How to Open a Portuguese Bank Account
Opening a Portuguese bank account is an important step when relocating, purchasing property, or applying for residency. You may open an account either:
From outside Portugal (depending on your circumstances), or
In person once you are in Portugal
Below is a practical overview of what to expect.
Why You May Need a Portuguese Bank Account
A local bank account is typically required for:
Residency visa applications
Utility contracts
Mortgage arrangements
Direct debits and tax payments
While some international banking solutions can assist temporarily, a Portuguese account is usually required for long-term residency.
Opening an Account in Portugal
If you are physically in Portugal, the process is usually straightforward.
You will generally need:
Passport
Portuguese NIF (tax number)
Proof of address (Portuguese or overseas, depending on status)
Proof of income or source of funds
Initial deposit
Banks are required to comply with EU anti-money laundering regulations, so you should expect to answer questions regarding:
Source of funds
Employment or income structure
Tax residency
Intended use of the account
This is standard compliance procedure across the EU banking system.
Appointments are often required, particularly in busier Algarve branches. Most banks will close to the public at 3pm, so if you are going to drop-in without an appointment, aim for the morning (pre-lunchtime rush).
Opening an Account from Abroad
Opening a Portuguese account from outside Portugal can be more complex.
Some banks:
Allow remote applications
Work through international branches or partner banks
Require in-person identification at a later stage
Availability varies depending on:
Your country of residence
Your nationality
The bank's internal compliance policies
Temporary Alternatives
In certain situations, international fintech providers (such as EU-regulated online banks) may be used temporarily for:
Holding funds
Initial transfers
Demonstrating financial means
However, for property completion and long-term residency, a Portuguese bank account is typically required.
We recommend our clients to contact Jennifer Crutchley at Send Money Overseas (jennifer@sendmoney-overseas.com) as she will help you to open a virtual account in your name (not that of the company), which gives you added traceability and security. She’s also based in the Algarve and will be your one point of contact to assist you get the best exchange rate, and also produce a statement showing your euros account, if needed for your visa applications.
What Is a NIF and Why It Matters
You must have a Portuguese NIF (Número de Identificação Fiscal) before opening a bank account.
If you do not yet have a NIF, this must be obtained first. See our article on how to get a NIF number. Our clients typically instruct their solicitor to do this for them, who is dealing with their conveyancing.
Online Banking in Portugal
Most Portuguese banks offer:
English-language online banking
Mobile apps
Debit cards connected to the national Multibanco network
We do recommend that when your account is setup, you go into your local branch and ask for their help if setting up your online bank account. You will not be able to make online purchases without this App, as the 2-FA comes through via the App, not an OTP (like in the UK). Most banks have a helpline which can assist you if you are not yet in Portugal.
The Multibanco system allows you to:
Pay bills and taxes
Make service payments
Transfer funds
Access ATM services nationwide
It is widely considered one of the most efficient banking networks in Europe.
Important Considerations
Compliance checks are standard and should be expected
Requirements vary between banks and even between branches
Processing times can vary depending on documentation quality
Regulations may change, particularly for non-EU residents
Preparing documentation clearly and in advance significantly reduces delays.
How We Support Our Clients
While we do not open bank accounts on behalf of clients, we:
Provide you with trusted banking contacts where appropriate (we shall give you a trusted account manager in each of the local major banks (Santander, BPI and Millenium) who will be able to assist you open an account remotely (if applicable).
Coordinate account setup with property timelines
Ensure funds are structured correctly for completion (if your do not currently have your euros in place we shall connect you with Send Money Overseas who can save you on the currency exchange and liaise directly with your lawyer to ensure funds are in place on time.
Guide clients through the documentation process
Opening a bank account is often one of the first practical steps in your relocation journey. When aligned correctly with residency and property planning, the process becomes significantly smoother.