When you have to pay bills or taxes or receive income from a Portuguese company, it is much easier for expat residents to do so with a local bank account.
Part of day-to-day living, you can dramatically reduce your banking fees (versus an international account) when paying for things like rent, utilities, mobile plans, and many local services. Opening a bank account in Portugal is also relatively easy to do: you just need a few documents and some money to deposit initially.
In this article, we explain how banking works in Portugal, how to open a bank account, and what you need.
Opening a Bank Account in Portugal: Key Takeaways
The Portuguese Banking System
The Portuguese banking system is overseen by the Central Bank of Portugal and the European Central Bank, ensuring compliance with EU standards. The central bank, Banco de Portugal, regulates local banks.
Portugal also has a unique system called Multibanco, which links around 12,000 ATMs, banks, and payment services into a single integrated system across the country. You can withdraw cash without fees, pay bills and taxes, and transfer money through a Multibanco ATM. You can also use the MBWAY app for many of the same functions.
Since Portugal’s banking sector has strengthened in recent years, you’ll find a mix of over 150 local and international banks operating in Portugal.
Alongside major Portuguese institutions, international banks like Banco do Brasil, Barclays, and Deutsche Bank offer familiar services and can make it easier to manage finances across borders if you already bank with them elsewhere.
A fiscal representative or lawyer can help you apply for your tax identification number on your behalf. We also provide the service through GetNIF.
Documents Required to Open a Portuguese Bank Account
Once you have your NIF, you are ready to open an account, and you’ll need the following documents:
- Proof of ID. If you are an expat, banks will prefer your residency permit card, but your passport will also do.
- Proof of address
- Confirmation of your tax identification number (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. However, 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 amount may vary depending 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 documents listed above, you are ready to open a bank account. There are two ways to do this: in person or online. Just keep in mind that not all banks allow foreign residents to open an account online, and you’ll need to visit a branch instead.
Steps for opening a bank account at a branch:
- Gather your necessary documents to present
- Go to the local branch of your preferred Portuguese bank
- Most banks will have an electronic information desk and ticketing system. If English isn’t an option, look for options like “Novas Contas” (new accounts) or “Gestor” (manager/advisor). Otherwise, your best option will be “Atendimento Geral” (general service).
- The kiosk will give you a ticket, and you must wait until your number is called.
- Once it’s your turn, explain to the bank employee that you want to open a new account.
- In most cases, you’ll need to deposit cash into your new account immediately to activate it.
Open a Portuguese bank account online:
If you want to open a bank account but don’t yet have residency in Portugal, some banks allow you to do so online. You’ll need a NIF, and there is a good chance that the bank would want to have an online video meeting to confirm your identity and answer a few questions.
Banks that allow you to open an online bank account include:
- ActivoBank
- Banco N26
- Millenium BCP
- Novo Banco
- Revolut
Types of Bank Accounts in Portugal
Banks in Portugal offer three primary types of accounts:
- 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 savings account comes with a debit card and online banking access. It is also possible to apply for a credit card through this account, which can be used in many EU countries.
- 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?
The functionality is the same as in any other country, as most major 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 simplifies paying taxes, getting paid by a Portuguese company, and obtaining permanent residency.
Some common services for individual and corporate banking are:
- Loans and overdrafts
- Mortgages
- Checking accounts
- Savings accounts
- Long-term Investments
- Digital banking
- Services specifically for expats
- Business banking
- Mobile banking
- Insurance
- Trading services
- Financial planning support
- Health insurance
- Send money abroad
Mobile banking is also an option, as almost all banks offer Android or iOS apps where you can make transactions and manage your payments and loans.
The Best Banks in Portugal
The largest banks in Portugal are:
- Caixa Geral de Depósitos
- Millenium BCP
- Banco BPI
- Novo Banco
- Banco Santander Totta
- Revolut
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 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
Almost every bank in Portugal provides online banking and mobile apps, but only a handful are truly digital-first or fully online. For expats, what matters most is whether you can open and manage your account from abroad, without needing to visit a branch in person. However, you’ll still need a NIF to open an account.
Here are some of the most popular online banks:
- ActivoBank
- Banco N26
- Moey! by Crédito Agrícola
- Revolut
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, and depending on the bank, it can be a set amount (around €30) or a percentage of the transfer. You can ask your bank how much an international transfer will cost. The amount that you can transfer is unlimited, but if it exeeds €50,000, the Banco de Portugal (Bank of Portugal) must be notified. If the transfer is less than €50,000, the fee will be less than €15. Money transfers normally take between three and five working days.
Working hours of banks in Portugal
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
Portuguese banks charge a monthly fee for accounts, normally between €5 and €7 per month or €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.
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
Portugal is part of the Single Euro Payments Area (SEPA), 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.
Exploring Visa and Immigration Options for Portugal
If you're considering making the move to Portugal, it's essential to be informed about the various visa and residency options available. The Golden Visa Portugal program is an attractive option for many, offering residency to investors and their families. For those eyeing retirement in this beautiful country, the Portugal D7 Visa is tailored for you. Digital nomads can take advantage of both short and long-stay options with the Digital Nomad Visa (D8).
For the entrepreneurial spirit, Portugal offers the Entrepreneurship/startup Visa (D2) - Start-up Visa (open company) tailored for those looking to establish their businesses in the country. Those with specialized skills can explore the Work visa for highly qualified employees (D3). Additionally, if you have Portuguese ancestry, you might be eligible for Citizenship by descent.
However, moving to a new country isn't just about visas. If you're thinking of buying property, our guide on Buying Property in Portugal can offer invaluable insights. Dive deeper into the immigration process with our comprehensive Portugal immigration guide. For Americans specifically looking to relocate, we have curated information on Americans moving to Portugal. Lastly, one can't forget the importance of the NIF (Tax Identification Number), a crucial step in any relocation process.
