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How to open a bank account in Portugal: step-by-step instructions and useful tips for expats

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How to open a bank account in Portugal: step-by-step instructions and useful tips for expats

Moving to Portugal is an attractive prospect for expats from all over the world, but to live comfortably here, a foreigner needs to have a bank account. Find out what are the advantages of a foreign bank account and what is required to open one

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Moving to a permanent residence abroad requires opening an account in a local bank, as its presence significantly improves the quality of life in the country. The account will be needed for making payments, paying for services, including utilities, and receiving income.

At first glance, non-residents of Portugal may think that opening an account in a local bank is a very complicated process, but it is quite real. The main thing is to know what documents to prepare, which bank to contact and how to avoid common mistakes.

We have collected everything you need to know about opening an account in Portugal in this article.


Why do you need to have a bank account in Portugal?


A bank account in Portugal is needed for:

1. Submitting documents for certain types of visas (for example, for a D7 visa).

2. Obtaining a permanent residence permit in Portugal.

3. Paying for utilities or purchases.

4. Transfers between local fast payment systems and other financial transactions.


Important! Many services can only be paid for through the national payment system, so often having such an account is absolutely necessary.


Opening a bank account for a D visa in Portugal


Some Portuguese consulates require you to have a Portuguese bank account even before applying for a visa. In general, this is extremely difficult to do, since you do not have documents for legal residence in Portugal.

There are two options for opening such an account:

- opening a corresponding account in a Portuguese neobank (a bank that operates exclusively online without a traditional physical branch network);

- opening an account in a large bank such as Caixa Geral de Depósitos.


Opening an account for a Portuguese residence permit


This process will be much easier if you have a D visa and an AIMA record. Banks are more friendly to such applicants, and your chances of successfully opening an account will be much higher.

You will also have the option of opening an account with neobanks and in a full-fledged large bank. In my experience, the best option would be to open an account with CGD.




You will need health insurance to safely move and find employment in a new country. You can issue an extended policy on our website 
using the link.




What documents are needed to open a Portuguese bank account?


To open a Portuguese bank account, you will need to collect a basic package of documents:

- Passport – make sure that the document does not expire within the next six months.

- NIF (Portuguese tax number) – it can be issued even without a residence permit, indicating the address in the country of citizenship.

- Proof of address in Portugal – to confirm your place of residence, use a long-term rental agreement, a certificate from the Junta de Freguesia - comprobativo de morada or a utility bill in your name.

- Portuguese phone number and email address – this is necessary to contact the bank and activate online banking.

- Proof of income and financial activity:

1. For employees: employment contract or certificate from the place of work (in English or Portuguese), salary statements, tax certificates, etc.

2. For sole proprietors: business registration certificate, tax identification number, tax return.

3. For those who live on passive income: real estate lease agreement translated into Portuguese), bank statements or checks, tax certificates (personal income tax), translated into Portuguese.


Important! All documents must be translated into Portuguese. Also, sometimes banks require that the certificates be notarized. On average, translation and certification costs 40–50 euros from a certified translator in Portugal.


How to open an account in a Portuguese bank? Step-by-step instructions.


1. Choosing a bank.

The most loyal to foreigners is the Caixa Geral de Depósitos (CGD) bank.


2. Submitting documents.

Come to the bank branch with a package of documents. The manager will check it, ask questions about the purpose of opening the account and the source of income.


3. Compliance check.

At this stage, the bank may request additional data (depending on your sources of income) – by phone or email, for example, a 2-PDFO certificate translated into Portuguese for the previous year. This stage takes from several days to several months.


4. Signing the contract.

After successfully completing the verification, you sign the contract, receive an account number, and receive a bank card at the address you indicated – delivery can take up to 3–4 weeks (the norm is two weeks).


How to avoid rejection?


1. Prepare carefully – make sure you have all the documents, including translations.

2. Choosing a branch – if you are refused, try contacting another branch.

3. Transparency – banks pay attention to the source of income. Make sure that you are a reliable client who will use the account for household needs.


How long does it take to open an account?


The process takes from 3 days to 4 weeks, in some cases – several months. It all depends on the speed of the compliance check and the bank's workload.


Let's remind you! The Digital Nomad Visa in Portugal allows remote workers from non-EU countries to live and work in the country. Foreigners with an appropriate income level can obtain a permit. We have already told you who can apply for a D8 visa and what requirements are imposed on future employees.






Igor Usyk - Head of Legal Department at Visit World


For safe relocation to Portugal, obtaining refugee status and employment, use the advice of an international lawyer.

We help to solve complex and simple issues for your comfort and safety in Portugal.




Products from Visit World for a comfortable trip:

Checklist for obtaining a visa and necessary documents in Portugal;
Legal advice from a local specialist on visa and migration issues;
Travel insurance for foreigners in Portugal;
Medical insurance around the world.


We monitor the accuracy and relevance of our information. Therefore, if you see any error or discrepancy, please write to our hotline.

Frequantly

asked questions

Can a foreigner open a bank account in Portugal?

Portugal is a country where it is easy for non-EU residents to open a bank account. A local bank account can make life much easier if you plan to live in Portugal. Paying for many services is much more convenient using a local card, a mobile bank application or the MBWay program.

Do you need a NIF to open a bank account in Portugal?

In which EU country is it easiest to open a bank account?

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