The Ultimate Guide to Opening a Bank Account in Portugal for Remote Workers | Worktugal (2024)

If you’re a remote worker, digital nomad, or expat considering Portugal as your next destination, you’re in the right place. Portugal has emerged as a prime destination, welcoming individuals like you with open arms. Opening a bank account in Portugal is now more accessible than ever, thanks to the country’s efforts to attract foreign talent and investments.

In this guide, we’ll walk you through the process, options, and key considerations, ensuring you’re well-prepared for your financial journey in Portugal.

1. Research and Choose the Right Bank

Before you dive into opening a bank account, it’s essential to research and select the bank that aligns with your financial needs. Portugal offers a variety of banking options catering to expats, digital nomads, and residents alike. Here are some key factors to consider:

• Banking Preferences: Decide whether you prefer a traditional brick-and-mortar bank or an online-only bank.
• Range of Services: Assess the services offered, including investment options and products that match your financial goals.
• Fees and Charges: Compare account maintenance fees, ATM withdrawals, and international transaction costs.
• Interest Rates: Check the interest rates and returns on savings and checking accounts.
• Customer Support: Consider the reputation and customer support, especially if you’re new to the local banking landscape.

📝 Depending on your employment status, whether you’re an independent contractor, employee, or freelancer, your banking needs may vary.

1.1. Local Banks in Portugal

Portugal boasts a stable banking sector with well-known local banks:

• Caixa Geral de Depositos: The public retail bank with a vast branch network.
• Banco de Portugal: The central bank and regulatory authority for Portuguese banks.
• Millennium BCP: One of the largest banks with a wide range of services.
• Novobanco: A reputable bank with a significant nationwide presence.
• Multibanco: Known for its extensive ATM network and digital banking.
• Santander: The global banking giant with a local presence.

1.2. International Banks in Portugal

Consider these international banks operating in Portugal:

• Deutsche Bank: Offers corporate and investment options.
• French BNP Paribas: Provides private banking, wealth management, and corporate banking.
• Barclays: Offers various financial services, including retail and international banking.
• BBVA: Known for modern banking solutions and global presence.

1.3. Virtual and Online Banks in Portugal

For tech-savvy customers, virtual and online banks are gaining popularity:

• N26: A leading virtual bank in Europe with travel benefits.
• Openbank: An innovative online bank under the Santander group.
• Revolut: Known for borderless transactions and multi-currency accounts.
• Wise: Offers competitive exchange rates and efficient international money transfers.

2. Gather the Required Documents

To open a bank account in Portugal, you’ll need the necessary documentation, which may vary based on your residency status and chosen bank. Here’s what you’ll generally need:

2.1. For Portuguese Residents, Expats, and Digital Nomads

• Proof of Identification: A valid passport.
• Proof of Address: A recent utility bill or lease agreement.
• Proof of Employment: Payslip, employment letter, or registration with the Portuguese employment center.
• Portuguese NIF (Número de Identificação Fiscal) Number: A tax identification number issued by the Portuguese tax office.
• Portuguese Mobile Number (may be required by some banks).

⚠️ Note: Some banks may have a minimum deposit requirement, typically between 200 and 300 euros.

2.2. For Non-Residents (Offshore Accounts)

In addition to the requirements for residents, non-residents opening accounts in Portugal will need to provide:

• Details of Overseas Address: Proof of your physical address abroad for tax purposes.

💡 Tips for a smooth account opening:

• Prepare All Required Documents: Ensure you have the necessary identification and documentation.
• Research and Choose the Right Bank: Find a bank that aligns with your banking preferences and offers transparent fees.
• Schedule an Appointment: Contact your chosen bank in advance to streamline the process.
• Understand Bank Fees: Familiarize yourself with account maintenance fees, transaction charges, and exchange rates.
• Consider Online Banking: Many Portuguese banks offer reliable online accounts for convenience.

3. Select Additional Banking Services

Once you’ve opened your account, you can explore additional banking services based on your needs:

• Loans and Overdraft Services
• Mortgages
• Investments
• Digital and Mobile Banking
• Business Banking
• Insurance Products
• Credit Cards
• Foreign Exchange Services
• Financial Planning and Advisory

4. Complete the Application Process

Your journey to open a bank account in Portugal concludes when you complete your application, either online or in-person at a local branch. In some cases, you may need to make an initial deposit to activate your account.

🙋‍♂️ Make your transition to Portugal as smooth as possible by leveraging the benefits of a local bank account. It streamlines daily financial transactions, supports your investments, and grants access to essential services. Portugal, with its expat-friendly policies and stable banking sector, offers much more than just scenic beauty. Choose your bank wisely and enjoy all that Portugal has to offer.

Footnotes

⚠️ Disclaimer: This publication provides general information and should not be relied upon as advice. Seek professional guidance before acting. We do not offer legal, tax, or professional advice. No guarantees of accuracy. This publication contains affiliate links, which support our efforts. Thank you for your support.