How to Open a Bank Account in Portugal as a Newcomer
A Portuguese IBAN makes rent, salary and utilities simpler. Know what the bank will ask for, and the low-cost account every bank has to offer by law.
To open a bank account in Portugal you need a valid ID or passport, a Portuguese tax number (NIF), proof of address and details of your job or income. Every deposit-taking bank must also offer a basic services account (conta de serviços mínimos bancários), with total annual fees capped at €5.37 in 2026, according to Banco de Portugal.
Banks ask for these details because anti-money-laundering rules require them to identify every customer. Account packages, fees and online options vary a lot between banks, so compare the price list (preçário) each bank must publish. The rules below are as of November 2026.
What documents do Portuguese banks ask for?
Banks must collect a set of identification details before opening any account, under Portugal’s anti-money-laundering law (Law 83/2017). Expect to provide:
- a valid passport, EU ID card or Portuguese residence permit;
- your NIF, the Portuguese tax number;
- proof of address, such as a lease, a utility bill or a residence certificate, in Portugal or abroad;
- your profession and employer, or another source of income, often with a payslip, work contract or pension statement;
- a phone number and email for online banking codes.
Banks can ask for more when they need to understand where your money comes from, especially for large transfers from abroad. If you do not have a NIF yet, start with our guide to getting a NIF in Portugal.
What is the basic services account and what does it include?
The basic services account is a low-cost current account that all banks authorised to take deposits in Portugal must offer, under Decree-Law 27-C/2000 as amended. Banco de Portugal’s June 2026 guide lists what it includes:
| Feature (as of November 2026) | Basic services account |
|---|---|
| Annual cost cap | 1% of the social support index (IAS): €5.37 in 2026 |
| Debit card | Yes, with no tighter limits than the bank’s other debit cards |
| Online banking, branches, ATMs in the EU | Yes |
| Deposits, withdrawals, payments, direct debits | Yes |
| Transfers within the same bank and at ATMs | Unlimited |
| Transfers to other banks online (Portugal and EU) | 48 per calendar year |
| Overdraft | Not allowed |
To qualify you must have no other current account in Portugal, or convert your only one, which the bank must do at no cost. A bank cannot make the account conditional on a minimum deposit or on buying other products. Anything outside the package, such as transfers beyond the yearly limit or to banks outside the EU, follows the bank’s normal price list.
Can I open an account before I move or without residency?
Often yes, but it depends on the bank. Many Portuguese banks open accounts for non-residents with a passport, a NIF and proof of a foreign address, though some require an in-person visit or ask for extra documents for non-residents.
The basic services account is aimed at people who live legally in the EU: Banco de Portugal says a bank can close it, with 60 days’ notice, if the holder stops being a legal resident of the EU. When you move, update your address with the bank as well as with Finanças.
Traditional or digital bank: what is the difference?
Traditional Portuguese banks give you a Portuguese IBAN (starting with PT50), branches and Multibanco services; digital banks licensed elsewhere in the EU often open accounts faster through an app. Both are legal options for residents.
An IBAN from another EU country should be accepted for salary payments and direct debits, because EU payment rules (Regulation 260/2012) bar companies from refusing an account just because of the country in its IBAN. In practice, some landlords, employers or public services still prefer a Portuguese IBAN, so many residents keep one. Check whether the card works on the Multibanco network and MB WAY if you plan to pay for parking, services or tax references that way.
What if the bank refuses to open my account?
For a basic services account, the bank must decide within 10 working days of a complete request and, if it refuses, tell you in writing and free of charge why, and how to complain. It can only refuse for the reasons set in the law, such as already having another current account.
You can complain to the bank first, then to Banco de Portugal through its Bank Customer Portal or the complaints book (Livro de Reclamações), and you can also use the alternative dispute resolution bodies listed by the bank. For ordinary accounts outside the basic regime, banks have more discretion, especially when they cannot complete their customer checks.
Bottom line
Bring the NIF, ID, proof of address and job details on the first visit and most of the friction disappears. If a package looks expensive, ask for the basic services account by name: every deposit-taking bank must offer it and display a poster with its conditions in its branches.
FAQ
Do I need a residence permit to open an account?
Not always. Many banks accept a passport and NIF for non-residents. Some products, and the basic services account, are tied to legal residence in the EU.
Can two people share a basic services account?
Yes, if all holders meet the conditions. There are extra exceptions when one holder is over 65 or has a permanent disability of 60% or more.
Will the account be closed if I do not use it?
A basic services account can be closed, with 60 days’ notice, if it has had no movements for 24 consecutive months.
Which account should I use for rent and salary?
Any current account works; many residents use a Portuguese IBAN for rent and utilities. See our guides to renting an apartment in Lisbon and filing your IRS tax return for what landlords and Finanças will need.
