What you need before you walk into a Portuguese bank

Portuguese banks require a valid passport or national ID card, proof of address, and your tax identification number (NIF). If you don't have a NIF yet, you'll need to get one first — most banks can help you apply during the account opening process, but it adds time. Bring originals and photocopies of everything; banks won't accept digital photos on your phone.

Proof of address means a recent utility bill, rental agreement, or official letter showing your name and Portuguese address. If you've just arrived and don't have one yet, some banks accept a letter from your employer or accommodation provider. A few banks will open accounts for non-residents with only a passport and a foreign address, but they charge higher fees and restrict what you can do.

You'll also need to decide what type of account you want. Most people open a current account (conta à ordem), which comes with a debit card and online banking. Some banks offer savings accounts (conta poupança) with interest, though rates are low. A few offer student accounts with reduced fees if you can prove enrollment.

Key Takeaways

  • Bring your passport or ID card, proof of address, and your NIF (tax number) — originals and copies — to any bank branch.
  • If you don't have a NIF, most banks will help you apply during account opening, but expect the process to take longer.
  • The three largest banks (CGD, BPI, Santander) have the most branches and English-speaking staff, but smaller banks often charge lower fees.
  • Account opening takes 15 to 30 minutes in person; online-only banks can be faster but may not accept non-residents or require a Portuguese phone number.
  • Your debit card usually arrives within 5 to 10 business days; online banking access is often immediate or within 24 hours.

Which banks have branches near you and what they charge

The three largest banks in Portugal are Caixa Geral de Depósitos (CGD), BPI, and Santander. They have branches in every city and most towns, staff who speak English, and standard fees. CGD is state-owned and tends to be slower but cheaper for basic accounts. BPI and Santander are faster and more modern but charge slightly more.

Smaller banks like Montepio, Crédito Agrícola, and Banco Português de Investimento often have lower monthly fees (some charge nothing for basic accounts) but fewer branches and less English-language support. If you plan to stay in one city, a local bank can save you money.

Online-only banks like Revolut, Wise, and ActivoBank have no monthly fees and no branch visits required, but they don't accept everyone. Revolut and Wise require a smartphone app and work best if you already have a bank account elsewhere. ActivoBank (owned by Banco Português de Investimento) is easier for non-residents but still requires a Portuguese phone number to set up.

Monthly fees for a basic current account range from zero to about €10, depending on the bank and whether you meet minimum balance or deposit requirements. Many banks waive fees if you receive your salary into the account or maintain a certain balance.

The step-by-step process at a physical bank branch

Walk into any branch of your chosen bank during business hours (usually 8:30 a.m. to 3 p.m., Monday to Friday; some branches close for lunch). Take a number from the machine near the entrance and wait. When called, tell the staff member you want to open a current account.

Hand over your passport or ID card, proof of address, and your NIF. If you don't have a NIF, say so — the staff will give you a form to fill out and send to the tax authority on your behalf. This adds 10 to 15 minutes to the process. You'll be asked your occupation, source of income, and whether you want online banking (say yes).

The bank will run a credit check through CRÉDITO, the Portuguese credit bureau. This is instant and doesn't affect your credit score. They'll ask you to sign several documents: the account agreement, the fee schedule, and consent forms for data processing and marketing. Read the fee schedule carefully — it lists what you'll pay for transfers, card replacements, and other services.

Once signed, the account is open. You'll receive a temporary card number for online use immediately, and a physical debit card will be mailed to your address within 5 to 10 business days. Online banking access is usually available within 24 hours; you'll receive login credentials by email or SMS.

Getting your NIF (tax identification number) if you don't have one

Your NIF is a nine-digit number issued by the Portuguese tax authority (Autoridade Tributária e Aduaneira, or AT). You need it to open a bank account, rent an apartment, or work. If you're a non-resident, you can get one at the tax office (Serviço de Finanças) in person, or ask your bank to apply on your behalf during account opening.

To apply in person, go to the tax office with your passport and proof of address. The process takes about 30 minutes and costs nothing. You'll receive your NIF on the spot or by email within a few days. If the bank applies for you, it typically takes 5 to 10 business days.

If you're a resident (you have a residence permit or visa), you can also apply online through the AT website, though the process requires a Portuguese phone number and email address. Non-residents cannot apply online.

What happens after your account opens

Your debit card will arrive by post within 5 to 10 business days. You'll need to activate it by calling the bank's number on the back or using your online banking app. Some banks activate it automatically; others require you to set a PIN at an ATM first.

Online banking is usually live within 24 hours. Log in with your username and password (which the bank sends separately for security). You can transfer money, pay bills, and check your balance immediately. International transfers out of Portugal take 1 to 3 business days through the standard SWIFT system; transfers within the EU using SEPA take 1 business day.

Your first statement will arrive by email or post (depending on what you chose) within 30 days. Check it for errors. If you spot a transaction you didn't make, report it to the bank within 60 days; they must investigate and refund you if fraud is confirmed.

If you need to close the account later, call or visit your branch and ask. Most banks require 30 days' notice and will charge a small fee (usually €5 to €20). Make sure your balance is zero and no standing orders are active before you close.

Opening an account as a non-resident or temporary visitor

If you don't have a Portuguese address yet, your options are limited. Most physical banks won't open an account without proof of address, though some will if you show a hotel booking, Airbnb confirmation, or a letter from your employer or accommodation provider.

Online-only banks are your best bet. Revolut and Wise accept non-residents and require only a passport and a smartphone. Both are EU-regulated and safe, but they're not traditional banks — they're payment platforms. You can hold money, spend it on a card, and transfer it, but you can't take out a loan or get a mortgage. Wise is better for international transfers; Revolut is better for travel spending.

If you're staying longer than a few months, apply for a residence permit or visa. Once you have one and a Portuguese address, you can open a full account at any bank. The residence permit counts as proof of address.

Common problems and how to fix them

If the bank rejects your application, it's usually because of a failed credit check or missing documents. Ask the bank why — they must tell you. If it's a credit issue, you can check your file at CRÉDITO's website (crédito.pt) and dispute errors. If it's missing documents, gather them and try again at a different bank.

If your debit card doesn't arrive after 15 business days, call the bank and ask them to check the status. Cards sometimes get lost in the post. The bank can issue a replacement, usually within 5 to 10 more days, and may charge a small fee (€5 to €10).

If you can't log into online banking, call the bank's support line. They'll reset your password and send you new credentials. Some banks require you to visit a branch in person to reset your login if you've forgotten both your username and password.

If you're charged a fee you don't understand, check your account statement and the fee schedule the bank gave you at opening. If the fee isn't listed, call and ask them to explain it. Banks sometimes charge for services you didn't request; if you didn't authorize it, ask them to reverse it.

Frequently Asked Questions

Can I open a bank account in Portugal without a NIF?

Most banks won't open an account without a NIF, but they'll help you apply during the opening process. The application takes 5 to 10 extra days. A few online-only banks skip the NIF requirement, but you'll need one eventually to work or rent an apartment, so it's worth getting it done upfront.

Do I need a Portuguese phone number to open an account?

Physical banks don't require one. Online-only banks like ActivoBank and Revolut do. If you don't have a Portuguese number yet, buy a prepaid SIM card at any supermarket or phone shop for €10 to €20, activate it, and use that number for the bank.

How long does it take to open an account and start using it?

At a physical bank, the process takes 15 to 30 minutes. Online banking access is usually live within 24 hours, so you can transfer money immediately. Your physical debit card arrives within 5 to 10 business days. Online-only banks are faster — you can be set up and spending within an hour.

What if I'm a foreigner and don't have a Portuguese address yet?

Some physical banks accept a hotel booking, Airbnb confirmation, or employer letter as proof of address. Online-only banks like Revolut and Wise accept non-residents with only a passport. If you're planning to stay, get a residence permit first — it counts as proof of address and makes opening a full account much easier.

Can I open a joint account with someone else?

Yes. Both people need to be present with ID and proof of address. You'll decide together whether both signatures are needed to withdraw money or just one. Joint accounts are common for couples and business partners. Fees are usually the same as a single account.