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How to open a bank account in Portugal?

open bank account in Portugal

Are you striving to set up a euro account in Portugal? If you have such an intention, we will do our best to help you. Just follow the material given and you will be aware of all the details of the process!

Is it real to open a bank account in Portugal as a non-resident?

Sure! And, the procedure is not as complicated as you might expect it to be. The only thing you should note is as follows: if you do not reside in Portugal yet, you can stick just to the certain options. And, you may face some limitations in case you possess such a type of account.

What’s the process of opening a bank account in Portugal?

Before you begin to get the stuff ready for this, make sure you have NIF. This is a tax ID number that consists of nine digits. In order to apply for it, you should introduce a statement of address and a passport.

By the way, you have a chance to receive NIF using the assistance of the qualitative providers. 

After you obtain NIF, it’s time to choose the bank that will suit your demands well. Go to its local branch then. In case you come across some issues with your Portuguese, you’d better take an interpreter with you (at the same time, there is English-speaking personnel in some establishments in Portugal and it is a good idea to wonder about this beforehand). 

Once you arrive at the bank you have picked, you will have to fill in the application and suggest all the obligatory papers. We will describe the list of them a bit below. 

If everything is okay, opening an account is not going to take more than half an hour. Nevertheless, in some banks, you will have to wait for a few days. But still, it is not much at all!

What Can You Do with a bank account in Portugal?

Naturally, you’d better get acquainted with all the reasons you might need an account for till you get closer to its opening.

  • First of all, setting a bank account is linked to saving and keeping your money. It is an issue that just cannot be ignored;
  • Getting a loan or a mortgage;
  • Dealing with the investments and insurance, etc.

By the way, once you set up a bank account, you will be able to decide how exactly to use it. One of the most convenient options is mobile banking. It allows you to proceed with the majority of financial transactions simply by using the app on your mobile gadget. And, there is online banking too when you do not have to download anything and can have access to most stuff by means of entering the site of a certain financial establishment.

What documents will I need to set up a bank account in Portugal?

Here is a list of stuff that you are going to suggest when you plan to open a bank account in Portugal:

  • Statement of address. If you live in Portugal, it has to be linked to this country. And, if you aim to set a non-resident account, it is going to be okay to suggest the one stating where you reside abroad;
  • Identity proof. The best option here is your passport;
  • Evidence of a job;
  • NIF;
  • Some extra documents if your situation is rather special (for instance, if you are a student).

As you see, everything is rather clear.

Can I open a Portuguese bank account online?

Well, here is the answer: everything depends on the bank you have selected to cooperate with. Some of the banks that are ready to provide you with such an opportunity are Novo Banco. 

By the way, you can also proceed with opening a bank account by means of mobile banking. In this case, you have to download a special app and send all the mandatory papers. So, the procedure is basically the same as if you visited the local office of the bank. 

Which bank in Portugal suits best for my needs?

Well, it refers to what your demands are and what guidance of the bank you would like to observe. However, no matter what bank you are going to choose, it is going to be an excellent choice. All of the banks we plan to list are really nice and satisfy all of their clients with exceptional assistance.


This is a real giant! By the way, it functions not only here but in other countries too. So, here is what the representatives of Santander are ready to support you with:

  • Prepaid, debit, and credit cards;
  • Current accounts;
  • Investment and insurance requests;
  • Car credit and a hypothec;
  • Abroad currency accounts.

If you would like to stick to online and mobile banking, it is going to be real and easy with Santander.

Caixa Geral de Depósitos (CGD)

If you plan to open a bank account in Portugal, CGD is about to become a nice choice too. So, it is one of the biggest Portuguese banks, and with it, you will be able to be confident about your finances.

It is about to suggest the majority of the most popular services such as insurance, foreign currency accounts, dealing with investment, pension, and savings. What is more, with CGD, you can deal with loans, credit, and debit cards.

Millennium BCP

It is another cool option for those who are thinking about choosing a nice bank. It is a private bank and by the way, you can find its branches all around the world too. About a million people use the services of Millennium BCP. 

One of the coolest aspects about this bank is that its website is both in English and Portuguese. If you choose to deal with it, you can count on getting such qualitative services as:

  • Insurance;
  • Ordering debit and credit cards;
  • Hypothec and personal loans, etc.

Activo bank

It is another widespread financial institution among Portuguese citizens. You can easily interact with bank representatives via the Internet. 

Those who decide to deal with this bank, can easily stick to such services as loans and a mortgage, secure transactions, opening accounts, and so on.

Other banks worth mentioning

If you wonder what other great banks you can find in Portugal, here they are:

  • Citibank;
  • Banco CCT;
  • Barclays;
  • Abanca, etc.

Banking fees in Portugal

It is a nice idea to pay attention to all details when planning to open a bank account in another country. This rule is fully applicable to Portugal. Before you create an account, it is vital to consider all the rules and conditions of cooperation with a particular bank. The matter is that they differ from one bank to another too. So, let’s see what fees are thought to be the most spread ones.

Account maintenance fees

If you would like to learn about the majority of the current accounts in Portugal, here is what is important: they are free to open and use. At the same time, in case you open a certain account that will give you some perks, you might have to pay for this. Normally, it is from two to eight euros a month.

What is more, some banks will ask for the minimum deposit before you are able to set up an account.

International transfer fees

Such fees do exist and you should keep this in mind. Note that you can be obliged to pay from fifteen to thirty euros for the international transaction. The exact rate will be suggested to you only when you state the country and the sum of the financial operation to deal with.

Pay attention to the exchange rate too!

How to open a bank account online with e-residence

Now you are rather well aware of the process of bank account opening. You realize what papers you should get ready, and how exactly you need to act. At the same time, we are eager to suggest a cool option that will be able to save your time and guarantee a brilliant result without your direct participation.

So, it is opening a bank account with e-residence. There are two ways to stick to: a remote and an in-person procedure.

The whole process is going to be simple and effective. Here are the documents you need to suggest:

  • Evidence of profession;
  • ID scan;
  • Statement of address (a rental agreement or a utility bill are just fine);
  • NIF;
  • A tax number from the host country.

Here is what it is going to look like: you fill in the application, pay a fee, and suggest documents. Your request is processed, and soon, you are granted access to your bank account!