Bank Account in Portugal for Expats (2026): Requirements, Best Banks & Setup Guide
Opening a bank account in Portugal for expats is one of the first essential steps for expats moving to the country. Whether you are relocating under a visa such as the D7 Visa or the Digital Nomad Visa, having a local bank account will make everyday life significantly easier.
From paying rent to receiving income, a Portuguese bank account is often required for practical and legal reasons. This guide explains everything you need to know in 2026, including requirements, documents, and the best banks for expats.
Why you need a bank account in Portugal
Having a local bank account is important for several reasons:
- Paying rent and utilities
- Receiving salary or income
- Signing rental contracts
- Accessing local services
In many cases, landlords will require a Portuguese bank account before finalising a rental agreement.
This is particularly relevant for expats coming under the D7 Visa or Digital Nomad Visa, where financial documentation is already required.
Requirements to open a bank account
To open a bank account in Portugal, you will usually need:
- Passport or ID
- Portuguese tax number (NIF)
- Proof of address (sometimes in Portugal or abroad)
- Proof of income or employment
Some banks may also request additional documentation depending on your residency status.
Best banks in portugal for expats
Portugal has several banks suitable for foreigners:
Millennium BCP
One of the largest banks in Portugal, with English-speaking support in many branches.
Santander Portugal
Popular international bank with good expat services.
Novo Banco
Widely used, with multiple branches across the country.
Online options (Revolut / Wise)
While not traditional banks, they are useful for early-stage relocation and international transfers.
Step-by-step process
Opening a bank account in Portugal typically involves:
- Obtaining your NIF number
- Choosing a bank
- Booking an appointment (or walk-in in some cases)
- Submitting required documents
- Activating your account
The process is usually straightforward once documentation is prepared.
Common challenges for expats
Some expats may face difficulties such as:
- Language barriers
- Requirement for NIF before opening account
- Different rules depending on branch
- Slow onboarding in some banks
Being prepared in advance helps avoid delays.
Tips for opening a bank account
- Get your NIF first
- Bring multiple forms of ID
- Ask for English-speaking staff
- Compare fees between banks
- Consider digital banks for faster setup
FAQ
Do I need a NIF to open a bank account in Portugal?
Yes. In most cases, you will need a Portuguese tax number (NIF) to open a bank account. Some banks may allow you to start the process without it, but it is usually required to fully activate the account.
Can expats open a bank account in Portugal before moving?
Yes, it is possible in some cases. Certain banks allow non-residents to open accounts remotely, but most expats find it easier to open an account after arriving in Portugal with the required documents.
What is the best bank in Portugal for expats?
Popular options include Caixa Geral de Depósitos, Millennium BCP, Santander Portugal, and Novo Banco. Many expats also use digital banks like Revolut or Wise for international transfers and easier setup.
How long does it take to open a bank account in Portugal?
If you have all documents ready, the process can take from a few hours to a few days. However, some banks may take longer depending on verification requirements.
Can I use a foreign bank account instead?
Yes, but it is not always practical. Many landlords, employers, and service providers prefer or require a Portuguese bank account for payments and contracts.
Is a bank account required for the D7 Visa or Digital Nomad Visa?
It is not always strictly required for the visa application itself, but it is highly recommended once you arrive in Portugal, as it is needed for daily life and financial proof of residence.
