How To Open a Bank Account in Portugal in 5 Steps

Whether you’re preparing to relocate to Portugal or wish to conduct business in the country, opening a bank account is among the first steps you’ll need to take. Although the process is typically straightforward, there are some considerations to keep in mind before committing to any bank.

In this guide, we’ll explain how to open a bank account in Portugal, whether you are a resident or a foreign citizen. We’ll cover:

• Who can open a bank account in Portugal
• Which documents you need to do so
• How to open an account in five steps

Can You Open a Bank Account in Portugal Without Residency?

Most Portuguese banks allow non-residents to open accounts, provided they have a Portuguese Tax ID (NIF) and a fiscal representative in Portugal.

Still, your resident status may impact the specifics of the account opening process and the available options. If you don’t have a local address in Portugal, you’ll need to choose dedicated non-resident accounts, which may come with certain challenges, including:

• Service restrictions: You may not qualify for products like credit and loans in the same way as a Portuguese resident
• Stricter due diligence: You might need to undergo extensive background checks and a more stringent identity verification process
• Remote account opening: While a few banks and fintech platforms allow full remote account opening for non-residents, most require at least one in-person visit or power of attorney

Still, none of these limitations should prevent you from leveraging the Portuguese banking system. As long as you can gather the necessary documentation, you should be able to open an account without significant issues.

Documents Needed To Open a Bank Account in Portugal

Opening a Portuguese bank account requires submitting standard documentation, including:

• Proof of identification: You either need a valid passport or an EU national identity card as proof of identity
• Proof of address: Regardless of whether you reside in Portugal, a bank may ask for a recent utility bill, rental agreement, or similar document that verifies your address
• Proof of income: If you are employed, you may need to provide a pay slip or employment letter as evidence of employment and financial status. Self-employed individuals or entrepreneurs can provide invoices, income statements, and equivalent documents
• Residency Permit (if applicable): If you’re a Portuguese resident, you’ll need to provide your residence card (or citizen card if you’ve acquired citizenship)

In addition to these documents, the bank will ask for your contact details (email, phone number, etc.), with most banks accepting both domestic and international information.

One piece of data that doesn’t fall under basic documentation is a Portuguese Tax ID, known as the Número de Identificação Fiscal (NIF). It’s necessary for any financial activity in Portugal, so you’ll need to obtain it before opening a bank account.

How To Obtain a NIF in Portugal

If you already live in Portugal, obtaining a NIF is easy and only takes three steps:

1. Visit a local tax office (Finanças) in your area (you can schedule an appointment by phone at 217 206 707)
2. Show your passport and proof of address to request the NIF
3. Wait for the NIF issuance (usually happens within the same day)

The process is a bit more complicated if you live abroad. While Portugal enables online NIF applications, they must be facilitated through a legal representative (a lawyer or fiscal representative) who will act on your behalf.

While working with a representative means you’ll incur fees (in contrast to obtaining a NIF for free with in-person appointments), the costs are typically justified because the NIF application becomes largely hands-off. Your representative will:

• Collect the necessary documents
• Submit an online NIF application
• Notify you of the issuance and send you the NIF

How To Open a Portuguese Bank Account: 5 Steps To Follow

You can open a bank account in Portugal by following these steps:

1. Choose your bank and branch
2. Submit the application
3. Verify your identity
4. Choose an account type and features
5. Open and set up the account

1. Choose Your Bank and Branch

The first decision you’ll need to make is whether to choose an international or local bank. The following table briefly outlines the benefits of both options:

Bank Location	Benefits
International	Better suited for multi-currency holdings Streamlined international transactions Better support for asset diversification across regions
Local	Typically lower fees Local convenience for residents SEPA compliance (which some international banks may not maintain)

Regardless of your chosen option, you’ll need to consider several criteria when choosing your bank, most notably:

• Financial products and services
• Fees
• Online services
• English support

If you live in Portugal, a notable criterion is branch and ATM availability. Ideally, you’ll select a bank with a wide network and/or presence in your local area.

Residents can choose between numerous Portuguese banks, most notably:

• Millennium BCP: The largest private bank in Portugal, with a user-friendly English-language online banking platform
• Caixa Geral de Depósitos (CGD): Portugal’s public (state-owned) bank and one of the biggest by assets, with a large branch and ATM network
• Novo Banco: A major Portuguese bank with dedicated products for foreigners residing in Portugal (e.g., special “welcome” accounts like Conta Boas Vindas)

Choosing the best bank can require diligent research. To expedite it, you may want to consult a Portuguese local with sufficient knowledge or a financial advisor with experience in the Portuguese banking sector. 

2. Submit the Application

After you’ve chosen a bank, gather the aforementioned documentation and submit your application. If you are applying from abroad, you’ll scan and submit the documents through a dedicated portal, after which the bank will reach out for further steps and identity verification.

For in-person appointments, you should first make copies of all relevant documents to have them on file. Then, either schedule an appointment or visit the local branch to open an account.

Applying in person is faster and more convenient, so you can complete the entire process in one visit. For remote applications, expect to wait several business days for the bank to process your application and contact you.

3. Verify Your Identity

Identity verification is simple with in-person appointments. All you need to do is provide your identification documents (such as a passport or resident card) and sign the relevant documentation.

When applying online, you’ll most likely verify your identity through a video call. Some banks offer alternative options, most notably uploading your identity documents and taking a photo of yourself.

In this case, some banks (especially the more modern FinTech solutions) will verify your identity instantly, although certain banks may have a manual verification process that can take a day or two.

4. Choose an Account Type and Features

After meeting all the necessary requirements, you’ll be asked to choose your account type. Generally speaking, you can choose between three options:

Account Type	Overview
Current account (conta à ordem)	A payment account that lets you hold funds and move them at any time via cards, transfers, cheques, and direct debits. This is the standard account expats use for salary, bills, and cards
Basic account (serviços mínimos bancários)	A low-cost account that offers a debit card, ATM use across Portugal/EU, deposits/withdrawals, direct debits, and intra-/interbank transfers
Time deposit account (depósitos a prazo)	An account that locks money for a fixed term. Early access is often allowed, but with interest penalties. In exchange for reduced liquidity, rates are typically higher than those of current/savings accounts

Choose the account that fits your financial needs and consider if the account enables multi-currency or foreign-currency holdings, unless you’ll exclusively use euros.

5. Open and Set Up the Account

Once you’ve chosen your preferred account type, the bank will open it and provide:

• Portuguese account number (IBAN)
• Account access tools and credentials
• Debit cards

In the event of any delays, errors, or questions, you can visit the local office or contact the bank via email or phone if you’ve applied abroad. Make sure that you fully understand the terms and conditions before the process is finalized, and seek clarification on all fees associated with the account.

Portugal Bank Account Deposits and Fees 

Many Portuguese banks require a minimal deposit to open an account, which is usually around €250. Still, you may find a bank that can open an account without deposits.

As for the additional expenses and fees, you can consult the following table:

Service/Fee	Cost
Account opening	Typically free of charge
Monthly account fee	~€0–€5 for standard account, up to ~€20 for premium accounts
Debit card	Typically free and included with the account
ATM withdrawal (own bank’s ATM)	Free
Domestic transfer (SEPA/EU)	Typically free up to a certain amount (e.g., €3,000)
International transfer (outside EU)	~€20 plus any applicable SWIFT fees

While the fees and costs are often minimal, managing large amounts of money through a Portuguese bank requires special considerations, including amount limits and potential regulatory constraints. For detailed guidance and hands-on assistance, partner with Nomad Capitalist and enjoy support from the account opening process to long-term wealth management.

Open and Manage Your Portuguese Bank Account Seamlessly with Nomad Capitalist

Nomad Capitalist is an advisory firm that assists high-net-worth clients with all aspects of their relocation, including bank account management and broader financial guidance.

We’ve helped over 1,500 individuals and families relocate to their chosen country effortlessly through our Action Plan—a custom, step-by-step relocation strategy that ensures complete clarity and provides granular guidance.

Here’s how the Action Plan works:

1. You complete a short questionnaire to determine if we’re a good fit
2. We conduct a 45-minute onboarding call to fully understand your situation and goals
3. We diagnose, research, and develop a personalized Action Plan
4. We present the Action Plan, and with your approval, we implement it across a 12-month period
5. You receive lifelong guidance and support for any changes or updates to the Action Plan

Besides handling the bank account opening process, we can take over all administrative work to ensure a seamless relocation experience for you.

Build a custom international plan to legally reduce your taxes, protect your assets, and gain the freedom to live and invest where you’re treated best. Apply for your custom Action Plan today—designed for serious entrepreneurs and investors ready to take action.