How to open an account at a Portuguese bank, which banco to choose, and what you need to have ready — whether you do it in person or open account online.
Updated April 2026If you are buying property in Portugal, a Portuguese bank account is not optional — it is a requirement. The deposit on your purchase, the IMT and stamp duty payments, notary fees, and the final purchase price all flow through a Portuguese account. If you are taking out a mortgage, monthly repayments are debited directly into your account at the lending banco. And once you own the property, IMI bills, utility direct debits, and condominium fees all need a local IBAN.
The good news is that opening a bank account in Portugal as a foreigner is straightforward. Many banks now offer account opening for non-residents, and several let you open an account online before you even arrive. This guide covers the process of opening a bank account step by step: what documents you need, which Portuguese bank works best for property buyers, the fees and expenses to expect, and whether to open the account in person or remotely.
You will need your NIF number before any bank will open an account. If you do not have one yet, read our NIF Portugal guide first — then come back here.
Get these ready before you visit a branch in Portugal or start a digital account application.
Every Portuguese bank requires the same core documents, though some ask for additional items depending on whether you are a resident or non-resident. Preparing everything in advance is the single best way to speed things up. Portugal may reject incomplete applications, so have the full pack ready in order to open your account on the first visit.
A valid passport (or national identity card if you are an EU citizen — though a passport is accepted everywhere and avoids confusion). Your NIF number (tax identification number), issued by the Portuguese tax authority. And proof of address in your home country — a recent utility bill or bank statement, less than three months old. Some banks accept a driving licence as secondary ID, but a passport is always the primary document.
If you are opening a non-resident account, the bank may ask for proof of income or employment — a recent payslip, pension statement, or tax return. This is not universal, but Millennium BCP and Caixa Geral de Depósitos (CGD) both request it for non-residents. The bank may also ask you to declare the source of funds for any initial deposit, particularly for larger amounts. This is standard anti-money-laundering compliance regulated by the Banco de Portugal. If you are buying through a company, the bank may also request a commercial registry certificate (certidão permanente do registo comercial).
If you hold a residence permit or visa in Portugal, bring it. Residents with a Portuguese citizen card (cartão de cidadão) can use it as their primary identity card — it contains your NIF, social security number, and health number on a single document. If you have a Portuguese address, bring proof (a utility bill or rental contract) as this becomes your registered address on the account.
No Portuguese bank will open an account without a NIF. This applies to every banco, every account type, and every nationality. If a service claims you can open a bank account online without a NIF, it is either handling the NIF application as part of the process or it is not opening a true Portuguese bank account. Get your NIF sorted before you think about banking.
The two paths to a Portuguese bank account, and when each makes sense.
You can open an account at a Portuguese bank branch in Portugal or, increasingly, open an account online from abroad. The right route depends on whether you are already in Portugal and how quickly you need the account active.
Walk into any branch with your documents and the account can be opened in a single visit — typically 20 to 30 minutes. The account is opened on the spot, you receive your account number and IBAN immediately, and a debit card is either handed to you or posted to your registered address within a few days. This is the fastest route and the one with the fewest complications. If you are visiting Portugal for viewings, schedule a bank visit on the same trip.
For property buyers, opening the account in person is generally the better option. You can ask questions, confirm the account package that suits your needs, and set up online banking and the mobile app before you leave the branch. Many banks in Lisbon and the Margem Sul have English-speaking staff, particularly Millennium BCP and Novo Banco (also styled as NovoBanco).
Several Portuguese banks now allow you to open an account online via video verification. Millennium BCP, Novo Banco, and Santander all offer remote account opening for non-residents. The process typically involves uploading your documents, completing a video call for identity verification, and waiting for approval — which takes one to four weeks depending on the bank. ActivoBank, a digital-first banco owned by Millennium BCP, is one of the quickest for online account opening and charges no maintenance fee on its standard current account.
It is also possible to open an account online with digital-only banks like N26, which operates across the EU and provides a Portuguese IBAN. N26 is useful as a secondary account for day-to-day spending, but most property transactions require a traditional Portuguese bank account at a local bank — mortgage drawdowns, notary payments, and large transfers are easier through an established Portuguese bank with a branch in Portugal.
| Route | Timeline | Best for | Limitations |
|---|---|---|---|
| In-branch | Same day | Property buyers already in Portugal | Requires physical visit |
| Online (traditional bank) | 1–4 weeks | Buyers preparing from abroad | Video call required; slower approval |
| Online (digital bank) | 1–3 days | Day-to-day spending account | Not ideal for property transactions |
You may see references to the digital mobile key as a way to verify your identity online in Portugal. The Chave Móvel Digital is a government authentication tool that works across Portuguese public services. However, activating it requires a Portuguese citizen card or a residence permit registered with the authorities — most foreign buyers arriving for the first time will not have access to it. It is useful once you are resident, but do not count on it for your initial account opening.
The largest banks in Portugal compared — products and services, fees, and how they handle non-residents.
Portugal has a well-regulated banking sector overseen by the Banco de Portugal. For property buyers, the choice of bank matters — you want reliable international transfers, English-language banking services, competitive fees, and ideally a relationship with a banco that can also handle your mortgage if needed. Here are the main options.
Millennium BCP is one of the largest banks in Portugal with over 400 branches nationwide. It has a dedicated international department, English-speaking staff in most Lisbon and Margem Sul branches, and a well-established process for opening bank accounts for non-residents. Millennium BCP offers a range of account packages from basic current accounts to premium tiers with lower transaction fees and better foreign exchange rates. The maintenance fee on a standard current account is around €5–€7 per month. Millennium BCP is one of the most popular choices for foreign buyers precisely because the account opening process is predictable and well-documented.
Novo Banco is a strong alternative, particularly for buyers who prefer modern digital banking. The NovoBanco mobile app is one of the best in Portugal, and the bank offers competitive rates on deposit accounts. Non-resident account opening is straightforward, and English support is available. Novo Banco offers current accounts with a maintenance fee of approximately €4–€6 per month, depending on the account package. They also provide good international bank transfer rates, which matters when you are moving large sums from abroad for a property purchase.
Portugal’s state-owned bank and the largest by deposits. Caixa Geral de Depósitos is conservative and reliable, with branches everywhere. CGD is popular with Portuguese nationals and can be a solid choice for buyers planning to become resident. However, the experience for non-residents can be slower, with more paperwork and longer approval times. The bank offers a deposit account and current account with competitive interest on the amount held in savings tiers.
Part of the international Santander group. If you already bank with Santander in the UK, Spain, or elsewhere, opening a Santander Portugal account can be smoother — the bank may already have your financial history. Santander offers standard current accounts and an international account option for non-residents. The maintenance fee is comparable to Millennium BCP.
ActivoBank is a digital-first banco owned by Millennium BCP. It stands out for one key reason: no maintenance fee on its standard digital account. You can open account online through their website, and the process is faster than most traditional banks. The trade-off is that ActivoBank has very few physical branches — banking is done through the app and Multibanco network. For buyers who want a cost-free secondary account or who are comfortable with digital banking, ActivoBank is hard to beat.
Deutsche Bank has a small but established presence in Portugal, primarily serving higher-net-worth clients and international buyers. It can be a good fit if you are purchasing a premium property and want private banking services. Not the right choice for a standard current account, but worth knowing about for larger transactions.
| Bank | Monthly fee | Online opening | Non-resident friendly |
|---|---|---|---|
| Millennium BCP | €5–€7 | Yes (video call) | Excellent |
| Novo Banco | €4–€6 | Yes (video call) | Very good |
| CGD | €4–€6 | Limited | Good (slower process) |
| Santander | €5–€7 | Yes | Good |
| ActivoBank | €0 | Yes (fastest) | Good |
| N26 | €0 | Yes (app-only) | EU citizens only |
Maintenance fees, transfer costs, and the charges that add up.
Portuguese bank account fees are generally modest compared to many countries, but they are worth understanding upfront. The account maintenance fee is the most visible cost, but there are others.
Most traditional Portuguese banks charge a monthly maintenance fee of €4–€7 for a standard current account. This covers the account itself, a debit card, online banking access, and basic transactions. Some banks offer reduced or waived fees if you maintain a minimum balance or take an account package that bundles banking services with insurance or investment products. ActivoBank and N26 charge no maintenance fee at all on their standard accounts.
A debit card (cartão de débito) is usually included with the account. In Portugal, debit cards work on the Multibanco network — a nationwide system of ATMs and payment terminals that is deeply integrated into daily life in Portugal. You use your Multibanco card to pay bills, top up phone credit, buy transport tickets, and withdraw cash from any of the thousands of Multibanco machines across the country. The Multibanco network is one of the most advanced in Europe.
If you are transferring funds from abroad to your Portuguese account for a property purchase, check the bank’s fees for incoming international transfers. SEPA transfers (within Europe) are usually free or very cheap. Non-SEPA transfers (from the UK, US, etc.) may carry a fee of €10–€30 per transaction. For large sums, many buyers use specialist transfer services like Wise alongside their Portuguese bank account to reduce foreign exchange costs. The money still arrives in your Portuguese IBAN — it is done through a bank transfer either way.
Many banks offer tiered account packages that bundle the current account with additional products and services — credit cards, travel insurance, or preferential rates on deposit accounts. For property buyers, the standard package is usually sufficient. Avoid being upsold into premium tiers unless the bank offers genuine value for your situation. The bank may also try to cross-sell life insurance or investment products at account opening — these are optional.
If you do not use your Portuguese bank account for an extended period, some banks may classify it as dormant and apply additional fees or restrictions. If you are a non-resident who only uses the account for property-related transactions a few times a year, set up at least one small regular payment (such as a utility direct debit) to keep the account active.
Setting up online banking, transferring your deposit, and making the account work for your purchase.
Once the account is opened and you have your IBAN and account number, there are a few things to set up straight away — particularly if you are buying property.
Set up online banking before you leave the branch (or immediately after the account is opened if you opened it remotely). Every major Portuguese bank has a mobile app and web portal. These are essential for managing your account from abroad — checking balances, reviewing transactions, and authorising transfers. Make sure you have the login credentials and any security tokens or SMS verification set up on your phone number prior to opening the account.
For a property purchase, you will need to transfer the deposit funds directly into your account. Do a test transfer of a small amount first to confirm the IBAN routing works, then transfer the full deposit. Keep records of every transfer — the bank and your lawyer will both need to see the paper trail showing the source and movement of funds. This is particularly important for account holders who are non-residents, as compliance checks on any large bank deposit are standard.
Once you own the property, set up direct debits for recurring bills — electricity, water, gas, condominium fees, and internet. This is done through your online banking portal. Each service provider will give you a reference number to link to your account. Direct debits ensure nothing is missed while you are away from Portugal.
Your Portuguese bank account is linked to your NIF. Any interest earned on the amount held in deposit or savings tiers is reported to the Autoridade Tributária (tax authority) automatically. If you are a non-resident, withholding tax on interest income is deducted at source. You do not need to file separately for bank interest alone, but keep it in mind when reviewing your overall Portuguese tax position.
If you are applying for a D7 visa or another residence permit, you may need to show a Portuguese bank account with a minimum balance as part of your visa requirements. Check the specific visa criteria before you open the account, as some require statements showing funds held for a minimum period. Having the account open early gives you time to build the required history.
Other guides that buyers reading this one usually find useful.
Your Portuguese tax number through the full property lifecycle — getting it, buying, annual taxes, rental income, fiscal representation, and selling.
Read the guide →LTV ratios, interest rates, documents, bank options, and the full approval timeline for non-residents getting a mortgage in Portugal.
Read the guide →Every cost involved in buying property in Portugal — IMT, stamp duty, legal fees, notary, and what to budget for.
Read the guide →