Opening a bank account in Portugal - Everything you should know

Having a bank account in Portugal is not legally required for ex-pats, but living as a resident without one is hardly imaginable. And even as a non-resident, you are allowed to open an account in the country. Here, you will find a summary of all you will need to know and do when getting your Portuguese bank account.

Opening a bank account in Portugal is relatively easy. You will only need a few things; an ID with a photo, a phone number capable of receiving text messages, a NIF (Número de Identificação Fiscal – an identification number we have covered elsewhere), proof of employment (like a payslip), and a proof of address (if you’re still a non-resident, you will need to confirm your foreign address). It is helpful if you can bring more exemplars of each category.

Each Portuguese bank requires a different minimum deposit which you should have ready when opening your account. If you are going to the bank physically and not using online forms (which a few Portuguese banks allow, but most do not), it is helpful to either have a Portuguese speaking friend or a translator or to give the bank a call beforehand and let them know you will require an English speaking assistant.

That is, of course, if you do not speak Portuguese. In general, this process should not be complicated. Bank branches are in general highly accessible in Portugal. The 2018 World Bank statistics recorded Portugal as having three times the global average number of bank branches (36 per 100 000 people instead of the global average of 12,37 per 100 000 people). And while the covid restrictions caused many Portuguese banks to close some of their branches, you still should have no problem doing financial operations.

It is only natural to want to manage as many necessities as possible through online means and phone apps in this day and age. This, of course, includes banking. Several international purely online banking systems are active in Portuguese territories, such as Revolut, bunq, N26, or LeoPay. Traditional Portuguese banks offer mobile banking; those include Banco BPI, Novobanco, or Millenium BCP.

Of course, apps such as Apple Pay and Google Pay are also available to Portuguese residents. Suppose you wish to start mobile banking with one of the traditional banks, in which you opened up your account according to the above-written guide. In that case, it should be straightforward for you to register with the bank for mobile banking and to download the necessary app to your phone.

If you have a document that can be used as your official identification, NIF, and are capable of either managing communication in English or have a way to establish communication in Portuguese, opening a bank account in Portugal should not be a problem for you. Every bank will have its rules and specifics, which you will have to watch out for, but the process overall should be relatively straightforward.