How to open a bank account in Portugal?
If you decide to come and live in northern Portugal and settle there, you absolutely must open a bank account in the country.
Expats are not required by law to have a Portuguese bank account. Nevertheless, opening one will help you pay your taxes, get paid by a Portuguese company and establish your permanent residence.
On the other hand, the program can be a bit complicated for novices. Read on to find out how to open your new bank account in Portugal.
All about banks in Portugal
International banks, national private banks, regional banks… More than 150 banks are located in the territory.
When considering the options available to you, consider comparing the fees charged by the institutions that have caught your eye. It is common for banks to charge fees for using ATMs outside of their own network. So before you commit, make sure your Portuguese bank has enough ATMs in convenient locations or offers free withdrawals from out-of-network ATMs.
The different types of bank account
Portuguese banks offer expatriates three different types of bank account. have a solution adapted to your new way of life.
- Current account: The most common bank account in Portugal. This can be used on a daily basis to withdraw money and pay for everything that comes from public services (bills, taxes, etc.). Many Portuguese banks offer special current accounts, such as student accounts and non-resident accounts, each with particular advantages.
- Sight Savings Account: For those looking to save money while in Portugal, a savings account can help achieve this goal. This type of account offers higher interest rates while making it easier to access your funds when you need to withdraw them.
- Term accounts: Although this bank account offers higher interest rates, the funds are likely to remain blocked for some time.
How to open a bank account in Portugal ?
Whether they are residents or not, foreigners have the possibility of opening a bank account in Portugal. Depending on the situation, all you need to do is provide all the documents required to start these procedures.
To open a bank account in Portugal, you will first need to find a bank that offers management and deposit services. You will then need a valid ID (national/residence card), Portuguese NIF number (tax number) and maybe even your current postal address to complete the process.
Residents and non-residents must obtain a Portuguese NIF number (Número de Identificação Fiscal). Issued by the Portuguese tax authorities, the NIF is an important step in your installation in Portugal. It is thanks to this number that you will be able to carry out many procedures such as paying your taxes, opening various contracts and of course your bank account.
To obtain your NIF number, go to your local tax office with your passport and proof of address.
Once all the necessary information has been provided to the bank, it will proceed with the administrative formalities required to create your personal bank account.
If you have chosen a traditional bank, go to a local branch near your place of residence with all your documents and a minimum amount of cash deposit.
After opening your account, a credit card will be given to you directly or sent by mail.
Are you planning to settle in the north of Portugal? Authentic-Portugal stands by your side to facilitate your procedures.
