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Bank account in Portugal in 2022

How to open a bank account in Portugal: instructions

01. 04. 2022
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Portugal is one of the easiest countries for non-residents to open a bank account. Especially easy to become a bank client are EU residents, as well as foreigners who study or officially work here, bought a business in the country. To find out how a non-resident can open a bank account in Portugal, keep on reading.

NIF: what it is

Before you go to the bank, you have to become the owner of a tax number. You need it not only to open an account, but also for the following:

  • any government job;
  • payment of taxes;
  • doing business;
  • making a phone contract;
  • solving legal problems.

To get a NIF, you need to bring your passport and a certificate that confirms your place of residence to the tax office. If you are not in the country, you can apply through our representative.

At what age is it possible to open an account

You can open an account if you are 18 years old or older. Some institutions offer accounts for minors. In this case, you will need the signature of a parent or guardian, who will be legally responsible until the depositor is of a legal age.

Paperwork to open an account

  • Passport;
  • Certificate of residence;
  • NIF;
  • Proof of official income. If the depositor does not work - a certificate of registration in the Portuguese employment center (Centro de Emprego);
  • Phone number registered in Portugal for SMS messages;
  • €250 - €300 cash to put on the new account.

How to become a bank client

To open an account, the customer must come in person to the local branch, bringing documents and an interpreter if he or she does not speak Portuguese. Many banks issue the card immediately, and some may send it by mail. The institution can reject the application if the documents have not been submitted in full or if the potential client does not meet the bank's criteria.

A non-resident who has a NIF number can open an account remotely. To do so, you have to submit documents and arrange a video call with the bank manager.

List of the best online banks:

  • Banco N26;
  • ActivoBank;
  • Novo Banco;
  • Millennium BCP;
  • Caixa Geral de Depósitos.

The best banks in Portugal

When choosing a bank, make sure it is not only reliable but also connected to the Multibanco interbank network, which links the country's banks into a single network. It's 12,000 ATMs from which you can withdraw money without fees.

Millennium BCP

To open an account at Millennium BCP means to have a deposit in the largest commercial bank in Portugal. This institution has more than 900 branches, one of the largest being in Poland.

Caixa Geral de Depósitos

It is possible to open an account at Caixa Geral de Depósitos, the second largest bank in Portugal. It offers a huge number of services, including:

  • retail banking;
  • commercial and investment banking;
  • venture capital insurance;
  • lending;
  • asset management.

Novo Banco

Novo Banco is one of the country's largest banks. It was created in 2014 to rescue the assets of Banco Espírito Santo. It is free to open an account at Novo Banco. The institution provides a huge range of services, both in person and online.

Apply now

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