Who is this for
Anyone moving to Portugal who needs to receive salary, pension or rental income locally
People buying or renting property in Portugal
Digital nomads who need a local IBAN for Portuguese services
Retirees wanting to manage finances locally without high international transfer fees
What is bank account opening
A Portuguese bank account gives you a local IBAN, access to the MB Way payment system used across Portugal, and the ability to pay rent, utilities, and taxes directly. Without one, day-to-day life in Portugal is considerably harder and more expensive.
Why use Algarve Made Easy
Portuguese banks have specific requirements for non-residents and the process varies significantly by institution. We know which banks are most welcoming to expats, what documentation they require, and how to present your case to avoid rejections.
Documents required
- Valid passport or national ID card
- NIF number (we can bundle this — see NIF Registration)
- Proof of address (home country or Portuguese, depending on bank)
- Proof of income or recent bank statements (last 3 months)
- SEPA or SWIFT details if transferring funds to open the account
Everything included in your service
- Recommendation of the most suitable bank for your situation
- Preparation and review of all required documentation
- Accompaniment to the bank appointment (in-person or remote where available)
- Follow-up until account is active and online banking is set up
- MB Way setup guidance
You might also need
You need a NIF before opening a bank account. Bundle both and save time.
NIF Registration