How to open a bank account in Portugal as an expat

Open a bank account in Portugal with ease. Explore top banks, collect essential documents, and manage your finances efficiently.

Angelina

3 minute read

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13 Nov 2023

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Living

Opening a bank account in Portugal is essential for everyday tasks such as receiving your salary, managing expenses, paying utilities, and accessing various services with ease.

This guide will assist you in opening a bank account in Portugal and exploring the various bank options available. With this knowledge, you'll be well-prepared to efficiently manage your finances and embark on your banking journey in Portugal.

Certainly, as a foreigner, you can open a bank account in Portugal. The process is quite straightforward, typically requiring documentation like your passport, proof of address, and a tax identification number (NIF).

It's worth noting that you must be at least 18 years old to open an account in your name. However, if you're younger, your parents can co-sign the necessary documents, which will allow you to have a junior bank account.

Yes, you can open a bank account in Portugal entirely online. Some traditional Portuguese banks and all online banks offer this option. For instance, to open a bank account at Millennium BCP or ActivoBank online, you can easily submit your documents through the portal and complete a video call under good lighting and sound conditions to confirm your identity.

1. Select a bank: Choose a bank based on fees, services, and accessibility, considering account opening fees, monthly service costs, and branch proximity.

2. Collect required documents: Gather the documents needed for opening a bank account in Portugal. You'll need these documents for your appointment, or if you open your account online, you can submit them through the bank's portal. The documents needed to open a bank account in Portugal include:

   • Identification: Passport for EU residents or residence permit for non-EU residents.
   • Proof of address: A utility bill, driver's license, or IRS statement (personal income tax). For minors, provide proof of your parents' address.
   • Tax Identification Number: You can get it by visiting the citizen's shop or local tax office (Finanças).
   • Proof of income or university enrollment: Provide a wage receipt, employee card, or employer statement if employed. Self-employed individuals should offer a self-employed receipt (recibo verde). Students require a student card or proof of enrollment/registration.

3. Visit the bank or arrange a video call: Schedule an appointment for an in-person visit or a video call with the bank. For Revolut, taking a selfie with your phone is enough to verify your identity.

4. Initial deposit: Depending on the bank's policies, an initial deposit, usually around €250–€300, may be required.

5. Receive your debit card: Many Portuguese banks issue your debit card immediately during the appointment. If you're opening your bank account online, the bank will send it to you by mail within 15 days after completing your registration.

When opening a bank account in Portugal, you may need to deposit €250–€300 into your new account.

Moreover, some banks may charge a monthly service fee for maintaining your account, typically around €5–€7 per month, or approximately €60 annually.

The best banks in Portugal for foreigners include:

1. Millennium BCP: A top pick for expats in Portugal. This leading Portuguese bank is known for its strong reputation in serving international clients. It boasts a wide array of services, a vast branch and ATM network, and a user-friendly app. Additionally, their reasonable transfer fees to foreign accounts make them an appealing choice.

2. ActivoBank: Activobank is a Portuguese online bank offering a user-friendly and intuitive platform for customers to manage their finances conveniently from anywhere. It distinguishes itself with competitive interest rates and low fees, making it an attractive choice for cost-conscious expats seeking a reliable and modern banking experience in Portugal.

3. Revolut: Revolut is an international online bank, offering a wide range of services, including online banking, planning tools, and various account types. It's known for its competitive exchange rates, making it an excellent choice for those who frequently travel or engage in international transactions.

While there are international banks like ING and Banco Santander Totta (Santander) in Portugal, they primarily serve business customers, and user sentiment for them is less positive compared to the banks highlighted above. Ultimately, you should make your choice based on your specific needs and preferences.

In Portugal, each bank offers a variety of account options, and the most suitable one for you depends on factors like your residency status, specific financial requirements, and personal financial objectives.

Typical bank account options in Portugal include:

1. Current Account (Conta à Ordem): This is your standard checking account, designed for everyday banking needs. It allows you to deposit and withdraw funds, make payments, and access various banking services with ease.

2. Savings Account (Conta Poupança): A savings account is a good choice to save money and earn interest on your deposit. While it generally offers a lower interest rate compared to other investment options, it provides convenient access to your funds when you need them.

3. Youth Account (Conta Jovem): Specifically tailored for individuals under 18, this account offers unique benefits, such as reduced fees, customized advantages, and educational tools to assist young account holders in managing their finances wisely.

4. Joint Account (Conta Solidária): A joint account is an ideal choice for 2 or more individuals, such as couples or business partners, wishing to open and manage an account together. It grants all account holders access to funds and facilitates collaborative financial management.

5. Foreign Currency Account (Conta em Moeda Estrangeira): These accounts let you keep and use money in foreign currencies, which can be helpful if you do business internationally or receive income in different currencies

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