How to open a bank account in Portugal as a foreigner

Are you ready to start your life abroad in Portugal? In order to fully settle into this beautiful country, there’s one task you need to check off your list: opening a bank account. For many people wanting to move to Portugal, this may seem like a complicated task. However, with the right guidance, it can be an easy process even when you don’t speak Portuguese.

We’ll guide you through the steps of opening a bank account in Portugal as a foreigner — from start to proud owner of a Portuguese bank card.

Why you need a bank account in Portugal as a foreigner

Opening a bank account in Portugal isn’t just a practical step; it’s a key component of settling into life in your adoptive country. Whether you’re planning a short-term stay or making Portugal your new home, having a local bank account offers a multitude of benefits. Here are the top reasons to open an account as a foreigner: 

1. Access to local services

As you settle into life in Portugal, you’ll likely want to access local services such as getting a mobile phone, internet subscriptions, and utility set up. Many service providers in Portugal prefer payments through local bank accounts, so having one will make it easier to set up and manage these essential services.

2. Simplified property transactions

If you’re considering buying property in Portugal, having a local bank account is often a requirement. It facilitates the process of transferring funds for property purchases, making the transaction smoother and more efficient.

3. Employment and salary

If you plan to work in Portugal, your employer will likely require a local bank account to deposit your salary. This ensures that you receive your earnings without the need for international transfers, which can sometimes be costly and time-consuming.

How to choose a Portuguese bank

Portugal has several banks to choose from, each with its own perks and services. Here are some of the most popular ones:

1. Millennium bcp: This bank is great for those who prefer modern, user-friendly online banking in English. They offer a range of accounts, including savings and current accounts, making it suitable for both residents and non-residents.
2. Caixa Geral de Depósitos (CGD): As one of the largest banks in Portugal, CGD provides a wide array of services. They are known for their accessibility and comprehensive banking options, catering to various financial needs.
3. Santander Totta: Santander is renowned for its international presence, making it an excellent choice if you’re a frequent traveler. They offer bilingual services and have branches in many countries, which can be particularly helpful for expats.
4. Novo Banco: If you’re looking for personalized customer service, Novo Banco might be the right fit. They focus on building strong relationships with their clients and offer a range of account types.

Remember, the best bank for you depends on your individual needs and preferences. Take your time to research their services and fees to make an informed decision.

What are the main types of bank accounts in Portugal?

Now that you have an idea of the banks available, let’s dive into the types of bank accounts you can open in Portugal:

1. Current Account: This is your go-to everyday account for managing your finances. It allows you to make payments, receive your salary and handle your day-to-day expenses.
2. Savings Account: If you want to set money aside for the future, a savings account is a great choice. It offers interest on your deposits, helping your money grow over time.
3. Non-Resident Account: Specifically designed for foreigners, this account is ideal for expats who haven’t established residency in Portugal yet. It’s a convenient option for managing your finances while abroad.
4. Business Account: If you’re planning to start a business in Portugal, a business account will be essential. It helps you manage your company’s finances, payments, and transactions.

What documents are required to open a Portuguese bank account?

To open a bank account in Portugal, you’ll typically need:

1. Valid Passport or ID: A government-issued photo ID, such as your passport, is a must. Make sure it’s valid for the duration of your stay.
2. Proof of Address: This can be a rental contract, utility bill, or any official document that confirms your address in Portugal.
3. Tax Identification Number (NIF): This is essential for any financial transactions in Portugal. You can get it at a local tax office.
4. Proof of Income: Depending on the bank, you might need to show proof of your income, such as a recent pay stub or a letter from your employer.
5. Residence Permit: Non-EU citizens may need to provide a residence permit, if applicable.

Remember, requirements can vary slightly between banks, so it’s a good idea to contact your chosen bank in advance to confirm the documents you need.

What services do Portuguese banks offer to foreigners?

Portuguese banks are well-equipped to cater to the needs of foreigners. Here are some services they commonly offer:

1. Multilingual support: Many major banks provide customer service in English and other languages, making it easier for non-Portuguese speakers to navigate their accounts.
2. Online banking: Managing your finances has never been easier. Most banks offer user-friendly online platforms that allow you to check your balance, make transfers, and pay bills from the comfort of your home.
3. Currency exchange: If you’re dealing with multiple currencies, Portuguese banks can assist you with currency exchange and international transfers.
4. International cards: You’ll receive a debit or credit card that you can use internationally. This comes in handy when traveling or shopping online.

Waiting for approval of your Portuguese bank account

After submitting your documents and completing the required forms, you’ll need to wait for the bank to review and approve your application. The time it takes can vary, but it’s usually a matter of a few business days to a couple of weeks.

During this time, it’s a good idea to stay in touch with the bank and check if they need any additional information. Once your account is approved, you’ll receive your account details and your debit or credit card. And that’s it! You’re now ready to start managing your finances in Portugal. 

In conclusion, opening a bank account in Portugal as a foreigner is a straightforward process that can greatly enhance your experience while living in this vibrant country. With a variety of banks, account types and services tailored to your needs, you’ll be managing your money like a pro.