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Opening a bank account in Portugal



Joanna Horanin

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Last updated at 03/10/2023, 05:00

Hi there! 👋 I’m Joanna, author of The Blond Travels. If you find my articles helpful, I’d be happy if you could follow me on Instagram, or . Support from readers like you means a lot to me and helps to keep this website alive. Thank you! 🙏

As a Portuguese resident it’s good to open a bank account in a Portuguese bank. It’s often a requirement if you want to live and work here. Find out how to do it easily and without problems.

This post has been created in cooperation with Bordr – a company, which helps new residents sorting out the legal requirements in Portugal. Thanks to Bordr you can open a bank account even before you come to Portugal.
We are offering a 10% discount if you would like to use their services.
Go to their site and at the check out use your discount code: theblondtravels.

Is it worth opening a bank account in Portugal?

Yes, if you want to work and live here permanently. Having an account will make your life easier because:

  • Your employer will want you to have it.
  • You will be able to pay your bills.
  • You will be able to pay in small shops and restaurants. Most of those family-run places don’t accept foregin cards.
  • It will be easier to rent a flat.
  • The address on your account will be the confirmation of your resident address.

The most popular banks are:

  • Caixa Geral de Depósitos
  • Novo Banco
  • Millenium
  • Banco BPI
  • ActivoBank

What do you need to have to open a bank account in Portugal?

You need to have:

  • NIF Number
  • Your ID
  • A proof of address: a utility bill, or the confirmation of your address from junta
  • A confirmation of your employment or self-employment.

Help with opening a bank account in Portugal

If you don’t have time and energy to queue and spend hours at bank branches, you can open your account easily online.

Bordr makes it simple and all you need is:

  • Your ID
  • Your address confirmation
  • Your NIF
  • Your confirmation of employment.

Remember to use a discount code: theblondtravels to receive 10% off on your order.

The cost of your bank account

Most accounts in Portugal are not free. The annual fee is 60 Euros. You can also try to open a simple account with Activo Bank, which doesn’t have any fees at the moment.

Cash machines in Portugal

There is no lack of cash machines in Portugal, even in small towns. You are also able to find one in more remote villages. They are free to use, but don’t use the Euronet machines, or use them with caution as they often charge large fees.

When you withdraw money, cover the PIN number with your hand and make sure no one stands close to you. Frauds and stealing happen in Portugal, especially in larger cities.

What about freelancers and nomads?

If you come here to work remotely and are not planning to stay longer, you don’t need to have a bank account.
Previously I wrote a bit about money managing in Portugal and about using Monese and Revolut here.

Do you have any questions? Leave a comment!