How to Open a Bank Account in Portugal: A Step-by-Step Guide for Expacts

Welcome to Portugal! If you’re planning an extended stay or relocating to this beautiful country, one of the first things you’ll need to do is open a bank account. Having a local bank account can make your life much easier when it comes to everyday finances, paying bills, and managing your money efficiently. This guide will walk you through the process of opening a bank account in Portugal, step by step.

Is Opening a Bank Account in Portugal Complicated?

Don’t worry – opening a bank account in Portugal is not a complex process, and most people speak decent English. If you prepare all the necessary documents in advance, everything should go smoothly.

Step 1: Choose the Right Bank in Portugal

Portugal has several reputable banks, including Millennium BCP, Novo Banco, and Caixa Geral de Depósitos. Before you make a decision, do some research to find a bank that offers the services that matter most to you, such as online banking, English-speaking staff, and convenient branch locations.

I created this guide based on my experience with Millennium BCP, one of the most popular banks in Portugal.

Step 2: Gather the Required Documents

To open a bank account in Portugal, you’ll need the following documents:

• Valid passport (or other valid ID)
• Proof of address (such as a utility bill or rental agreement)
• Tax identification number (NIF – Número de Identificação Fiscal) – make sure to take a full printout of the PDF where your NIF, name, and address can be seen.

I also had my company contract/employment confirmation with me, which helped expedite the process. Additionally, I recommend having a Portuguese phone number ready.

Step 3: Visit a Bank Branch in Portugal

Once you’ve selected your bank and gathered the required documents, make an appointment to visit a branch in person. Meeting with a bank representative will help you go over account options and complete the account opening process.

In my experience, it’s usually enough to simply walk into the branch without an appointment. Just take a number (from the machine) and wait in line. However, be aware that banks in Portugal often have limited working hours (my branch closed at 14:30-15:00), and many also close for lunch. Check the branch’s opening hours online or through Google.

Step 4: Choose the Right Account Type

Portuguese banks offer various types of accounts, including:

• Checking accounts for daily transactions
• Savings accounts for long-term savings
• Investment accounts for those looking to invest

Be sure to choose the account type that suits your financial needs. Bank employees are helpful and will guide you through the account options. In Lisbon, most bank staff speak good English, often better than they admit!

During this step, you will also need to present the documents mentioned earlier.

Depending on your country of origin, the bank may need to run a verification process, which can sometimes extend the account opening process.

Step 5: Make an Initial Deposit

Some banks require an initial deposit to open an account. Ensure you have the necessary funds available. In my case, the minimum deposit required was €250, which I deposited directly during the meeting.

Step 6: Activate Online Banking

Many Portuguese banks offer online banking services, which allow you to manage your account, pay bills, and transfer money from the comfort of your home. Be sure to activate your online banking account for added convenience. For this step, you will likely need a Portuguese phone number.

Step 7: Receive a Debit/Credit Card

Once your account is opened, you can request a debit card for everyday purchases and ATM withdrawals. Some banks also offer credit cards with various benefits, such as cashback rewards or travel insurance.

In my case, I received a temporary debit card (without my name on it), and a few days later, I received my permanent card with my name on it via post.

Tips and Recommendations for Opening a Bank Account in Portugal

1. Consider opening a joint account if you are relocating to Portugal with a partner or family member. Your partner will need to present the same documents.
2. Ask about fees or charges associated with the account type you choose.
3. Explore mobile banking apps for added convenience while on the go.
4. Be patient: Your experience may depend on the person you meet at the bank. Don’t worry if the first impression isn’t perfect – they may be nervous about dealing with non-standard procedures in a foreign language. If you can, try speaking basic Portuguese – this can often make a big difference!
5. ATM machines in Portugal are different from those in other countries. You can use them for paying bills, which is why you may see long queues, especially from older generations who prefer this method over online payments.

While in Portugal, don’t miss out on exciting activities and tours offered by GetYourGuide. From city tours to wine tastings and cultural experiences, GetYourGuide has something for everyone. Book your next adventure now!