Opening a Portuguese bank account is one of the first practical steps of any move, and one of the slowest, so start it early. Here is how it works in 2026, in the right order.
Get your NIF first
You cannot open an account without a NIF, your Portuguese tax number, issued by the tax authority (Autoridade Tributária, via the Portal das Finanças). If you are applying from outside the EU, EEA or Switzerland you also need a fiscal representative when you get the NIF. With the NIF in hand, the bank account is the next step.
What you will need
- Your passport
- Your NIF
- Proof of address (a utility bill or bank statement from home)
- Proof of income or employment, such as a payslip or pension statement
- Sometimes proof of your tax residency
In person or remotely
The simplest route is to open the account in person once you visit, which can often be done in an afternoon. You can also open one remotely before you arrive, through a fiscal representative or a service that handles it, though this typically takes four to six weeks. If you are applying for a D7 or D8, you usually need the account and the required savings (about €11,040 for a single applicant) in place before your visa appointment, so plan backwards from that date.
Which banks people use
Common choices for newcomers include Millennium BCP, Novo Banco, Caixa Geral de Depósitos (the state bank) and ActivoBank (often praised for English-language online banking). Many people also keep a multi-currency account such as Wise alongside a Portuguese bank, to move money across borders cheaply. The Portuguese account is still needed for rent, utilities and local direct debits.
Frequently asked questions
Can I open an account before I move?
Yes, remotely via a fiscal representative or a dedicated service, though it is slower than doing it in person.
Which comes first, NIF or bank account?
The NIF. The bank account depends on it.
Get the full step-by-step toolkit
Sources
- Portal das Finanças (NIF and tax authority): portaldasfinancas.gov.pt
- Banco de Portugal, basic information on opening accounts: bportugal.pt
General information for June 2026, not financial advice. Related reading: How to Apply for Your NIF.
