank account in Portugal
Bank accounts in Portugal may have associated costs, such as:
💰 Maintenance fee – Varies between 5 and 10 euros per month at traditional banks.
💰 Transfer fees – Within the EU, transfers are usually free, but fees may apply for other countries.
💰 Card fees – Some accounts include a free debit card, but others charge for issuance or maintenance.
If you’re looking for commission-free options, consider digital banks like ActivoBank or Moey! .
Tips for choosing the best bank account in Portugal
✅ Compare rates and benefits before deciding.
✅ Check if they offer support in English or Spanish if you don’t speak Portuguese yet.
✅ Ask about benefits for foreigners , such as commission-free or remotely opened accounts.
✅ Check the mobile app’s ease of use , as digital banking is key in everyday life.
Conclusion
Opening a bank account in Portugal is an essential procedure for those moving to the country. By understanding the requirements, bank options, and potential costs, you can make the best decision based on your needs.
