Moving to Portugal brings many exciting changes, but setting up your finances can feel like navigating a maze. For remote workers, freelancers, and founders, opening a Portuguese bank account is not just a convenience; it is a critical step for your visa, lease, and AIMA (ex-SEF) processes. Without a local bank account, your plans can quickly stall. This guide cuts through the confusion, offering a complete, up to date roadmap to securing your Portuguese IBAN in 2025.
Why a Portuguese Bank Account is Essential for Your Relocation
A Portuguese IBAN (International Bank Account Number) is now compulsory for most visa applications, signing long term leases, and completing your AIMA residency process. Relying solely on foreign bank accounts or digital alternatives like Wise or Revolut often leads to rejections from immigration authorities or landlords. This is not a minor detail; it is a fundamental requirement that can delay or even derail your move.
The Documents You Will Always Need
Before approaching any bank, gather these essential documents. Having them ready in hard copy (imprimir) and digital format (digitalizar) will streamline the process.
- Valid Passport: Your primary identification document. Ensure it has at least six months of validity remaining.
- Portuguese Tax Number (NIF): This is the absolute first step. You cannot open a bank account in Portugal without a NIF. If you do not have one yet, secure it before attempting to open a bank account.
- Proof of Address:
- Foreign Address: If you are not yet a resident, a utility bill (electricity, water, gas) or a bank statement from your home country, dated within the last three months, is usually accepted.
- Portuguese Address: If you have already secured accommodation, a lease agreement (contrato de arrendamento) or a utility bill in your name for your Portuguese address is ideal.
- Proof of Income or Employment: Banks need to understand your financial standing and source of funds. This can include:
- Payslips (últimos recibos de vencimento)
- Employment contract (contrato de trabalho)
- Remote work contract (contrato de trabalho remoto)
- Pension statements (declaração de pensão)
- Freelancer invoices (recibos verdes) or a declaration of start of business activity (declaração de início de atividade).
- Initial Deposit: Most banks require a small initial deposit to activate the account, typically ranging from €100 to €300. Have this cash ready or be prepared to transfer it.
- Visa Sticker or AIMA Appointment Email: For non-EU citizens, having your visa stamped in your passport or an email confirming your AIMA appointment can significantly help, as some banks may request this.
Navigating Portuguese Banks: A Detailed Breakdown for 2025
The banking landscape for new arrivals in Portugal is constantly changing. What was easy last year might be difficult today. Here is a detailed look at the major banks and their current approaches for expats and non-residents.
Traditional Banks: More Accessible Options for New Arrivals
These banks are often reported as more accommodating for individuals without a residence card, especially if you have a NIF and a visa.
- Caixa Geral de Depósitos (CGD)
- Overview: CGD is Portugal’s largest state owned bank with an extensive branch network. It is frequently cited as one of the few traditional banks that still opens accounts for non-EU clients before they hold a residence card.
- Requirements: Typically requires NIF, passport, proof of address, and proof of income. Some branches may accept a visa sticker or AIMA appointment email in lieu of a residence card.
- Remote Opening: Generally, CGD does not offer full remote opening. You will likely need to visit a branch in person. However, their representative offices abroad (e.g., in Toronto) can facilitate the process.
- Fees: Account packages vary, with some basic accounts having low monthly fees (around €5.20 per month after an initial free period).
- Expat Experience: Many D7 and D8 visa holders report success at CGD branches, particularly in larger cities like Lisbon (e.g., Saldanha branch). Be prepared for potential questions about source of funds.
- Pros: Widely available, state backed, often more flexible for new arrivals without a residence card.
- Cons: Can be bureaucratic, online banking experience may not be as modern as some private banks.
- Banco Montepio
- Overview: Portugal’s oldest bank (established 1844), with strong financial performance and recent credit rating upgrades to investment grade.
- Requirements: NIF, passport, proof of address, proof of income/employment contract. A job contract significantly improves success rates.
- Remote Opening: Not available; in-person visit required.
- Fees: Varies by account type, starting at €2.60/month for basic packages.
- Expat Experience: Highly positive reports from non-EU citizens in 2024-2025, particularly those with employment contracts.
- Pros: Oldest bank in Portugal, strong financial stability, accessible to non-residents, dedicated social economy focus.
- Cons: Limited digital services compared to newer banks, branch-dependent policies.
- Nickel
- Overview: Nickel is a unique option that allows you to open an account at newsstands (quiosques) or post offices. It is known for its speed and simplicity.
- Requirements: NIF, passport, and initial kit fee (starts at €25 + optional card upgrade).
- Remote Opening: Not fully remote, you must visit a newsstand or post office Nickel Point to activate.
- Fees: From €25/year (Standard) + optional card upgrades (€10–€80) for personalized, premium, or metal cards.
- Expat Experience: Many users report getting a Portuguese IBAN within minutes. However, Nickel may later request your residence card via email. It is crucial to upload your visa PDF and lease agreement if asked to keep the account active.
- Pros: Extremely fast to open, accessible nationwide, provides a Portuguese IBAN immediately.
- Cons: May request residence card later, not a full service bank, some AIMA desks might still prefer a traditional bank IBAN.
- Banco Best
- Overview: 100% digital bank, rated #1 for investments in Portugal, offers non-resident accounts for EU/UK/US citizens.
- Requirements: NIF, passport (EU/UK/US), proof of address, proof of profession.
- Remote Opening: Fully online with video verification option.
- Fees: €0/month for EUR accounts, €5.20/month for foreign currency accounts.
- Expat Experience: Fast setup (15-20 minutes), excellent for digital-savvy users and investors.
- Pros: Fully digital, top-rated for investments, no EUR maintenance fees, multi-currency options.
- Cons: Limited to specific nationalities, no physical branches, some customer service complaints.
Traditional Banks: More Challenging Options for New Arrivals
These banks have increasingly tightened their requirements, often demanding a residence permit or proof of an AIMA booking. Success can be highly dependent on the specific branch and staff.
- ActivoBank
- Overview: A popular choice for expats due to its digital focus, no fees (for basic accounts), and bilingual support. It is a subsidiary of Millennium BCP.
- Requirements: Historically, NIF, passport, proof of address, proof of income. However, since March 2025, many branches now require a Portuguese residence permit or EU citizenship.
- Remote Opening: Fully online opening is generally only available for holders of a Portuguese residence permit or EU citizens. Non-EU citizens typically need to visit a branch, where a video call verification might be an option if you have a NIF and can transfer €500.
- Fees: Free for digital accounts, but may require maintaining a minimum balance (e.g., €500) to avoid small monthly fees.
- Expat Experience: While previously easy, many non-EU citizens now report being rejected without a residence card. If you are an EU citizen, it is still a strong option.
- Pros: Excellent digital banking, low fees, good English support.
- Cons: Increasingly difficult for non-EU citizens without a residence permit.
- Millennium BCP
- Overview: Portugal’s largest private bank, with a broad branch network and an English language app.
- Requirements: NIF, passport, proof of address, proof of income. Many branches now demand a residence permit.
- Remote Opening: Offers remote opening via app/website video for EU citizens. Non-EU citizens typically must visit a branch or use a lawyer. They have a remote branch in London that can assist.
- Fees: Varies by account type, some free/low fee options exist.
- Expat Experience: Policies vary widely by branch. Some “Mais Portugal” desks may be more expat friendly. US citizens have reported issues with FATCA compliance for investment accounts, but not necessarily for basic current accounts.
- Pros: Large network, English app, established bank.
- Cons: Increasing difficulty for non-EU citizens, branch discretion is high.
- Santander Totta
- Overview: An international bank, often easy for existing Santander customers to switch.
- Requirements: NIF, passport, proof of address, proof of income. Most branches now require AIMA proof (appointment or residence card).
- Remote Opening: Video ID for Portuguese/EU IDs. Non-EU citizens usually need to appear in person. Online accounts may require an initial deposit of €50-€150.
- Fees: Varies, some accounts like “World 123” have monthly fees (around €7.90).
- Expat Experience: Similar to Millennium, increasing difficulty for non-EU citizens without a residence permit. Some branches may waive AIMA proof if a D8 visa is shown.
- Pros: International presence, good online banking.
- Cons: Stricter requirements for non-EU citizens.
- Novo Banco / Banco BPI
- Overview: Both are well-established banks with online application options.
- Requirements: NIF, passport, proof of address, proof of income. BPI’s “Citizen” account requires proof of income > €700 or deposit > €5k for non-EU.
- Remote Opening: Novo Banco offers online opening for Brazilians with an AR card; others need to visit a branch. BPI allows remote opening via Digital Mobile Key for EU citizens; foreign residents use “BPI Citizen” at a branch.
- Fees: Varies, BPI’s “Citizen” account can be around €9.99 per month.
- Expat Experience: Mixed reports. Some Reddit users report success at Novo Banco with a lease and visa, even without a residence card. BPI can be demanding with documentation.
- Pros: Established banks, some online options for specific nationalities/citizenships.
- Cons: Can be bureaucratic, income/deposit requirements for non-EU.
- Banco CTT
- Overview: The banking arm of the Portuguese postal service. Offers online or post office counter opening.
- Requirements: NIF, passport, proof of address, proof of income. Needs a Portuguese citizen card for online opening; otherwise, branch visit.
- Remote Opening: Limited.
- Fees: Some accounts are free if salary > €800, otherwise around €5 per quarter.
- Expat Experience: Some branches now ask for residence proof beyond the law. Can be a viable option if other banks refuse.
- Pros: Accessible via post offices, some low-fee options.
- Cons: Inconsistent requirements, can be bureaucratic.
Digital / Fintech & Non-Bank Alternatives (for Daily Use)
While convenient, these options often do not provide a Portuguese IBAN or are not accepted for official immigration purposes. They are excellent for day to day spending and multi-currency management.
- Wise
- Overview: A multi-currency account provider that now offers a Portuguese IBAN (PT04- format).
- Requirements: Passport, proof of address.
- Remote Opening: Fully remote.
- Fees: Free to open and maintain, low fees for currency exchange.
- Expat Experience: Great for multi-currency transfers and spending. However, some AIMA desks and landlords still insist on an IBAN from a traditional Portuguese bank for official purposes.
- D8 Visa Acceptance: Some users report successful acceptance of Wise statements for D8 visa applications and AIMA appointments, but this varies by consulate and individual caseworker. Always verify with your specific consulate or AIMA office before relying solely on Wise for official purposes.
- Pros: Excellent exchange rates, easy to use, now offers PT IBAN.
- Cons: Not always accepted for visa proof or lease agreements by all entities.
- Revolut
- Overview: A popular digital bank offering quick, worldwide accounts.
- Requirements: Passport, address proof.
- Remote Opening: Fully remote.
- Fees: Free/low fees depending on plan.
- Expat Experience: Currently provides a Lithuanian IBAN (LT**). This is frequently rejected by AIMA and landlords for official purposes. A Portuguese branch is authorized, but the PT50 IBAN roll out is expected late 2025.
- Pros: Quick setup, mobile first, good for travel.
- Cons: Lithuanian IBAN often not accepted for official Portuguese requirements.
- N26
- Overview: A German digital bank.
- Requirements: EU address, proof of residence in a country where it operates.
- Remote Opening: Fully remote.
- Fees: Free/low fees depending on plan.
- Expat Experience: Provides a German IBAN (DE**). Only accepts residents in countries where it operates. Not suitable for new arrivals without a lease.
- Pros: Mobile first, good for EU spending.
- Cons: German IBAN not accepted for Portuguese official purposes, requires established EU residency.
Remote Account Opening Services (Third Party)
Some companies offer paid services to help open a Portuguese bank account remotely. These can be an option if you cannot travel to Portugal but come with significant costs and varying success rates.
Overview: These services typically charge €299 to €499 to coordinate with banks like Millennium BCP or Novo Banco.
Process: You provide your documents and they handle communication and paperwork with the bank.
Timeline: Can range from 5 days to 6 weeks depending on your nationality and the bank.
Expat feedback: Mixed. Some report convenience, others experience delays, unclear communication or inconsistent results.
Pros: May allow you to open an account without visiting Portugal.
Cons: Expensive, timelines are not guaranteed, success can depend on your nationality.
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Real World Obstacles and Proven Workarounds (2024-2025)
Based on countless expat experiences, here are common issues and how to tackle them:
- Obstacle: “Branch says ‘need residence card first'”
- Workaround: Try CGD or Nickel the same day. Or try a different branch of the same bank; policies and staff discretion vary. Politely insist (insistir) and ask to speak to a manager. There is no law requiring remote openings; banks set their own policies.
- Obstacle: “Extra stack of payslips demanded”
- Workaround: Show your Portuguese lease (contrato de arrendamento) and a letter stating your remote income. Be prepared to explain your financial situation clearly.
- Obstacle: “Hidden maintenance fees”
- Workaround: Always ask for the full fee schedule (preçário) and terms. For “free” accounts, understand any minimum balance requirements (e.g., €500) or activity thresholds to avoid fees.
- Obstacle: “Long compliance delays”
- Workaround: Send a notarized affidavit (declaração juramentada) and a bank reference letter up front to cut down review times for source of funds checks. Be patient, as these checks are mandatory.
- Obstacle: “Staff rejects Power of Attorney (PoA)”
- Workaround: Ask for the complaints book (Livro de Reclamações). An Apostille certified PoA should be accepted.
- Obstacle: “Nickel asks for residence card after opening”
- Workaround: Upload your full visa PDF and lease agreement. Your account should remain active if you provide the requested documentation.
- Obstacle: “Banks refuse certain nationalities (e.g., Russians)”
- Workaround: This is a sensitive issue due to sanctions. Some nationalities face higher scrutiny or outright denials. Research specific bank policies or seek specialized legal advice if you fall into this category.
- Obstacle: “Increasing residence card requirements in 2025”
- Workaround: Focus on Montepio and CGD as first options. Some banks have tightened requirements, but these remain most accessible.
- Obstacle: “Banco Best nationality restrictions”
- Workaround: If you’re not EU/UK/US, focus on traditional banks. Banco Best’s restrictions are strict but their service is excellent for eligible nationalities.
12 Tips That Consistently Work for Remote Workers & Expats
These practical tips are gathered from the collective experience of thousands of remote professionals who have successfully opened bank accounts in Portugal.
- Arrive with Hard Copies of Everything: Bring physical copies of your passport, NIF, address proof, income proof, visa email, and AIMA booking confirmation. Even if the bank says they “only need two,” have everything ready.
- Ask About Distance Opening Options: If a clerk says remote openings are not possible, understand that this is usually a policy choice, not a legal restriction. Always ask to speak with a manager for clarification.
- Insist on the Branch Manager (Gerente): Front desk staff often default to “no” for non-EU clients or complex cases. A manager may have more discretion and understanding of the rules.
- Use CGD or Nickel First if No Residence Card: If you do not have a residence card yet, these are often your most reliable first options for securing a Portuguese IBAN. You can always open an account with a different bank later once you have your residence card.
- Bring €250-€500 Cash: Several branches may waive income proof requirements if you leave an initial deposit over €250. This shows immediate commitment and funds.
- Open Two Accounts: Consider opening one with a traditional bank (like CGD) for official purposes and another with a digital service (like Wise) for daily spending and multi-currency transfers. This hedges against AIMA/landlord IBAN preferences and provides flexibility.
- Keep Your Account Active: Many “free” account packages remain free only with regular incoming transfers (e.g., your salary or at least €750 flowing monthly). Understand these terms to avoid unexpected fees.
- Activate MB Way & Multibanco Early: These are crucial for daily life in Portugal. MB Way allows mobile payments and transfers, and Multibanco is the national ATM/payment network. Some online rent portals accept Portuguese MB Way numbers even if they reject foreign IBANs.
- File a Livro de Reclamações (Complaints Book) Entry: If a bank refuses service that the law guarantees (e.g., a Basic Bank Account), filing an entry in the official complaints book can trigger a review from the bank’s head office within days.
- Try Montepio and CGD First for Non-Residents: Recent 2024-2025 reports consistently show these banks as most accessible for non-EU citizens without residence cards.
- Branch-Specific Policies: Success can vary dramatically between branches of the same bank. If rejected at one branch, try another location or speak with a different representative.
- Employment Contracts Help Significantly: Having a Portuguese employment contract or detailed remote work contract substantially improves success rates at traditional banks.
Bottom line
Opening a Portuguese bank account is a key step in your relocation, but it requires preparation and persistence. While the process has become more complex, especially for non-EU citizens without a residence permit, it is far from impossible. By understanding the specific requirements of different banks, preparing your documents, and knowing how to navigate common obstacles, you can secure your Portuguese IBAN with confidence. This guide gives you the practical knowledge to avoid common pitfalls and move forward.
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FAQs
Can I open a Portuguese bank account without a residency card?
Yes, it is possible, but it depends on the bank and your nationality. CGD and Nickel are often more flexible for non-EU citizens who have a NIF and visa sticker or entry stamp.
Do I need a NIF before opening a bank account?
Yes, a Portuguese NIF (Número de Identificação Fiscal) is required to open any bank account in Portugal.
Are digital banks like Wise or Revolut accepted for visa applications?
While useful for daily spending, Wise (even with a PT IBAN) and Revolut (with an LT IBAN) are usually not accepted by AIMA or landlords for visa or rental proof. A traditional Portuguese bank account is typically required.
How long does it take to open a bank account in Portugal?
In person, it can take 30 to 60 minutes if everything is in order. Remote opening or complex cases may take 2 to 6 weeks or longer, depending on compliance checks.
What if a bank refuses to open my account?
Try another branch or bank and ask to speak with a manager (gerente). If you believe you are being unfairly refused a Basic Bank Account (Conta de Serviços Mínimos Bancários), you can request the official complaints book (Livro de Reclamações).
Does Banco de Portugal Notice 8/2009 guarantee remote account opening?
No. This notice relates to price transparency and how banks must disclose fees, including when offering services via distance communication. It does not create a right to remote account opening. Banks decide their own policies within AML laws.
Can I use a foreign address to open a Portuguese bank account?
Yes, some banks accept a foreign address for non-resident accounts. You will usually need a recent utility bill or bank statement from that address.
Can I use Wise for my D8 visa application?
Some users have successfully used Wise statements for D8 visa applications and AIMA appointments, but acceptance varies by consulate and individual caseworker. Always verify with your specific consulate before relying solely on Wise for official purposes.
Is Montepio a good option for non-residents?
Yes, Banco Montepio has shown excellent accessibility for non-residents in 2024-2025, particularly those with employment contracts. The bank has also demonstrated strong financial performance and received credit rating upgrades to investment grade.
What’s the most reliable strategy for 2025?
Based on current user experiences, try Montepio or CGD first for traditional banking, consider Banco Best for digital-only needs (if you’re EU/UK/US), and use Wise as a complementary service rather than your only Portuguese financial solution.
