How to open a bank account in Portugal as a foreigner?
I'm preparing to move to Portugal and need to open a local bank account to manage my finances there. As a foreigner, I'm unsure about the exact process and required documents. Could you please provide a step-by-step guide on how to open a bank account in Portugal, including any specific challenges or recommendations for different banks?
1 answer
Opening a Portuguese bank account is essential for your visa application. Here's how:
Step-by-Step Process:
- Get your NIF (tax number) first — you can do this at a local Finanças office or through a fiscal representative
- Choose a bank — popular options for expats:
- ActivoBank: Free accounts, English support
- Millennium BCP: Largest bank, good for mortgages
- Novo Banco: Good English services
- Wise/Revolut: For interim transfers (not accepted for visa)
- Required documents:
- Passport
- NIF number
- Proof of address (home country is fine initially)
- Proof of income/employment
💡 Pro Tips:
- Some banks allow you to open an account remotely before arriving
- ActivoBank is the most foreigner-friendly with online account opening
- You'll need a Portuguese bank account showing funds for your D7/Golden Visa application
- Consider keeping a multi-currency account (Wise) for fee-free transfers
Budget 1–2 weeks for the full process if doing it in person.