Opening a Bank Account in Portugal: What Foreigners Should Know Before Arriving

Cleuzina Cruz | Paralegal

Opening a bank account is one of the first practical steps for foreigners moving to Portugal, whether for work, study or retirement. The process is generally straightforward, but it often involves more bureaucracy than newcomers expect. Understanding the requirements in advance helps avoid unnecessary frustration and delays.

The Portuguese Tax Identification Number (NIF) is essential for almost every formal transaction in Portugal, including opening a bank account, signing a lease or purchasing property. You can apply for a NIF in person at a Finanças office or remotely through a tax representative, which is particularly useful for non-residents planning to relocate soon.

In addition to the NIF, most banks require a valid passport or residence permit, proof of address in Portugal or abroad, and proof of income such as an employment contract, payslips or recent bank statements. Documents issued outside the European Union may need to be translated and legalised, so preparing everything in advance helps ensure a smoother process.

Portugal’s banking sector follows strict anti–money laundering (AML) and Know Your Customer (KYC) regulations. Banks must verify the source of funds for every new account, and some applicants may face additional scrutiny, particularly those from countries under international sanctions or identified as higher risk. Providing clear documentation and being transparent about the purpose of the account usually helps avoid unnecessary delays.

Although many bank employees speak English, most official documentation remains in Portuguese. Choosing a bank with English-speaking staff, such as Millennium BCP, Santander or Novo Banco, can make the process easier. Some digital banks like N26, Wise and Revolut also offer English interfaces and simplified onboarding for international clients.

Foreigners can open either resident or non-resident accounts. The main difference lies in access to services: non-resident accounts often have more limited features, such as restrictions on credit, loans or online banking tools. Once you become a Portuguese resident, it is advisable to update your account status to access the full range of financial services.

Opening a bank account in Portugal is not complicated, but it requires organisation, patience and local knowledge. At LVP Advogados, we assist both residents and non-residents in setting up Portuguese bank accounts efficiently and in full compliance with local regulations.

If you are planning to relocate to Portugal or need assistance with your banking arrangements, contact us.