The Portuguese banking system is well regulated and secure. Having a Portuguese bank account makes it possible to spend, receive, and transfer money in the Single Euro Payments Area (SEPA).
Portugal is home to more than 150 banks, including international banks, private domestic banks, regional banks, and online banks.
You can open a basic checking account for free. But once your account is open you might be expected to pay a monthly “maintenance” fee. The offer, however, is extensive and sophisticated and Portuguese Banks tend to offer several types of banking accounts that may better suit your needs. Some Fintechs also offer interesting options that might cover other types of use. We help you get the best banking instruments and understand the terms and conditions expected of you before signing any banking paperwork.
Online banking is generally available, secure and ease to use. Many banks offer mobile apps that allow you to manage all your accounts in all banks from just one application.
Foreigners may open a bank account in Portugal, either as a resident or a non-resident. Non-resident accounts require more documentation and can have more restrictions than a resident account, but this is an option if you don’t have an address in Portugal yet.
Whatever option you choose, the first step is to get your Portuguese NIF number, or “Número de Identificação Fiscal.” Issued by the Portuguese tax authority, the NIF is an essential step when moving to Portugal. You’ll need this number to pay taxes, get a phone contract, and, of course, open a bank account. To get your NIF number, bring your passport and proof of address to your local tax office.