Navigating the Portuguese Banking System: A Guide to Opening a Local Bank Account and Transferring Money

A comprehensive guide for expats and foreigners on how to open a bank account in Portugal and transfer money internationally

As an expat or foreigner moving to Portugal, one of the most important tasks you’ll need to complete is opening a local bank account. Not only will this make it easier to manage your finances, but it’s also a requirement for many visa applications, including the popular D7 and Digital Nomad Visas. In this article, we’ll take you through the process of opening a bank account in Portugal, as well as provide guidance on transferring money internationally.

I. Introduction

Having a local bank account in Portugal is essential for anyone looking to live, work, or study in the country. Not only will it make it easier to receive and send money, but it’s also a requirement for many everyday tasks, such as paying bills and renting an apartment. In this article, we’ll provide a comprehensive guide on how to open a bank account in Portugal, as well as provide guidance on transferring money internationally.

II. Requirements for Opening a Bank Account in Portugal

To open a bank account in Portugal, you’ll typically need to provide the following documents:

• A valid photo ID (passport or EU ID card)
• Proof of address (utility bill, lease, or official document)
• Portuguese tax number (NIF)
• Proof of employment or income (payslip, work contract, or equivalent)
• Sometimes, a Portuguese phone number for SMS activation

The NIF (Número de Identificação Fiscal) is a unique tax identification number that’s required for all financial transactions in Portugal. As a non-resident, you can obtain a NIF remotely through some banks and services.

Most banks also require a minimum deposit to open an account, typically between €200 and €300.

III. Types of Bank Accounts in Portugal

There are several types of bank accounts available in Portugal, including:

• Current Account (Conta à Ordem): This is a standard account for daily transactions, and comes with a debit card and online banking.
• Instant-Access Savings Account (Conta Poupança Instantânea): This account allows you to save money with quick access to your funds, and offers interest on your savings.
• Time-Deposit Account (Depósitos a Prazo): This is a fixed-term savings account that offers higher interest rates, but requires you to keep your money locked in the account for a set period.

IV. Choosing the Right Bank for Your Needs

There are many banks in Portugal that cater to expats and foreigners, including:

• Caixa Geral de Depósitos
• Millenium BCP
• Banco Santander Totta
• Novo Banco
• Banco BPI
• ActivoBank
• Banco N26 (online)

Each bank has its pros and cons, so it’s worth doing some research to find the one that best suits your needs.

V. Opening a Bank Account in Portugal: In-Person and Online Options

You can open a bank account in Portugal either in-person at a branch or online with certain banks. Online account opening typically requires a video call for identity verification and uploading documents.

Some banks and services also offer remote account opening for non-residents, often for a fee (€299–€499), and can assist with the NIF and documentation.

VI. Business Accounts and Additional Requirements

If you’re looking to open a business account in Portugal, you’ll typically need to provide additional documentation, including:

• A personal account with the bank
• Business registration documents
• Proof of income or funding
• Sometimes, a non-refundable deposit (€100–€1,000)

Minimum income requirements may also apply for some banks or services.

VII. Transferring Money Internationally from Portugal

There are several options for transferring money internationally from Portugal, including:

• Traditional banks (in-person, online, or mobile app)
• Online transfer services (Wise, Revolut)
• ATMs (for SEPA transfers)
• Specialized services (Moneygram, Western Union)

Online transfer services often offer faster and cheaper transfers than banks, with transparent fees and real exchange rates.

For SEPA (Eurozone) transfers, only the recipient’s IBAN is needed; for non-SEPA, you’ll need the recipient’s name, account number, SWIFT/BIC code, and bank details.

VIII. Managing Your Account and Transferring Money Domestically and Internationally

Most Portuguese banks offer online and mobile banking, making it easy to manage your account and transfer money domestically and internationally.

International mobile banks (e.g., N26, Revolut) also operate in Portugal and can be opened from abroad with fewer documentation requirements.

IX. Additional Tips and Considerations

• Opening a Portuguese bank account is often a requirement for visa applications, including the D7 and Digital Nomad Visas.
• Expat communities and relocation services can provide up-to-date advice and assistance with the process.
• Some banks may require additional documents for specific account types (e.g., student or business accounts).

X. Conclusion

Opening a bank account in Portugal can seem daunting, but with the right guidance, it’s a relatively straightforward process. By following the steps outlined in this article, you’ll be able to open a local bank account and start managing your finances in Portugal.

Remember to research the different types of bank accounts and banks available, and choose the one that best suits your needs. And if you’re looking to transfer money internationally, consider using online transfer services for faster and cheaper transfers.

With this guide, you’ll be well on your way to navigating the Portuguese banking system and making the most of your time in Portugal.

Frequently Asked Questions

• What documents do I need to open a bank account in Portugal?
  • A valid photo ID, proof of address, NIF, proof of employment or income, and sometimes a Portuguese phone number.
• Can I open a bank account in Portugal as a non-resident?
  • Yes, some banks and services offer remote account opening for non-residents.
• What is the NIF and how do I obtain it?
  • The NIF is a unique tax identification number required for all financial transactions in Portugal. You can obtain it remotely through some banks and services.
• Can I transfer money internationally from Portugal?
  • Yes, there are several options available, including traditional banks, online transfer services, ATMs, and specialized services.

Recommended Resources

• Global Citizen Solutions: https://www.globalcitizensolutions.com/open-a-bank-account-in-portugal/
• Wise: https://wise.com/us/blog/opening-a-bank-account-in-portugal
• Nomad Gate: https://nomadgate.com/open-portuguese-bank-account/
• Expatica: https://www.expatica.com/pt/finance/banking/opening-a-bank-account-in-portugal-105170/