Opening a bank account in Portugal takes three documents — and one account costs 5.37 euros a year
To open a bank account in Portugal you need ID, a Portuguese NIF and proof of address. Non-residents can open one too, and the basic bank account is capped at 5.37 euros a year in 2026.
Opening a bank account in Portugal comes down to three documents: valid ID (passport or residence permit), a Portuguese tax number (NIF) and proof of address. With those in your folder, most banks will open the account the same day — and yes, non-residents can open one too. This guide covers the process, the costs, and the cheap legally-mandated account many branches forget to mention.
What documents do you need to open a Portuguese bank account?
The core set is the same almost everywhere: valid ID, the NIF and proof of address (a lease or a recent utility bill works, and the address can be abroad if you have not moved yet). Many banks also ask for proof of work situation — a payslip, an employer’s letter or a tax return — mostly when credit is involved, and some require a small opening deposit. The NIF is the real ticket in: virtually no bank will proceed without it, so sort that first — we covered how to get a NIF step by step, and it is free.
I am not a resident. Can I really open an account?
You can. Not living in Portugal, or not being Portuguese, does not stop you from opening an account — banks simply apply their usual identification checks. Plenty of people open one before moving, to handle a rental deposit or a house purchase from abroad; if that is your stage, our guide to Portuguese visas for moving over helps put the steps in order. Some banks let you start online with a video call; others will want you at a branch.
How much does the basic bank account cost?
At most 5.37 euros per year in 2026 — the legal ceiling, set at 1% of the IAS social support index. The minimum banking services account is the no-frills option every bank in Portugal is legally required to offer: it includes the current account, a debit card, withdrawals, homebanking, direct debits and transfers within the European Union. The main condition is not holding another current account in Portugal. Banks do not advertise it with much enthusiasm, but they cannot refuse it to anyone who qualifies — the full rules are on the Bank of Portugal’s bank customer portal and the public Todos Contam site.
On standard accounts, maintenance fees vary widely — from zero at some digital banks to several euros a month at traditional branches — so compare before you sign.
Frequently asked questions
Do I need a NIF to open a bank account in Portugal?
In practice, yes. The requirement comes from the banks’ own procedures, but virtually every institution asks for the NIF at account opening. It is free and can be requested at a tax office or through a fiscal representative.
Can I open a Portuguese bank account before moving to Portugal?
Yes. Living abroad does not prevent it, and some banks accept remote opening with a video call and digital documents. Having a Portuguese account before the move makes rental deposits, transfers and signing up for utilities far easier.
Can a bank refuse me the minimum banking services account?
Only if you do not meet the requirements — the main one being that you hold no other current account in the country. If you qualify, any bank operating in Portugal must provide it, capped at 1% of the IAS per year (5.37 euros in 2026).
Illustrative · Photo: Marta Branco / Pexels
