Open a Bank Account in Portugal

Opening a bank account in Portugal is among the services offered by TekceVisa. As a professional multi-lingual legal consultancy agency, we help our clients to open bank accounts in Portugal in the shortest amount of time possible without any trouble.

Why Do You Need to Open a Bank Account in Portugal?

You need to open up a bank account in Portugal if you’re planning to stay longer than a few days’ short trips. Although it’s not mandatory to open a bank account, it makes living in Portugal for longer periods a lot easier.

For starters, if you’re planning to buy a property in Portugal as a holiday home or second residence, opening up a bank account would save time and money during the purchasing process. After living in Portugal for a while as an expat, you will be eligible to pay some direct taxes as well. Having a Portuguese bank account would facilitate paying these taxes.

Let’s say you have decided to work part-time or full-time during your stay in Portugal. In order to do that, you’ll need a Portuguese bank account in addition to a work permit (depending on your home country). Almost all companies require their employees to have a Portuguese bank account to transfer their salary.

Lastly, if you’re planning to settle, opening up a bank account in Portugal may help you to obtain a permanent residence permit in Portugal by providing proof of income.

How to Open a Bank Account in Portugal As an Expat?

First of all, you need to have a NIF (Número de Identificação Fiscal-Portuguese Tax Number) to be able to open up a bank account in Portugal as an expat. After you get your NIF, decide on which bank to open an account with and the account type. There are more than 150 banks in Portugal and each offers different types of accounts with different benefits.

Once you’ve decided on these matters, gather the necessary documents and go to a branch of the bank of your selection. Although opening a bank account online is possible with some online banking systems, most Portuguese banks require you to be physically present at the bank for the procedure.

If you fulfill the requirements, the employees at the bank will complete the procedure approximately in an hour. Some banks in Portugal have English-speaking employees to help you, but not all of them. TekceVisa can help you overcome the language barrier and distance. We can open up a bank account in Portugal for you if you give us power of attorney and send the necessary documents.

What Do You Need to Open a Bank Account in Portugal As a Foreigner?

The requirements for opening a bank account in Portugal as a foreigner is quite simple compared to other countries. The first requirement, as we have mentioned above, is having a NIF. Secondly, you have to be older than 18. A parent or a guardian must co-sign the documents to open up a junior bank account for a minor.

In many banks in Portugal, you’ll need to deposit some amount of cash in order to open a bank account. Although it’s possible to open a bank account with no deposit required in Portugal, most banks require a deposit of €250-300 in cash. You also need to have a Portuguese phone number for SMS activation.

Once you’ve gathered the necessary documents as well, you’re good to go. The documents needed to open a bank account in Portugal are as follows;

• Proof of identification (e.g. a passport),
• Proof of address (e.g. a recent utility bill),
• Portuguese tax number (NIF),
• Proof of employment (a pay slip or work contract).

FAQ – Frequently Asked Questions

Q: Is it possible to open up a bank account in Portugal remotely?
A: Yes, it’s possible. You can open an account online with some of the banks in Portugal. But, the number of banks that allow online registration is very few. You can also open a bank account in Portugal remotely by giving us power of attorney. We’ll follow up on all procedures in your stead and inform you thoroughly.

Q: What do I need to open a bank account in Portugal?
A: You need to have a NIF (Portuguese Tax Number), proof of identification (e.g. passport), proof of address (e.g. a recent utility bill), proof of employment (e.g. a pay slip), a Portuguese phone number for SMS activation, and generally a deposit of €250-300 in cash.

Q: Is there a cost of opening a bank account in Portugal?
A: Usually, yes. Most of the banks in Portugal require a deposit of €250-300 in cash for new accounts. Some banks also charge monthly fees of around €5. But, it’s still possible to find banks with no deposit or monthly charges.

Q: How long does it take to open a bank account in Portugal?
A: If you fulfill all requirements and have all the necessary documents, it takes around an hour to open a bank account in Portugal.

Q: Are there mobile applications for Portuguese banks?
A: Yes, all banks have mobile applications with different language options. There are also fully-online banks as well.