How to Open a Bank Account Remotely in Portugal

A Portuguese bank account is a common requirement for visa applications to live in Portugal and the AIMA residency card interview.

However, even with an NIF, opening a bank account from outside Portugal can be challenging.

In this article, we’ll explore how you can set up a Portuguese bank account before moving and why the process might be easier than you think!

Why Open a Bank Account in Portugal?

Simplify Your Finances with a Portuguese IBAN

Many essential services in Portugal, such as water, electricity, phone, and internet, require direct debit payments from a local bank account. Setting up a Portuguese IBAN not only streamlines bill payments but can also make you eligible for year-long discounts.

MBWay: Portugal’s Alternative to Venmo

With a Portuguese bank account, you gain access to MBWay, a fast and fee-free payment system linked to your phone number. This allows for instant money transfers, ATM withdrawals, and seamless payments at stores—making everyday transactions effortless.

Secure Your Wealth in a Stable Economy

Portugal’s strong banking system and stable economy make it an attractive destination for international banking. Even as a foreigner, you can enjoy a secure and reliable financial environment to manage your assets.

Essential for Expats and Visa Applicants

For expatriates, a local bank account simplifies major investments, whether purchasing property, starting a business, or managing finances.

More importantly, it fulfills a key visa requirement, ensuring you're prepared for your residency application and AIMA interview.

By opening a Portuguese bank account remotely, you can take advantage of these benefits before even setting foot in the country!

Can Foreigners Open a Bank Account in Portugal?

Non-residents can open a bank account in Portugal, provided they have a Portuguese NIF (Número de Identificação Fiscal), also known as a Portuguese tax identification number.

Requirements to Open a Bank Account in Portugal

Method	Who Can Apply?	Required Documents
In-Person 🏦	All applicants (residents & non-residents)	- Portuguese NIF  - Passport or residence permit (CRUE for EU citizens)  - Proof of legal status in Portugal  - Proof of income  - Proof of address
Remotely 🌍	Only Portuguese citizens or residence permit holders	- Portuguese NIF  - Passport  - Proof of address  - Proof of income
Remotely via a Third-Party Service 🚀	Non-residents before arriving in Portugal	- Portuguese NIF  - Passport  - Proof of address in home country  - Proof of income or financial means  - Home country’s tax number

Some banks may request additional documents, but they generally provide a flexible timeframe for submission.

List of Banks in Portugal

Here are some of the top banks in Portugal that offer accounts for foreigners:

Traditional Banks 

• Caixa Geral de Depósitos (CGD) – State-owned bank with widespread coverage

• Banco Santander Totta – Internationally recognized with multilingual services

• Novo Banco – Popular for expats and investors

• Millennium BCP – Offers remote banking services and digital account setup

• Banco BPI – Known for its expat-friendly policies

  
  

Digital Banks & Fintech Solutions 

• ActivoBank – Fully digital and easy to set up remotely

• Revolut – International banking with Portuguese IBAN (great for travelers)

• N26 – Online banking with a seamless mobile experience

• Wise (formerly TransferWise) – Best for international transfers and multi-currency accounts

Opening a bank account in Portugal is easier than you think! Whether you're moving, investing, or preparing for a visa application, securing a Portuguese IBAN is a smart step.

Choosing the Right Portuguese Bank

Popular Banks in Portugal 

Portugal has a range of reputable banks that offer excellent service and digital banking solutions. Here are some of the top choices:

Traditional Banks	International & Digital Banks
Millennium BCP – Offers expat-friendly services and digital banking	Crédit Agricole – International bank with local operations
Caixa Geral de Depósitos – Portugal’s state-owned bank with widespread access	ActivoBank – Digital banking with minimal fees
Banco Santander Totta – Multilingual support and a strong international presence	N26 – Fully online banking with a Portuguese IBAN
Banco BPI – Known for strong customer support and business banking	Revolut – Great for international transfers and multi-currency accounts

Pro Tip: Digital banks often have lower fees, while traditional banks offer wider in-person support. Choose based on your specific needs!

Comparison & Customer Reviews

When selecting a bank, consider:

Services & Features – Look for direct debit, savings, and investment options.

Language Accessibility – Some banks offer English-speaking services and apps.

Fees & Costs – Compare account maintenance fees, transaction costs, and withdrawal charges.

Customer Support – Read reviews to check the bank’s reliability and response time.

Types of Bank Accounts in Portugal

Account Type	Features
Personal Current Account (‘Conta à Ordem’) 💸	Ideal for daily financial needs, including deposits, withdrawals, and payments.
Joint Account 🤝	Perfect for couples or business partners who want shared financial control.
Savings Account (‘Conta Poupança’) 💰	Earn interest while keeping funds accessible when needed.
Time-Deposit Account (‘Conta de Depósito a Prazo’)	Fixed-term investment option with guaranteed interest over a set period.

Uses of a Portuguese Bank Account 

With a Portuguese bank account, you can:

• Use debit and credit cards for everyday expenses

• Make SEPA fund transfers within the EU

• Apply for mortgages and loans

• invest in stocks, crypto, and savings plans

• Pay for insurance and utility bills

• Access digital and mobile banking services

Advantages of Having a Portuguese Bank Account

• SEPA & Euro Transactions: Get a PT50 IBAN for easy financial transactions across Europe.

• Multibanco & MBWay Access: Use Portugal’s integrated ATM system and MBWay for fast, fee-free transfers.

• Low Fees & Free EU Withdrawals: Many banks offer low-cost or free EU transactions.

• Automatic Bill Payments: Link your account to direct debits for rent, utilities, gym, and transport memberships.

What If My Bank Account Is Refused?

Your application may be denied if:

• You don’t meet the eligibility criteria

• You fail to provide the required documents

If you believe there was a mistake, you can file a complaint with the Bank of Portugal, which oversees banking regulations and customer rights.

Ready to open your bank account in Portugal? Start the process today and simplify your financial life!