Opening a Bank Account in Portugal: Your Essential Guide

To open a bank account in Portugal, you need a NIF, photo ID, proof of address, and money to deposit. Most banks require a branch visit, especially for non-residents, though several allow online opening. 

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. 

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

To open a bank account in Portugal, you’ll need a NIF, proof of identity, proof of address, and money to deposit.

Most traditional banks require an in-person visit, especially for non-residents, although some digital-first options allow partial or fully online setup.

A Portuguese bank account is important for daily transactions, including paying rent, utilities, taxes, and using Multibanco services.

To open a bank account in Portugal, you need a NIF, photo identification, proof of address, and proof of income or employment status. Some banks also ask for a phone number and an initial deposit. 

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., a recent payslip or employment letter). You can still open a local bank account if you are not employed, provided you show proof of registration with the Portuguese employment center (Centro de Emprego) or an assured work contract
• A Portuguese phone number for SMS activation, though this may not be required and depends on the bank; some banks also accept international phone numbers
• An initial deposit to activate the account. The amount varies by bank, so confirm before your appointment, but 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.

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. Keep in mind that not all banks allow foreign residents to open an account online, and you may need to visit a branch instead. 

Opening at a branch 

1. Gather the necessary documents to present
2. Go to the local branch of your preferred Portuguese bank
3. Look for the electronic information desk and ticketing system; if English isn’t an option, look for “Novas Contas” (new accounts) or “Gestor” (manager/advisor), or otherwise select “Atendimento Geral” (general service)
4. Take a ticket from the kiosk and wait until your number is called
5. Once it’s your turn, tell the bank employee you want to open a new account
6. Deposit cash into your new account to activate it, as most banks require this immediately

Opening online or from abroad 

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 the bank will want to hold 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 
• Millennium bcp 
• Novo Banco 
• Revolut 

For US citizens, the process is the same: You need a NIF and a valid form of identification, and an online video consultation will confirm your identity. If you prefer not to travel to Portugal in person, appointing a fiscal representative can also help you complete the process from the US. 

Banks in Portugal offer three primary types of accounts:

• Current Account (Conta à Ordem): This is 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 checking account comes with a debit card and online banking access. It is also possible to apply for a credit card through this account.

• Instant-Access Savings Account (Conta Poupança Instantânea): This 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. It is well-suited 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): These accounts are for individuals looking to invest a specific amount of money for a fixed period, earning a predetermined interest rate. They involve a fixed-term commitment, ranging from a few months to several years. 

The basic bank account (Serviços Mínimos Bancários) 

A basic bank account (Serviços Mínimos Bancários) is a legal, low-cost account that any resident in the EU without another current account can request from any bank offering it.  

It includes a debit card, SEPA transfers, and home banking, and its total annual charges are capped by law. In 2026, that cap is €5.37 per year (set at 1% of the IAS social-support index, which is €537.13 for the year). 

The account is available from major banks in Portugal, and the full list is on Banco de Portugal’s client portal. 

The functionality is the same as in any other country, as most major banks in Portugal 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.

• A Portuguese bank account typically supports:
• Checking and savings accounts
• Loans, mortgages, and overdrafts
• Long-term investments and trading services
• Digital and mobile banking
• Sending money abroad
• Business and corporate banking

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 largest banks in Portugal are:

• 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 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)

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 or a percentage of the transfer.  

Fees vary by bank and account type, so check the bank’s standardized fee information sheet (FIN) before opening. SEPA euro transfers within the EU are typically free or low-cost. Money transfers normally take between three and five working days. 

Working hours of banks in Portugal

Most banks open around 8:30 and close mid-afternoon; some branches, especially in malls, stay open later. Some banks are also open on Saturday mornings. 

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
• 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 through Banco de Portugal’s client portal. 

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 simplifies bank transfers denominated in euros, and transfers between EU countries usually incur no costs and are 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.