Open a Bank Account in Portugal - Steps and Documents

Do you need a corporate bank account in Portugal or for personal matters? In any case, you can be assisted by one of our Portuguese lawyers in all the procedures involved, updated for 2026. You may read this article for information on this topic and then contact us for further details.

Quick Facts
Who can open a bank account in Portugal?	Both residents and non-residents, whether natural persons or entities
Formalities to open a bank account	– valid ID/passport and NIF for natural persons (a residence permit is not required for non-residents), – a valid ID card and company documents for legal entities
Required documents	– Articles of Association and Certificate of Incorporation for companies, – a valid passport and proof of domicile in the case of natural persons
Types of bank accounts	– saving accounts, – deposit accounts, – debit and credit accounts
Debit or credit card issued with a bank account	Yes
Cash deposit to open a bank account	Some banks might require a small deposit
Fees to open a bank account in Portugal	Depending on the policies of the chosen bank in Portugal
Banking services offered (YES/NO)	Yes
Possibility to open a bank account online (YES/NO)	Yes
Possibility to pay online the utility bills (YES/NO)	Yes
Overseas money transfers accepted (YES/NO)	Yes
Formalities for student bank account	– residence permit, – letter of approval from the College, – specific bank forms
Loans option available (YES/NO)	Yes
Offshore bank accounts	We can provide support for opening offshore bank accounts.
We provide support for opening a bank account in Portugal (YES/NO)	Yes

Are there any nationality restrictions in opening a bank account in Portugal in 2026?

No! Any citizen, regardless of his/her nationality, can open a bank account in Portugal, for personal use or for corporate matters.

What are the required documents for opening a bank account in Portugal?

valid ID or passport,
NIF – the Portuguese Tax Identification Number,
the company’s incorporation documents, if the bank account will be used for corporate transactions,
proof of employment or income if the bank account is for personal use in Portugal,
copy of the residence permit issued in Portugal,
completed standard form provided by the selected bank.

IMPORTANT NOTE! Businessmen who want to open a bank account for their companies must also present proof of activities, directors’ ID, shareholder register, and information about the ultimate beneficial owner (UBO).

Here is an infographic that explains all the details:

What is NIF, and why is it required by banks in Portugal?

NIF is the Tax Identification Number in Portugal (Número de Identificação Fiscal). This is used for a wide range of matters: financial transactions, tax payments, signing contracts, and opening a bank account in Portugal.

IMPORTANT! A bank account in Portugal cannot be opened if there is no NIF issued first.

Can a bank account in Portugal be opened online?

Yes, there are various Portuguese banks, including digital ones that allow foreigners to open bank accounts online by sending personal documents. However, non-EU citizens might need to visit the bank branch in Portugal to open an account.

Is there a minimum deposit required for opening a bank account in Portugal in 2026?

Yes, many banks require a minimum deposit starting from EUR 25.

Are there any extra requirements or precautions to consider when opening a bank account in Portugal?

Yes, banks in Portugal reserve the right to conduct Anti-Money Laundering and Know Your Customer reviews for business owners interested in opening a corporate bank account.

Are there monthly fees for bank account administration in Portugal?

Yes, some banks in Portugal imposed specific administration fees on a monthly basis.

We present you with a video on this subject:

Are there situations in which a bank account application can be rejected?

Yes, banks in Portugal might reject a bank account opening application if:

documents are missing,
cannot provide the source of funds,
impossibility to verify the identification documents,
high-risk business operations, etc.

IMPORTANT! In 2026, banks will adopt stricter rules when opening accounts. Extra documents will be required, more checks will be made, and more information about sources of income/funds will be required.

Can foreigners with residency in Portugal apply for bank loans?

Yes, but specific conditions might apply.

What is the time frame to open a bank account in Portugal?

In most cases, it takes one day, but it might take more time to open a corporate bank account in Portugal.

We invite you to contact the team of attorneys at our law firm in Portugal for personalized answers to your questions and complete legal advice about how to open a bank account in Portugal in 2026.