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Portuguese bank account for non-residents: Complete 2023 guide

Portuguese bank account for non-residents

Opening a Portuguese bank account for non-residents is an essential step for the residency by investment process.


If you’re applying for a golden visa, you’ll need an account at a Portuguese bank.


Portugal is one of the easiest countries in Europe for non-residents to open a bank account.


In this post, we’ll walk you through the requirements for opening a bank account in Portugal, whether you’re a non-resident or already a resident.

Table of Contents

How to open a bank account in Portugal

Get a NIF in Portugal

The first thing you need to open a bank account in Portugal is a NIF (Portugal’s tax number).


This number is essential for many aspects of daily life in Portugal, including taxes, rental agreements, buying property, investing, or interacting with government authorities.


If you’re a resident outside the EU, you’ll need help from a fiscal representative or a lawyer to get the NIF on your behalf.

Documents needed for opening a bank account

Opening a bank account in Portugal requires you to visit the bank in person.


Several more modern banks allow you to start the process online. However, this can be challenging when you’re a foreigner.


For example, there may be banks that would not allow you to open a bank account without a Portuguese citizen card or passport number.


The typical list of documents for opening a bank account in Portugal includes the following:


  • Your passport

  • Your NIF (you must bring the original documents on which the NIF was issued)

  • Proof of address ( a recent utility bill or bank statement showing your name and address)

  • Proof of income

  • Initial deposit ( this could vary depending on which bank you decide on, but typically the deposit is €250)

  • Portuguese phone number

Portuguese bank account for non-residents

Best banks in Portugal for foreigners

  • ActivoBank

  • Millennium BCP

  • Atlantico

  • Bank Inter


Portugal has a wide range of good banks, including many foreign ones and several Portuguese ones that are designed with expat needs in mind.


If you’re applying for the golden visa, opening a Portuguese bank account will be an essential part of your visa process


At Golden Port Visa, we’ll assist you with a local legal team to set up your bank account to start the process of the Portuguese residency program.


If you have any questions, contact us via email or schedule a call to give you more information about the Portugal golden visa.

FAQs - Opening a Portuguese bank account for non-residents

Can anyone open a bank account in Portugal?
There are no restrictions on who can open a bank account in Portugal. As long as you have the required documents, you can open a bank account as a non-resident, foreigner, or resident.


Can I open a Portuguese bank account online for non-residents?

Several Portuguese banks – such as Atlantico or ActivoBank – have the facility for online account opening. However, it may be more difficult to set up an account if you don’t have a Portuguese residency card.

How long does it take to open a bank account in Portugal?

 Most banks open the account while you wait, which can be anything from 15 minutes to an hour. But it may take up to a month to have a fully operational account.

What are the opening hours for banks in Portugal?

Banking hours in Portugal are relatively limited, normally from 8 or 9 am to 3 pm on Monday to Friday. It’s best to check on their website or Google maps before making a special trip.

  1. I have heard the bank account need a long time to open now but it didn’t take me much time here.I really appreciate Abi’s help with my golden visa procedure. I strongly recommend the agency.

    1. Thank you for your comment Katherine! We are glad we could be of assistance to you in the Portuguese Golden Visa process.

  2. Thanks for this information. This brings a lot of clarity, as Ive heard that opening a portuguese bank account can be challenging.

    1. No problem Antonio! Glad we coud make the process clearer for you. If you would like more in depth assistance please feel free to contact us for a free consultation.

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