OPENING A BANK ACCOUNT

ABRIR CONTA DE BANCO

🔗 KEY LINKS

WHAT IS IT?

A Portuguese bank account is a financial account held at a bank in Portugal.

WHY WOULD I NEED IT?

This account allows individuals or businesses to manage their finances, including depositing money, making payments, withdrawing funds, and more. Also, some establishments only accept transactions from a Portuguese bank account.

STEP BY STEP GUIDE

You should go to a branch of your choice and ask to open an account. It's preferable that it's a branch near your home, as it's the branch designated for you.

Some well-known banks in Portugal include: Caixa Geral de Depósitos, Millennium BCP, Novo Banco, Santander Totta and Activo Bank.

DOCUMENTS REQUIRED

Typically include proof of identity (passport, residence permit, manifestação de interesse), proof of address (utility bill or rental contract), proof of income or employment and proof of tax number (NIF).

FREQUENTLY ASKED QUESTIONS
Do I have to pay a fee for maintaining the bank account?	Fees may apply for account maintenance, international transfers, ATM usage, and other services. It's important to check the fee structure of the chosen bank.
Do I need to be a legal resident to open a bank account in Portugal?	Some banks only allow the opening of the account if you have a resident permit. However, you should check if the “manifestação de Interesse” can also be used as ann instructing document as some institutions are accepting them.
Do I need a NIF number to have a Portuguese bank account?	Yes, it’s mandatory to have a NIF number to open a bank account in Portugal
What's the difference between NIB and IBAN?	NIB is a nationally focused bank account identifier (the number of your account) used within Portugal (domestic transactions). IBAN is a broader international standard used for cross-border banking transactions (international transactions). The NIB number always has 21 digits and is specific to Portugal. While the IBAN number varies in length depending on the country (22-34 characters), includes a country code, check digits, and the local account number (such as the NIB in Portugal).

FREQUENTLY ASKED QUESTIONS

Do I have to pay a fee for maintaining the bank account?

Fees may apply for account maintenance, international transfers, ATM usage, and other services. It's important to check the fee structure of the chosen bank.

Do I need to be a legal resident to open a bank account in Portugal?

Some banks only allow the opening of the account if you have a resident permit. However, you should check if the “manifestação de Interesse” can also be used as ann instructing document as some institutions are accepting them.

Do I need a NIF number to have a Portuguese bank account?

Yes, it’s mandatory to have a NIF number to open a bank account in Portugal

What's the difference between NIB and IBAN?

NIB is a nationally focused bank account identifier (the number of your account) used within Portugal (domestic transactions). IBAN is a broader international standard used for cross-border banking transactions (international transactions).

The NIB number always has 21 digits and is specific to Portugal. While the IBAN number varies in length depending on the country (22-34 characters), includes a country code, check digits, and the local account number (such as the NIB in Portugal).

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