Opening a Bank Account in Portugal: Everything Expats Need to Know
Opening a local bank account is one of the first essential steps for expats moving to Portugal. In this guide, we walk you through what you’ll need, the best banks to consider, types of accounts available, associated costs, and practical tips to make the process smoother — with or without a NIF.
LIVING IN PORTUGALRELOCATION TIPSEXPAT GUIDESBUDGETING & FINANCELEGAL & ADMIN
5/15/20252 min read
Moving to Portugal comes with a world of opportunities — but also some practical tasks. One of the first things you’ll need to do is open a Portuguese bank account. It’s a key step for renting a home, paying bills, receiving a salary, or managing your daily life more efficiently.
1. Do I Really Need a Portuguese Bank Account?
Yes, especially if you’re staying long-term. While you can get by for a while using international or digital banking apps (like Revolut or Wise), many landlords, utility companies, and employers will require a Portuguese IBAN.
2. Documents Required to Open a Bank Account (Resident and Non-Resident)
Most banks will ask for the following:
Passport or national ID card
NIF (Portuguese Tax Number)
Proof of address (in Portugal or abroad)
Proof of income or employment (optional in some cases)
Portuguese phone number (required by some banks)
💡 Tip: If you don’t have a NIF yet, you can request one with the help of a fiscal representative. You can open an account as a non-resident, but it may take longer and come with additional checks.
3. Banks in Portugal: Which Ones Should You Consider?
Here are some of the most popular options:
Traditional Banks:
Caixa Geral de Depósitos (CGD)
Millennium BCP
Novo Banco
Santander
Banco BPI
Digital Banks with Portuguese IBANs:
ActivoBank (a digital branch of Millennium)
Moey! (by Crédito Agrícola)
Banco CTT (a hybrid option with no monthly fees)
💡 Tip: Digital banks are often faster, less bureaucratic, and fee-free — ideal for younger expats or digital nomads.
4. Types of Accounts and Average Costs
Current Account (Conta à Ordem): The most common type for everyday use
Savings Account: To store money and earn small interest
Typical Monthly Costs:
Traditional banks: €2 to €7 (some offer free accounts with minimum balance or salary deposit)
Digital banks: often free, with no maintenance fees
5. Can I Open a Bank Account Remotely?
Yes, many banks — especially digital ones — allow you to open an account online. For traditional banks, you may still need to visit a branch in person to present your documents.
6. Practical Tips for Expats
Always bring originals and copies of your documents
Book an appointment in advance, especially for larger banks
Confirm whether the bank allows account opening without Portuguese tax residency
Test the mobile app — and check if they offer customer support in English
Conclusion: Start Smart and Save Time
Opening a bank account in Portugal doesn’t have to be stressful. With the right documents and a little research, you’ll be ready to manage your finances smoothly and confidently. Whether you choose a traditional bank or go digital, having a local account will make your life in Portugal much easier — and far more convenient.
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