How to open a bank account in Portugal: Top 5 banks

If you want to live and work in the EU, we recommend to open a bank account in Portugal. Unlike other European countries, a foreigner can become an account holder in Portugal without any problems. Among the advantages - the jurisdiction is part of SEPA (Single Euro Payments Area), the account can be used not only in the European Union, but also in other jurisdictions, the fast speed of transactions.

How to open an account in Portugal

To open a bank account, the customer must come to Portugal. The next step is to obtain a NIF (fiscal identification number).

How to get a NIF

You can't manage without a NIF in the country. It is used not only to open a bank account, but also to buy/rent real estate, to invest in the country to get a Golden Visa, to register for utilities.

To obtain a NIF, a non-resident must follow these steps:

• Go to Finanças, a government agency where one goes for issues that have to do with taxes.
• Provide a certificate of residence translated into Portuguese, which confirms your actual place of residence.
• Present proof of identity.
• Get a NIF by paying €10.

A non-resident must be accompanied by a tax representative when going to Finanças (we can help resolve this issue).

Gather your documents

To open a bank account in Portugal you need the following documents:

• Pay slips/confirmation of income or similar documents where your occupation (position) is indicated;
• A certificate of residence;
• Passport;
• Identification number of your country of citizenship.

Opening an account

To open an account you have to go to the bank in person, less often it can be done online. Sometimes we can open an account for you with a power of attorney. Once you go to the branch, ask the bank employee. He/she will check your documents and if everything is in order he will register your account. You will have to deposit the amount from €250 into your account. You should have your phone with you and you will receive an SMS to confirm your registration.

Where to open an account in Portugal

The banking system in Portugal is modern and interconnected. There are about 70 banks in the country. Almost all are connected through Multibanco to the interbank payment system and ATM network. Portuguese banks are regulated and licensed by the Banco de Portugal, which means that they are recognized by the European Central Bank (ECB) and approved within the EU.

Banco Atlantico Europa

You can open an account with Banco Atlantico Europa remotely, through your smartphone, by downloading the My Atlantico app. Then you have to:

• Press "Open Account";
• Enter your personal information;
• Make a KYC video call, wait for confirmation of registration;
• Get IBAN, send money to your account;
• If you need to come to the bank in person, the employee will explain the reason and nuances in detail.

Basic plan maintenance is €2,99 per month. The user has access to 4 SEPA transfers, free accounts in dollars and euros. For better conditions switch to a Plus (€5,99) or a Premium plan (€9,99).

Bison Bank

Bison Bank is the first bank in Portugal to be licensed to handle crypto assets. Thus, large customers of the bank can store and trade cryptocurrency. The service only works in Portugal. You can open an account with Bison Bank from the browser page by following all the instructions.

Millennium BCP

Millennium BCP is the largest bank in Portugal, so transactions are fast and smooth. To open an account with Millennium BCP you need to come to a branch. If you live in Portugal, there is no problem with visiting the branch. There are more than 900 branches in the country, and one of them is sure to be found near your home. There are also branches in other European countries, including Poland, where you can register.

Caixa Geral de Depósitos

Caixa Geral de Depósitos is the second largest bank in Portugal. A resident can open an account remotely, through the website. To do so, just make one remote call and follow a series of steps:

• Fill out the form;
• Download the IDnow app, enter the number that will come in the email;
• Answer the video call, during which you will have to show your passport, certificate of registration, and other documents;
• If everything is in order, the client will access Caixadirecta through the CGD website with their access credentials sent.

To open a Caixa Geral de Depósitos account for a non-resident, a visit to the bank may be necessary. To find out more precisely, contact our representative.

Novo Banco

Novo Banco is one of the largest banks in the country. Opening an account does not require a certificate of residence. The bank offers several interesting packages for foreigners living in Portugal. For example, Conta 26.31 is designed for young people from 26 to 31 years, does not require a monthly fee, gives the opportunity to get a credit card. For everyday expenses a user of any age can open an account in Novo Banco - Conta 100%. The monthly fee is €3.5.

How to open a bank account in Portugal quickly

To open a bank account in Portugal, contact IT-OFFSHORE specialists and we will help you.