Guide to Opening a Bank Account in Portugal
A Portuguese bank account is essential for anyone planning to live in Portugal, manage investments, or fulfill visa and residency requirements. This guide walks you through the benefits, requirements, and processes of opening a bank account in Portugal.
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Having a local bank account in Portugal provides multiple benefits:
β
Convenience for Everyday Life
Set up direct debits for utilities like water, electricity, internet, and phone services.
Access MBWay, a mobile payment and money transfer app linked to your phone number, offering quick and fee-free transactions.
β Economic Stability
Portugalβs stable banking system provides a secure environment for your financial assets.
β Essential for Expats
Necessary for visa applications and residency cards.
Facilitates property purchases, investments, and daily financial management.
Can Foreigners Open a Bank Account in Portugal?
Can Foreigners Open a Bank Account in Portugal?
Yes, non-residents can open a bank account in Portugal as long as they provide a Portuguese NIF (Tax ID Number) and meet the bank's documentation requirements.
Requirements for Opening a Bank Account
In-Person Application
You will typically need:
A Portuguese NIF.
A valid passport or residence permit.
Proof of legal status in Portugal.
Proof of income (e.g., salary slip or bank statement).
Proof of address (from your home country or Portugal).
Remote Application
Only Portuguese residents or citizens with a valid Portuguese Citizen Card can directly open accounts remotely with banks. However, third-party services can assist with remote account setup.
Popular Banks in Portugal
Portugal has a variety of banks catering to both residents and non-residents, including:
Traditional Banks
Millennium BCP
Caixa Geral de DepΓ³sitos
Banco Santander Totta
Banco BPI
Digital Banks
ActivoBank
International options like Credite Agricole and Revolut are also available.
Types of Bank Accounts
Personal Current Account (Conta Γ Ordem): For daily transactions, including payments and withdrawals.
Joint Account: Suitable for couples or business partners to manage shared finances.
Savings Account (Conta Poupança): Offers interest on deposits with flexible withdrawal options.
Time Deposit Account (Conta de DepΓ³sito a Prazo): Fixed-term savings with higher interest rates.
Uses of a Portuguese Bank Account
A Portuguese bank account allows you to:
Use debit and credit cards.
Perform SEPA fund transfers.
Apply for loans and mortgages.
Invest in stocks, crypto, or savings plans.
Manage insurance policies.
Utilize digital and mobile banking services.
Advantages of a Portuguese Bank Account
SEPA & Euro Account: Convenient euro-based transactions across the EU.
Multibanco & MBWay: Widely used systems for payments, withdrawals, and direct debits.
Low Fees: Competitive transaction costs, often free within the EU.
Simplified Bill Payments: Link direct debits to your account for seamless payments.
What If Your Bank Application is Refused?
If your application is denied:
Review the reasons for rejection and provide any missing documentation.
If you suspect an error, you can file a complaint with the Bank of Portugal, the regulatory authority overseeing banking in the country.
Opening a bank account in Portugal is an essential step toward making your financial life seamless and stress-free. With proper preparation and documentation, the process is straightforward, ensuring youβre ready for your new life in Portugal.
Been there, done itβnow let us help you
βIn 2023, we moved to Portugal to build a hospitality business called Yon Living, but the high fees and confusing process of securing a visa caught us off guard. The lack of transparency made things harder than they needed to be, adding unnecessary stress to an already big life change.
Determined to make the process smoother for others, we began helping our guests navigate the complexities of visas. Since then, weβve quietly assisted hundreds of people in successfully relocating to Portugal, guiding them through every step with clarity and care.
Now, weβre opening up our expertise to everyoneβnot just our guestsβmaking it easier than ever for anyone to call Portugal home. Whether youβre chasing new opportunities, seeking a fresh start, or fulfilling a lifelong dream, weβre here to help you every step of the way.β
β Ant and Tom, founders of Yon
Navigating the bureaucracy on your behalf with a proven process
Dealing with visa applications can be overwhelming, but we make it simple. Let us navigate the complexities, so you can focus on what truly mattersβyour move to Portugal.
Ongoing legal support
You will have access via email, chat & calls to our immigration lawyers throughout the entire process. Not just a 30 minute chat at the start.
Thorough document checks
We'll lead the flow. We will ask for, store and validate your documents ahead of your appointments to maximise your acceptance chances.
Consulate bookings
We will obtain your appointment at your local consulate, or VFS global at a day and time that suits you.
Admin
We will handle your application forms, motivation letters and correspondence with the consulate throughout the process.
Additional documents
Whether it be a registered lease agreement, your NIF, or setting up a Portuguese bank account. We are on hand to advise you the smoothest & safest route forward.
Appeals
In the event of any rejections, we will be quickly submitting appeals behind the scenes to get the process back on track.
What people are saying about us
Hear why individuals and companies worldwide choose Yon to manage their visa applications.
Jessica Dixon
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βMoving abroad seemed intimidating but Yon made it effortless. From start to finish, I felt supported, and their tech-driven approach simplified everything. Their community has been amazing too - like an instant family of fellow nomads!β
Mairi and Flora McCrone
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"Thanks to Yon, the complicated visa process became manageable. They answered all our questions and provided clear guidance every step of the way. Now, weβre living our dream life abroad.β
Jonny Cleaver
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"I had no idea where to start with my visa, but Yon guided me every step of the way. They handled the paperwork and legal stuff, leaving me to focus on my work and move. Highly recommended!"
Anita and Bella
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βYon turned what could have been a stressful situation into a breeze. They were knowledgeable, and made it easy to track the visa process simple. I couldnβt be happier with the resultβvisas approved for the entire family and a whole new adventure ahead."
Join a community whoβve already made the move to Portugal
Through our sister company, Yon Living, we've built a vibrant community for those relocating to Portugal. Join our buzzing WhatsApp groups for answers to all your questions and enjoy weekly events like supper clubs, coworking days, drinks nights, boat trips, and more.
Get started with Yon, today.
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