Open bank account in Portugal for South Africans

With nearly 800,000 foreign residents as of 2023⁵, Portugal is one of the most popular destinations in Europe for expats to flock to. From the warm climate and friendly locals to relatively simple visa requirements, there’s no wonder the country attracts expats.

If you’re thinking of heading to Portugal for longer than just a quick holiday, one of the most important things to think about is how you will access money and have a working bank account. So, in this article, we’re going to take a look at how you can open a bank account in Portugal as a South African.

Plus, we’ll be sharing information about why you might want to use Wise* as an alternative option to send money back to South Africa, rather than a traditional bank account.

Learn more about Wise

Good to know: Currently, Wise allows you to send money back to South Africa. In the near future, more features will be added for those in South Africa.

*Wise Europe is not a bank. Wise Europe is an authorised Payment Institution incorporated as an SA in Belgium, supervised by the National Bank of Belgium.

What documents are needed to open a bank account in Portugal?

Opening a bank account in Portugal is fairly simple, but as is the case with most banks around the world, you do need to provide adequate documentation to be able to open an account.

The documents you need to open a bank account in Portugal are as follows⁶:

• Proof of identity (valid passport)
• Proof of address
• Proof of employment
• Your valid Portuguese NIF number
• Your residency or citizenship documentation if you’re opening a resident bank account

Although most banks require only these documents, it’s important to note that some banks will require additional documentation - this may be the case if you’re attempting to open a specific type of bank account⁶. For example, if you’re wanting to open a student bank account, you will need proof to show that you’re a student⁶.

Can I open a bank account in Portugal without a proof of address?

No, you cannot open a bank account in Portugal without a proof of address.

However, you can show your address in your home country if you’re wanting to open a non-resident account. Otherwise, for a resident account you will need to show your address in Portugal.

Send money to South Africa from Portugal using the mid-market rate

If you’re a South African expat living in Portugal, Wise can help you save money¹ when making international money transfers back to South Africa.

Although the majority of banks may allow their account holders to make an international transfer, it is possible that a markup is added to the mid-market exchange rate. It is recommended to check the exchange rate offered by your bank against the mid-market rate, which is similar to the exchange rate shown on Google. Say no to hidden fees!

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. Find out what you would pay for an international money transfer with Wise:

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Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

With Wise, South African expats can save money¹ on an international money transfer by providing low fees and also do away with the markup on the mid-market exchange rate when making international payments from Portugal to South Africa.

Join Wise!

Can I open a bank account before I arrive in Portugal?

Certain Portuguese banks may require you to visit a branch and open an account in person, so it’s good to be aware of this if you’re looking to open an account before you move.

However, some bank accounts, such as Santander (Mundo 123) and Novo Banco, allow you to open a bank account before you arrive in Portugal.

Can I open a bank account online?

Yes, as mentioned briefly above, you can open a bank account before you arrive in Portugal, with Novo Banco.

This bank allows you to open a bank account before you arrive by doing the process online - you can provide all the details and documentation they need via video call meetings or smartphone apps.

If you do want to try and open a bank account before you arrive in Portugal, the general process is as follows, for opening an account with Novo Banco¹¹:

• You will need to go to the Novo Banco website “online account” page and choose the banking package you would like to open
• If you have Portuguese Citizenship or a Valid Citizen card you can open a bank online via a video call or using digital banking.
• However, if you don’t, you can easily request a video call meeting to open an account online with a customer service representative.
• During this meeting you will need to show and send your documentation and talk to the customer service representative about which bank account you will open. They will then guide you personally through the process.

Which bank in Portugal is best for my needs?

There are a number of banks in Portugal, and although they all appear similar, they have their differences when it comes to maintenance fees, who the account is most suitable for, and the account opening process.

The Top Three Portuguese banks

There are more than 150 banks in Portugal⁶ to choose from, but we’ve compiled a shortlist that might be most suitable for you, as someone from South Africa who is relocating to Portugal or spending an extended period of time there.

Bank 1 - Santander

Santander is a global bank that has more than 600 branches in Portugal⁷. There’s an array of bank accounts available to you with Santander, but typically for someone that’s moving from South Africa to Portugal, you might find their current account (that you can open online, with Mundo 123) your best bet. This account allows you to do everyday banking and you can order a debit card for free⁸.

However, there’s a minimum amount that must be deposited into this account - €50 if the account is opened online and €150 if you’re in person at a branch⁸. Additionally, maintenance fees are charged.

For new customers, this fee is free between 3-6 months, and after that is €3.75/month and for existing customers, this fee is €7.60/month⁸.

Bank 2 - Caixa Geral de Depósitos (CGD)

Caixa Geral de Depósitos (CGD) is one of the biggest banks in Portugal and it has a host of accounts and services available.

However, one of the best options for a South African living in Portugal is the Minimum Banking Services Account⁹. This account allows you to hold, manage, and send money (up to 5 transactions free per month, each over €30)⁹.

There’s no minimum amount that must be deposited into this account but there’s a maintenance fee of €4.24/year⁹. However, there are limits to transfers and withdrawals⁹.

Bank 3 - Novo Banco

Novo Banco is a popular Portuguese bank. This bank has a lot of options, for both residents and non-residents. One of the best current accounts if you’re living in Portugal is the Account 100%¹⁰.

You can open this account either online or in person at a branch. To open this account, you have to deposit €250¹⁰. Additionally, there’s a maintenance fee charge from €4.50/month¹⁰. However, the account does come with benefits such as 4% TANB on the savings account for up to €1,000 and medical and technical assistance 24/7¹⁰.

Wise: An alternative way to make international money transfers to South Africa

If you want a truly international account that works pretty much anywhere³, take a look at Wise. Wise is an international money transfer service provider, offering a multi-currency account, international money transfer services and a debit card³, depending on where you are located⁴ and product availability.

Open a Wise account online and you can manage your money in multiple major currencies, including ZAR, USD, CHF, GBP, EUR, and many more¹ depending on the region you are located in and according to product availability.

When sending money internationally or converting currency, you’ll only pay a low, transparent fee while also getting the mid-market exchange rate every time¹.

Plus, you can spend just like a local in multiple countries worldwide with a Wise card³, giving you the ability to automatically convert currency whenever you spend.

Sign up with Wise today 🚀

What are the fees to open a bank account in Portugal?

ATM fees

In Portugal the majority of the banks are part of a central service (Multibanco) that allows you to make ATM withdrawals fee-free. However, this is definitely something to double check when you’re signing up for an account, just to be sure.

International transfer Fees

International transfer fees differ from bank to bank in Portugal and depend on which account you choose to sign up for. However, typically traditional banks in Portugal have a small fixed fee added on top of the mid-market exchange rate. Generally, you can expect to pay up to €15 for smaller amounts of money, and larger amounts from €30⁶.

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Although opening a bank account as a South African in Portugal is possible and fairly simple, if you’re looking for a way to both spend money like a local in Portugal and send money back to South Africa, Wise might be a good choice for you⁴.

It’s also important to note that although Wise users can use other products and services in some locations, South Africa has limited product availability at the moment and you can only send money to South Africa - more features will be added in the near future.

Join Wise!

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Sources

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
2. Eligibility is subject to verification of customer identity. Wise may request additional documents to verify a customer's identity.
3. Please note that certain products or features may not be available in all regions.
4. Please visit www.wise.com to check for availability and learn more about our offerings.
5. Portuguese Chamber of Commerce UK, Foreign Residents
6. Banks and the banking system in Portugal - Expatica
7. Discover Santander in Portugal
8. Santander Account with Mundo 123
9. CGD - Minimum Banking Services Account
10. Novo Banco Account 100%
11. Novo Banco - Online Accounts