How to open bank account in Portugal as a non-resident

With long, hot summers, family friendly culture and relatively low costs, Portugal is a popular place for UK expats seeking a better quality of life.

If you're planning a move to Portugal for retirement, work or to start a business, then one of the first things you need to do is set up a local bank account. This is an important step in getting settled, but can be tricky for expats trying to negotiate a new system.

To help, we’ve put together a guide to get you started on opening a bank account in Portugal. So read on for all the details.

But it’s also useful to know that a traditional bank account isn’t your only option.

The Wise account is a great alternative for managing your money in Portugal, Europe and worldwide. It lets you send, spend, convert and receive 40+ currencies, at the mid-market exchange rates, for low fees*.

But more on this later. For now, let’s focus on how to open a bank account in Portugal, starting with the basics.

How to open a Portugal bank account as a non-resident?

Foreigners can open a bank account in Portugal, and you don’t need to be living there yet.

But if you haven’t yet moved to the country (and don’t have a local address), you could find that you’re limited to non-resident bank accounts only. These can have more restrictions than ordinary resident accounts.¹

You’ll also find that most banks will ask for your Portuguese NIF number, or Número de Identificação Fiscal. And you can only get this once you’ve moved there, so this could be a stumbling block if you were thinking of opening an account from abroad.

Do you need a bank account in Portugal?

There are no laws or rules in Portugal that require residents to open a local bank account, so it isn’t mandatory.

You may be able to manage without a personal current account for a short time.

But in the long term, you might find that day-to-day things like getting paid by your employer, paying rent and covering bills are more difficult without any kind of local or international current account.

Even things like signing up for a mobile phone contract, paying taxes and buying property can be more of a headache.

That’s where the Wise account may come in handy, so you can hold, send, spend and receive money in multiple currencies.

Sign up for a Wise account 🌍

Can you use your UK bank account in Portugal?

You might be tempted to keep using your UK account while in Portugal, so you can avoid the hassle of dealing with foreign banks. But is it actually possible?

It all depends on who you bank with in the UK.

Major UK banks such as Barclays only let you keep your account when moving overseas if you meet certain conditions. For example, if you’re a UK Crown employee or you’re only planning to live abroad for a short term (less than 6 months) before returning to the UK.²

Other banks take a different approach. For example, international bank Santander says it will continue to service accounts when the holder moves abroad. You won’t be able to open a new one though, unless you’re a permanent UK resident.³

So if you’re a Santander customer, you should in theory be able to continue using your UK account once you move to Portugal.

Can you open a bank account in Portugal as a British expat?

Yes, you can open a bank account in Portugal as a new arrival from the UK. There are no rules preventing foreign citizens opening bank accounts there, and most banks are pretty welcoming to expats.

You’ll just need to make sure you have your documents ready - we’ll cover exactly what you need shortly.

Can you open a Portugal bank account online as an expat from the UK?

Some banks in Portugal require you to visit a branch in person, but it’s certainly possible to open an account online.

For example, you can open the Santander Account entirely online, using your computer or mobile device. Novo Banco also has a selection of bank accounts and packaged accounts available for online opening.

There’s also the option of opening an account with a mobile bank. You can usually do this in just a few minutes using an app on your smartphone, sending any required documentation using a photo or scan.

Can you open an account as an international student?

Most of the major Portuguese banks offer dedicated accounts for students and young people.

The common feature of these accounts is that they’re free of charge, and many are linked to convenient mobile banking apps.

Examples include:

• Novo Banco’s Conta 18.25 account
• CGD’s Account CaixaJovem Extract
• Millennium BCP’s GO! Universitário Account.

What documents do you need to open a bank account in Portugal?

The process of opening a bank account in Portugal can vary from bank to bank, and so can the documents required. But generally speaking, here’s what paperwork you’ll need to have ready:¹

• Proof of identity
• Proof of address
• Proof of employment
• Your Portuguese NIF number

Some banks may also require a minimum deposit in order to open the account. And if it’s a resident account, you may be asked to provide a residency or citizens card.

Proof of identity

All Portuguese banks will accept a valid passport as proof of ID, although you could also use a national identity card.

Proof of address

A utility bill or rental contract should suffice as proof of address. The address should be in Portugal if opening a resident account, or overseas if opening a non-resident account.

Proof of employment

A recent pay slip, work contract or official letter from your employer should be acceptable as proof of employment.

Your Portuguese NIF number

This is issued by the Portuguese tax authority, so you’ll need to visit your local tax office with your passport and proof of address to get it.

Additional documents

You might need extra paperwork if you’re applying for a specific account type - such as proof of studying if you’re applying for a student account.

You might also want to have your Portuguese visa ready, just in case you’re asked.

Best Portugal bank accounts for expats

Portugal has a sophisticated banking system with plenty of choice in local and international banks. In fact, there are over 150 banks⁴ to choose from, including global brands such as Barclays, Santander, Citibank, Deutsche Bank and BNP Paribas.

Let’s take a look at a handful of your key banking choices as an expat moving to Portugal.

Santander

Global banking giant Santander has a Portuguese operation with a wide network of branches, and offers some of the same accounts and deals that you can get elsewhere in the world. If you have an account with the bank in the UK already, you may find it easier to switch to its local branch in Portugal.

Services and products offered by Santander in Portugal include:

• Current accounts, including the popular Santander Account
• Foreign currency accounts
• Debit, credit and prepaid cards
• Savings accounts
• Investment funds
• Insurance products
• Mortgages, car credit and personal loans
• Online and mobile banking.

Novo Banco

Headquartered in Lisbon, Novo Banco offers a full range of products for residents and non-residents. All information on the website is in Portuguese only though, so you’ll need to use your browser’s translation function or ask a friend to help you sift through if you're not a Portuguese speaker.

Novo Banco offers a huge range of products and services, including:

• Current accounts and package accounts, such as NB 100% and NB 360º
• Non-resident and new resident products, such as the Conta Boas Vindas and Conta Golden Key accounts - which come with extra services such as insurance and medical cover.
• Savings accounts
• Personal loans and mortgages
• Investment products
• Debit, credit and prepaid cards
• Insurance
• Online and mobile banking.

Caixa Geral de Depósitos (CGD)

CGD is one of the largest banks in Portugal, with a huge number of branches and ATMs countrywide. It offers products ranging from commercial and investment banking to asset management and specialised credit. But CGD also offers products and services for retail customers too, including:

• Current accounts, including a Minimum Banking Services Account and Conta Extracto account
• Foreign currency account
• Savings deposits accounts
• Investment and pension funds
• Personal, car and housing loans
• Credit, debit and prepaid cards, including digital payments such as Apple Pay
• Insurance
• Online banking.

Millennium BCP

One of the largest private banks in Portugal, Millennium BCP operates in the country and worldwide. It offers a choice of retail banking services including:

• Current accounts, including its popular Millennium Account
• Savings and investment products
• A huge selection of debit, credit and prepaid cards
• Personal and mortgage loans
• Insurance
• Online and mobile banking.

It’s also handy to note that the Millennium BCP website is in both Portuguese and English, which should make it easier for UK expats to find the info they need.

Other banks and alternatives worth looking into

Along with traditional banks, Portugal also has a number of digital banks to choose from. This includes:

• Revolut - Revolut offers a choice of monthly plans, including a free Standard plan. All include a debit card and basic banking services, with more perks and features added the more you pay for your monthly plan.
• N26 - N26 offers an app-based current account and a choice of monthly plans. This includes a free Standard plan which comes with a virtual card.

You can also check out other non-bank alternatives, which don’t have a banking licence but offer services such as accounts, payments and cards.

This includes the money services provider Wise, which has a multi-currency account, international debit card, transfer services and handy mobile app available to use in Portugal.

Sign up for a Wise account 🌍

What are the banking fees and costs in Portugal?

When you open a bank account anywhere in the world, be sure to read the terms and conditions carefully. This is especially important if you're opening an account in a new place, where banking fees and charges could be quite different from what you’re used to.

In Portugal, there are a few fees to watch out for, including fees for money transfers, debit cards and monthly maintenance fees.

These vary between banks, but take a look below for a rough idea of what costs to expect:

Transaction/fee type	Typical fee
Opening an account	Usually free
Monthly fee	€0 to €20 EUR5
ATM cash withdrawal	Usually free at your own bank’s ATM6
Getting a debit card	Usually free6
Domestic payments (i.e. within Portugal)	Usually free6
International payments (i.e. to the UK from Portugal)	Min. €20 EUR, plus additional SWIFT fees6

Is there a free Portugal bank account for non-residents?

Yes, it is possible to get a free everyday bank account in Portugal.

Some banks such as Santander offer free digital accounts, and fees are usually waived for students and young people on most current accounts.

Wise – An international alternative to a bank account

Need to manage your money in multiple currencies or send transfers back home to the UK? There are alternatives to using a bank, such as Wise.

Open a Wise account and you’ll be able to send money in 40+ currencies (including EUR and GBP) and you’ll only ever pay a small, transparent fee to do so*.

Better still, you’ll get themid-market exchange rate for every foreign currency transaction.

Here are some of the main benefits for using Wise to send money:

• Fast and easy setup with no physical paperwork
• Fully trackable transfers
• Fast transfer times
• Two-factor authentication and real-time notifications
• Dedicated support for large amount transfers
• Low, upfront, transparent fees*

You can also get a Wise card for a one-time fee of just £7 and use it to spend like a local in Portugal, Europe and 150+ countries worldwide. There are no hidden fees, and you can even connect your Wise card to Google Pay or Apple Pay.

Importantly, you can open a Wise account in advance of your move to Portugal. This means you’re not left without a payment method while you’re waiting for your new bank account to be opened.

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Sources used:

1. N26 - opening a bank account requirements
2. Barclays - living or moving outside the UK
3. Santander - Brexit and Santander
4. Expatica - banks and the banking system in Portugal
5. Banco Santander - Santander Account
6. Banco Santander - fees information document

Sources last checked on date: 15-July-2024