Opening a bank account in Portugal is accessible to everyone. Whether you are employed or not, Portuguese resident, retired, student…But like any administrative procedure in Portugal, it is preferable to understand Portuguese or to be accompanied by a local for appointments, signatures or even comparison between the different possibilities available to you.
If you would like to be accompanied by someone else during your expatriation to Portugal, please use the button below and fill in the dedicated form. According to your request, I will transfer you to English-speaking professionals established in Portugal: global expatriation, real estate search, vehicle registration, company creation, accounting…
Banks in Portugal
As in many European countries, you will have the choice between many banks that offer similar but not identical services. Fees may vary from one institution to another, so it is best to have an idea of the differences before opening your bank account in Portugal.
There are two ways to do this: either visit the websites of Portuguese banks to identify the most important prices/services or get advice from a Portuguese person who has been using a particular bank for several years without any problems.
You will also have the choice between physical banks or digital banks, which often offer more speed and simplicity in banking operations. The associated fees are also generally lower than for physical banks. You should know that even if you move to the greater Lisbon area, you will have the possibility to keep your account in your country remotely in order to keep certain bank withdrawals or to continue to carry out other operations remotely.
To name a few banks recommended by the little smart 2017 which can for some be a mark of confidence:
- Banco Popular
- BCP Millennium
- BNP Paribas
- Barclays
- But there are also: Novo Banco, BPI, Montepio, Santander, Crédito Agricola, etc…
Some of them will offer you additional services such as consumer credit, car loans and insurance such as home, car or mobile phone… It may be convenient to group together under the same company various procedures to be carried out in Portugal.
One physical bank has been much talked about in the last two years for its striking entry into the Portuguese market: banco CTT. With more than 55 stores in more than 18 Portuguese districts, it offers a strong local presence, longer opening hours and ease of use. It has a mobile application to carry out consultations or banking transactions easily but above all a debit card delivered at the opening of your account and without any associated fees. Your bank account and transactions cost you nothing, which makes it a formidable competitor that is increasingly appreciated in Portugal. The opening of a bank account at CTT Banco starts from 100€.
How to open your bank account in Portugal
Your bank account can be opened in the name of an individual or a company. Opening a joint account is also possible, but it is best to do it from the start to avoid having to go back to the bank to sign all the papers to add an owner. Waiting 40 minutes is common to get to the counter.
For the opening of your bank account in Portugal, you will have to present various documents:
- An identity card or passport
- Proof of address (water, electricity, gas or telephone bill)
- The TIN (tax identification number or contribuinte number), which is obtained from the administrative service of the Finance Department (taxes).
- Proof of your situation (employment contract, company extract, student certificate or unemployment certificate obtained from the Centro de Emprego)
After opening your Portuguese account, you will have a payment card. There are two types of bank cards in Portugal: a payment card (credit), which is very common in Portugal, or a withdrawal card (debit). Your card, depending on the bank offers, may or may not allow you to make online purchases. If you wish to use it abroad, do not hesitate to talk to your bank advisor to know your rights with the proposed card.
ATMs in Portugal allow you to carry out more transactions than in other English-speaking countries: you can pay your bills directly, such as telephone bills, pay for various services or make bank transfers. This offers an alternative to those who do not want to have their bank account directly debited by companies in case there is an error in the amount. Portuguese ATMs are called Multibanco and are present all over Lisbon and the rest of the country.
English-speaking expatriation assistance in Portugal
By validating the contact form, you authorize me to forward your request to an English-speaking person who will be able to contact you directly. This person is a professional who offers paid services whose price varies according to your requests, needs and projects. Nothing is automated: these are people I know, based in Lisbon and who are qualified to accompany you in your approach & your project.
