How to Open a Bank Account in Portugal as a Foreigner

A Portuguese bank account is essential before you can rent an apartment, set up utilities, receive a salary, or complete almost any official transaction. The process has become significantly easier in recent years, with digital alternatives now available that work even before you move.

What do you need to open a bank account in Portugal?

Requirements vary slightly between banks, but almost all require:

• NIF (Número de Identificação Fiscal) — the single most critical requirement. Get this first.
• Passport (or EU national ID for EU citizens)
• Proof of address — your Portuguese address if you have one, or a foreign address if opening as a non-resident
• Proof of income or employment — some banks ask for payslips, employment letter, or a statement of financial means
• Tax residence declaration — a standard form the bank provides

If you do not yet have a Portuguese address, some banks will accept a foreign address to open a non-resident account, which you can convert to a resident account later.

Which Portuguese banks are best for expats?

The main traditional banks for expats in Portugal are:

• Millennium BCP — largest private bank, has English-speaking staff in larger branches, widely available across the country
• Novo Banco — good for property buyers, English-speaking services available
• Santander Portugal — familiar brand if you are coming from the UK, Spain, or Latin America
• Caixa Geral de Depósitos (CGD) — the state bank, very widespread, used for many government transactions
• BPI — part of CaixaBank, solid for everyday banking

Can you open an account before you arrive in Portugal?

Not easily with traditional banks — they typically require your in-person presence. However, you have two practical alternatives:

• Digital banks: Wise and Revolut are widely used in Portugal and accepted for many purposes. They are not fully equivalent to a local bank but work for day-to-day payments and receiving transfers.
• Some banks offer remote opening via notarised documents for non-residents interested in buying property — ask specifically about this when contacting the bank.

Digital banks in Portugal — Wise, Revolut, and N26

Wise is the most expat-friendly option for bridging the gap before you have a Portuguese account. It gives you a Portuguese IBAN, accepts NIF registration, and works for receiving salary, paying rent, and direct debits. Many landlords and employers accept Wise accounts. It is not a bank (it holds your money as an e-money institution), but for practical purposes it covers most needs.

Revolut has a Portuguese banking licence and is increasingly accepted. N26 also operates in Portugal but with some limitations on direct debits.

How long does opening an account take?

In-branch at a traditional bank: the appointment itself takes 30–60 minutes; your debit card arrives by post within 5–10 business days. Some banks offer immediate virtual cards via app. Digital banks: account open within minutes to a few hours.

What are the typical banking fees in Portugal?

Most Portuguese banks charge a monthly maintenance fee of €5–€12/month for standard accounts. Some offer free accounts with conditions (minimum balance or salary domiciliation). Digital banks like Wise and Revolut have lower or zero monthly fees but charge for some transactions. Ask specifically about: monthly fee (comissão de manutenção), card fee, ATM withdrawal fees, and transfer fees.