What’s the process for opening a Portuguese bank account?
What’s the process for opening a Portuguese bank account?

Whether you’re planning to move to Portugal permanently or you’re just staying for a few months, it may be necessary to open a bank account for even the most basic transactions. Luckily, it’s really simple to do, as we explain in this article. The main thing to bear in mind is whether you are registered as a Portuguese resident or not.

If you’re not a resident

If you haven’t registered to be a resident in Portugal, not to worry. You can still open a current account with no problems. All you need is your passport and your non-residential Número de Contribuinte, which is like a Portuguese version of a National Insurance number. Some banks have specialist services just for ex-pats who aren’t residents. Novobanco, for instance, has a family account available with debit and credit cards, making it easy as pie to send and receive money from abroad.

If you’re a resident

For those who are already resident in the country, they need to take their residential Número de Contribuinte and their residency permit (Certificado de Residência de Cidadão da União) which is available from the local municipal chamber (Câmara Municipal). Some banks even give you the possibility to open an account online from your country before you move, but most of the time you have to go to the branch in person.

Bank charges in Portugal tend to be more expensive than in other countries, with monthly charges normally sitting at around 5-7 euro. There are also extra charges for credit cards and overdrafts, normally between 10 and 40 euro per year. For a normal, run-of-the-mill current account, though, your best bet is either Banco BPI, Santander Totta or Caixa, although you would do well to look around the market for the best deal before settling.