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- Live in Portugal
Opening a Bank Account in Portugal as a Foreigner
❓ Is a Portuguese Bank Account Mandatory?
No. There’s no law requiring you to have a bank account in a Portuguese bank to live in Portugal. Within the EU, any SEPA account (with an IBAN from any EU/EEA country) should, in principle, be accepted for transfers and direct debits.
In practice, though, things aren’t always that simple:
- Some landlords, employers and service providers prefer — or insist on — a Portuguese IBAN (starting with PT50).
- Many everyday conveniences, like MB WAY and paying bills at Multibanco ATMs, work best (or only) with a card from a Portuguese bank.
- A local account makes it easier to prove income or funds for some processes.
So while you can live without one, most people end up opening a Portuguese account within their first weeks.
🏡 Why It Helps in Practice
- Direct debit for utility bills: electricity, water, gas, internet and mobile phone bills can be paid automatically by direct debit (débito direto) — no need to remember due dates or pay each bill by hand.
- Paying rent: most landlords expect a monthly bank transfer, and a Portuguese IBAN avoids delays or questions.
- Receiving your salary: Portuguese employers usually pay into a local account, and it simplifies the process.
- MB WAY: Portugal’s favourite payment app lets you send money with a phone number, pay online and split bills. It’s linked to a card from a Portuguese bank.
- Multibanco “Pagamentos”: at any Multibanco ATM or in your banking app, you can pay bills, taxes, tolls and many public services using an entidade and referência — a very common way to pay in Portugal.
- No foreign fees: paying in euros with a local card avoids conversion fees if your home account is in another currency.
💻 Online Banks With a Portuguese IBAN
You don’t necessarily need a traditional bank. Some online banks already offer Portuguese IBANs:
- Revolut now provides a Portuguese IBAN (PT50) to customers living in Portugal — a quick, app-based option that works for direct debits and transfers.
- Portuguese digital banks (such as ActivoBank or Moey!) are fully local banks that can be opened through an app.
Before choosing, check the IBAN your account shows in the app. If it starts with another country code (for example, LT, BE or DE), some Portuguese companies may still ask you for a PT IBAN.
🏦 Traditional Banks
Portugal’s main banks have branches across the country and offer the full range of services:
- Pros: mortgages and loans, a dedicated account manager, in-person support and better acceptance for larger processes (like buying property).
- Cons: monthly maintenance fees are common, and opening an account may require an in-person visit, especially for non-residents.
- Tip: ask about salary-linked packages — many banks reduce or waive fees if your salary is paid into the account.
If you just need the basics, ask about the minimum banking services account (conta de serviços mínimos bancários): a basic account with a debit card and transfers, with very low annual costs capped by law.
🌍 Resident vs. Non-Resident Accounts
- Non-resident accounts can be opened before you move — useful if you want to rent a home or show funds early on. Some banks don’t accept non-residents from certain countries.
- When you become a resident in Portugal, update your address and status with the bank — banks are required to keep your tax residence information up to date.
📋 Documents You'll Usually Need
Requirements vary by bank, but expect to be asked for:
- A valid passport or ID card (or your residence permit, if you already have one)
- Your NIF (Portuguese tax number) — this is practically always mandatory, so get it first
- Proof of address — in Portugal or in your home country, depending on whether you’re resident or non-resident
- Proof of income or occupation — such as an employment contract, recent payslips, invoices or a pension statement
Some banks may ask for translated documents or extra information about the origin of your funds — this is a standard compliance check, not a sign that something is wrong.
📝 Step by Step
- Get your NIF — without it, no Portuguese bank will open your account.
- Choose the type of bank — online bank, Portuguese digital bank or traditional bank.
- Gather your documents — ID, NIF, proof of address and proof of income.
- Apply — in the app, at a branch, or remotely with assistance.
- Make the first deposit — some banks require a minimum amount to activate the account.
- Activate your card and set up MB WAY and your direct debits.
‼️ Watch Out For
- Maintenance fees: compare monthly fees before choosing — they add up over the year.
- Minimum deposits: some banks ask for an initial deposit to open the account.
- Card delivery: cards are sent by post, so make sure your address is correct.
- Language: many banking apps are available in English, but contracts and some communications may only be in Portuguese.
🚀 Final Considerations
A Portuguese bank account isn’t legally required, but it makes everyday life in Portugal much smoother — from paying bills by direct debit to using MB WAY. Whether you choose an online bank with a PT IBAN or a traditional bank, the key is having your NIF ready first.
📢 Expert Advice: Get your NIF and bank account sorted before you arrive — you’ll be able to sign a rental contract and set up utilities from day one.
Want a Portuguese bank account without leaving home? Step Inside Portugal can open your account remotely, on its own or together with your NIF — find out more about our bank account service here. ✨
This article is for general information and reflects the rules as of October 2026. Requirements and fees vary by bank, so confirm the details directly with the bank you choose.
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