How to Open a Bank Account in Portugal?
Typically, it can be quite challenging to open a bank account internationally if you’re a non-resident, especially in European countries. Fortunately, Portugal is one of the easiest countries to open a bank account if you’re not a resident. This is especially beneficial if you’re planning to move to Portugal or intend to obtain residency using Portugal’s Golden Visa program.
In this post, we’ll show you the process of opening a bank account in Portugal in more detail.
Before You Open an Account
When you’d like to open a bank account in Portugal, you’ll first need to obtain a NIF or Número de Identificação Fiscal. This is an identification number you’ll typically use to conduct any governmental activity like paying taxes, and for most other contracts you’ll enter into, including opening a banking account. You can apply for this number from the Portuguese tax authority and use a financial representative or lawyer to assist you in the process or apply on your behalf.
How to Open a Bank Account in Portugal?
Once you’ve obtained this number, you can go to a bank branch you’d like to open an account. You should also decide what type of account you’d like. Here, you’ll have several options, and you should choose a bank that offers an account that meets your needs and requirements.
No matter which bank you choose, your next step will be to complete an application and submit it with the required documents, which we’ll deal with in more detail later.
Opening your Portuguese bank account can take as little as 30 minutes if there are no issues and you have all the required documents. However, remember that this depends largely on the bank, and while it could be relatively quick, getting your debit or credit cards could take some time.
Once you’ve opened a bank account in Portugal, you'll have access to the services banks typically offer. Some of these services include:
· Checking accounts.
· Loans and overdrafts.
· Savings and investments.
· Insurance.
· Mobile, digital, and online banking.
Required Documents to Open a Bank Account
Now that you have a broad overview of the process of opening a bank account in Portugal let’s look at the documents and other information you’ll need. Even though these documents might vary from bank to bank, you’ll generally need the following:
· Proof of identification. You’ll need to provide proof of your identity. In most cases, your passport will be sufficient.
· Proof of address. To provide proof of your address, you’ll need, for instance, to provide a recent utility bill, a letter showing your name and address, or a rental contract.
· Proof of income or employment. Here, you’ll typically need an employment letter or recent payslip. You can also open an account if you’re unemployed, but in this case, you’ll need to prove that you’re registered with the Portugues employment center or that you have a work contract assurance.
Apart from these documents, you might also need other documents based on the account you’d like to open. For example, you might need to provide your residency card if you’d like to open a resident account. Likewise, when opening a student account, you’ll need to provide proof that you’re studying in Portugal.
Some banks will also require that you make a minimum deposit to open the account. While this varies from bank to bank, you should budget about €250 to €300. Finally, you’ll also need a Portuguese telephone number that you’ll use for SMS activation on the account.
Can I Open a Portuguese Bank Account Online?
While many banks require that you open an account in person, some banks allow you to open an account online. These accounts are the ideal option for expats who want to open an account before arriving in Portugal. It’s important to remember, though, that in most cases, these accounts opened from outside the country will likely be non-resident accounts with several limitations.
Which Bank in Portugal is Best?
As mentioned earlier, there are several banks in Portugal you can choose from when you’d like to open a bank account. This makes it challenging to say what the best bank is. However, it’s certainly possible to provide a list of some of the best options you can choose from based on your unique needs and requirements.
Novo Banco
Novo Banco has about 387 branches across Portugal and offers a range of banking services to residents and non-residents. These services include current accounts, savings accounts, loans and mortgages, investment products, debit and credit cards, insurance, and more. It’s important to keep in mind, though, that all the information on the bank’s website is in Portuguese. This means you’ll likely need a Portuguese speaker to help you navigate its website, or you can use your internet browser’s translation features.
Millenium BCP
Millenium BCP serves more than 1 million customers in Portugal, which makes it one of the largest banks in the country. To provide its range of services to these customers, it has about 478 branches in the country. Some of its services include current accounts, savings accounts, investment products, loans and mortgages, insurance, and a range of debit and credit cards. A significant benefit of Millenium BCP is that its website is in both Portuguese and English, which makes it a lot easier to do research on accounts and find information.
Banking Fees in Portugal
As with any other bank account worldwide, you’ll need to pay banking fees when opening an account in Portugal. With that in mind, let’s look at some of the standard fees you’ll be responsible for:
· Account fees. These fees, also typically referred to as account maintenance, are monthly fees for using the account and its accompanying services. There are, however, some banks that don’t charge these fees. In these cases, they’ll typically charge higher transaction fees or require that you maintain a specific account balance in your account.
· Withdrawal fees. As the name suggests, you pay these fees when you withdraw money from an ATM. In most cases around the world, these fees only apply when you use an ATM that doesn’t belong to your bank. However, in Portugal, this isn’t the case. Most of the banks in the country are part of the Multibanco service, a network of ATMs in Portugal. No matter what ATM you use, you won’t pay any fees.
· International transfer fees. When you transfer money to an account in another country, you’ll likely need to pay international transfer fees. While these fees vary from bank to bank, they can be quite expensive, and, in some cases, you could also pay currency conversion fees.
· Interest. When you take out any credit, whether credit cards, overdrafts, or personal loans, you’ll need to pay interest on the money you’ve loaned; how much you’ll pay depends on the annual interest rate, also known as the Annual Percentage Rate.
Remember that while these fees are standard, they might differ from bank to bank. As such, some banks might charge fees that others don’t. For this reason, it’s always a good idea to read the terms and conditions when opening an account to understand exactly what banking fees you’ll be liable for.
FAQ
Hopefully, you now know how to open a bank account in Portugal. Apart from the information mentioned above, we’ve also compiled a list of frequently asked questions people often have when it comes to bank accounts in Portugal.
Can I open a bank account in Portugal if I’m a foreigner?
Yes, you can. Non-residents can open bank accounts in Portugal, but these accounts might have some limitations.
What is the best bank in Portugal?
As mentioned earlier, there are more than 150 local and international banks in Portugal. You should choose the best one based on your needs and requirements.
Can I get a credit card in Portugal?
Once you’ve opened a bank account in Portugal, you can apply for a credit card. However, the bank will then consider all your information to ensure you’re creditworthy.
