Opening a bank account in Portugal is a mandatory step in nearly every residency pathway. A Portuguese bank account is required to prove sufficient funds, transfer qualifying investments, secure housing, and establish financial presence in the country. Without it, your relocation process stalls.

However, opening a bank account in Portugal as a non-resident has become increasingly complex. Banks have tightened onboarding rules, compliance reviews are stricter, and documentation standards vary by branch.

This guide breaks down the exact requirements, the best banks for foreigners, remote opening options, costs, timelines, and practical strategies to ensure your application does not delay your visa process.

Why you need a Portuguese bank account

If you're moving to Portugal from outside the Schengen Area, a local bank account is a prerequisite for almost every official process you'll encounter.

Visa and immigration requirements

AIMA (Portugal's immigration authority) requires a Portuguese IBAN as proof of funds for visa applications, including the D7 Visa, D8 Visa, work visas, and Golden Visa. International accounts or e-money platforms like Wise or Revolut are typically rejected for these purposes. A local account is also required for residence permit appointments and ongoing immigration steps.

Day-to-day practicalities

You'll also need a local account to set up direct debits for utilities, and access Portugal's Multibanco interbank network, the backbone of the country's ATM and payment infrastructure.

Tax compliance

When it comes to filing your Portuguese tax returns, having a local account simplifies the process and ensures any refunds are paid directly to you without delays.

Why opening a Portuguese bank account is harder for non-residents

Since 2024, Portuguese banks have significantly tightened their compliance requirements, and non-residents from outside the EU have felt this most acutely. For anyone considering opening a bank account in Portugal, the landscape has shifted considerably. 

Many private banks now require a valid Portuguese residence permit before they'll open an account for non-EU citizens. This creates a well-documented catch-22. You need a bank account to apply for your visa, but the bank wants your residence card before it'll open an account. 

Touchdown opens bank accounts for people who don’t have residency permits yet.

EU and EEA citizens have a slightly easier path, but they're not immune to the same inconsistencies. Branch-dependent policies mean that what one manager approves, another will reject, and many applicants report multiple failed attempts before finally getting through. 

The process is heavily compliance-driven, and staff discretion plays a larger role than most people expect. Understanding this landscape before you walk through the door (or try to do it online) saves a lot of wasted time. 

What you need to open a bank account in Portugal

Requirements vary slightly between banks, but the following documents are standard across most institutions:

Understanding Portuguese bank account types

Choosing the right bank account in Portugal depends on your residency status, financial goals, and how long you plan to stay. 

Here's a breakdown of the main account types you'll encounter.

Can you open a Portuguese bank account online?

Technically, yes, but in practice, very rarely for non-residents. Most Portuguese banks require an in-person visit to complete identity verification and compliance checks. While some banks advertise digital onboarding, this is generally limited to EU residents with existing local ties. For non-residents from outside the EU, remote account opening is the exception, not the rule.

For those considering opening a bank account in Portugal from outside the EU trying to set everything up remotely before their move, a fully self-directed online setup is difficult without some form of local representation.

Portuguese banks are compliance-heavy by design. Regulations introduced in recent years have made them more stringent about in-person verification which is precisely why remote or third-party solutions have become valuable for people relocating from abroad.

Bank fees and ongoing costs in Portugal

Before choosing a bank, it's worth understanding the fee structures. Costs vary between banks and account types, but here's what you can typically expect:

Non-resident accounts generally carry higher monthly fees than resident accounts. Some banks waive maintenance fees if you meet minimum balance requirements or have your salary deposited directly.

Best Portugal bank accounts for expats

Portugal has a well-developed and regulated banking system, with over 150 banks operating across the country.  These include both domestic institutions and major international names such as Santander, Citibank, Novo Banco, Deutsche Bank, and BNP Paribas. 

Expats can choose between large retail banks, private banks, and increasingly, digital-first options. Here are the banks most commonly used by foreigners relocating to Portugal.

Novo Banco

Novo Banco is a Lisbon-based bank that has built specific products for non-residents and new arrivals, making it one of the more accessible options for those opening a bank account in Portugal as a foreigner. 

It offers dedicated non-resident account products such as Conta Boas Vindas and Conta Golden Key, alongside a full range of savings, lending, and investment services. 

Touchdown has partnered with Novo Banco to open bank accounts on behalf of clients remotely, making it the go-to choice for people relocating to Portugal who need a Portuguese IBAN before they arrive.

Santander

Santander is a large international bank with a strong and well-established presence in Portugal. It's a familiar name for expats arriving from the UK, Spain, or other markets where Santander operates, and existing Santander clients may find the onboarding process smoother due to cross-border client verification within the group. Services cover everything from current accounts and foreign currency accounts to mortgages, investment funds, and insurance.

Caixa Geral de Depósitos (CGD)

CGD is one of Portugal's largest and most established banks, state-owned and known for its extensive branch and ATM network across the country. It offers a broad range of products including checking accounts, foreign currency accounts, savings deposits, investment and pension funds, and personal and housing loans. It's a solid choice for those who value wide national coverage and traditional in-branch banking.

Millennium BCP

Millennium BCP is one of Portugal's largest private banks and a popular choice among expats, partly because its website is available in both Portuguese and English. It offers a full suite of services including current accounts, savings and investment products, personal and mortgage loans, and a wide selection of debit and credit cards. For those still building their Portuguese language skills, the English-language support is a genuine practical advantage. 

Step-by-step process of opening a bank account in Portugal

If you'd like to try the process independently, here's how it typically unfolds.

Step 1: Obtain your NIF

Your NIF (Número de Identificação Fiscal) is your Portuguese tax identification number and is required before any bank will consider your application. You can obtain it in person at a local tax office (Finanças), through a Portuguese consulate in your home country, or via a fiscal representative. Without this, the rest of the process cannot begin. 

Step 2: Gather your documents

Once you have your NIF, assemble all required documents: a valid passport, proof of address from your home country (under six months old), proof of income or employment, your home country tax ID, and if you're a US citizen, a completed W-9 form. Make sure everything is current and, where necessary, translated or certified.

Step 3: Choose your bank and branch

Research which bank best suits your situation based on the options above. Once you've chosen, identify a branch with experience handling non-resident or international client accounts, not all branches are equally equipped. In larger cities like Lisbon and Porto, international-facing branches are easier to find.

Step 4: Book an in-person appointment

Call or email the branch in advance to book an appointment. Walk-ins are sometimes accepted, but given the compliance checks involved, an appointment ensures you'll be seen by someone with the right authority to open the account. Some banks allow you to submit documentation in advance.

Step 5: Attend the appointment

Bring all original documents and copies. The bank will conduct identity verification and compliance checks. Depending on your situation, they may request additional documentation, particularly around the source of funds. This step can take anywhere from 30 minutes to several hours.

Step 6: Fund the account and activate it

Once approved, you'll need to make an initial deposit (typically €500-€1,000). Your debit card and online banking credentials will follow within a few days to two weeks, depending on the bank.

This process sounds manageable on paper. In reality, however, the combination of tightening compliance requirements, inconsistent branch policies, and the non-resident catch-22 means many applicants face delays or rejections, sometimes after multiple attempts. For people relocating on a deadline, that uncertainty carries real consequences.

How Touchdown simplifies relocation and your bank setup in Portugal

Each journey is unique, but the goal is always the same: to help you secure residency, structure your taxes with clarity, and thrive in one of the most beautiful, forward-thinking countries in Europe.

Touchdown is Portugal's leading relocation platform. Backed by a veteran team of expert lawyers, we simplify the entire relocation journey by providing everything you need to set up and thrive in your new home through an integrated, easy-to-use platform.

Touchdown offers a fully managed bank account opening service for people relocating to Portugal, removing the uncertainty, the back-and-forth, and the risk of being turned away at the branch.

It works in simple steps: 

1. Secure checkout
2. Submit your documents
3. Legal review and power of attorney
4. Bank account opening

Purchase Touchdown's Bank Account service online for a one-time fee of €325, and enjoy a smooth bank account opening process to begin your activities.

FAQs about opening a bank account in Portugal

Which bank is best in Portugal for foreigners?

There's no single answer, as it depends on your situation. Novo Banco is frequently recommended for non-residents due to its dedicated non-resident account products. 

Do you need a NIF to open a bank account in Portugal?

Yes. A Portuguese NIF (tax identification number) is a prerequisite for how to open a bank account in Portugal. No bank will proceed without it. 

Which American banks are in Portugal?

Citibank has a presence in Portugal, primarily serving corporate and high-net-worth clients. American expats typically open a local Portuguese account and maintain their US account for dollar-denominated needs. US citizens must also complete a W-9 form for FATCA compliance when opening a bank account in Portugal non resident status.

Can I open a bank account as a non-resident?

Yes, but it's increasingly difficult. Many Portuguese banks have tightened requirements since 2024 and now ask for a residence permit from non-EU citizens.