Opening a bank account in Portugal: Requirements, prices and steps

Opening a bank account is a process that can be straightforward if you have the right tools and information to make it happen. However, when you open a bank account abroad, you need to understand regulations and essential steps for foreign users. If you’ll use one soon, this guide explains how to open a bank account in Portugal for foreigners.

You’ll also learn what to expect from traditional banks, what online banks may require, and key points to consider when using your account in this country. Let’s get started.

How to open a bank account online in Portugal as a foreigner

Opening an “online” account in Portugal doesn’t always mean opening one with a traditional Portuguese bank. In practice, many options available abroad belong to fintechs or electronic money institutions, not local banks with physical branches. Understanding this difference from the start avoids confusion during the process.

What does “opening an account online” mean in practice?

When people mention online opening, they usually refer to platforms that allow remote registration, identity verification, and a fully operational account without travelling to Portugal. However, this doesn’t guarantee a Portuguese IBAN or integration into the local banking system.

In most cases, these are digital accounts with a European IBAN. They suit international payments, SEPA transfers, and daily use, although they bring some limitations for specific procedures within Portugal.

Difference between fintech and bank in Portugal

A Portuguese bank is a nationally regulated institution with physical branches and full access to services such as resident accounts, savings products, or local financing. These institutions usually require physical presence and documentation issued in Portugal.

In contrast, fintechs operate under electronic money or banking licences in other European Union countries. They offer more flexible digital processes, although they don’t always provide a Portuguese banking identifier or access to all local services.

Platforms that allow 100% online account opening from abroad

Some platforms accept non-resident clients and allow account opening from outside Portugal. The most common include:

• Wise: Allows you to open a multi-currency account with a European IBAN. It accepts foreign clients and offers remote identity verification.
  
• Revolut: Offers digital accounts with a European IBAN, a fully online process, and acceptance of non-residents.
  
• N26: A European digital bank that allows online opening in certain countries, although it doesn’t always accept new clients outside active markets.
  

These platforms don’t guarantee a Portuguese IBAN, and in most cases, the IBAN belongs to another European Union country.

Common remote identification requirements

Although requirements vary by platform, the most common include:

• Valid passport or identity document.
  
• Residential address in your home country or another country.
  
• Verification through video or biometric selfie.
  
• In some cases, proof of address or economic activity.
  

These digital accounts usually don’t require a Portuguese tax number.

Real steps of the digital process

The online opening process usually follows these steps:

1. Register on the platform with email and personal details.
   
2. Select the account type.
   
3. Upload your identity document.
   
4. Verify your identity through video or facial recognition.
   
5. Receive account approval and IBAN assignment.
   
6. Activate a virtual or physical card.
   

Under normal conditions, the process takes one to five days, depending on the platform and request volume.

Typical timeframes until the account becomes active

In most fintechs, the account becomes active within a few days. Some allow immediate use of a virtual card, while the physical card usually arrives within one to two weeks.

Common limitations without a Portuguese banking identifier

Not having a Portuguese IBAN may create some limitations, such as:

• Difficulty setting up direct debits for certain local services.
  
• Rejection by some public or private entities.
  
• Limitations in administrative or employment procedures.
  
• The need to open a Portuguese bank account later.
  

For this reason, many people use a digital account as a temporary solution while arriving in the country and completing the in-person process.

Important: Opening an online account doesn’t equal opening a local Portuguese bank account. It’s a practical starting option, although it doesn’t always replace a traditional account.

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How to open a bank account in Portugal for non-residents?

Opening a bank account in Portugal without living in the country is possible, although the process tends to be more limited and controlled than for residents. From a banking perspective, being a non-resident means you don’t have tax residence in Portugal or official registration with authorities, which affects requirements and account types.

What does “non-resident” mean in Portugal’s banking system?

A non-resident is someone without tax residence in Portugal. This includes tourists, short-term visitors, people in migration processes, or those managing money or investments from abroad.

For banks, this profile requires deeper checks on fund origin and intended account use. Therefore, conditions tend to be stricter than for residents.

Banks in Portugal that accept non-residents

Some Portuguese banks allow non-resident account opening, especially branches experienced with international clients. The most well-known include:

• Millennium BCP
  
• Novo Banco
  
• Banco Santander Portugal
  
• ActivoBank (in specific cases)
  

Acceptance depends on the applicant profile, country of origin, and declared purpose for opening the account. Not all branches apply the same criteria.

Common documentation for non-residents

Required documents may vary by bank, although they almost always include:

• A valid passport.
  
• Portuguese tax identification number (NIF).
  
• Proof of address in your current country of residence.
  
• Proof of source of funds.
  
• Reason for opening the account.
  

Some banks may request additional documents, such as proof of income or a connection to Portugal.

What role does the NIF play in account opening?

The NIF (Número de Identificação Fiscal) is a key requirement for opening a bank account in Portugal, even for non-residents. This number allows banks to meet tax and identification obligations with authorities.

Foreign individuals can obtain a non-resident NIF through a fiscal representative in Portugal. Without this number, most banks won’t start the opening process.

When is physical presence required?

In most cases, opening a bank account as a non-resident requires visiting a branch in Portugal. Identity verification, contract signing, and document validation usually happen in person, even if you book the appointment online.

Most banks allow you to start the process remotely, although final activation requires physical presence.

In-branch process, step by step

The usual process for non-residents includes:

1. Book an appointment at the branch.
   
2. Submit required documentation.
   
3. Attend a short interview explaining intended account use.
   
4. Bank reviews and validates documents.
   
5. Sign contracts and terms.
   
6. Account opening and bank card request.
   

Approximate timeframes until activation

From the branch appointment to having the account fully operational, the process may take from a few days to two weeks. In some cases, the account becomes active on the same day, although the physical card usually arrives later.

Differences compared with a resident account

Non-resident accounts usually involve:

• Higher fees.
  
• Less access to financial products.
  
• Stricter compliance requirements.
  
• Limitations on direct debits or local services.
  

Once you obtain tax residence in Portugal, you can request a switch to a resident account with more flexible conditions.

Note: Requirements and conditions may vary by bank and branch. Account opening depends on the applicant’s profile and declared use, so no universal approval guarantee exists.

How much does it cost to open and maintain a bank account in Portugal?

Costs linked to a bank account in Portugal vary by institution type and residency status. Although banks don’t publish identical fees, useful ranges help you plan expenses before opening an account.

1. Opening cost

Most traditional banks in Portugal don’t charge a specific opening fee. However, they may require a minimum initial deposit, especially for basic current accounts. 

• Minimum deposit in traditional banks: €100–250 ($110–275) to activate a basic current account.
  
• Digital banks or fintechs: €0–100 ($0–110), and many digital accounts don’t require an initial deposit.
  

2. Monthly or annual maintenance

Banks in Portugal usually charge a maintenance fee. However, some options offer reduced fees or even no cost under certain conditions.

• Basic accounts: €4–10/month ($4.40–11) (equivalent to €48–120/year ($53–132)).
  
• Low-cost accounts: Some offer €4.20/year ($4.60) minimum service accounts with fewer requirements.
  
• Fintechs or digital banks: Many accounts don’t include a monthly maintenance fee.
  

Tip: Some traditional banks waive fees if you receive regular income or maintain a minimum balance.

3. Associated cards

Card costs depend on the bank and account type:

• Debit card: Usually included, although some banks charge €15–25/year ($16.50–27.50) if not included.
  
• Credit card: If available, it may cost €20–150/year ($22–165) depending on the card type.
  

In many traditional banks, the debit card comes with the basic account, although you should confirm before opening it.

4. Common usage costs

Besides maintenance fees, other costs may appear depending on your transactions:

• Cash withdrawals outside the bank network: Usually cost around €1–2 ($1.10–2.20) per withdrawal.
  
• International transfers: May cost €15–30 ($16.50–33) without digital or SEPA solutions.
  
• Currency conversion: Banks may apply a margin on exchange rates (1–3%).
  

5. Common hidden costs for non-residents

If you open an account as a non-resident, some charges may apply:

• Inactivity fees: Banks may charge if the account remains unused for a long period.
  
• Fees for transactions outside SEPA: for transfers outside the EU/EEA.
  
• International service fees on online purchases or euro payments processed outside Europe.
  

6. Differences by account type

(Fee ranges come from recent publications and user experiences with banks in Portugal.) 

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