Article
3 min read
Author
Gabriele Culot
Published
September 22, 2023
Last Update
July 01, 2024
Table of Contents
1. Research and choose the right bank
2. Gather the required documents
3. Select additional banking services
4. Complete the application process
Make your Portugal experience the best it can be with Deel
In recent years, Portugal’s strategic efforts to attract foreign talent and investment have transformed it into a hotspot for expats and digital nomads. The country’s government has implemented various policies, including the Non-Habitual Resident (NHR) tax regime, which offers significant tax advantages to newcomers, and the Portugal Golden Visa. This residency-by-investment program grants foreign investors and their families the opportunity to obtain Portuguese residency by making qualifying investments in the country.
If you fall into this group of budding professionals wanting to settle into the Portuguese way of life, this guide to opening a bank account in Portugal is a great place to start. Beyond the practicalities of managing your finances and daily expenses, a Portuguese bank account can offer you many benefits, including access to an efficient and modern banking system, investment opportunities, and the opportunity to enjoy the perks of Portugal’s lifestyle fully.
Before opening a bank account, research the various options and decide which bank best suits your needs. Portugal is home to local and international banks, as well as virtual banks operated entirely online. These banks offer various services to meet the needs of expats, digital nomads, and Portuguese residents.
When conducting your research, keep the following considerations in mind:
Consider whether you will be working as an independent contractor, employee who receives Portuguese benefits, or freelancer, as these variables may influence what you need from a bank.
Portugal has a well-established banking sector with local banks with a reputation for stability and reliability. Some of the best-known banks in Portugal include the following:
Portugal has several international banks operating within its borders, known for their global presence and financial expertise. Consider the following as a starting point when considering where to open a new account.
Virtual/online banks in Portugal have rapidly gained popularity, offering convenient and digital-first banking solutions to meet the needs of tech-savvy customers.
Collecting the necessary documentation is a crucial step in opening a bank account in Portugal. These requirements may differ depending on your residency status and the specific bank.
Before opening an account with a Portuguese bank, you must become a taxpayer and obtain an individual taxpayer number (NIF). As a foreigner, you can get an NIF with the help of a lawyer or take advantage of online services that allow for online and remote NIF applications.
Most banks in Portugal require you to visit a local bank branch to open an account, although there are a few online options. Whatever you choose, it’s best to prepare the following documents.
Some banks require a minimum deposit, usually between 200 and 300 Euros.
The usual requirements are necessary when opening a non-resident account in Portugal, along with a few other details.
These five key tips will guide you through the process seamlessly.
Portuguese banks offer various account options, and choosing the right one is essential to ensure your financial services align with your specific needs and goals. The three main types of bank accounts are as follows.
Depending on the specific bank, you can take advantage of these common banking services.
The process is complete once you have completed your application (either online or in person at a local branch). In some instances, you may need to put a deposit in your account to activate it.
Opening a bank account in Portugal is an important step for newcomers, as it streamlines daily financial transactions, facilitates investments, and allows access to various services crucial for living and working in the country. With a selection of expat-friendly policies and a stable banking sector, Portugal’s appeal extends beyond its scenic beauty, making it an ideal destination for individuals to call home and pursue professional opportunities.
Once you receive your NIF number, opening a bank account in Portugal is relatively easy. Take your time to research your options, weigh up the financial services provided with your financial goals, and choose the bank (and bank account) that best meets your needs.
At Deel, we strive to make employee relocation to Portugal a breeze and facilitate the expansion of global businesses. Our immigration services are tailored to support your employee (or yourself) in getting a work permit in Portugal — including the D1 Work Visa, highly-skilled migrant visa, and the EU Blue Card.
Book a free consultation and learn more about our digital nomad visa support for Portugal.
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