What You'll Learn on This Page
- • How Portuguese banking differs from other countries
- • Why the NIF is essential for banking
- • Types of accounts available and when each applies
- • What documentation banks typically require
- • Common problems that delay account opening
How Portugal Differs
The NIF (Numero de Identificacao Fiscal) is central to Portuguese banking. Unlike some countries where you can open an account without local tax registration, Portuguese banks require a NIF before they'll open an account. For non-residents, obtaining a NIF typically requires a fiscal representative.
Portuguese banks can be more document-intensive than in some countries. Traditional banks often require in-person appointments and extensive paperwork. However, some Portuguese banks now offer online account opening for residents, and digital banks provide alternatives for those still establishing residency.
Portugal is an EU member using the euro, so SEPA transfers within Europe are standard. Portuguese IBANs are accepted throughout the EU, though some services or landlords may prefer accounts with specific Portuguese banks.
What tends to work well
- SEPA transfers within Europe are fast and cheap
- Cards widely accepted throughout Portugal
- MB Way mobile payments are popular and convenient
- Online banking platforms are generally modern
What tends to be challenging
- NIF required before account opening
- Non-residents need fiscal representative for NIF
- Some banks require in-person appointments
- Document requirements can be extensive
Account Types
Several types of accounts are available in Portugal. Your situation determines which options are accessible.
Standard Current Account (Conta a Ordem)
The basic account for daily banking. Receives salary deposits, handles direct debits, and comes with a debit card. Most people need this as their primary account.
What it provides
- Portuguese IBAN for transactions
- Debit card (often Multibanco network)
- Online and mobile banking
- Direct debit capability
- MB Way access (mobile payments)
What to consider
- Monthly fees vary widely by bank
- Some banks offer fee-free basic accounts
- Card fees may be separate
- Minimum balance requirements exist at some banks
Non-Resident Account
An account for people who don't yet have Portuguese residency. May be useful for property purchases or managing affairs before moving.
When it may apply
- Property purchase before relocating
- Setting up affairs before visa approval
- Managing rental income from abroad
- Temporary stays with financial needs
What to consider
- Still requires NIF (with fiscal representative)
- May have higher fees or restrictions
- Not all banks offer this
- Will need to update status when resident
Digital/Neobank Accounts
Digital banks like N26, Revolut, and Wise offer accounts that work in Portugal. These can provide immediate banking access while establishing a traditional Portuguese account.
What works well
- Fast account opening (often same day)
- No Portuguese residency required initially
- Multi-currency capabilities
- Good for international transfers
What to consider
- Some landlords prefer Portuguese bank IBANs
- May not support all Portuguese direct debits
- No branch access for complex issues
- May not count as "Portuguese bank" for some purposes
What Banks Typically Ask For
Documentation requirements vary by bank, but certain documents are commonly requested. Having these ready can speed up the process.
NIF (Tax Identification Number)
This is required by all banks. Without a NIF, you cannot open a Portuguese bank account. Non-residents need a fiscal representative to obtain one. Some accountants and legal services offer this service.
Identity Document
A valid passport is standard. EU citizens may use national ID cards. Banks take copies and verify the original.
Proof of Address
Banks want to verify where you live. What's accepted varies:
- Utility bill in your name (typically within last 3 months)
- Rental contract
- For non-residents: foreign address documentation may be accepted
- Some banks accept less formal proof for initial setup
Proof of Income or Employment
Some banks ask for income verification:
- Employment contract
- Recent pay slips
- For self-employed: business documentation, tax returns
- For retirees: pension statements
- Not all banks require this for basic accounts
Visa or Residence Permit
Non-EU citizens will typically be asked for their visa or residence permit. EU citizens may be asked for registration certificate for resident accounts.
What Varies by Region
While major banks operate nationally, experiences can differ by location.
Lisbon
Most bank branches and options. Staff more accustomed to foreign clients. Some English-speaking staff available, particularly at branches in expat areas. May have longer wait times for appointments at popular branches.
Porto
Good range of banking options. Growing tech and expat community means some familiarity with international clients. English availability varies by branch.
Algarve
Banks accustomed to foreign residents due to expat and retiree populations. Some branches have English-speaking staff. Seasonal fluctuations may affect availability.
Smaller Cities and Rural Areas
Fewer branches and options. Staff may rarely see foreign applications. Portuguese language essential. May need to travel to larger cities for some banking services.
Common Friction Points
These issues frequently cause delays or frustration when opening accounts in Portugal.
Not having a NIF before approaching banks
Without a NIF, banks cannot open your account. This is the number one blocker. Obtaining a NIF as a non-resident requires a fiscal representative, which should be arranged before or immediately upon arrival.
The fiscal representative requirement
Non-residents need a fiscal representative to get a NIF. This is typically an accountant or legal service that charges a fee. Not arranging this in advance delays everything else.
Proof of address difficulties
New arrivals may not have Portuguese utility bills. Some banks accept rental contracts or foreign address documentation, but this varies. Ask specifically what's accepted before visiting.
Appointment availability
Traditional banks often require in-person appointments, which may not be available immediately. Plan for potential delays, especially in busy areas like Lisbon.
Language barriers
Account contracts are in Portuguese. Staff may not speak English, especially outside major cities. Understanding terms and conditions requires Portuguese ability or a translator.
MB Way registration issues
MB Way (Portugal's popular mobile payment system) requires a Portuguese bank account and phone number. Non-Portuguese phone numbers may cause registration problems.
Where to Go Next
Banking connects to other aspects of setting up life in Portugal. Consider these related topics.
Visas in Portugal
Your visa status affects banking options
Healthcare in Portugal
You'll need payment methods for healthcare
Cost of Living
Understand what expenses your account will handle
Portugal Overview
Return to the country hub for a complete setup checklist
Banking Hub
General banking concepts for expats
Opening Accounts Abroad
General guide to the account opening process
Explore Cities in Portugal
Banking options are similar nationally, but staff experience with foreign clients varies by location.
Sources Consulted
Regulatory Bodies
- Banco de Portugal – bportugal.pt – Central bank
- ASF – asf.com.pt – Insurance and pension funds supervision
Consumer Information
- Portal do Cliente Bancario – clientebancario.bportugal.pt – Banking consumer portal
- ePortugal – eportugal.gov.pt – Government services