Choosing your Portuguese bank account
Personal current account ‘conta à ordem’
This regular checking account caters to your daily financial needs 💸. You may easily deposit and retrieve money, make payments, and utilize a variety of financial services.
Joint Account
Opening a joint account is a great option for couples or business partners who want to manage their finances together.
It allows multiple people to easily access and control the account. This feature allows all account owners to easily access funds and work together to manage their finances. 🤝
Savings account or 'conta poupança’
Opening a savings account allows you to save money and earn interest on the funds you put in. Although it may offer a lower interest rate compared to other investment options, it provides quick use of your funds if necessary.
Time-deposits account or ‘conta de depósito-a-ordem’
Perfect for those looking to invest a specific amount for a set period of time and earn interest. The duration can vary from a few months to several years, depending on the agreed timeline.
What are the uses of my bank account in Portugal?
You can use your bank account in Portugal for 💳:
- Debit and credit cards use
- SEPA fund transfers
- Mortgage application
- Loan application
- Investment (stocks, savings, crypto)
- Insurance
- Digital and Mobile banking services
What are the advantages of my bank account in Portugal?
There are several benefits involved in having a bank account in Portugal, which are 💡:
- SEPA and Euro account: You will have an EU account (PT50 IBAN account) that uses Euros as its currency and allows you to conveniently make financial transactions within the block using the Single Euro Payments Area (SEPA), a service that facilitate financial moves.
- Multibanco and MBway use: Anyone living in Portugal knows that having a Multibanco accessible card is essential. Not all ATMs accept international cards (especially those away from major centers), so the need for a multibanco accessible card is critical. In Multibanco, you can also define direct debits, pay services, and pay utility bills. Besides that, there is also MBway, a service registered to your Portuguese phone number that allows fast and cost-free financial transactions, such as transfers and purchase payments, to be made through your phone number.
- Low fees and costs: Money withdrawals within the EU can be free of charge. Depending on the account, age, and funds, you can also qualify for reduced costs on several transactions, such as money transfers. Rates are low, usually between 5 and 17 euros, with some banks having no cost whatsoever, depending on the account chosen.
- Your daily life will be easier: your bills can be directly linked to your bank account and you won't depend on the mail system. With the direct debit linked to your bank account, you can ensure timely payment of your bills. This service is available for everything from regular bills to gym and transport memberships.
What if my bank account in Portugal is refused?
Your request may be denied if you don't meet the criteria or provide the requested document. If you believe a mistake occurred, you have the option to file a complaint with the Bank of Portugal, the agency overseeing bank behavior in Portugal.
