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How to open a bank account in Portugal?

open bank account in Portugal
Opening a bank account in Portugal is an essential step for anyone planning to live, work, or invest in the country. Whether you’re an expat, a digital nomad, or a business owner, having access to local banking services can simplify everyday transactions, help you manage your finances, and open doors to other opportunities like securing a mortgage or obtaining residency. In this guide, we’ll walk you through the process of opening a bank account in Portugal, covering the requirements, types of accounts available, and the steps you’ll need to follow to get started.

Table of contents

    How to open a bank account in Portugal online?

    Step 1: Obtain your NIF (Número de Identificação Fiscal)

    The first step is to get your NIF, which is a nine-digit tax ID number essential for opening a bank account. You can apply by presenting a statement of address and your passport. Alternatively, consider using the services of professional providers who can assist you in obtaining your NIF.

    Step 2: Select the right bank

    Research banks that match your requirements. Once you’ve chosen a bank, visit a local branch. If you’re not fluent in Portuguese, consider bringing an interpreter, though some banks have English-speaking staff.

    Step 3: Visit the bank and provide necessary documents

    After selecting a bank, go to the branch, fill out an application form, and present the required documents, including your NIF, passport, proof of address, and other necessary paperwork.

    Step 4: Wait for account approval

    If everything is in order, your account can be opened within 30 minutes. However, some banks may take a few days to finalize the process.

    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.

    Santander

    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

    Step 1: Gather the necessary documents

    Prepare the following: evidence of profession, an ID scan, a statement of address (such as a rental agreement or utility bill), your NIF, and a tax number from your home country.

    Step 2: Complete the application

    Visit the e-residence website, fill out the application form, and pay the required fee.

    Step 3: Submit your documents

    Upload your documents for verification.

    Step 4: Wait for processing

    Once processed, you’ll gain access to your new bank account without direct participation.