Individuals who live and work in Portugal, as well as non-residents and foreign business owners, can open Portuguese bank accounts for multiple purposes, from receiving income to paying bills and also for new companies.
Quick Facts About Opening a Bank Account in Portugal
Category | Details |
Who Can Open a Bank Account? | Residents and non-residents, including individuals and businesses. |
Requirements for Opening an Account | - Work and residence permit (for individuals). - Valid ID and company registration documents (for businesses). |
Required Documents | - For companies: Articles of Association & Certificate of Incorporation. - For individuals: Valid passport & proof of residence. |
Types of Bank Accounts Available | - Savings accounts - Deposit accounts - Debit and credit accounts |
Is a Debit or Credit Card Issued? | Yes |
Initial Deposit Requirement | Some banks may require a small initial deposit. |
Account Opening Fees | Varies depending on the bank’s policies. |
Are Banking Services Provided? | Yes |
Can You Open an Account Online? | Yes |
Can You Pay Utility Bills Online? | Yes |
Are International Transfers Allowed? | Yes |
Requirements for a Student Bank Account | - Residence permit - College acceptance letter - Bank-specific application forms |
Are Loan Options Available? | Yes |
Can You Open an Offshore Bank Account? | Yes, with professional assistance. |
Do We Provide Assistance for Opening a Bank Account in Portugal? | Yes! Contact INLIS Consulting for expert support. |
Some banks in Portugal may offer special types of bank accounts for non-residents. We recommend that foreign employees and investors explore the available options and choose one that best suits their interests. For foreign employees, our team of attorneys in Portugal can provide in-depth information about the conditions for doing business and opening a bank account in Portugal in 2025.
How to get NIF number for opening a bank account in Portugal?
The process of opening a bank account in Portugal is imperative to acquire a Número de Identificação Fiscal (NIF) or Portuguese Tax Number. The possession of a NIF is a prerequisite for both the establishment of a bank account and the execution of daily financial transactions within the country. Securing a NIF can be facilitated through a representative in Portugal, who may assume the role of a fiscal representative or a lawyer, undertaking the application process for the tax identification number on behalf of the individual.
Alternatively, if one prefers to obtain his/her NIF independently and is already present in Portugal, a visit to a Finanças office is required. While the procedure is generally uncomplicated, early arrival is recommended to mitigate potential lengthy waiting periods.
Corporate Bank Account in Portugal for Business Formation
Setting up a company in Portugal requires opening a corporate bank account. This applies to various business structures, including corporations (SA), limited liability companies (Lda), and other legal entities. Our expert lawyers in Portugal can guide you through corporate banking procedures and the overall company formation process.
Opening a Business Bank Account in Portugal
Many Portuguese banks allow businesses to initiate the account opening process online. However, even if registration starts digitally, a physical presence is usually required to complete the necessary paperwork.
Portuguese Banking Regulations
The Portuguese Banking Law aligns with European and international banking standards to regulate financial markets and institutions. The Bank of Portugal is the main regulatory authority overseeing credit institutions, financial companies, and banks.
Our legal experts can assist with navigating the Portuguese banking and financial system, ensuring compliance with all regulations.
Freelancer Bank Accounts in Portugal
Freelancers can open business bank accounts in Portugal with the required documentation, similar to individual accounts. However, due to the business status, additional paperwork may be necessary. Our Portuguese legal team can provide step-by-step assistance.
Banking Regulations in Portugal (2025)
The Portuguese Banking Law covers various financial and monetary policies, including:
✅ Exchange rate policies and financial regulations.
✅ Issuance of banknotes and payment system oversight.
✅ General Legal Framework for credit institutions and financial companies.
✅ Specific rules for payment institutions, authorization, and registration of banks.
✅ Supervisory procedures, board member qualifications, transparency, and client conduct regulations.
The Bank of Portugal also issues additional guidelines, notices, and regulations to ensure compliance with the legal framework.
Major Banks in Portugal
Caixa Geral de Depósitos (CGD) – Portugal's largest public bank, offering retail, corporate, and investment banking.
Millennium BCP – The largest private bank in Portugal, providing personal and business banking solutions.
🔗 https://www.millenniumbcp.pt
Banco Santander Totta – A subsidiary of the global Santander Group, offering retail and corporate banking services.
🔗 https://www.santandertotta.pt
Novo Banco – A bank focusing on retail and corporate financial services, created after the restructuring of Banco Espírito Santo.
Banco BPI – Owned by CaixaBank, BPI offers a wide range of banking and asset management services.
Banco Montepio – A mutual savings bank specializing in personal banking, mortgages, and investment products.
Banco CTT – Linked to Portugal’s postal service, Banco CTT provides simple banking solutions for individuals and small businesses.
ActivoBank – A digital bank under Millennium BCP, offering online accounts, savings, and investment services.
Abanca – Operating in Portugal with services in retail and corporate banking, as well as insurance products.
Need Help Opening a Bank Account in Portugal?
For expert assistance in opening a personal or business bank account in Portugal, INLIS Consulting can guide you through the process.
📩 Email: independentes@inlis.pt 📞 Phone: +351 968 464 906 🌐 Website: www.inlis.pt
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