This guide explains how to open a bank account in Portugal in 2026, from the documents and NIF you need to fees and non-resident accounts.
What changed in 2025 and 2026
Three EU-wide changes now affect every Portuguese account: instant euro transfers must cost no more than standard ones, every bank must send them, and each transfer is checked against the payee’s name. A further deadline in April 2027 brings payment and electronic money institutions, which include many app-based providers, into the same instant payment rules.
| Change | Date in force | What it means for you |
|---|---|---|
| Euro-area banks must receive instant transfers | 9 January 2025 | Rent refunds, salary and transfers from friends can arrive in seconds, every day of the year |
| Instant transfers priced no higher than standard transfers (Regulation (EU) 2024/886) | 9 January 2025 | A Portuguese bank cannot charge more for an instant euro transfer than for an ordinary one |
| Euro-area banks must send instant transfers | 9 October 2025 | You can pay a deposit or a landlord instantly from your bank’s app or online banking |
| Verification of Payee (confirmação do beneficiário) | 9 October 2025 | Before you confirm a transfer, your bank compares the name you typed with the names of all holders of the destination account |
| 2026 value of the social support index (IAS) | 1 January 2026 | The annual cap on charges for a minimum banking services account is 1% of the IAS, which is €5.37 for 2026 |
| Announced for 2027: payment and electronic money institutions in the euro area must send and receive instant transfers | 9 April 2027 | App-based providers that are not banks must catch up with the banks |
Why this matters for newcomers. Portuguese landlords often ask for a deposit and the first rents by bank transfer before handing over the keys. Instant transfers at no extra cost remove the wait, and the name check reduces the risk of paying a fraudster who has sent you a false IBAN.
Callout: Give payers your name exactly as your bank holds it. The Verification of Payee check compares the name entered by the person paying you with the names on your account. Expats with several surnames, accents or transliterated names are the most likely to trigger a warning, so share the exact version your Portuguese bank uses.
Documents you need to open a Portuguese bank account
Banco de Portugal’s rules require a valid identity document, a tax number, your full permanent address and your profession or last profession. Banks must identify every customer under anti-money laundering rules, so you will also answer questions about your income and the purpose of the account.
| Document or information | What the bank accepts | Notes |
|---|---|---|
| Identity document | Portuguese citizen card, passport or residence authorisation | Must be valid; video opening is only possible with a valid identity document |
| Tax number | A Portuguese NIF, or the equivalent number issued by a foreign authority, with a document showing it | In practice, most Portuguese banks ask for a NIF |
| Permanent address | Full address of permanent residence, with a document that proves it | A foreign address is used for non-resident accounts |
| Tax address | Required if it differs from your permanent address | Relevant if your NIF still shows a foreign address |
| Profession and employer | Your current or last profession | Being retired or unemployed should not be a reason for refusal |
| Deposit guarantee form | The depositor information form (FID) | Every account holder must sign it |
Requirements differ from bank to bank, so confirm the exact list before you book an appointment. Retirees on the D7 route will usually be asked about the source of their pension and savings; the Portugal D7 visa guide explains how funds are evidenced for the visa itself.
Tip: Ask for the standardised information sheet. Before you open an account, the bank must give you a ficha de informação normalizada (FIN) setting out fees, interest and overdraft terms, a standardised fee information document and a copy of the general conditions. These make offers from different banks easy to compare.
Getting your NIF first
You will not get far with a Portuguese bank without a NIF, so obtain it first. The NIF (número de identificação fiscal) is issued by the Tax and Customs Authority (AT) and is also needed to rent a home, sign a phone or energy contract and file a tax return. Applying is free.
| Your situation | What you need at the tax office |
|---|---|
| Resident in Portugal | Passport or national identity card, plus your residence permit; with a passport, also your entry visa or Schengen visa |
| Non-resident | Passport or identity card (with the same visa requirement), plus a tax representative resident in Portugal, according to the government’s migrant portal |
| Child without a passport | A birth document |
The government’s migrant portal tells foreign citizens to book an in-person visit to a tax office through the AT’s call centre (CAT), which answers on working days from 9am to 7pm. Many newcomers use a lawyer, solicitador or relocation service to apply on their behalf, particularly from abroad.
Where sources conflict. The government’s migrant portal says a non-resident needs a tax representative resident in Portugal to obtain a NIF. The General Tax Law itself (Article 19) is more nuanced: appointing a representative is optional for people living in the EU or EEA, and the requirement does not apply to non-residents who sign up for the tax office’s electronic notification service. In practice, UK and other non-EU applicants applying from abroad are usually asked for a representative at the outset. Ask the tax office or your adviser which route applies to you.
Once you move, update the address on your Portal das Finanças record. Tax rules require a change of residence status to be reported within 60 days, and your bank will ask for your tax residence, which the taxes for expats living in Portugal guide explains.
Traditional bank, online opening or app-based provider?
If you want a branch, a mortgage later or help in person, a traditional Portuguese bank makes sense; if you are confident with apps and need an IBAN quickly, an account opened online or an app-based provider is usually faster. Many expats use both.
| Factor | Traditional Portuguese banks | Online opening at a Portuguese bank | App-based providers from other EU countries |
|---|---|---|---|
| Examples | Caixa Geral de Depósitos, Millennium bcp, Novo Banco, Santander Totta, BPI | The same banks’ digital channels | Various |
| How you open it | Branch appointment | Recorded video call, or the Chave Móvel Digital or citizen card for Portuguese residents | In the app |
| Monthly fee | Set freely by each bank; often reduced or waived with salary credited | As the bank’s own price list | Often no fee for a basic plan |
| IBAN | Portuguese | Portuguese | Often from another EU country |
| Multibanco and MB WAY | Full access | Full access | Varies |
| Best for | Mortgages, cash deposits, help in Portuguese or English at a branch | Residents with a Portuguese digital identity | Spending and transfers in your first weeks |
Callout: A Portuguese IBAN still helps in practice. EU rules mean a payer in the euro area should accept an IBAN from another euro-area country, but some landlords, utilities and public bodies still prefer a Portuguese one, and the Multibanco network is used for paying bills, taxes and fines. A local account usually becomes the easier option once you sign a lease, as renting in Portugal explains.
Fees: what Portuguese current accounts cost
Portuguese banks set their own maintenance fees, which are often waived only if your salary or pension is paid in, so compare the price lists before you commit. Banco de Portugal publishes each bank’s price list (preçário) on its bank customer portal and runs a fee comparator.
| Fee | What to look for | How to reduce it |
|---|---|---|
| Monthly maintenance fee | Charged on most standard accounts; amount set by each bank | Salary or pension credited, age-based accounts, or a minimum banking services account |
| Debit card | Annual card fee, sometimes included in an account package | Choose a package that includes the card, or the minimum services account, which includes one |
| Transfers | Branch transfers usually cost more than online ones | Use online banking; instant euro transfers cannot cost more than standard ones |
| Account packages | Bundles with insurance, credit cards and extras | Ask for the basic account if you only need day-to-day banking |
| Basic account (conta base) | Maintenance fee set freely by the bank, but it cannot depend on your average balance | Compare conta base fees across banks |
Fees and conditions change often, so check the bank’s current FIN and price list rather than relying on any figure you read online. If your first salary arrives late in your first or second month, ask whether new customers get a fee-free start period.
The wider picture of what you will spend each month is in the guide to the cost of living in Portugal.
Step-by-step: opening your account
With a NIF and an identity document in hand, most accounts can be opened in one branch appointment or a single recorded video call.
- Obtain your NIF. See the section above. Without it, most banks will not proceed.
- Choose the account. Compare the FIN and price list for each bank, and decide whether you need a standard account, a conta base or a minimum banking services account.
- Gather your documents. Passport or identity card, NIF, proof of address and, for non-EU residents, your residence permit if you have it.
- Complete identification. In a branch the bank copies your documents. For video opening, the call is recorded without pauses, both sides of your identity document are captured and you enter a one-time code sent to your phone or email.
- Answer the anti-money laundering questions. Expect questions about your occupation, expected income, source of funds and why you need the account. Inconsistent answers are a common reason for delays.
- Declare your tax residence. Under international reporting rules, you declare where you are tax resident and give your tax number for that country.
- Sign the depositor information form. Every account holder must sign the FID.
- Receive your IBAN and card. Give your IBAN to your employer, landlord and utilities, and activate MB WAY if you want to pay by mobile number.
Callout: Do not lend your account to anyone. Banks screen for accounts used to move money for others. Receiving and forwarding payments for someone else, even a friend or a supposed employer, can lead to the account being closed and to a criminal investigation.
The minimum banking services account: a right, not a favour
If you do not hold another current account in Portugal, every credit institution that takes deposits from the public must offer you a minimum banking services account (serviços mínimos bancários), with total annual charges capped at 1% of the IAS: €5.37 in 2026. Banco de Portugal reports that 265,627 of these accounts were active at the end of 2025.
| Feature | What you get |
|---|---|
| Account and debit card | A current account with a debit card usable at cash machines in the EU, plus online banking and branch access |
| Everyday operations | Deposits, withdrawals, payments and direct debits |
| Transfers within the same bank | No limit on number |
| Transfers to other banks at cash machines | No limit on number |
| Transfers to other banks online or in the bank’s app | Up to 48 a calendar year, national and within the EU |
| Small payments through third-party payment apps | A limited number of low-value transfers each month |
| Maximum total charges | 1% of the IAS a year, €5.37 in 2026 |
Who can open one. The main condition is that you hold no other current (demand deposit) account in Portugal. There are exceptions, for example where you co-hold the account with someone over 65 or with a permanent disability of at least 60% who has no other account. If you already have a current account, you can convert it free of charge into a minimum services account at the same bank, or close it and open one elsewhere.
What the bank must do. A bank may refuse only on narrow grounds, essentially if you will not sign the declaration that you hold no other current account, or if it knows you do. It cannot make opening conditional on a minimum deposit or on buying other products, it must decide within 10 days of a complete request, and any refusal must be given free of charge, on paper or another durable medium, with the reasons and how to complain. The account can be closed if you stop being legally resident in the European Union.
Callout: The conta base is different. Portuguese banks also offer a basic account (conta base) to adults, resident or non-resident, for non-professional use. It includes a debit card, deposits, withdrawals and payments, but its maintenance fee is set freely by the bank and banks may limit over-the-counter withdrawals to three a month. The minimum services account, with its €5.37 cap, is usually cheaper if you qualify.
Non-resident accounts and keeping a UK account
You can open a Portuguese account without living in Portugal, but expect more questions about the source of your money and fewer options for remote opening. Non-resident accounts are common among people buying property or paying Portuguese bills from abroad. You will still need a NIF.
| Option | Who it suits | Main drawback |
|---|---|---|
| Portuguese non-resident account | Second-home owners and people paying Portuguese bills from abroad | More anti-money laundering checks; video opening may not be available to you |
| Portuguese resident account | Anyone living in Portugal | Needs a Portuguese address and, for non-EU citizens, usually a residence permit |
| Account in another euro-area country | Short stays and the first weeks after arrival | Some Portuguese payers still prefer a Portuguese IBAN |
| UK account with a currency service | Receiving a UK pension, salary or rent | Exchange costs, and the account must be declared on your Portuguese return once you are tax resident |
If you are buying, a Portuguese account makes it simpler to pay the deposit, taxes and completion funds; see how to buy property in Portugal as a foreigner. If you are moving from the UK, keep your UK account open while you set up, but check your UK bank’s policy on customers living abroad, as some restrict or close accounts once you move. The moving to Portugal from the UK checklist covers the other UK tasks, and the main guide on how to move to Portugal puts banking in the order of the whole move.
Warning: Foreign accounts go on your Portuguese return. Once you are a Portuguese tax resident, you must disclose your foreign bank accounts on your annual return. If you have UK pensions, rental income or investments, an adviser from the tax advisers in Portugal category can make sure your first return is right.
How safe is your money? Deposit protection in Portugal
Deposits at Portuguese banks are protected up to €100,000 per depositor, per bank, by the Fundo de Garantia de Depósitos (FGD), whether or not you are resident in Portugal. Interest counts towards the limit.
| Feature | Protection |
|---|---|
| Standard limit | €100,000 per depositor, per credit institution |
| Joint accounts | Co-holders are presumed to hold equal shares unless the account terms say otherwise |
| Repayment time | Up to €10,000 within seven working days; the rest, up to €100,000, within 15 working days |
| Branches of banks from other EU countries | Covered by the home country’s scheme, also at €100,000 |
| Branches of non-EU banks in Portugal | Covered by the FGD unless an equivalent home scheme or agreement applies |
| Branches of Portuguese banks outside the EU | Not covered |
Brands that operate in Portugal under a licence from another EU country are protected by that country’s scheme, so check the depositor information form you sign when you open the account. If you are selling a home and will hold a large sum for a while, spreading it across banks keeps more of it within the limit. The Portugal country hub lists banks and financial service providers, and you can compare advisers for larger sums in the financial services category.
Moving money to Portugal? Compare providers first
Find financial service providers who help expats transfer savings, pensions and property proceeds to Portugal
Frequently asked questions
