Portugal makes it easy for people to bank without needing to live there. You can open bank accounts in Portugal without showing you live there. This is great for people who live abroad, invest, or travel a lot. The banking system is safe and follows strict rules, thanks to SEPA and the European Central Bank.
Banking in Portugal without residency is simple. You just need a few important documents. You’ll need a Portuguese NIF (Número de Identificação Fiscal) for any financial dealings. Then, you can use many banking services designed for international customers.
The steps to start are clear. You’ll need to show who you are and make a first deposit. Portugalist says it takes about 3-4 weeks. You might need help from a lawyer or relocation company to speed things up. For managing money in Europe, international banking in Portugal is a smart choice.
Why Open a Portuguese Bank Account as a Non-Resident
Opening a Portuguese bank account as a non-resident has many benefits. One big plus is lower fees for transactions in the eurozone. This is because Portugal is part of the Single Euro Payments Area (SEPA). This makes EU banking for non-residents cheaper and easier.
Portuguese banks like ActivoBank offer accounts with low costs. Some even have no fees. The Multibanco system is also a big plus. It lets you do many things, like pay bills and buy concert tickets.
For those investing in or retiring in Portugal, a local bank account is key. It’s needed for everyday tasks like renting a place and setting up utilities. This shows how useful a Portuguese bank account can be.
Starting an account in Portugal costs between €25 to €250. Banks are open from 8:30 AM to 3:00 PM on weekdays. They’re closed on weekends and holidays. Monthly fees are €5 to €10, which is pretty good compared to other places.
Another benefit is the good exchange rates offered by Portuguese banks. These rates are often better than what US accounts offer. Having a local account makes managing money easier if you work or get a pension in Portugal.
Portuguese banks also meet different needs with various account types. Whether you’re an individual or a business, you’ll find services that fit your needs at good prices.
- SEPA membership allows customers to make free transfers to other account holders in the SEPA zones of Europe.
- Local banks handle currency exchanges more efficiently and at better rates compared to using US-based accounts.
- Popular banks include Caixa Geral de Depósitos, Novo Banco, and Banco Santander Totta S.A.
Steps to Open a Portuguese Bank Account
Opening a bank account in Portugal is key for non-residents, like those in the Golden Visa program. Here’s how to do it and what steps you’ll need to take.
First, get a Portuguese NIF (Número de Identificação Fiscal). It’s needed for any financial dealings in Portugal. You can get it from the tax office or a representative. With your NIF, start collecting the documents you need for a bank account.
- Proof of ID: Valid passport or EU identity card.
- Proof of Address: This can be either a Portuguese or foreign address.
- Proof of Income: Includes employment verification or other income sources.
With your documents ready, head to your chosen bank’s branch. Major banks like Caixa Geral de Depósitos, Millennium BCP, and Novo Banco serve non-residents. International banks like Barclays and BNP Paribas also operate in Portugal. You’ll need to make a minimum cash deposit, usually €250-300.
| Bank | Maintenance Fees | Online Account Option |
|---|---|---|
| Caixa Geral de Depósitos | Zero or low fees | Yes |
| Millennium BCP | Varies by account | Yes |
| Novo Banco | Based on account type | Yes |
Some banks, like ActivoBank, let you open accounts online. But, you might need to visit in person for KYC checks. The whole process can take weeks to months, depending on the bank’s rules and anti-money laundering checks.
Portugal’s banking system is also quite convenient. With over 150 banks and 12,000 ATMs through Multibanco, managing your money is easy.
For more details on opening a bank account in Portugal, check out this guide.
Guide to Open Bank Account Portugal Even Without Proof Residency
Opening a bank account in Portugal as a non-resident is easy. First, you need a Número de Identificação Fiscal (NIF), a tax ID number. Services like Anchorless can help you get this number quickly.
You might think you need proof of residency, but many banks don’t ask for it. Banks like ActivoBank and Banco CTT let you bank without residency for free. This makes them great choices.
You’ll need a valid Portuguese address for your account. It can be a rental or even a friend’s place. But, opening an account might take weeks or months due to strict rules.
Banks like Bison Bank and Banco Atlantico let you open accounts online. This is great if you can’t visit Portugal. Also, services like Wise and Currencies Direct make sending money abroad easier.
The Multibanco system is a big plus for banking in Portugal without residency. It’s used for most transactions, like bill payments and mobile top-ups. The MBway app also makes payments quick and easy.
| Bank | No Monthly Fees | Remote Account Opening | Popular with Non-Residents |
|---|---|---|---|
| ActivoBank | ✔ | ✔ | ✔ |
| Banco CTT | ✔ | ✖ | ✔ |
| Bison Bank | ✖ | ✔ | ✔ |
| Banco Atlantico | ✖ | ✔ | ✔ |
Types of Bank Accounts Available in Portugal
Portugal offers many banking options for different financial needs. It’s one of the easiest places in the EU for non-residents to open a bank account. You can choose from Current Accounts, Instant-Access Savings Accounts, and Time-Deposit Accounts.
Current Accounts are for everyday transactions. They come with a debit card and access to the Multibanco ATM network. This network has around 12,000 ATMs, making many operations easy. Banks like Caixa Geral de Depósitos and Millennium BCP offer these accounts without ongoing costs.
ActivoBank is known for its low fees and services in English and Portuguese. It also has convenient branch locations.
Instant-Access Savings Accounts let you deposit and withdraw money as you need. They’re great for saving money while keeping it accessible. MBway, a popular mobile banking app, makes transactions easy with instant payments and person-to-person transactions.
Time-Deposit Accounts are for saving long-term with fixed interest rates. They’re a secure way to grow your savings over time. These accounts are perfect for those with specific savings goals, as they require a commitment to earn higher interest.
For more details on opening a bank account, visit this guide.
Big banks like Banco Santander Totta, Banco BPI, and Novo Banco have strong online and mobile banking. They help both residents and non-residents manage their money well. Whether you need to handle daily expenses, save for the future, or invest for growth, Portugal’s bank accounts have solutions for you.
