Opening a bank account in Portugal used to be a slow bureaucracy-heavy process, but recent digital upgrades have made it faster, especially for foreigners. Whether you’re moving to Portugal, investing in real estate, applying for the Golden Visa, or simply managing expenses during an extended stay, having a Portuguese bank account is often required.
- Why you may need a Portuguese bank account
- What documents you need (checklist)
- How to get a NIF number
- Can you open a bank account remotely?
- Step-by-step process (clear and simple)
- Digital banks vs traditional banks
- Bank fees and monthly costs
- Common issues and how to avoid them
- Best bank for foreigners (2025 shortlist)
- Frequently asked questions
This guide explains how to open a bank account in Portugal in 2025 — step-by-step, with documents, options, fees, and useful shortcuts to avoid delays.
Why you may need a Portuguese bank account
For everyday travel, foreign cards work fine. But if you are planning to live or invest in Portugal, opening a bank account becomes essential.
You will need a Portuguese bank account to:
- Pay rent or utility bills (electricity, internet, water)
- Receive income if working in Portugal
- Buy real estate or invest in funds
- Apply for the Golden Visa, D7 Visa, or Digital Nomad Visa
- Set up automatic payments (IBAN PT)
If you are applying for a residency visa, the bank account is often mandatory to prove that you can support yourself financially.
What documents you need (checklist)
Foreigners — regardless of nationality — generally need the following documents to open a Portuguese bank account:
- Valid passport (or EU ID card)
- Proof of address (utility bill, rental agreement, bank statement)
- NIF (Número de Identificação Fiscal — Portuguese tax number)
- Proof of income (employment contract or bank statement)
- Portuguese phone number (sometimes required to activate online banking)
Important: The NIF is mandatory for almost every formal operation in Portugal: renting an apartment, signing a phone contract, buying property, or registering with utilities.
How to get a NIF number
You can obtain a NIF:
- In person at a tax office (Finanças)
- Through a Portuguese lawyer or fiscal representative
- 100% online via certified providers (cost: usually €50 to €150)
For non-EU residents, a fiscal representative is required until you obtain Portuguese residency.
Can you open a bank account remotely?
Yes — some banks allow non-residents to open accounts remotely, even before arriving in Portugal. This is particularly useful for real estate investors and Golden Visa applicants.
Banks that most frequently accept remote applications:
- Millennium BCP
- Novobanco
- ActivoBank (digital-first bank)
You will typically have a video call with the branch to verify your identity and sign documents electronically.
Step-by-step process (clear and simple)
Here is the complete timeline from start to finish:
- Get your NIF (tax number)
- Gather required documents (passport, proof of address, income)
- Choose a bank (digital or traditional)
- Schedule a remote appointment or visit a branch
- Sign the account agreement
- Deposit initial funds (usually €250 to €500)
Once the account is open, you will receive:
- Your IBAN (Portuguese bank number)
- Your debit card (Visa or Mastercard, depending on bank)
- Online banking access
Digital banks vs traditional banks
Portugal has both types — but they serve different needs.
| Traditional banks | Digital banks |
|---|---|
| Millennium BCP, CGD, Santander, Novobanco | Revolut, N26, ActivoBank |
| Better for real estate and visa applications | Better for everyday spending |
| Branch appointments required | Fully online onboarding |
| Higher maintenance fees | Low or no fees |
Bank fees and monthly costs
Bank fees vary depending on the bank and type of account. A typical Portuguese account has:
- Monthly maintenance fee: €4 to €8
- Debit card fee: €15 to €25 / year
- International transfer fees (outside SEPA): €15 to €30
Digital banks like N26 or Revolut may offer fee-free accounts, but many investors still prefer Portuguese banks because local IBANs are required for certain operations.
Common issues and how to avoid them
Foreigners usually face three challenges:
- Lack of NIF number
- No proof of residence in Portugal
- Income documents not translated
Solution: Prepare your documents in advance and ensure anything not in English or Portuguese is translated.
Pro tip: If you’re investing or applying for a visa, consider using a lawyer or relocation agency — it drastically reduces delays.
Best bank for foreigners (2025 shortlist)
Based on feedback from expats, investors, and relocation agencies, here are the best options:
- Millennium BCP — strongest option for Golden Visa applicants
- Novobanco — friendly for remote account opening
- ActivoBank — 100% digital, very low fees
- Revolut — great secondary account for payments & FX
For real estate purchases, lawyers typically recommend Millennium BCP or Novobanco.
Frequently asked questions
Can I open an account without living in Portugal?
Yes, non-residents can open accounts, including remotely.
Do I need a NIF?
Yes — the NIF is mandatory.
Can U.S. citizens open accounts?
Yes, but FATCA regulations require additional compliance forms.
How long does it take?
1 to 10 days depending on the bank and whether you apply remotely.
Need a personal introduction to a bank or lawyer? I can connect you with relocation partners who handle everything remotely.
Last updated: November 2025.
