Bank account in Portugal How to open one?

portada abrir cuenta bancaria portugal

In many countries it is impossible to open a bank account without being in the national territory, fortunately Portugal is not one of these countries, therefore, today we will see how to open a bank account in Portugal from abroad.

An indispensable requirement is the NIF, therefore, we will start by talking about how to ask for the attribution of the NIF from abroad, this means Tax Identification Number, this is a sequential number destined exclusively to the processing of tax and customs information.

For all non-residents in Portugal, whether nationals or foreigners, a singular or collective person with tax domicile in Portuguese territory is required, which, through the Finance portal,
will register the foreign citizen as a tax representative. #1

For this it will be necessary to attach the following digitalized documentation:

  • Copy of the civil identification document (passport) of the citizen to be registered;
  • Copy of the civil identification document of the fiscal representative;
  • Document showing the address (abroad) of the citizen to be registered;
  • Copy of the civil identification document of the fiscal representative;
  • Power of attorney (citizen to be registered authorizing a citizen resident in Portugal to be his fiscal representative).

Procedure for opening a bank account in Portugal

1. Your tax representative must “authenticate” (log in with your account) on the customs and tax authority website

2. After authentication, you must go to “Minha área” located in the top menu

3. Afterwards, look for the option “Fale conosco – Contacte-nos”.

4. On the contact page, select the option “Atendimento e-balcão”;

5. Select the option “Register new question”.

6. Complete the form fields in this form:

  • Tax or zone: select the option “Registro Contribuinte”.
  • Question type: select the option “Identificação”; Question: select the option “Atrib/Alter NIF Singulares”; Question: select the option “Atrib/Alter NIF Singulares”.
  • Subject: Obtaining NIF in Portugal
  • Message: here the tax representative will explain the situation and will introduce himself/herself with full name, NIF, e-mail, telephone and/or cell phone. Finally, the message must expressly request the Tax Identification Number of the represented person.

7. Just below the message field, there is a “Attach file” field for attaching files. Insert a copy of all the above documents scanned in PDF. Attention: only a single PDF can be attached, so you must merge all the files into a single PDF.

8. With the completed form and documents attached. Select “Registrar Questão”.

9. If everything is in order, the fiscal representative will receive a statement with an application form. You must verify all the data, sign it and return it following the instructions of the Financial Department;

10. Wait for Hacienda to contact you again with the NIF requested.

If the conditions are met, the TIN will be attributed to the interested party, as a resident abroad. In the event that the foreigner becomes a resident in Portuguese territory, he/she will have to request the change of residence and the cancellation of the fiscal representation.

After acquiring the Portuguese NIF it will be possible to acquire a bank account from a Portuguese bank. Portugal is home to more than 150 banks, including international banks, national private banks, regional banks and online banks, the latter are where you should open your account if you wish to avoid having to physically come to Portugal.

Requirements and documents to open a bank account in Portugal

To open a bank account in Portugal, you will normally need to present #2

  • Your NIF (as mentioned above)
  • A valid identity document, such as a national identity card or passport
  • Proof of employment (the most common is a statement from the employer).
  • Proof of address (e.g., a bill sent to your home address within the last three months with your name and address)

The most popular online banks in Portugal

It is necessary to choose a bank which has its services online so that it is possible to open an account with them, some that you could use are:

  • Novo Banco
  • ActivoBank
  • Wise
  • Caixa Geral de Depósitos
  • Millenium BCP
  • N26 Bank

To have your account you only have to enter their website or application of the bank of your choice, choose the account you want, then you will have to upload the documentation mentioned above and the information they require, then you must make a video call with the bank to confirm your identity, finally you must make a minimum deposit, which is in most banks at least 250 euros with this will be enough to open your bank account in Portugal from abroad.