Open a Portuguese Bank Account

Open a Portuguese Bank Account as an Expat

Opening a Portuguese bank account is the essential second step after your NIF — and it is not as straightforward as it sounds. Different banks have different requirements for non-residents, and the wrong choice can mean weeks of delays. We identify the right bank for your situation, prepare every document, and accompany you until your account is fully active.

From from €180 · Per person · All major banks covered

Why Opening a Portuguese Bank Account is Not Always Simple

Portuguese banks are not uniformly welcoming to non-residents. Each bank has different internal policies, different document requirements, and different attitudes toward foreign nationals. Walking into the wrong branch without the right documents — or choosing the wrong bank for your nationality — frequently results in rejection and wasted time.

We have navigated this process with clients from the UK, USA, Brazil, South Africa, Germany, Ireland, Australia and beyond. We know which banks are most likely to open accounts for which nationalities, which documents each bank's compliance team typically requests beyond the basics, and what to do if there is resistance.

What You Need Before Opening a Portuguese Bank Account

Before any bank visit, you must have your NIF (Número de Identificação Fiscal). Without it, no Portuguese bank will process your application. Once your NIF is confirmed, we prepare the full document package.

Documents typically required

Valid passport (original, not a copy)
NIF document
Proof of address in Portugal or home country (utility bill, bank statement — less than 3 months old)
Proof of income or employment (payslips, pension statement, investment account statement)
For non-EU nationals: additional source of funds documentation may be required

Important: Some banks require a minimum opening deposit (typically from €180–from €180). We advise on this before the appointment so there are no surprises on the day.

How We Handle Your Bank Account Opening

Bank selection

We assess your nationality, residency status and banking needs and recommend the specific bank and branch most likely to open your account efficiently.

Document preparation

We send you a personalised document checklist and review everything before the appointment. We translate or certify where required.

Branch appointment

Carlos accompanies you to the branch, handles all communication in Portuguese, and ensures the account is opened correctly in one visit.

Account activation and MB Way

We stay until your debit card is ordered, online banking is activated, and MB Way (Portugal's essential mobile payment app) is set up. Your account is operational before we leave.

What Happens After Your Bank Account is Open?

With your NIF and bank account in place, the foundation is set. Common next steps are:

Residency and visa application — your Portuguese bank account strengthens your financial ties to Portugal in the application
Setting up utilities — electricity, water and internet require a Portuguese bank account for direct debit
Insurance — health, home and car insurance premiums are most efficiently paid via Portuguese bank direct debit
SNS registration — having a local account and address makes the healthcare registration process straightforward

Frequently Asked Questions

About open a portuguese bank account in Portugal

Yes. Non-residents can open accounts at several Portuguese banks, though the process is more involved. You will need your NIF, passport, proof of address in your home country, and proof of income. Some banks also require a minimum deposit. We identify which bank is most likely to open an account for your specific nationality and situation without complications.

It depends on your situation. Millennium BCP, Santander Portugal and Novobanco are commonly used by expats. Activobank offers a simple online process for EU nationals. For non-EU nationals, in-person applications at established banks tend to be more reliable. We assess your situation and recommend the specific branch and account type that will work for you.

Some banks offer remote account opening for EU nationals, and a small number of online-only banks work for non-residents. However, for most non-EU nationals and for accounts that require a physical card and full functionality, an in-person visit remains the most reliable route. We brief you on what to expect and accompany you to the appointment.

With the right preparation and the right bank, an account can be open and active within 1–3 business days of your appointment. MB Way activation typically follows within 24 hours. The delay usually comes from incorrect or missing documents — which is exactly what we prevent.

Yes — a NIF is required by all Portuguese banks before they can open an account. If you do not yet have your NIF, we handle both in sequence. See our NIF registration service for details.