Opening a bank account in Portugal as a non-resident is a relatively straightforward process, but it requires some preparation. Whether you are moving to Portugal, investing, or simply looking for a convenient banking option, having a local bank account can make financial transactions easier. In this guide, we will walk you through the key steps and requirements to successfully open an account.
Documents Required for Opening a Bank Account
To open a bank account in Portugal, you will need to provide a set of essential documents. The exact requirements may vary slightly depending on the bank, but generally, you will need:
- A valid passport or national ID (for EU citizens)
- A Portuguese Tax Identification Number (NIF)
- Proof of address (such as a utility bill or rental agreement)
- Proof of income or employment (such as a work contract or bank statement)
- Some banks may request a Portuguese phone number
Obtaining an NIF is one of the first steps you must complete, as it is required for most financial activities in Portugal. You can get an NIF through a local tax office or by appointing a tax representative if you are not physically present in the country. Read more on the website MoveToCascais to understand the process in detail.
Choosing the Right Bank and Opening the Account
Portugal has several well-established banks that cater to both residents and non-residents. Some of the most popular options include Millennium BCP, Novo Banco, Caixa Geral de Depósitos, Santander Totta, and Banco BPI. Many of these banks offer online banking services in English, making it easier for foreigners to manage their finances.
The process of opening a bank account typically involves the following steps:
- Select a bank and type of account: Different banks offer various account types, including current accounts, savings accounts, and business accounts. Compare the fees, benefits, and online banking features before making a choice.
- Visit a branch or apply online: While some banks allow online applications, non-residents may need to visit a branch in person to verify their identity and submit the required documents.
- Submit your documents: Ensure that you bring all necessary paperwork, as missing documents can delay the process.
- Make an initial deposit: Some banks require an initial deposit to activate the account. The minimum amount varies between banks.
- Receive your bank details: Once your application is approved, you will receive your account details, debit card, and access to online banking.
Having a Portuguese bank account can simplify everyday transactions such as paying bills, receiving payments, and managing investments. By choosing the right bank and preparing the necessary documents in advance, non-residents can efficiently navigate the process of opening a bank account in Portugal.
