For foreigners planning to live, work, or study in Portugal, opening a local bank account is a crucial step in integrating into daily life. Whether it’s for daily expenses, paying rent, or handling cross-border financial transactions, a suitable account can make managing finances more efficient. This article will detail key questions about foreigners opening bank accounts in Portugal, including account types, required documents, procedures, and recommendations for popular banks, helping you quickly get your account set up.

I. What Types of Bank Accounts Are Available in Portugal?

Portugal offers a variety of bank account types, which can be chosen based on your status and needs:

• Current Account (Conta à ordem): The most basic daily account, supporting deposits, withdrawals, card payments, salary deposits, etc. It usually comes with a debit card and online banking services, suitable for daily transactions for all groups.
• Savings Account (Conta poupança): Focuses on capital appreciation with interest returns, but there may be restrictions on withdrawal frequency. Suitable for those with idle funds looking for stable savings.
• Salary Account (Conta ordenado): Designed for people with fixed incomes, requiring salaries to be directly deposited. It may come with benefits such as overdraft limits and fee waivers, suitable for employed individuals.
• Student/Youth Account (Conta estudante/Conta jovem): Targeted at students or young people, with low or even no management fees. It requires meeting age requirements (e.g., 18-30 years old) or student status, offering high cost-effectiveness.
• Non-resident Account (Conta para não residentes): Designed for non-Portuguese residents, suitable for foreigners with financial needs in Portugal such as property investment or short-term business activities. The opening conditions and functions differ slightly from resident accounts.

II. What Documents Are Needed to Open an Account?

Regardless of whether you are a Portuguese resident or not, you need to prepare the following core documents before opening an account. Different banks may have additional requirements, so it’s advisable to consult in advance:

• Proof of identity: A valid passport (the main document for foreigners);
• Tax Identification Number (NIF): Portugal’s tax code, essential for many transactions (including opening an account);
• Proof of address: Must match the tax address, which can be utility bills, rental agreements, etc.;
• Proof of status/occupation: Students can provide an admission letter, employed individuals can provide payslips or employment certificates, and freelancers need relevant professional qualification certificates.

Some banks may also require filling out account opening applications, customer profiles, and signature forms. Staff will guide you through the process when applying in person.

III. Can Foreigners Open a Bank Account in Portugal?

Absolutely yes! Portugal has no explicit restrictions on foreigners opening bank accounts. You only need to choose the corresponding account type based on your "resident" or "non-resident" status:

• If you already reside in Portugal (e.g., holding a residence card), you can apply for a resident account, with a process basically the same as that for local residents;
• If you are a non-resident (e.g., short-term stay, property investment), you can apply for a non-resident account, which may require additional documents (such as property purchase contracts, investment intention letters, etc.), and some functions may be restricted (e.g., local credit services).

IV. What Is the Account Opening Process?

You can choose to open an account at a bank branch or online, with a simple and clear process. Here’s a common example:

• Preparation in advance: Confirm the document list required by the target bank, translate and notarize necessary documents (such as overseas address proof);
• Choose the application method:
  • Offline: Bring your documents to a bank branch, communicate with a customer service representative, fill out forms and submit documents. Once approved, the account will be opened, and some banks issue a debit card on the spot;
  • Online: Some banks (such as Millennium BCP) support online applications. Upload documents via mobile banking, complete video verification of identity, and transfer the minimum initial deposit (e.g., 250 euros) to activate the account.

The entire process usually takes 1-3 working days, and online applications may be faster.

V. Which Banks Are Suitable for Foreigners?

Portugal has several major banks with extensive service coverage and foreigner-friendly policies. Here are popular choices for expats and their featured accounts:

1. Caixa Geral de Depósitos (CGD)

As Portugal’s largest state-owned bank, it has branches nationwide and mature services for foreigners.

• Caixaordenado (Salary Account): No monthly fee for the first 6 months, supports automatic salary deposit, offers overdraft limits and free online banking, suitable for employed individuals;
• Student/Youth Account: Low management fees and a debit card with no annual fee, suitable for international students.

2. Millennium BCP

Portugal’s largest private bank, with sophisticated digital services and convenient online account opening.

• Millennium Account + GO!: Targeted at people aged 18-30, with a monthly fee of only 1 euro for the first 3 months, including free transfers and a no-annual-fee credit card, suitable for young students or workers;
• Video account opening service: No need to visit a branch; complete the process by uploading documents + video verification, friendly for short-term visitors.

3. Novobanco

Flexible services, suitable for foreigners new to Portugal.

• Conta 100%: Monthly fee of 7.9 euros, including free transfers within the SEPA area and real-time management via mobile banking, with simple functions, suitable for those needing basic services;
• Conta 360°: Offers no commission on overseas consumption and insurance discounts, suitable for people with cross-border spending needs.

4. Banco Santander Totta

Leveraging the global network of the Santander Group, it has advantages in cross-border services.

• Conta Serviços Mínimos (Basic Services Account): A monthly fee of only 0.35 euros, including basic transfer and debit card services, suitable for users with limited budgets and simple needs;
• Conta Santander com Mundo 123: Supports free transfers within the eurozone and to the UK, with flexible overdraft limits, suitable for people with cross-border fund flows.

Summary

It is completely feasible for foreigners to open a bank account in Portugal. You only need to prepare core documents such as a passport, NIF, and proof of address in advance, and choose the account type based on your "resident/non-resident" status. If you are a student or young person, priority can be given to low-fee youth accounts; if you have cross-border needs, relevant accounts from Santander or Millennium BCP are more suitable. It is recommended to compare banks' monthly fees, transfer costs, and the convenience of online services before opening an account to make financial management easier.