
How to open a bank account in Portugal
With long, hot summers, family friendly culture and relatively low costs, Portugal is a popular place for expats seeking a better quality of life. The cities have a vibrant atmosphere, while off the beaten track, you can lose yourself in the warmth of rural life.
If you're planning a move to Portugal 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. Here’s our guide to get you started for opening a bank account in Portugal.
What documents do I need to open a bank account in Portugal?
If you visit a bank to open a new account, and have all your paperwork with you, you could walk away with the process completed in one visit. Cards and cheque books are usually mailed to your registered address within a few days.
The specific documents needed will vary by bank, and different accounts may have different requirements, especially if you want access to credit facilities. However, typically you will need the following:
- Proof of ID - a passport or national ID card
- Tax number and card
- Residency card
- Proof of address - a recent utility bill or rental contract
Expect to complete several forms when you visit the bank, and make a minimum deposit to activate the account. Usually an initial deposit in the region of €250 is needed, which can be made in cash or by international money transfer.
Can I open a bank account from abroad?
Portuguese banks will accept applications from abroad, which can be submitted online or by mailing the forms and required documents.
Can I open a bank account as a non-resident?
Banks in Portugal do offer bank accounts tailored to non-residents, although the services available may be more limited than resident accounts. Check out the options available at the banks listed below.
Which bank should I choose?
Portugal has a sophisticated banking system with plenty of choice in local and international banks.
Check out these four large national banks in Portugal to start your search:
Santander | Global banking giant Santander has a Portuguese operation, offering many of the same accounts and deals that you can get elsewhere in the world. If you have an account with them already, you may find it easier to switch to their local business in Portugal. |
Novo Banco | Novo Banco offers a full range of products for residents and non-residents. All information on the website is in Portuguese only, so ask a friend to help you sift through if you're not a Portuguese speaker. |
CGD | Caixa Geral de Depósitos (CGD) is the second largest bank in Portugal and offers products ranging from Commercial and Investment Banking too Asset Management and Specialised Credit. |
Millennium BCP | Millennium BCP is the largest private bank in Portugal and offers a wide range of products and a website which is available in both English and Portuguese. |
Banco CTT | They offer a large number of locations in Portugal and can be found at most post office branches. Also, the website offers a locator where you can find the nearest bank store. |
Online banking is offered as a standard service, and many banks have their account details available in English on their website. If you don't speak Portuguese, then check before you commit whether online services are also available in English.
If you plan to visit a branch to open an account in person, then don't forget that banks tend to close at 3:30 pm during the week, and can often be closed entirely over the weekend. Give your chosen bank a call if you're not sure of their exact opening hours.
The TransferWise Borderless account. For business without borders.
Old-world bank accounts only work properly in one country. They hold money only in one currency. And it gets expensive when you try to use them across borders. TransferWise's new Borderless accounts solve all of this.
Now you can send, receive and organise your money internationally, without crazy fees or even-crazier exchange rates – just a small, fair charge when your money moves between currencies.
Banking fees and charges
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 alien.
Check, for example, if there are charges applied to keep your account open or use a credit or debit card. These can be a surprise if you're used to ‘free’ banking. Other common charges you might see include a set fee for withdrawing cash from an ATM operated by a different bank. These fees can quickly mount up, so be wary.
It can be particularly expensive if you need to move money between accounts which are held in different currencies. As well as a charge for processing the transaction, and an international receiving fee at the other end, the exchange rate used is often far from favourable. That's how the banks will make their profit.
For fairer international money transfers, look for a platform that uses the mid-market rate, like Transferwise, instead. With Transferwise you can transfer money between accounts using the real exchange rate. There’s no mark up, and no hidden fees, just a clear set charge for your transfer. Check out our website to find out more about cost effective international money transfers with Transferwise.
TransferWise is the smart, new way to send money abroad.
Find out more
How to open a US bank account as a non-resident
Want to open a US bank account as a non resident? It’s not easy to open a bank account in the US, but there are a few ways to try. Read on to find out how.

How to open a bank account in Ireland
Find out how to open a bank account in Ireland 🇮🇪 Find what documents you need, where to apply, and discover a smart new way to spend money abroad. Know more.

Free checking accounts - options for everyone
If you're looking for free checking accounts, we've got some excellent choices lined up for. Read on for our informative guide.

SunTrust student checking account - The only guide you need
Here’s all you need to know about SunTrust's student cehcking account to make the most of it. Keep reading.

International banks: Your guide to opening an account
Here's our guide to international banks and opening an account with them. Read on for some good advice and thorough research.

Looking for the best international student bank account in the US?
If you're looking for the best international student bank account, look no further. We cover everything you'll need to know. Read on.