Opening a bank account in many countries, particularly major financial centres such as the United Kingdom, Singapore or Hong Kong, is often a complex and time-consuming process. Portugal is a notable exception — it is one of the easiest countries in which to open a bank account as a non-EU resident.
In particular, where residence in Portugal is being considered through theThe Portugal Golden Visaprogramme, having a Portuguese bank account in place will considerably assist both the investment and the application process.
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Before opening a bank account
The prerequisite for opening a bank account in Portugal is holding a Portuguese tax number (NIF — Número de Identificação Fiscal). This number may be registered through a representative in Portugal, either a fiscal representative or a lawyer applying on your behalf.
The NIF is a mandatory requirement for all activity involving government, business, investment or legal matters in Portugal. For Golden Visa applicants, registering a NIF and opening a bank account are usually the first 2 steps in the whole process.
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The documents needed
Although some Portuguese banks allow accounts to be opened online, most require the applicant to attend a branch in person. However, the process is straightforward and the documents needed are not unduly complex.
Depending on the bank, the documents usually needed are: identification (a passport is sufficient), proof of address (a utility bill or letter showing the name and address within the past 3 months), the NIF tax number, evidence of income or employment (a recent payslip or employment contract), a Portuguese telephone number for SMS activation, and an initial deposit usually of EUR 250-300 in cash for a new account.
Where you have no employment, an account may still be opened where there is evidence of registration with the Portuguese Employment Centre (Centro de Emprego) or a commitment to an employment contract.
Banking services in Portugal
Portuguese banks provide a full range of personal and business financial services, including current accounts, loans and overdrafts, mortgages, savings and investments, insurance, digital and mobile banking, services specifically for foreign nationals and securities trading services.
Users may choose to bank in person at a branch, through an online platform or through a mobile app as they prefer.
Notably, Portugal has an interbank system calledMultibanco, connecting the banks through a shared network of around 12,000 ATMs across the country. This system allows withdrawals from any account free of charge, and also supports payment of bills, taxes, social security contributions and transfers.
Banks in Portugal
Portugal’s banking system is diverse, with many types: domestic private banks, international banks, public retail banks, regional co-operative banks, investment banks and savings banks.
The largest banks in Portugal include Caixa Geral de Depósitos, Millennium BCP, Novo Banco, Banco BPI and Banco Santander Totta. In addition, many international banks operate there such as Abanca, Barclays, BBVA, BNP Paribas, Citibank, Credit Agricole, Deutsche Bank and ING Bank. Foreign nationals from Brazil, China, Angola and certain other countries may use their own domestic bank in Portugal.
On online banking, non-residents holding a NIF may open an account by video call after submitting the documents. Popular online options include ActivoBank, Banco N26, Caixa Geral de Depósitos, Millennium BCP and Novo Banco. For those staying in Portugal short term, fintech solutions such as N26, Revolut or Transferwise are also a convenient option.
For investors, investment banks such as Banco Carregosa, BiG (Banco de Investimento Global), Banco Finantia and Banco Invest are worth considering.
Banking fees
Most Portuguese banks charge a monthly account maintenance fee of EUR 5-7, equivalent to around EUR 60 a year. There are also fees relating to credit cards and overdrafts — depending on the type of card and the bank. Loan and mortgage costs are charged as an Annual Percentage Rate (APR). However, some banks such as Activobank and Banco CTT charge no account maintenance fee or debit card fee.
On international transfers, the fee for transfers under EUR 50,000 is usually under EUR 15; for larger amounts, the fee may be EUR 30 or more. Note that transfers over EUR 50,000 must be notified to the Bank of Portugal (Banco de Portugal). International transfers usually take 3-5 working days to process. For faster transfers at lower cost, services such as CurrencyFair, Moneycorp or Remitly are worth considering.
Within the Eurozone, thanks to participation in the SEPA system (the Single Euro Payments Area), standard transactions such as ATM withdrawals and Euro transfers are usually free or carry a negligible fee. A Portuguese bank account may be used easily across Europe.
Bank opening hours
Banks in Portugal are usually open from 8.30 am to 3.00 pm. Some branches open on Saturday mornings, and branches located in shopping centres usually have later opening hours.
Bank accounts for Portugal Golden Visa holders
Opening a bank account is a mandatory requirement when applying for a Portugal Golden Visa. This process is fairly straightforward once a NIF is in place. A practical tip: it is best to work with a bank and branch recommended by your law firm or immigration adviser, as their existing relationship with the bank will save considerable time throughout the process.
Frequently asked questions about opening a bank account in Portugal
Yes. Foreign nationals, whether resident or non-resident, may open a bank account in Portugal with no restrictions on eligibility. The process is simpler for EU citizens, but Portugal places no significant barriers on others.
The documents needed are proof of address in Portugal, a mobile telephone number with SMS enabled, identification (a passport or equivalent) and the NIF tax number. Depending on the bank, an in-person branch visit may be needed, or it may be completed by video call.
This depends on the bank. With digital banks such as N26 or Revolut, the whole process may be completed online. Some traditional banks accept account opening by power of attorney, provided the documents are complete and a lawyer is present.
Most payment points in Portugal accept MasterCard, Visa and American Express. However, there is usually an additional international transaction fee when using a foreign card.
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