How to Open a Bank Account in Portugal as a Foreigner

• Get your NIF (Portuguese tax number) before you start — it's the anchor of almost every bank's onboarding file.
• You'll typically need ID/passport, proof of address, and sometimes proof of income or source of funds.
• Non-resident accounts commonly come with fewer services and closer scrutiny than resident accounts, at least until you update your status with a NIF and Portuguese address.
• Some banks let you start the process online or remotely before you land; others require an in-person branch visit.

Portugal doesn't require a bank account by law before you can live or work here, but in practice almost nothing else works without one — paying rent, receiving a salary, setting up direct debits for utilities, or getting a mortgage. As a foreigner, the process runs through the same banking-conduct and anti-money-laundering rules that apply to everyone, but a few things are genuinely different for non-residents.

Get your NIF first

Your NIF (Número de Identificação Fiscal) is the reference every bank builds your file around. Under Portugal's client-identification rules, a bank onboarding a non-resident without a Portuguese NIF yet must record your equivalent foreign tax identifier instead — so it isn't always a hard legal blocker on day one — but in practice most banks treat the NIF as the anchor of the relationship, and several expect you to obtain one within a set window after opening. Getting it first avoids that back-and-forth entirely.

Documents you'll typically need

• A valid identification document or passport.
• Your NIF, or — if you don't have one yet — your foreign tax identification number.
• Proof of address: this can be a Portuguese rental contract or utility bill, or in some cases a recent one from your home country, depending on the bank's policy.
• Full name, date and place of birth, nationality, profession and employer — standard identification fields every bank must collect.
• For larger deposits or transfers, or if requested: evidence of where your money comes from, such as an employment contract, pension letter, or business income records.

How to open the account

1. 1
   Get your NIF first

   Request your NIF at a Serviço de Finanças or, if you're not yet resident, through a fiscal representative — most banks treat it as the anchor of your file, even the few that will start onboarding before you have one.

2. 2
   Gather your documents

   You'll typically need a valid ID or passport, proof of address (from your home country or Portugal), and — especially for deposits or transfers above everyday amounts — some evidence of where your money comes from: an employment contract, pension letter, or business income records.

3. 3
   Choose a bank and check the opening channel

   Ask specifically whether the bank offers remote or online onboarding for non-residents, or whether it requires an in-person branch visit — this varies by institution and changes over time, so confirm current policy before you plan your trip around it.

4. 4
   Open the account

   Complete identification either in person at a branch or remotely via video-KYC, where the bank offers it. Expect closer scrutiny — enhanced due diligence — if you're a non-resident from outside the EU/EEA.

5. 5
   Activate the account

   Once approved, you'll receive your IBAN, set up homebanking, and can request a debit card. If you opened before getting a NIF, update the bank once you have one — this is usually what shifts you from non-resident to resident account terms.

Resident vs. non-resident accounts

A non-resident account is generally treated as higher-risk under Portugal's anti-money-laundering rules, which trigger enhanced due diligence for non-EU/EEA non-residents — extra documentation, closer review of the source of your funds, and sometimes a requirement that your first deposit come from an account already in your name at another EU/EEA bank. A resident account, opened once you have a NIF and a Portuguese address on file, typically moves you onto standard due-diligence terms with fuller day-to-day services. In practice, many people open as a non-resident first and update the bank once their NIF and address come through — worth asking your bank directly what changes when you do.

Remote vs. in-person opening

Portugal's client-identification rules explicitly allow remote onboarding through video-KYC as an alternative to verifying original documents in person, so some banks do let you start the process before you land. Others still require a branch visit for non-residents. Which route is available — and how strict the checks are — depends on the individual bank and can change over time, so confirm current policy directly with the bank before you plan a trip around it.

If a bank refuses you: Serviços Mínimos Bancários

Any consumer legally resident in the EU has a statutory right to a basic account — Serviços Mínimos Bancários — covering everyday functions like deposits, withdrawals, direct debits, SEPA transfers, a debit card, and online banking, capped at 1% of the IAS per year (about €5.23 in 2025). A bank can only refuse it for specific, narrow reasons, and must give you the reason in writing within 10 business days. If a branch turns you away with no written justification, that's a complaint you can escalate to Banco de Portugal.