Yes, you can open a bank account in Portugal, but the process depends on whether you live there

You can open a bank account in Portugal as a foreigner, but the rules differ sharply depending on whether you are a resident or visiting. If you live in Portugal — meaning you have a residence permit, a work visa, or you have registered as a resident with local authorities — most banks will open an account for you. If you are visiting or living abroad, some banks will still open accounts remotely, but fewer options exist and the process takes longer.

The key difference is that Portuguese banks treat residents and non-residents differently for tax and regulatory reasons. A resident account is straightforward. A non-resident account requires the bank to verify your identity and tax status across borders, which many smaller banks will not do.

Key Takeaways

  • Residents of Portugal can open bank accounts at most major banks by visiting a branch in person with a passport and proof of address.
  • Non-residents can open accounts at some banks remotely, but you will need a Portuguese tax number (NIF) and the process takes several weeks longer.
  • You will need a valid passport, proof of address, and proof of income or funds in most cases, regardless of residency status.
  • Major banks like CGD, BPI, and Millennium BCP have English-speaking staff at many branches and offer accounts to foreigners.
  • Opening an account remotely as a non-resident is possible but slower — expect four to eight weeks and more document requests than in-person applications.

What you need to open an account as a resident

If you live in Portugal, the process is similar to opening an account in most European countries. You will need a valid passport or national ID card, proof of your address (a utility bill, rental agreement, or residency registration), and usually proof of income or employment. Some banks ask for a reference from your previous bank, though this is not always required.

The fastest way is to visit a branch in person. Most major banks — Caixa Geral de Depósitos (CGD), BPI, and Millennium BCP — have branches in every city and many towns. Bring your documents and be prepared to spend 30 to 45 minutes. The account is usually active within a few days, and you will receive your card and online banking details by post or in person.

If you have recently moved to Portugal and do not yet have a utility bill in your name, a signed rental contract or a letter from your landlord confirming your address will work. Some banks also accept a residency certificate from the local town hall (câmara municipal), which you can obtain by registering your address there.

Opening an account remotely as a non-resident

If you do not live in Portugal but want to open an account there, you have fewer options and the process is slower. Banks that offer remote accounts to non-residents include Revolut, Wise, and N26 — though these are fintech companies, not traditional banks, and they operate differently. Traditional Portuguese banks like CGD and BPI rarely open accounts for non-residents without a visit to a branch.

If you want a traditional bank account as a non-resident, you will need to visit Portugal in person at least once. Some banks will let you start the process online, but they will require a video call with a staff member and will ask you to visit a branch to complete identity verification. This is because Portuguese banking regulations require in-person verification for non-residents.

Before you explore, you will need a Portuguese tax number (NIF). You can obtain this from the Portuguese tax authority (Autoridade Tributária) online or by visiting a tax office. The process takes a few days to a few weeks. You will also need to prove your source of funds — bank statements from your home country, proof of employment, or proof of income.

The Portuguese tax number (NIF) and why you need it

A NIF (Número de Identificação Fiscal) is a tax identification number issued by the Portuguese tax authority. Banks will not open accounts for non-residents without one, because they are required by law to report account holders to the tax authorities. Even if you are not a Portuguese resident and do not plan to pay Portuguese taxes, you still need a NIF to open an account.

You can obtain a NIF online through the Portuguese tax authority's website (Autoridade Tributária e Aduaneira) or by visiting a tax office in person if you are in Portugal. The online process is faster — you submit your passport details and proof of address, and you receive a NIF within a few days. If you explore in person, you get it when ready.

Some banks will help you obtain a NIF as part of the account opening process, but it is faster to do it yourself first. Once you have a NIF, keep it safe — you will need it for any financial transaction in Portugal, including opening investment accounts or buying property.

What documents to bring or submit

The exact documents vary by bank, but most will ask for the following:

  • A valid passport (national ID cards from EU countries are also accepted for residents)
  • Proof of address — a utility bill, rental contract, or residency certificate
  • Proof of income — recent payslips, a letter from your employer, or tax returns from your home country
  • Your Portuguese tax number (NIF)
  • A completed account process form (the bank provides this)

If you are opening an account remotely, the bank will ask you to upload scans or photos of these documents. Make sure the images are clear and show the full document. Some banks use video verification, where a staff member watches you hold up your documents on camera to confirm they are real.

If your documents are in a language other than Portuguese or English, some banks will ask for a certified translation. This is not always required, but it speeds up the process. You can obtain a certified translation from a translator registered with the Portuguese bar association (Ordem dos Advogados).

How long it takes and what happens next

If you open an account in person as a resident, you will usually have access to your account within three to five business days. You will receive your debit card by post within one to two weeks, and you can set up online banking when ready.

If you open an account remotely as a non-resident, expect four to eight weeks. The bank will review your documents, conduct identity verification (usually by video call), and then send your account details and card by post. During this time, the bank may ask follow-up questions about your source of funds or your reason for opening the account. Respond quickly — delays in answering slow down the process.

Once your account is open, you can transfer money into it from abroad using a standard international bank transfer. Most transfers from the EU take one to two business days. You can also set up standing orders, direct debits, and online bill payments once you have access to online banking.

Banks that are easiest for foreigners

The three largest banks in Portugal — Caixa Geral de Depósitos (CGD), BPI, and Millennium BCP — all have experience with foreign account holders and English-speaking staff at major branches. CGD is state-owned and has the most branches nationwide. BPI and Millennium BCP are private and tend to have faster online banking systems.

If you want a simpler process and do not need a traditional bank, fintech companies like Revolut, Wise, and N26 offer accounts that are easier to open remotely. These are not banks in the traditional sense — they are payment service providers — but they work for everyday spending, transfers, and receiving salary. They do not offer loans or investment products, and they are not covered by the same deposit insurance as traditional banks, but they are regulated and safe for holding money short-term.

Frequently Asked Questions

Do I need to be a Portuguese resident to open a bank account there?

No, but it is much easier if you are. Residents can open accounts in person at any major bank with a passport and proof of address. Non-residents can open accounts remotely at some banks, but the process takes longer and requires a Portuguese tax number (NIF) and usually a video verification call.

Can I open a Portuguese bank account without visiting Portugal?

Some fintech companies like Revolut and Wise allow fully remote account opening. Traditional banks usually require at least one in-person visit to a branch for non-residents, though you can start the process online. The process takes four to eight weeks.

What is a NIF and how do I get one?

A NIF is a Portuguese tax identification number. You can obtain one online through the Autoridade Tributária website in a few days, or in person at a tax office when ready. You need a NIF to open any bank account in Portugal, even if you are not a resident.

How much money do I need to open a bank account in Portugal?

Most banks do not require a minimum opening deposit, but some may ask you to maintain a small balance (usually €100 to €500) to keep the account active. Check with your chosen bank before you explore.

Can I open a business bank account in Portugal as a foreigner?

Yes, but you will need to register a business with the Portuguese tax authority first. This requires a NIF, proof of business registration in your home country, and proof of address in Portugal. The process is more complex than opening a personal account and usually requires an in-person visit.