OPENING A BANK ACCOUNT IN PORTUGAL

OPENING A BANK ACCOUNT IN PORTUGAL

If you’re settling in sunny Portugal, make it official by opening a bank account in the country. While ex-pats aren’t legally required to have a Portuguese bank account, opening one will make it easier to pay taxes, get paid by a Portuguese company, and establish permanent residency. For new arrivals, however, the process can be a little tricky to navigate. Read on to find out how to open a bank account in Portugal.

Portuguese banking basics

Portugal is home to more than 150 banks, including international banks, private domestic banks, regional banks, and online banks. While exploring your options, be sure to compare the fees at each institution you look at. Check to see if there’s a monthly maintenance fee or a fee to use a debit card. It’s also common for banks to charge fees for using ATMs outside their own branch, so be sure your bank has plenty of convenient ATMs—or offers free withdrawals from outside ATMs—before you commit.

What type of account you can open?

There are three primary types of bank accounts on offer at traditional Portuguese banks. They are:

• Current account—the most common bank account in Portugal. This account can be used for day-to-day purchases, ATM withdrawals, paying utilities, etc. Many banks offer specialized current accounts, such as student accounts and non-resident accounts, each with its own benefits.

• Instant-access savings account—For those hoping to save money while in Portugal, a savings account may help you stick to your goal. This type of account offers higher interest rates, while still allowing easy access to cash should you need to withdraw it.

• Time-deposit accounts—This type of savings account offers higher interest rates but comes with restrictions on how long the funds must remain in the account.

What needs to open a bank account in Portugal?

Foreigners may open a bank account in Portugal, either as a resident or a non-resident. Non-resident accounts require more documentation and can have more restrictions than a resident account, but this is an option if you don’t have an address in Portugal yet.

Whatever option you choose, the first step is to get your Portuguese NIF number or “Número de Identificação Fiscal.” Issued by the Portuguese tax authority, the NIF is an essential step when moving to Portugal. You’ll need this number to pay taxes, get a phone contract, and, of course, open a bank account. To get your NIF number, bring your passport and proof of address to your local tax office.

What documents need to open a bank account in Portugal?

What do you need to open a Portuguese bank account? Gather up the following documents: valid photo ID (passport), proof of address (a utility bill), proof of employment (a pay slip or work contract), and your NIF number. If you’re opening a non-resident bank account, bring proof of your foreign address. It’s best to bring several different documents for each category if you can, such as a utility bill and an official letter from a government agency, just to be on the safe side.

How to open a bank account in Portugal

Once you’ve chosen a bank and collected the necessary documents, the next steps should be straightforward. If you choose to go with a traditional brick-and-mortar bank, simply walk into your local branch with your documents and the minimum deposit in cash, if necessary. While many bank employees in Portugal speak English, you might want to bring along a Portuguese-speaking friend or translator just in case. Or, call ahead to ensure an English speaker is on staff.

You’ll be asked to fill out some paperwork and make the minimum deposit if your account has one. With many banks, you’ll walk out with your debit card in hand. With others, you’ll receive your card by mail.

On occasion, an application is declined if you cannot provide all documentation or do not meet the bank’s criteria. If your application is rejected, follow up with the bank to see how it can be resolved. If you hit a roadblock, you can contact the Banco de Portugal, the country’s central bank, to lodge a complaint.

Can you open a bank account online in Portugal?

Most Portuguese banks require you to open a bank account in person, though some allow you to carry out the process online. Some traditional banks might allow you to start the sign-up process online, but require you to stop by a physical branch before finally opening the account.

If you choose a fully online bank, you’ll be able to receive traditional banking services such as money transfers and deposit insurance without ever having to set foot in a brick-and-mortar bank in person. Online banks can offer a great deal of flexibility, allowing you to access your finances or speak to a customer service expert wherever you are in the world.

Assistance in opening a bank account in Portugal

Importantly! On the websites of many banks, there are hotlines that you can call and find out all the information yourself, but you may encounter the problem of not understanding the Portuguese language or not understanding the banking terminology of Portugal. That is why we recommend that you book a consultation with our lawyers before contacting the banks.