Banking solutions

Yes. Many Portuguese banks accept non-resident account holders.

Requirements vary by bank. Some are more welcoming to international clients than others.

The key document you need is your NIF. Without it, no bank will open an account.

Documents Required

Essential:

• Valid passport

• NIF (Portuguese tax number)

• Proof of address (home country acceptable)

• Proof of income or employment

Sometimes required:

• Portuguese address (even temporary accommodation)

• Utility bill

• Employment contract or pension statement

• Tax returns from home country

Requirements vary by bank. Ask before your appointment.

Major Portuguese Banks

Millennium BCP

The largest private bank in Portugal.

• Extensive branch network

• English-speaking support available

• Online banking in English

• Accepts non-residents at some branches

• Generally expat-friendly

Caixa Geral de Depósitos

State-owned bank. The largest in Portugal.

• Widest branch network

• Lower fees than some competitors

• Less English support

• More bureaucratic

• Non-resident accounts possible but varies by branch

Santander Portugal

Spanish-owned bank with strong Portuguese presence.

• Good online banking

• English support available

• Accepts non-residents

• Integration with Spanish accounts if relevant

Novo Banco

Successor to Banco Espírito Santo.

• Modern banking approach

• English-speaking staff in larger branches

• Accepts non-residents

• Good online services

BPI

Owned by CaixaBank (Spanish).

• Solid branch network

• Professional service

• English available at main branches

• Non-resident friendly

ActivoBank

Online-focused bank (part of Millennium BCP group).

• Lower fees

• Good mobile app

• Requires Portuguese address

• Less suitable for complex needs

Common Problems

NIF not accepted Some branches are unfamiliar with non-resident accounts. Try a different branch or bank.

Address issues Banks want Portuguese addresses. Temporary accommodation or a fiscal representative's address may work initially.

Income proof rejected Provide as much documentation as possible. Pension statements, tax returns, employment letters.

Long processing times Patience required. Allow 2-4 weeks for full account activation.

Language barriers Request English-speaking staff when booking. Major branches in expat areas usually have English speakers.

 

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After Opening Your Account

Set Up Direct Debits

Utilities, rent and regular payments can be automated.

Direct debits (débito direto) are common in Portugal.

Link MB Way

MB Way is essential for modern Portuguese life.

Use it for:

• Person-to-person payments

• Online purchases

• ATM withdrawals without card

• Splitting bills

 

Monitor Your Account

Portuguese banks send correspondence in Portuguese.

Use online banking to monitor activity and statements.

Currency Transfers

Transferring money from abroad requires planning.

Bank Transfers

Traditional bank transfers work but are expensive. Expect 2-4% loss on exchange rates plus fees.

Specialist Transfer Services

Services like Wise and CurrencyFair offer much better rates.

Typical savings: 1-3% compared to bank transfers.

Wise

• Transparent fees

• Mid-market exchange rates

• Fast transfers

• Easy to use

CurrencyFair

• Competitive rates

• Good for larger amounts

• Peer-to-peer exchange option

Setting Up Transfers

Open accounts with transfer services before you need them.

Verification takes time. Do not wait until you urgently need to move money.

For large transfers (property purchases), plan weeks ahead and understand source of funds requirements.

Step-by-Step Process

Step 1: Obtain Your NIF

You cannot open an account without a NIF. Get this first.

See the NIF Guide for instructions.

Step 2: Choose Your Bank

Consider:

• Branch locations near you

• English language support

• Online banking quality

• Fees and charges

• Non-resident acceptance

 

Step 3: Gather Documents

Prepare:

• Passport

• NIF document

• Proof of address

• Proof of income

• Any other documents requested

Step 4: Book an Appointment

Many banks require appointments for new accounts.

Call ahead or book online. Specify that you are a non-resident opening a new account.

Step 5: Attend Your Appointment

Bring all documents. Expect the meeting to take 1-2 hours.

The bank will:

• Verify your identity

• Check your documents

• Explain account options

• Complete paperwork

• Issue temporary access

Step 6: Receive Your Cards and Access

Debit cards arrive by post (1-2 weeks).

Online banking activation may require additional steps.

Full account functionality typically available within 2-4 weeks.

 

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Fees and Charges

Portuguese bank accounts typically have:

Monthly maintenance fees: €0-10 Debit card fees: Often included Credit card fees: €20-50 annually International transfer fees: Vary widely Currency conversion fees: 2-4% typically

Compare carefully. Fees add up.

 

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Online and Mobile Banking

All major Portuguese banks offer online banking.

Quality varies. Millennium BCP and ActivoBank generally have the best digital experience.

English language interfaces are available at most major banks.

Mobile apps allow:

• Balance checking

• Transfers

• Bill payments

• Card management

MB Way is Portugal's popular mobile payment system. Link it to your Portuguese account for convenient payments.

 

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