Opening a Bank Account in Portugal
This article explains everything you need to know about opening a bank account in Portugal.
You will learn about:
- Required documents
- Account opening procedures
- Available banks in Portugal
- Types of bank accounts
- Tips for successfully completing the process
- And much more!
If you’re seeking information about opening a bank account in Portugal, you’ll find this article invaluable!
Follow our guide!
How to Open a Bank Account in Portugal?
If you’ve chosen to live in Portugal, you’ll need to quickly open a bank account to pay your bills, withdraw money without fees, obtain a Portuguese credit card, and make daily purchases without additional charges.
This step is also necessary if you plan to buy property in Portugal and apply for a loan. Here’s the process to follow:
- Obtain a tax identification number (NIF), which is mandatory for opening a bank account in Portugal
- Choose a bank, either traditional or online
- Gather all required documents
- Sign the contract to complete the process
This service is accessible to everyone, whether you’re a resident, expatriate, or retiree, and you simply need to provide the documents I’ll present below.
What Documents Are Required to Open a Bank Account in Portugal?
To open a bank account in Portugal, you’ll need:
- A valid identification document (ID card or passport)
- The NIF (taxpayer number) that identifies you to the tax administration and will be used for many procedures in the country
- Proof of address: this can be a utility bill less than 3 months old
- Proof of status: employment contract, student certificate, etc.
- In some cases, a tax assessment notice may be required
Which Portuguese Account Should You Open?
There are two major types of accounts in Portugal:
- The current account (conta corrente) for daily operations
- A savings account (conta poupança) to earn interest on your stored money, though interest rates are very low in the country
Generally, a minimum deposit of 100 euros is required to open a bank account in Portugal.
Which Bank Should You Choose in Portugal?
Many traditional banks operate in Portugal, with the most well-known institutions being:
- BPI
- Novo Banco (formerly BES)
- Caixa Geral de Depositos
- Millennium BCP
- Banco Popular
- Santander
- Banco Montepio
- BNP Paribas
- Credito Agricola
- CTT Bank linked to the local Postal Service
- ING Bank
There are also international banks and online banks like Activo Bank, which has branches in major cities.
Additionally, there’s the option of 100% online banks like Revolut or N26, which particularly cater to frequent travelers or workers who regularly move around.
When choosing, be sure to compare rates and services offered by different institutions and check if partnerships exist with your French bank. It’s worth noting that generally, fees at Portuguese banks are higher than elsewhere in Europe.
Opening a Bank Account in Portugal: We Can Help!
If the procedures for opening a bank account in Portugal seem too cumbersome, particularly obtaining a NIF, or if you’re concerned about language barriers, we can help.
Through our contacts, we can find English-speaking representatives who will facilitate the entire process and advise you on the best decisions to make.
Don’t hesitate to share your plans with us to save time during your relocation to Portugal!
