If you’re moving to Portugal or planning a long-term stay, one of the first steps you’ll need to take is opening a Portuguese bank account. This guide explains everything you need to know in 2025—requirements, documents, best banks, and how to open one both in-person and online.

📃 Why You Need a Portuguese Bank Account

Having a local bank account in Portugal is essential for handling daily finances and fulfilling legal or residency requirements. You’ll need it to:

• Receive a salary or pension
• Pay rent and utilities
• Apply for a visa (D7, D8, Golden Visa, etc.)
• Buy property or set up a business
• Make local purchases or transfers without high fees

📝 Required Documents

To open a bank account in Portugal, you’ll usually need to present the following:

• Valid ID: Passport or EU National ID
• NIF number: Your Portuguese tax ID (mandatory)
• Proof of address: From Portugal or abroad
• Proof of income or employment: (not always required, but often requested)

Some banks may also request a Portuguese phone number or utility bill.

🏛️ Where to Open a Bank Account

You can open an account either in person or online. Here are your options:

• In-person: Visit a bank branch with the required documents
• Online: Some banks allow remote opening (especially for EU residents or via digital banks)
• Via lawyer or service: You can use a local representative or concierge banking service if applying from abroad

🏦 Best Banks in Portugal for Expats

Here are some of the most expat-friendly banks in Portugal in 2025:

• Millennium BCP: Widely available, English-speaking staff, user-friendly app
• ActivoBank: Fully digital, low fees, great for tech-savvy users
• Caixa Geral de Depósitos (CGD): State-owned, highly trusted
• Novobanco: Good for traditional in-branch banking
• Wise (formerly TransferWise): Great for international money transfers and holding multiple currencies

💳 Types of Accounts Available

Most banks offer several types of accounts, depending on your status:

• Resident current account: For daily use if you live in Portugal
• Non-resident account: For part-time residents, retirees, and property buyers
• Student/youth accounts: For individuals under 26 or studying in Portugal
• Business account: For freelancers, startups, or company owners

💰 Fees and Minimum Deposits

Most banks charge monthly maintenance fees, but some offer free options if certain conditions are met.

• Maintenance fees: €2–€7/month (or waived with minimum balance)
• ATM usage: Free at your bank’s ATMs; €1–€3 at others
• Minimum deposit: €100–€250 to open in most banks

🌍 Can You Open a Portuguese Account from Abroad?

Yes—some banks allow remote account opening if you’re an EU citizen or use a fiscal representative. You’ll still need a NIF and proof of identity/address. Digital banks like ActivoBank or Wise are great for this option.

✅ Final Tips

Open your Portuguese bank account as early as possible—ideally before or right after arrival. It simplifies visa applications, rentals, and financial tasks. Bring all your documents and expect some basic Portuguese at local branches, though major banks do offer English support.

Bonus tip: Use online comparison tools to choose the best bank for your needs and avoid hidden fees.

📽️ Watch: Step-by-Step Account Setup

This video walks you through how to open a bank account in Portugal with practical tips and screenshots: