Banking in Portugal
A Portuguese bank account is essential for visa applications, paying rent, receiving salary, and daily transactions. The process is straightforward but requires proper documentation.
Opening a Bank Account
Required Documents:
- Valid passport
- Portuguese NIF (tax number)
- Proof of address (can be foreign address initially)
- Proof of income or employment
- Some banks: Portuguese address proof
Major Banks:
| Bank | Notes |
|---|---|
| Millennium BCP | Largest private bank, some English support |
| Caixa Geral de Depósitos | State bank, extensive branch network |
| Novo Banco | Good digital services |
| Santander | International presence, English support |
| ActivoBank | Digital-first, no monthly fees |
| Moey | Mobile-only, popular with expats |
Getting Your NIF First
Before opening a bank account, you need a NIF (Número de Identificação Fiscal):
How to get NIF:
- In person at local Finanças (tax office) or Loja do Cidadão
- Through a fiscal representative (for non-EU residents)
- Online services like e-Residence or Bordr
Documents needed for NIF:
- Valid passport
- Proof of address (can be from home country)
- Non-EU: May need fiscal representative
Cost: Free at tax office; €50-150 through services
Bank Account Types
Standard Current Account (Conta à Ordem):
- Basic everyday account
- Debit card included
- Monthly fees: €3-10/month (some free options)
- Used for salary, bills, daily expenses
Non-Resident Account:
- Available before you have residence
- May have higher fees
- Limited services
- Useful for initial setup
Digital Banking Options
Increasingly popular:
- Moey (Portuguese mobile bank)
- ActivoBank (no monthly fees)
- Revolut (works in Portugal, EU-based)
- Wise (for international transfers)
- N26 (German, works across EU)
These are useful for day-to-day spending but you'll likely need a traditional Portuguese account for salary, rent, and visa purposes.
International Transfers
For moving money to Portugal:
- Wise (formerly TransferWise) - best rates
- Revolut
- Traditional bank wire (expensive)
Tips:
- Avoid bank currency conversion - use Wise or similar
- Set up Portuguese bank account to receive in EUR
- Keep some funds in home country initially
Credit Cards
Building Portuguese credit:
- Credit history doesn't transfer from abroad
- Start with debit card from your bank
- After 6-12 months with steady income, apply for credit card
- Portuguese credit cards often have annual fees (€20-50)
Tax Residency
Important: If you spend 183+ days/year in Portugal, you become tax resident and must report worldwide income. Opening a bank account alone doesn't determine tax residency, but it's part of establishing your presence.
Pro Tips
- •Get your NIF (tax number) before trying to open a bank account - you can't proceed without it
- •Consider ActivoBank or Moey for fee-free digital banking
- •Use Wise or Revolut for international transfers - much cheaper than bank wires
- •Keep your home country bank account active initially for flexibility
- •A Portuguese bank account is required for most visa applications
Have questions about banking in Portugal?