Opening a Bank Account in Portugal Online: Step-by-Step

Can foreigners open a bank account in Portugal?

Yes!

Foreigners are allowed to open a bank account in Portugal, as long as it presents a Portuguese NIF (Portuguese tax ID number) and a letter of intention stating the plan to move to Portugal.

Can I open a Portuguese bank account without visiting Portugal?

Yes, you can!

You'll need to find a bank or a third-party service that provides this service online.

Can non-residents open a bank account in Portugal?

It depends!

It's up to the compliance of each bank. At the moment a lot of banks are requesting foreigners to present a letter of intention stating your plan to move to Portugal or a visa application appointment.

But some banks or situations can sometimes fit into exceptions.

What are the requirements to open a bank account in Portugal

In-person

When opening a bank account in Portugal in person, you will need to provide the following information:

• Portuguese NIF
• Passport or residence permit (or CRUE for EU citizens)
• Legal status in the country
• Proof of income
• Proof of address

Online

Only foreigners with residence permits or Portuguese citizens (citizen card holders) may apply remotely for a bank account in Portugal.

Online with a third-party company

Here at AnchorLess, you can easily open a bank account in Portugal remotely before arriving in Portugal. You'll need to present:

• NIF Portugal
• Proof of address in your home country
• Proof of identity (valid passport)
• Financial means or proof of income
• Home country's tax number
• Formal intent to move to Portugal

Banks can also request additional documents to grant your account. You'll have a flexible timeframe to prepare and provide, if needed.

What documents do I need to open a Portuguese bank account as a US citizen?

You'll need to show the items on the list above.

For your home country tax ID you can use your TIN.

What are the requirements to open a bank account in Portugal from the US?

You'll need to present the documents listed above to a bank of your choice or to a third-party company.

What documents do I need to open a Portuguese bank account as a UK citizen?

You'll need to show the items on the list above.

For your home country tax ID you can use your UTR and NINO.

What are the requirements to open a bank account in Portugal from the UK?

You'll need to present the documents listed above to a bank of your choice or to a third-party company.

What is the minimum deposit for a bank account in Portugal?

In most Portuguese banks, the minimum deposit to open or activate an account is usually a small initial funding amount typically around €250.

However, this is not universal: some banks and account types may ask for €100–€300, while others have no minimum initial deposit, for example, ActivoBank states that its account opening has no minimum initial deposit (though digital openings require the first transaction to be a bank transfer, and you need to be a resident in Portugal to join the bank).

How to open a bank account online in Portugal?

In practice, most major Portuguese banks reserve true online onboarding for people who can authenticate with a Portuguese Citizen Card/CMD or a Portuguese residence permit.

As you don't fit in the situation above, you can use a Portuguese bank that explicitly markets non-resident online accounts, but those are VERY rare. If you need a mainstream bank (and/or your case is more complex), you must use intermediaries that help open Portuguese accounts remotely. 

How to open a non-resident bank account in Portugal remotely?

Using a third-party company or finding a Portuguese bank that accepts non-resident remote application.

Choosing the right Portuguese bank

Popular banks in Portugal

Several banks in Portugal are renowned for their excellent service and robust online banking platforms. Some of the top choices, and most traditional banks, are:

• Millennium BCP
• Caixa Geral de Depósitos
• Banco Santander Totta
• Banco BPI

There are several international banks, such as Credite Agricole, and digital banks available in Portugal, such as ActivoBank, that also offer bank accounts services for foreigners, within the same limitations as the traditional banks.

What are the best banks for expats in Portugal?

Top traditional Portuguese banks (best for salary, rent, utilities, and “standard” local banking)

• Caixa Geral de Depósitos (CGD)
• Millennium BCP
• Santander Totta (Santander Portugal)
• Novo Banco
• Banco BPI

Best low-fee “Portuguese bank” option (popular with expats)

• ActivoBank (states no account maintenance fee for its accounts)

Best digital-first options expats commonly use (often as a bridge or companion account)

• Revolut (Portuguese branch: PT IBANs for customers residing in Portugal)
• Wise (widely used by expats for multi-currency management; often positioned as an alternative/companion to a local bank)

Best digital banks in Portugal for expats opening accounts?

Wise and Revolut are your partners as bridge banks (and Revolut can become a PT50 after you acquire legal status).

Bankinter, ActivoBank and Atlântico Europa are the most known digital banks in Portugal, but are usually available just after you receive your residence permit or CRUE.

Comparison and customer reviews

When choosing a bank, examine the services, accessibility (english speaking options, or agency location) and fees provided by various institutions. Reading customer reviews can also reveal information about the bank's customer service quality and overall reliability.

Which are the top 5 banks in Portugal for foreigners?

1) Santander Totta

• Why it ranks top overall: It’s the most consistently “validated” by major banking awards in recent cycles, which is a meaningful proxy for operational strength and customer proposition (especially when cross-checked with ratings).
• Euromoney (Portugal “Best Bank” 2025): Santander won the national “Best bank 2025: Santander.”
• Global Finance (Portugal winner, 2025): Global Finance lists Banco Santander Totta as the winner for Portugal.
• World Finance: Santander was named “Best Retail Bank” in Portugal (2025).
• Ratings: Fitch commentary shows Santander Totta’s IDR affirmed at ‘A’ (Stable) in 2025.
• Expat reality: Santander is frequently part of the “shortlist,” but experiences vary a lot by branch and fee tolerance. There's a relevant amount of inconsistency between expat's experiences. But one great advantage is the fact that it is a 'global' bank. You'll find Totta in several other countries.

2) Millennium bcp

• Why it ranks highly: Strong mainstream coverage and a very common choice for residents; it also has the ActivoBank ecosystem (often the most praised option for lower-fee, app-first banking in expat communities).
• Ratings: Fitch lists Banco Comercial Português (Millennium bcp) at ‘BBB+’ (rating action shown in late 2025).
• Expat reality: Millennium is repeatedly recommended for broad availability, customer service and app usability.

3) Caixa Geral de Depósitos (CGD)

• Why it ranks highly: CGD is the “default safe choice” in many expat discussions because it’s ubiquitous (branches/ATMs) and tends to work well for conventional banking needs.
• Ratings: S&P assigned ‘A-/A-2’ with a positive outlook in early 2025, and CGD later announced an upgrade to ‘A’ (Stable) in March 2025.
• Expat reality: CGD is repeatedly cited alongside Millennium as a bank you’ll find “everywhere,” and people compare CGD vs Millennium for expat onboarding, but it can be a bit more bureaucratical when compared to Millenium, besides being solely in Portugal.

4) Banco BPI (CaixaBank group)

• Why it ranks highly: BPI has strong third-party recognition, and it is often chosen by people who want a full-service Portuguese bank but don’t want the same “mega-thread drama” you see around the most popular expat picks.
• Awards: Euromoney named Banco BPI “Best bank in Portugal” (2024).
• Ratings: Fitch shows ‘A-’ for Banco BPI (affirmed in 2025).
• Expat reality: BPI shows up repeatedly as a recommended mainstream option in “recommended banks” lists posted inside relocation groups.

5) Novo Banco

• Why it ranks in the top five: It’s one of the core “big five” retail banks people end up using for real-life needs, and it appears frequently in expat onboarding threads (especially D7-related groups) as a “worked for me” option, though reviews are polarized.
• Ratings: Fitch maintains Novo Banco’s ‘BBB’ Long-Term IDR (with 2025 rating actions/updates).
• Expat reality: You’ll see both “easy for expats” anecdotes and “avoid, bad service” complaints in the same types of threads, which is exactly why it lands at #5 rather than higher.

Which banks in Portugal offer online account opening for foreigners?

It depends!

If you are applying directly with a Portuguese bank you need to check with their compliance what are their requirements and conditions.

Which bank does AnchorLess provide?

AnchorLess partners with Millenium BCP, one of Portugal's most prestigious banks.

Our solution includes a premium account with an English-speaking manager, as well as English-language web platforms and apps.

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.

How long does it take to open a bank account in Portugal as a foreigner?

Opening online/remotely as a foreigner (especially without Portuguese digital ID), timelines are usually long because your file goes through extra verification and compliance checks.

A common expectation is around 2–4 weeks, and it can take longer if additional documents are requested.

If you are requesting in-person with a residence permit in hand, you'll take between 30 min to a couple of hours.

Are there any Portuguese banks with English customer support for expats?

Millenium BCP is applauded by its remarkable costumer service and mobile app available in English.

Other banks like BPI, Santander and ActivoBank also have some pages and features available in English.

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.