
How to open a bank account in Portugal
Are you settling in sunny Portugal? Open a local bank account to make your transition even smoother. Here’s what you need to know.
6 min read
If you’re settling in sunny Portugal, make it official by opening a bank account in the country. While expats aren’t legally required to have a Portuguese bank account, opening one will make it easier to pay taxes, get paid by a Portuguese company, and establish permanent residency. For new arrivals, however, the process can be a little tricky to navigate. Read on to find out how to open a bank account in Portugal.Portugal is home to more than 150 banks, including international banks, private domestic banks, regional banks, and online banks. While exploring your options, be sure to compare the fees at each institution you look at. Check to see if there’s a monthly maintenance fee or a fee to use a debit card. It’s also common for banks to charge fees for using ATMs outside their own branch, so be sure your bank has plenty of convenient ATMs—or offers free withdrawals from outside ATMs—before you commit. There are three primary types of bank accounts on offer at traditional Portuguese banks. They are:
Portuguese banking basics
What type of account should I open?
- Current account—the most common bank account in Portugal. This account can be used for day-to-day purchases, ATM withdrawals, paying utilities, etc. Many banks offer specialized current accounts, such as student accounts and non-resident accounts, each with their own benefits.
- Instant-access savings account—For those hoping to save money while in Portugal, a savings account may help you stick to your goal. This type of account offers higher interest rates, while still allowing easy access to cash should you need to withdraw it.
- Time-deposit accounts