Opening a bank account in Portugal might seem complicated if You don’t live here yet. But in reality, the process is clear and achievable for almost anyone. Many expats, freelancers, and investors open a Portuguese bank account even before they move.
In this guide, our team at e-Residence explains in simple words how to open a bank account in Portugal without residence, what documents You’ll need, and which banks are best for foreigners. The article includes verified information and direct links to official sources, so You can trust every step.
Why Non-Residents Choose Portuguese Banks
Portugal’s banking system is part of the eurozone, meaning Your money stays safe under EU laws and deposit protection rules. It’s a reliable option for those who want financial stability, transparent fees, and easy access to the European market.
Foreigners open accounts in Portugal for several reasons:
- To manage expenses during long stays or relocation.
- To receive income or pensions in euros.
- To buy property or invest in Portuguese real estate.
- To simplify visa or residence procedures.
Portuguese banks are considered secure and well-regulated. According to Banco de Portugal, non-residents can open accounts if they provide identification, a tax number, and proof of address. Many banks also support English-speaking clients, which makes the process even easier.
Can You Open a Bank Account in Portugal Without Residency?
Yes. Portugal allows non-residents to open both personal and business accounts. The main requirement is having a NIF (Número de Identificação Fiscal) — the Portuguese tax identification number. Without a NIF, the bank cannot process any application or financial transaction.
The NIF is required for taxes, contracts, and even utility payments. It’s the first and most important step before You contact a bank.
👉 You can apply for Your NIF online here.
Once You have it, You can open an account either online or in person. Banks may ask for additional documents depending on Your nationality and the purpose of the account.
Step-by-Step: How to Open a Portuguese Bank Account as a Non-Resident
1. Get a Portuguese NIF
This is essential for any financial activity in Portugal. The easiest option is to request it remotely with the help of a fiscal representative. Once approved, You’ll receive Your number digitally, and it remains valid for life.
2. Choose the Right Bank
Research which banks work best with non-residents. Some specialize in expat clients, offering English support and international transfer options. Others require You to visit a branch in Portugal.
3. Prepare the Documents
Before applying, gather everything the bank might ask for. Missing papers are the main reason for delays. The list is below.
4. Apply Online or In Person
Digital banks offer remote onboarding via video call. Traditional banks might require a visit to verify Your identity.
5. Activate and Start Using the Account
After approval, You’ll get an IBAN, debit card, and access to online banking. Most accounts are ready within 3–7 business days.
Documents Needed to Open a Bank Account in Portugal
You will need the following documents, regardless of whether You apply online or in person:
- Passport or EU ID card – must be valid for at least six months.
- Portuguese NIF number – can be obtained online.
- Proof of address – utility bill or rental agreement dated within the last three months.
- Proof of income – such as a job contract, pay slip, or tax return.
- Fiscal representative details – required for non-EU applicants.
Banks may also request proof of residence in another country or a short statement explaining why You want to open an account in Portugal. Translations might be needed for non-English or non-Portuguese documents.
Comparison: Best Portuguese Banks for Expats and Non-Residents
Here’s a comparison of the main options available to foreigners.
| Bank | Account Type | Remote Opening | English Support | Monthly Fee | Main Advantage |
|---|---|---|---|---|---|
| Millennium BCP | Non-resident | Partial | Yes | ~€5 | Reliable, large national coverage |
| Caixa Geral de Depósitos | In-branch only | No | Limited | ~€4 | Government-owned, traditional banking |
| Novo Banco | Expat-friendly | Yes | Yes | ~€6 | Easy international transactions |
| ActivoBank | 100% digital | Yes | Yes | Free | Simple app-based banking |
| Wise / Revolut | Online account | Yes | Yes | Free | Global transfers and multi-currency support |
Quick tip: Choose based on Your needs. If You value convenience and low fees, digital options like ActivoBank or Wise are ideal. For real estate purchases or loans, Millennium BCP is a strong traditional choice.
Opening a Portuguese Bank Account Online
Online banking is now common in Portugal. Digital banks such as ActivoBank or international platforms like Revolut and Wise allow full remote setup.
The process usually includes:
- Submitting an online form.
- Uploading scanned documents.
- Completing a short video verification call.
Once approved, You’ll get Your account details and can use the app for payments, transfers, and currency exchange.
Note: Some banks limit remote openings to EU residents due to identity verification laws. Always check eligibility before applying.
Fees and Maintenance Tips
Most accounts cost between €4 and €8 per month. Digital banks often have free plans. However, small hidden fees can appear for international transfers or card replacements.
Here’s how to reduce costs:
- Keep the minimum required balance.
- Use Your bank’s ATMs to avoid third-party charges.
- Review exchange rate margins before sending money abroad.
- Set up two-factor authentication for better security.
All Portuguese banks are protected by EU deposit insurance up to €100,000 per account holder.
Legal and Tax Considerations
Opening an account as a non-resident comes with tax transparency obligations. Portuguese banks must follow anti-money laundering (AML) and Know Your Customer (KYC) regulations.
Your account details may be shared with Your home tax authority under the Common Reporting Standard (CRS). This is normal and applies across the EU.
For more details, visit the European Banking Authority, which regulates banking compliance across Europe.
Common Problems and How to Avoid Them
Here are the most common issues faced by non-residents:
- Submitting expired or untranslated documents.
- Missing NIF or fiscal representative information.
- Applying to banks that don’t work with non-residents.
- Expecting instant approval — some verifications take up to a week.
To avoid these problems, prepare all documents before contacting the bank and always confirm requirements in advance.
FAQ: Opening a Bank Account in Portugal as a Non-Resident
Can I open a Portuguese bank account remotely?
Yes, several banks allow remote opening via online verification.
Do I need a fiscal representative?
Non-EU citizens must appoint one. This is a person or company registered in Portugal who communicates with tax authorities on Your behalf.
Which bank is best for expats?
ActivoBank and Novo Banco are popular among foreigners. Millennium BCP offers broader financial services if You plan to invest or apply for credit.
Can I open an account before moving to Portugal?
Yes. Many people do this to receive transfers or pay rent while preparing for relocation.
Are Wise and Revolut accepted for local payments?
Yes, but they are treated as international fintech accounts, not local Portuguese banks. Some agencies may require a local IBAN for payments.
Final Thoughts
Opening a Portuguese bank account without residency is absolutely possible. The key is preparation — start with getting Your NIF, gather the right documents, and choose the right bank for Your needs.
You can request Your NIF online here and begin the process from anywhere in the world.
Our team at e-Residence helps expats, freelancers, and investors open accounts, obtain NIFs, and navigate the local financial system safely.
With proper guidance, Your new Portuguese account can be ready in just a few days — giving You full control of Your finances in the EU.
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Last updated: 04.11.2025