How to Open a Portuguese Bank Account for Non-Residents

Finally an article about Portugal. It’s one of my absolute favorite countries. Which is why I usually spend a month or two there every year. No matter the reason, or your residency, this article will tell you everything you need to know about opening your first (absolutely free) Portuguese bank account.

But first, let’s take a step back.

Why open a Portuguese bank account?

Well, most people probably shouldn’t.

But if any of the following reasons resonate with you, then maybe you should.

It can be easy to open for non-residents (in some cases)

Many countries make it quite hard to open bank accounts. That’s true for popular financial centers like Singapore and Hong Kong. And it’s true for lots for countries in the EU, too.

One of the major drawbacks of the Estonian E-residency, for example, is the difficulty of opening a bank account for a non-resident in the country. It’s far from impossible, just not as straight forward as both my fellow E-residents and the Estonian government would have liked.

But I digress.

As you will soon see, Portugal is one of the easiest countries to open a bank account in for non-residents in the EU. Or at least it used to be.

While you used to be able to walk into nearly any Portuguese bank with a passport and a couple hundred euros to deposit and walk out again with a debit card in hand, it’s not quite as simple, quick, and accessible anymore.

Primarily due to stricter know-your-customer (KYC) and anti money laundering (AML) requirements the process can now in some cases take several weeks or even months, with some banks restricting account openings for non-EU residents altogether.

Still, unlike most EU countries, you can still open a bank account in Portugal relatively easily as a non-resident, without a large initial deposit.

It’s part of SEPA and is denominated in euro

Say what you want about the stability of EU and their controversial currency. But it still remains one of the strongest currencies in the world. And it can be used across the entire eurozone (19 EU member states) plus in ten other states and territories.

Plus, there’s nothing stopping you from using a Portuguese bank account as your main bank account elsewhere in the eurozone. By law, SEPA (Single Euro Payments Area) transfers between EU countries will have the same cost (often €0) and transfer speeds as domestic ones. Even direct debits work the same across most of the block.

Low maintenance and transaction costs

Although most banks in Portugal have started charging an increasing amount of fees in the last few years, some don’t charge you any ongoing costs at all.

Pick the right bank and you’ll get a bank account with a debit card for €0 per month. I would recommend ActivoBank (although there have been reports of non-EU residents not being able to open accounts anymore), but Banco CTT is another affordable option.

Most usage in the eurozone, including regular activities like card use (POS), ATM withdrawals, SEPA transfers, is also free of charge with these banks.

If you are looking for a bank account and debit card to use outside of the eurozone, N26 is probably a better option than the traditional Portuguese banks. They also support quick remote account openings, have extremely low international fees, and will ship your card to Portugal or elsewhere in Europe. The account is “domiciled” in Germany however, and you’ll miss out on the final perk of Portuguese accounts: Multibanco access.

Full Multibanco and MBway access: Portuguese ATM and debit transactions, person-to-person payments

If you have ever been to Portugal, you might be familiar with their unique Multibanco system.

It started with their ATMs in 1985, followed by a national debit card system in 1987 (formally known as Pagamento Automático MB).

While ATMs in Portugal act like normal ATMs when you use a foreign debit or credit card (facilitating cash withdrawals), slide in a Portuguese card and be prepared to have your mind blown.

There’s almost no limit to the operations you can do at a Multibanco ATM.

Top up your prepaid phone plan? Sure, no problem.

Pay your utilities or online shopping orders? Of course you can!

What about buying concert tickets? What do you think? Well, duh…

Although perfect in most ways, one of my major gripes with Portugal is that you still need to carry around cash. Quite a few shops, bars and restaurants don’t accept international credit cards, nor Maestro which until recently was common in other parts of Europe. Though admittedly the situation has improved post-pandemic.

Turns out, most of these establishments still accept Portuguese debit cards with the MB logo.

That might not mean much if you never spend time in Portugal. But if you do, it’s huge. Since getting a Portuguese bank account myself, I can now use a debit card for approximately 90% of the transactions I previously had to carry around cash for.

I realize not everyone hates cash as much as I do, but still.

In addition to the Multibanco system, Portugal also offers MBway, a mobile banking app that allows users to make instant payments, send money to friends, and even withdraw cash from ATMs without a physical card. MBway has gained popularity for its convenience and security, and is a popular choice for many Portuguese residents and frequent visitors.

You’re investing in Portugal

Perhaps you’re planning to retire in Portugal in a few years time, and currently in the process of scoping out real estate? Or maybe you’re investing in the country to qualify for the popular Portugal Golden Visa program?

In either case, you’ll need a bank account.

So, how do I open an account as a non-resident?

As mentioned above, I recommend ActivoBank and will be using it for this guide. Although remember that as opening a Portuguese bank account as a non-resident has become more difficult, it may no longer be possible for those based outside of the EU to open an account with Activo directly.

If that’s the case, you might want to consider some of the remote account opening options.

There are a few reasons why I recommend Activo:

• Low fees (no monthly fees, free to use in the eurozone)
• Most information as well as online banking is available in both Portuguese and English.
• They have well-located branches, including one centrally located in Chiado, Lisbon. Although I personally prefer the Amoreiras mall location.
• All the staff I’ve interacted with spoke excellent English.
• They are a subsidiary of the largest private bank in Portugal (BCP) which means you can deposit cash in all of Millennium BCP’s ATMs
• It’s a paperless bank, so they won’t send you all sorts of annoying snail mail
• The people I asked in Portugal all recommended the bank

Another bank with an affordable (but not completely free) offering is Banco CTT (CTT is the Portuguese postal service), but one potential drawback is the lack of an English language website.

So for the rest of this guide, I will be presenting the steps for opening an account with ActivoBank.

What you’ll need

You will need the following to open and use your account:

• A phone number capable of receiving SMS
• Pay slips/proof of income or similar that states your profession or job title
• A NIF (Número de Identificação Fiscal). Don’t worry, it’s easy to get one.
• Proof of Portuguese address or foreign address

Steps

1. Get on a flight to Portugal if you’re not already there. (If you don’t feel like traveling to Portugal and want to do the whole process remotely, see the next section)
2. Get a NIF, if you don’t have one. It’s quick, easy, and free.
3. Apply for an Activo account online if you have a Portuguese residence card, otherwise skip this step and just show up in a branch instead.
4. Go to a branch with 4 pieces of documentation (can be skipped if you have a residence card and open the account online):

• Proof of income, which should ideally state your profession
• Proof of address, which can be almost anything (sim card delivery note, foreign bank statement, customs forms)
• ID, meaning passport or EU ID card
• NIF document from Finanças

Also bring €250 in cash, or withdraw it there (to deposit into the new account).

That’s it. You should be walking out of the branch in 10-15 minutes with a new debit card in your hand.

Important 2024 note: The above reflects my experience opening my account with Activo, but that’s some years ago now. If you have a more recent experience, please share it in the comments below.

It’s possible that you won’t be able to open the account on the spot anymore, but that your account first needs to be approved by the compliance department. Though I’m not sure whether that applies for EU citizens or residents.

Opening a Portuguese bank account remotely

Most mainstream banks in Portugal require you to visit them in person and do not offer the ability to open an account remotely. For example, ActivoBank mentioned above won’t do so without you posessing a residence card.

Some banks will permit it with a power of attorney, such as Bison Bank and Banco Atlantico—two popular choices for people who would like to open an account remotely.

Note: Bison is a pure investment bank, so it’s suitable for making e.g. a Golden Visa fund investment, but it can’t be used as a retail bank.

There are several noteworthy services that will assist you with a remote account opening. The following have proved to be popular among our community members:

Anchorless (€359 €287.20)

Anchorless now work with Millennium BCP to assist you in opening up a bank account without ever visiting a branch.

Anchorless are a known intermediary for helping people plan their life in Portugal, assisting also with getting a NIF (Portuguese Fiscal Number) and other things.

Special offer for Nomad Gate readers: Anchorless will offer a special discounted price of €438 €350.40 for opening a Portuguese bank account plus NIF registration if you mention the code NOMADGATE when signing up through their website.

The biggest advantage to opening an account through Anchorless is they have an average wait time of just 5-10 days for EU and UK residents, and 2-3 weeks for US and Canadian residents.

E-residence (€299 €289).

E-residence similarly works as an intermediary and will help you get a bank account fully remotely. It costs €299 €289 (when using the code NOMADGATE) and the average wait time is 3-4 weeks, but can take longer depending on the documents provided.

They can also help you open one in person in 3-4 days but with a higher process fee of €499 €489 . They work with several banks but mostly recommend either Novo Banco or Millenium BCP.

Additionally, they offer other services related to life in Portugal such as getting a NIF, Portuguese tax consultation appointments, notarizations, and can even help you with applying for Portugal’s Digital Nomad Visa.

Bordr ($349 $339)

One final intermediary service worth considering is Bordr. Although pricier, they have a good reputation in the Nomad Gate community. And likewise, can help you with account openings, getting a NIF and other things.

FAQ

Can I use an international or virtual phone number?

Yes, as long as it’s capable of receiving SMS (international numbers generally work, but some have reported issues with virtual numbers like Google Voice, so YMMV.)

What if my pay slips don’t state my job title or profession?

You’ll probably be fine. My pay slips do no explicitly state so either, but the friendly branch staff still let me open the account. They are generally very helpful and seem much more willing to overlook small details like that compared to most bank staff I’ve encountered around the world.

Will I have to show any official proof of residency, visas, or anything similar?

No. If you are registering with a Portuguese address you just need your NIF document (can list a non-Portuguese address) and some sort of proof of the Portuguese address. If you are registering with a foreign address you need your NIF, proof of the foreign address, as well as your tax number in that country (you don’t need proof of it, you just need to know it).

Can I later change the address on my account?

Yes, although you can currently only change your official address in person in a branch on in the app, not on the website. The same, goes for your phone number. You can, however, change your mailing address on the website.

What time is best to visit a branch?

Unfortunately, since I wrote the first version of this article in 2017, ActivoBank’s branches have become increasingly crowded. I recommend showing up when they open in the morning (usually 10 am).

Their ticketing system is a bit unusual: You enter your phone number on a giant screen in the waiting area, and then you will receive your ticket number via SMS. They will then send you another SMS when there are only a few people left before you in line.

I recommend bringing your laptop and settling down at nearby café to get some work done while you wait for the second SMS, as the wait can be substantial (often several hours later in the day).

You may be better off visiting a branch outside the main city centers, although the employees in e.g. Lisbon/Chiado and Porto might be more used to assisting foreigners and non-residents.

If you’re in Lisbon I would recommend the branch at the Amoreiras shopping mall. If the wait is long you can wander around the mall or sit down at a café while waiting for your turn.