Banking Guide

Opening a Bank Account in Portugal

Opening a bank account in Portugal as a foreigner is more accessible than in many European countries—some banks will open accounts for non-residents. The main dependency is getting a NIF (tax number) first. Once you have that, the banking process is relatively straightforward. This guide covers what actually matters and where people get stuck.

Last reviewed: January 2026

Research summary for planning purposes. Not legal, tax, or financial advice. Verify with official sources.

Who this is for

This guide may help if you:

People planning to move to Portugal who need to understand banking requirements
Those already in Portugal trying to open their first local account
Non-residents who want a Portuguese account before moving

This may not be the right fit if you:

EU citizens who only need a basic account (process is often simpler)
Short-term visitors who can manage with international cards
Those seeking specific product recommendations (requirements vary too much)

Key tradeoffs

Important considerations that affect most people in this situation.

NIF requirement is the real gate

Every Portuguese bank requires a NIF (Número de Identificação Fiscal) to open an account. The good news: NIFs are available to non-residents and can be obtained before you arrive. The practical approach is to get your NIF first—either in person at a local tax office, through a fiscal representative, or via online services. Once you have it, banks become accessible.

Traditional banks vs. digital banks

Traditional Portuguese banks (Millennium BCP, CGD, Novo Banco, Santander Portugal) offer full services—branch networks, mortgages, local credibility with landlords. Digital banks (ActivoBank, Moey) and international options (Wise, Revolut, N26) are faster to set up. The decision usually comes down to whether you need a Portuguese IBAN for specific purposes like rent payments, salary deposits, or visa applications.

Resident vs. non-resident accounts

Portugal is relatively friendly to non-resident account holders. Some banks will open accounts for people who don't live in Portugal yet—useful for setting up before you move or for property owners. Non-resident accounts may have higher fees or different features. Once you establish residency, you can convert to a resident account.

Common requirements

These documents come up consistently across Portuguese banks. Having them ready prevents wasted trips.

Valid passport — bring the original plus a copy. EU citizens can often use national ID cards instead
NIF (Número de Identificação Fiscal) — the Portuguese tax number. This is non-negotiable for all banks
Proof of address — for residents, a utility bill or rental contract. Non-residents may need proof of address in their home country
Proof of income or employment — some banks request this, especially for accounts with credit facilities. Pay stubs, employment letter, or tax returns work
Portuguese phone number — required for 2FA and notifications. You can get a prepaid SIM easily, or some banks accept international numbers initially

Types of banks commonly used

The practical difference between bank types comes down to what you need: full Portuguese banking services or quick access to an account.

Traditional Portuguese banks (Millennium BCP, CGD, Novo Banco, Santander Totta) — full branch networks, cash services, mortgages, local credibility. CGD is state-owned and often used for government-related payments. The tradeoff is more documentation and potential monthly fees (€3-10/month)
Portuguese digital banks (ActivoBank by Millennium, Moey by Crédito Agrícola) — lower or no monthly fees, streamlined online opening, but limited branch access. ActivoBank is popular with expats for its English-friendly interface
International digital banks (Wise, Revolut, N26) — fastest to open, no NIF required for basic accounts, strong for multi-currency needs. Limitation: may not provide Portuguese IBANs, which some landlords, employers, and visa processes require

Typical process

Once you have your NIF and documents ready, opening an account is straightforward. Many people complete it in one visit or online.

Verify current requirements with your target bank — a quick website check or phone call prevents wasted trips
For traditional banks, book an appointment if possible. Walk-ins work but may mean waiting, especially in Lisbon and Porto
Bring all documents to your appointment — missing documents typically means rebooking. Expect 30-60 minutes for the full process
Sign account agreements. These are in Portuguese. You can request time to review or use translation apps, but official translations aren't typically provided
Account details and online access are usually available immediately or within 24-48 hours. Physical cards arrive by mail within 1-2 weeks
For digital banks, the process is often fully online — upload documents, video verification, and account ready in 1-3 days

Where people get stuck

These friction points come up repeatedly. Anticipating them saves time and frustration.

No NIF — banks won't proceed without it. Get this sorted first, whether through a local Finanças office, fiscal representative, or online service
Language barriers — staff in smaller branches or outside tourist areas may not speak English. Lisbon and Porto branches in central areas are generally more English-friendly
Non-resident complications — some banks are more welcoming to non-residents than others. If one bank is difficult, try another. ActivoBank and Millennium BCP are often cited as more flexible
Address proof issues — if you don't have a Portuguese address yet, you'll need to open a non-resident account first. Some banks accept hotel bookings or a fiscal representative's address temporarily
Monthly fees — traditional banks typically charge €3-10/month. These are often waived with direct salary deposits or minimum balances. Digital banks usually have no monthly fees

Using international digital banks

International banks like Wise, Revolut, and N26 serve as useful complements or alternatives to Portuguese banks.

Wise — provides multi-currency accounts and competitive exchange rates. You can get Euro account details (Belgian IBAN), which works for many purposes but isn't a Portuguese IBAN
Revolut — similar multi-currency functionality. Lithuanian IBAN for Euro accounts. Good for daily spending and transfers
N26 — German bank with German IBAN. Full banking license means deposit protection, but still not a Portuguese IBAN
Practical approach — many expats use both: a Portuguese bank for local requirements (rent, salary, official purposes) and an international digital bank for everyday spending and international transfers
Visa requirements — if your visa requires proof of Portuguese banking, international banks may not satisfy this. Verify specific requirements

Next steps

Continue your research with these related guides.

Portugal Country Guide

Overview of setting up in Portugal, including administrative dependencies.

Compare Banking Options in Portugal

Digital vs traditional banks, NIF requirements, D7 considerations.

Living in Lisbon

City-specific guide including banking considerations for Lisbon.

Portugal Visa Paths

Understanding visa options that affect your residency status.

Sources & references

Official Sources

Banco de Portugal – Central bank regulations and consumer information
Autoridade Tributária (AT) – NIF requirements and tax identification

General References

Individual bank websites – Requirements vary; always verify directly
Expat community forums – Anecdotal experiences; requirements change

Information gathered from these sources as of January 2026. Requirements and procedures may change.