Opening a bank account in Portugal
Documents, which bank, fees, and what to do if you are refused.
Last verified: September 2026.
Who this is for
- You have a NIF (tax number) and are ready to open your first Portuguese bank account.
- You live in Portugal, EU citizen or not, and need a local account for rent, salary, or bills.
- You are still abroad, or a retiree or freelancer without payslips, and worry a bank will refuse you.
Not for you if: You do not have a NIF (tax number) yet, because no bank will open an account without one: read "Getting a NIF in Portugal" first.
Updated September 2026. Since the earlier versions: the serviços mínimos fee cap is now €5.37 a year (1% of the 2026 IAS), Revolut has issued Portuguese PT50 IBANs since mid 2025, Novobanco passed to the French group BPCE in April 2026, and complaints to the Banco de Portugal now go through the Livro de Reclamações Eletrónico.
A Portuguese bank account is the piece of admin that unlocks most of the others. Landlords, employers, utility companies, and the tax office all expect one. Some residence visas also ask for proof of one. The law does not force you to have one, but life is much easier with a local IBAN. You need a NIF (tax number) first. Allow one to two weeks from your branch appointment to a working card; an app-based account can be usable the same day.
This guide covers who can open an account, what to bring, which banks are worth considering, what it costs, and what to do if a branch says no.
Do you actually need a Portuguese account?
Legally, no. EU rules on IBAN discrimination (Regulamento (UE) n.º 260/2012, article 9) say that an employer, landlord, or company that accepts euro transfers or direct debits cannot refuse your IBAN just because it is from another EU country.
In practice, a Portuguese IBAN (one starting with PT50) still makes life much easier. Some landlords, condominium administrators, insurers, and utility back-office systems still reject foreign IBANs, and arguing the point takes longer than opening an account. Many people keep both: a Portuguese account for rent, salary, direct debits, and dealings with the State, and an international app (Wise, Revolut, or similar) for foreign currency and cheap transfers home.
Who can open an account
Residents. Anyone living in Portugal, EU or non-EU, can open a conta à ordem (current account) once they hold a NIF. You do not need a residence permit to open an account. A valid passport, a NIF, and the other documents below are enough for the bank's identity checks under Lei n.º 83/2017 (the anti-money-laundering law). If a branch tells you a residence permit is compulsory, that is branch policy or a misunderstanding, not the law.
Non-residents. People who own a holiday home, are still abroad before a move, or are in Portugal on a visa can open a conta de não residente (non-resident account). Banks ask for a passport, a NIF, and proof of your foreign address. These accounts often carry higher fees and fewer products, so ask the bank to convert it to a resident account once you have a Portuguese address and, for non-EU citizens, a residence permit.
One thing to know: a bank is not obliged to open an ordinary account for you. The Banco de Portugal is explicit that credit institutions can decline. What they cannot refuse, if you qualify, is a conta de serviços mínimos bancários (basic account), covered below.
Before you start: get the NIF
The Número de Identificação Fiscal (NIF, tax number) is the only real prerequisite. No bank will open an account without it, because the account has to be registered against your NIF with the Autoridade Tributária (AT, the tax authority).
The NIF is free. You get it from Finanças (the tax office), a Loja do Cidadão, or, if you are still abroad, a Portuguese consulate. Book an appointment first (217 206 707, or through the Portal das Finanças). Bring your passport or EU identity card and proof of address (in Portugal or abroad).
If you live in the EU, Norway, Iceland, or Liechtenstein: you can apply directly with your ID and proof of address. No tax representative is needed.
If you live outside the EU or EEA and do not yet have a Portuguese address: you must either name a representante fiscal (tax representative) resident in Portugal, or sign up for electronic notifications on the Portal das Finanças, which removes the requirement (Decreto-Lei n.º 44/2022). Applications from outside the EU can also be made online through the e-balcão on the Portal das Finanças. Lawyers, accountants, and online services offer tax representation for roughly €50 to €200 for the first year; make sure they accept a foreign card, because you will not have a Portuguese account yet. If you plan to work as self-employed (recibos verdes), a VAT representative is still compulsory regardless of electronic notifications.
Once you have the NIF, print the comprovativo de NIF from the Portal das Finanças. That is the document banks want to see. The old paper cartão de contribuinte is rarely issued now.
The documents banks ask for
Every bank must collect the same core information: full name, date of birth, nationality, ID document details, NIF, profession and employer, and your permanent address (plus your tax address if different). Originals or certified copies are required. On top of that, each bank's anti-money-laundering procedures decide what it accepts as proof.
| Document | What is accepted | Notes |
|---|---|---|
| Identity | Passport (always accepted); EU national identity card; Cartão de Cidadão; título de residência (residence permit) once you have one | The name on your ID must match the name on your NIF exactly |
| NIF | Comprovativo de NIF printed from the Portal das Finanças | Cannot be skipped |
| Proof of address | Utility bill or telecom bill in your name (last three months); rental contract; foreign address document while you are non-resident; Atestado de Residência from your Junta de Freguesia (parish council) | The Junta certificate is the bridge if you have just arrived and have no bills yet; some banks also accept a signed landlord declaration with a copy of the contract |
| Proof of income or activity | Employment contract or recent payslip; pension statement; IRS declaration; company registration; recent bank statements showing regular income | For retirees and people living on savings, source-country pension letters or bank statements plus a short written explanation of where the money comes from |
| Tax residency self-certification | Bank's own CRS form (Decreto-Lei n.º 64/2016); US persons also sign a FATCA W-9 | Bring your home-country tax number |
| Non-EU citizens | Visa or residence permit, or proof that you have applied (AIMA receipt) | Helpful but not a legal condition for a basic account |
Bring originals and a photocopy of each. Missing one document usually means a second visit. If you are self-employed or freelance, a one-page cover letter explaining your work and income saves questions at the desk.
Which bank
Portugal has five large retail banks plus a handful of digital and EU-passported options. None is universally "best for foreigners"; the differences are branch coverage, English support, fees, and how much paperwork the branch is used to.
Traditional banks
| Bank | Owner | Where it is strong | Good to know |
|---|---|---|---|
| Caixa Geral de Depósitos (CGD) | Portuguese State | Largest branch network, present in almost every municipality, including the interior, Madeira, and the Açores | The safest bet for anything involving the State; app now has partial English; can be slower and more bureaucratic with foreign applicants |
| Millennium BCP | Private, headquartered in Porto | Lisbon, Porto, and the Algarve; English-speaking staff in urban branches; online banking in English | Owns ActivoBank; generally the smoothest of the big banks for newcomers |
| Santander Portugal | Banco Santander (Spain) | Good app, English support, useful if you already bank with Santander elsewhere | Standard account fee is at the higher end unless you are in a promotional period |
| BPI | CaixaBank (Spain) | Lisbon and Porto, strong in the North; solid mortgage business | Fewer English speakers outside the big cities |
| Novobanco | Groupe BPCE (France) since April 2026 | Lisbon and the Algarve; has courted international clients | Smaller network than the others |
| Bankinter Portugal | Bankinter (Spain), operating as a branch | Digital-heavy, affluent focus, competitive no-fee accounts and savings rates | Few branches; deposits covered by the Spanish guarantee scheme |
Portuguese digital banks
ActivoBank (Millennium BCP group) has no maintenance fee on its basic account, a good app in English, and opening is done through the app with identity verification by video call. It is a Portuguese bank with a PT50 IBAN, so it works for rent, salary, and direct debits. It requires residence in Portugal.
moey! (Crédito Agrícola group) is a fee-free, app-only account with a Portuguese IBAN. You need a NIF, a valid ID, and residence in Portugal, and the app is mostly in Portuguese. Still operating in 2026 (it won a DECO PROteste satisfaction award in February 2026).
Most big banks also now let existing residents open accounts online using the Chave Móvel Digital or a video call, under Banco de Portugal Aviso n.º 1/2022, which sets the rules for identifying customers at a distance.
EU-licensed apps: Revolut, N26, Wise, bunq
These are useful, and for many people they are the first working account after arrival, but know what you are getting:
- Revolut has issued Portuguese PT50 IBANs through its Portuguese branch since July 2025 and can be added to MB WAY. The banking licence is still Lithuanian, so deposits (up to €100,000) are protected by the Lithuanian scheme, not the Portuguese one.
- N26 gives Portuguese residents a German (DE) IBAN. Fine for daily spending; some employers and systems still balk at it.
- Wise gives EU customers a Belgian (BE) IBAN through Wise Europe SA. It is an electronic-money institution, not a bank, and is the cheapest way to move money between currencies.
- bunq (Netherlands) is similar in kind to N26.
Under the IBAN-discrimination rule these accounts must be accepted for euro payments, and most landlords and utilities do accept them now. Mortgage lenders, and some public bodies, still prefer to see income flowing through a Portuguese bank.
Step by step: opening at a branch
- Get your NIF (see above) and print the comprovativo.
- Pick a bank and book an appointment. Walk-ins are increasingly turned away for account opening at the big banks. Book through the bank's website or app, and ask for an English-speaking adviser if you need one. In the Algarve and around Lisbon, branches in towns with many foreign residents can have waits of days or weeks in summer; a branch in the next town along is often quicker.
- Bring every document, original and copy. Passport, NIF, proof of address, proof of income, and your foreign tax number.
- Sit through the paperwork. Expect 30 to 90 minutes. The adviser fills in the customer-due-diligence questionnaire (source of funds, purpose of the account, profession), and you sign the condições gerais (general conditions) and confirm you have received the preçário (fee schedule). Everything is in Portuguese; ask for the English summary that larger branches keep, or bring a Portuguese-speaking friend.
- Wait for approval. Most accounts are live within one to five business days. Extra checks on non-EU applicants, or on US persons under FATCA, can stretch this to two weeks.
- Receive the IBAN, card, and credentials. The IBAN usually arrives by email or on the contract the same day. The debit card comes by post in five to ten business days; online banking credentials are handed over separately.
- Activate the app and turn on two-factor authentication.
Step by step: opening through an app
- Download the bank's app (ActivoBank, moey!, or a big bank's digital onboarding).
- Scan your ID and complete a live video call or authenticate with the Chave Móvel Digital.
- Fill in the same customer-due-diligence questions and upload proof of address and income when asked.
- The IBAN arrives within minutes to a few days; the physical card follows by post in about one to two weeks. Several apps issue a virtual card immediately for online payments.
Costs and timing
Bank fees in Portugal are published in each bank's preçário and are comparable on the Banco de Portugal's comparador de comissões at clientebancario.bportugal.pt. A 4% stamp duty (Imposto do Selo) is added to nearly every bank fee, so quoted figures are often shown with and without it.
| Item | Typical cost in 2026 |
|---|---|
| Maintenance fee, standard current account | Roughly €5 to €9 a month including stamp duty at the big banks (for example, about €5.41 at Millennium BCP, €5.19 at BPI, and €7.90 to €8.94 at Santander); €0 at ActivoBank, moey!, and Bankinter's no-fee account |
| Waiver conditions | Often waived for under-24s or with a domiciled salary plus minimum card spending; conditions vary by bank and change every year |
| Debit card | Usually included; replacement €5 to €15 |
| Credit card | Annual fee €15 to €40, sometimes waived with minimum spending |
| Multibanco withdrawals | Free at any Multibanco ATM in Portugal, regardless of bank |
| SEPA transfer (EU, in euros) | Free or a few cents through the app; €0.50 to €3 at the counter |
| Non-SEPA transfer (UK, US, Brazil, and so on) | €15 to €50 plus exchange margin at a traditional bank; far cheaper through Wise or Revolut |
| Inactivity fee | Charged by some banks after 6 to 12 months without movement; watch this if you spend most of the year abroad |
| Serviços mínimos bancários account | Capped at 1% of the IAS: €5.37 a year in 2026 |
Timing. From appointment to a working card, allow one to two weeks at a traditional bank. App-based accounts can be usable the same day.
The free-account backstop: serviços mínimos bancários
Every bank in Portugal must offer a conta de serviços mínimos bancários (SMB, basic banking services account) under Decreto-Lei n.º 27-C/2000, most recently amended by Lei n.º 24/2023. It is the account for anyone who does not already hold a current account in Portugal, whatever their nationality. If you already hold one account, you can ask the bank to convert it.
What you get, for no more than €5.37 a year in 2026 (1% of the IAS of €537.13):
- A euro current account and a debit card
- Deposits, withdrawals, bill payments, and direct debits without limit
- Unlimited transfers within the same bank
- 48 transfers a year to other banks (in Portugal or the EU) through online banking
- 5 MB WAY transfers a month of up to €30 each
- Access to online banking and the branch counter
The bank must open the account within 10 business days of a complete application. It can refuse only if you already hold another current account and will not close or convert it (there are exceptions for joint accounts with people over 65 or with a disability of 60% or more). If a branch does not know what you are asking for, ask for the "conta de serviços mínimos bancários" by name and, if needed, point to the Banco de Portugal's brochure.
Common problems and how to get round them
"You need a residence permit." Not for a basic account. Passport plus NIF plus the other documents is enough. Try another branch, ask for the SMB account, or use the complaints route below.
No proof of address yet. Ask your Junta de Freguesia for an Atestado de Residência (usually cheap, sometimes needing two witnesses), or ask your landlord for a signed declaration with a copy of the contract. Some banks will accept your foreign address for now; update it later.
Name mismatch. The NIF record and your passport must match exactly, including second surnames and any name change after marriage. Fix the NIF record at Finanças before going to the bank.
No income yet. Retirees, D7 applicants, and people living on savings should bring pension letters or foreign bank statements covering several months and a short written statement of where the money comes from. Notarised or apostilled documents are rarely needed for an ordinary account, but they help for larger transfers.
Slow onboarding for US persons. FATCA means extra forms and, at smaller banks, sometimes reluctance. The big banks all have FATCA procedures; bring your Social Security number and be ready to sign a W-9.
The NIF catch-22. Some online NIF services want a Portuguese bank account to pay. Choose one that takes a foreign card, or apply in person at Finanças.
Everything is in Portuguese. Contracts and correspondence will be. Ask for an English summary, or have someone read the fee schedule with you before you sign.
Closing the account later. Closing can require a branch visit or a written instruction. Clear the balance, cancel direct debits, and allow a few weeks.
If a bank refuses you or gets something wrong
- Complain to the bank first, through its own complaints service.
- If that fails, use the Livro de Reclamações Eletrónico at livroreclamacoes.pt. Since June 2026 this is the online route to the Banco de Portugal: complaints about banks are routed automatically to the bank and copied to the supervisor, and the old form on the Portal do Cliente Bancário has been discontinued. Every branch also has a paper Livro de Reclamações (complaints book), and the bank must respond formally.
- You can also write to, or visit, the Banco de Portugal directly.
Refusing a serviços mínimos account to someone who qualifies, and IBAN discrimination, are both things the Banco de Portugal acts on.
After you are done
Set up MB WAY. The SIBS mobile payment system, linked to your bank app, is used everywhere for splitting bills, paying tradespeople, and online purchases. It takes minutes to register with your phone number and Portuguese card.
Know your IBAN. Portuguese IBANs have 25 characters: PT50, then a four-digit bank code (CGD 0035, Millennium BCP 0033, Santander 0018, BPI 0010, Novobanco 0007, ActivoBank 0023, Bankinter 0269), a four-digit branch code, and a 13-digit account number with check digits. Anyone paying you inside the SEPA area needs only the IBAN.
Direct debits. Give your IBAN to your landlord, electricity and water suppliers, telecom provider, and insurer. Débitos diretos (direct debits) are authorised through your bank app, and you can set limits per creditor.
Deposit protection. Deposits at a Portuguese-licensed bank are covered up to €100,000 per depositor per bank by the Fundo de Garantia de Depósitos; joint holders are each covered for their share. Accounts at branches of foreign EU banks (Bankinter, Revolut) are covered by the home-country scheme, at the same €100,000 limit.
Upgrade a non-resident account. Once you have a Portuguese address and, if applicable, a residence permit, ask for the resident account: lower fees and full access to products.
Watch inactivity. If you leave the country for long stretches, keep a small monthly movement on the account or ask the bank whether an inactivity fee applies.
Sources
- Banco de Portugal, Portal do Cliente Bancário, brochure on Serviços Mínimos Bancários (2025 edition): https://clientebancario.bportugal.pt/sites/default/files/2025-01/BrochuraSMB.pdf (legal basis, services included, fee cap of 1% of the IAS, 10-business-day opening deadline, refusal conditions)
- Banco de Portugal, Todos Contam, account opening: https://www.todoscontam.pt/pt-pt/abertura (information a bank must collect, remote opening, banks not obliged to open an ordinary account)
- Banco de Portugal, Portal do Cliente Bancário, how to complain: https://clientebancario.bportugal.pt/pt-pt/node/66030 (complaint channels)
- Banco de Portugal, comparador de comissões: https://clientebancario.bportugal.pt/en/aplicacao/comparador-de-comissoes (fee comparison)
- Portaria n.º 480-A/2025/1 (IAS 2026 of €537.13), via APCMC: https://apcmc.pt/legislacao/ias-para-2026-fixado-em-e-53713/
- Autoridade Tributária, Ofício Circulado n.º 90057/2022 (tax representative and electronic notifications, Decreto-Lei n.º 44/2022): https://info.portaldasfinancas.gov.pt/pt/informacao_fiscal/legislacao/instrucoes_administrativas/Documents/Oficio_circulado_90057_2022.pdf
- Autoridade Tributária, NIF for foreign citizens (leaflet): https://info.portaldasfinancas.gov.pt/pt/apoio_contribuinte/Folhetos_informativos/Documents/Atribuicao_de_NIF_a_cidadaos_estrangeiros_nao_residentes.pdf (documents, e-balcão, VAT representative for self-employed)
- gov.pt, how to request the NIF and NISS as a foreign citizen: https://www.gov.pt/guias/como-pedir-o-nif-e-o-niss-para-pessoas-estrangeiras-em-portugal (NIF is free, booking line, documents)
- Fundo de Garantia de Depósitos, FAQs: https://www.fgd.pt/en/faqs (€100,000 limit, joint accounts, EU branches)
- Banco de Portugal, Aviso n.º 1/2022: https://www.bportugal.pt/aviso/12022 (anti-money-laundering duties, replaces Aviso n.º 2/2018)
- Regulamento (UE) n.º 260/2012, article 9, EUR-Lex: https://eur-lex.europa.eu/legal-content/PT/TXT/?uri=celex:32012R0260 (IBAN discrimination)
- ECO, Revolut launches PT50 IBAN (24 July 2025): https://eco.sapo.pt/2025/07/24/revolut-lanca-finalmente-iban-portugues-pt50-e-integracao-com-mb-way/
- ECO, complaints to the Banco de Portugal move to the Livro de Reclamações Eletrónico (1 June 2026): https://eco.sapo.pt/2026/06/01/queixas-ao-banco-de-portugal-passam-para-livro-de-reclamacoes-eletronico/
- Lone Star / Business Wire, completion of the sale of novobanco to BPCE (29 April 2026): https://www.businesswire.com/news/home/20260429362326/en/Lone-Star-Funds-Completes-Sale-of-novobanco-to-BPCE
- Literacia Financeira, salary-domiciliation campaigns (4 September 2026) and fee-free accounts (1 September 2026): https://www.literaciafinanceira.pt/artigos/melhores-campanhas-para-domiciliar-ordenado and https://www.literaciafinanceira.pt/artigos/contas-bancarias-sem-comissoes (current maintenance fees at Santander, BCP, and BPI; SMB cap of €5.37)
- Rankia, Portuguese bank codes and IBAN structure: https://www.rankia.pt/bancos/codigos-dos-principais-bancos-em-portugal/
- Wise help centre, EUR account details: https://wise.com/pt/help/articles/2932124/os-dados-bancarios-da-wise (Belgian IBAN, Wise Europe SA)
- moey!: https://moey.pt/en/ (still operating, no maintenance fee)
Last verified September 2026. Rules and fees change; check the official source before acting.
