Expat-Friendly Banking

Portugal Bank Account Opening

Open a Portuguese bank account quickly and easily. We coordinate with expat-friendly banks to help you set up checking, savings, and investment accounts for your D8 visa and life in Portugal.

Why You Need a Portuguese Bank Account

Required for Daily Life

  • • Pay rent and utilities
  • • Receive Portuguese salary (if employed locally)
  • • Set up direct debits (water, electricity, internet)
  • • Apply for residency card
  • • File Portuguese taxes

Save on Fees

  • • Avoid foreign transaction fees (3%+)
  • • No international transfer fees
  • • Better EUR exchange rates
  • • Lower ATM withdrawal fees
  • • SEPA transfers within EU (free/cheap)

D8 Visa Requirements

  • • Some consulates prefer Portuguese bank statements
  • • Easier to show €9,840 minimum funds
  • • Proof of financial stability in Portugal
  • • Residency card application may require it

Opening Timeline: Before vs After Arrival

✅ Before Arriving (Remote Opening)

Possible with: ActivoBank, Millennium BCP (select accounts)

Requirements: NIF, passport, proof of address (US or Portugal)

Timeline: 1-2 weeks for approval, physical card sent to Portugal address

Benefit: Account ready when you land

✅ After Arriving (In-Person Opening)

Available with: All major banks (CGD, Santander, Novo Banco, etc.)

Requirements: NIF, passport, proof of Portuguese address, sometimes residence permit

Timeline: Same-day or 3-5 days for approval, immediate debit card

Benefit: More options, easier process

Expat-Friendly Banks We Work With

ActivoBank

Digital Bank • Remote Opening
Most Popular
  • Can open remotely before arrival
  • No monthly fees
  • English-speaking customer service
  • Modern mobile app
  • Free SEPA transfers
Best for: Remote workers arriving soon who want account ready before landing

Millennium BCP

Major Bank • Branch Network
  • Largest bank in Portugal
  • 500+ branches nationwide
  • English-speaking staff in major cities
  • Investment accounts available
  • €5-10/month maintenance fee
Best for: Expats who want full banking services and in-person support

Caixa Geral de Depósitos (CGD)

State-Owned Bank
  • Government-backed (most stable)
  • Required for some government services
  • Widely accepted for official documents
  • In-person opening only
  • ~€5/month fee
Best for: Expats prioritizing stability and acceptance by government agencies

Santander Totta

International Bank
  • Part of global Santander network
  • Excellent English support
  • International transfers easier
  • Premium accounts available
  • €8-15/month fee (waived with balance)
Best for: Expats who want international banking features and premium service

How Our Service Works

1

Tell Us Your Needs

Share your timeline, banking preferences, and whether you're opening remotely or in-person.

2

We Recommend Bank

Based on your situation, we recommend the best expat-friendly bank and account type.

3

Application Support

We help with application forms, required documents, and scheduling appointments (if needed).

4

Account Activated

Receive your account details, debit card, and online banking access. Start using immediately.

What You Need to Open an Account

Required Documents (All Banks)

  • Portuguese NIF (Tax Number)
    Must obtain before opening account. See our NIF Service.
  • Valid Passport
    US passport with at least 6 months validity
  • Proof of Address
    Portuguese address (lease, utility bill) or US address if opening remotely
  • Initial Deposit
    €50-250 minimum (varies by bank)

Additional Requirements (Some Banks)

  • Residency Permit or D8 Visa
    Some banks require proof of legal residence (copy of visa or residence card)
  • Proof of Income/Employment
    Bank statements, employment letter, or tax returns
  • Portuguese Phone Number
    For account verification and security (can get virtual number)

Service Pricing

Basic Support

$195

Bank recommendation + guidance

  • Personalized bank recommendation
  • Document requirements checklist
  • Application form guidance
  • Email support
Basic Support
Most Popular

Full Service

$395

Complete application coordination

  • Everything in Basic
  • Application form completion assistance
  • Bank appointment scheduling (if needed)
  • Document review before submission
  • Follow-up with bank until approved
  • Online banking setup assistance
Full Service

How it works: We coordinate with expat-friendly Portuguese banks to help you open accounts. We do NOT open accounts on your behalf—you remain the account holder and must complete the bank's application process. Our service fee covers personalized guidance, application assistance, and coordination with the bank. Bank fees (if any) are paid separately to the bank.

Frequently Asked Questions

Can I open a Portuguese bank account before arriving in Portugal?

Yes, with certain banks like ActivoBank and some Millennium BCP accounts. You'll need your NIF (tax number) and can complete the application online. The bank will send your debit card to your Portuguese address. Other banks require in-person opening after arrival.

Do I need a NIF to open a bank account?

Yes, absolutely. All Portuguese banks require a NIF (tax identification number) before opening an account. You must obtain your NIF first—see our NIF Registration Service to get yours remotely before traveling to Portugal.

Which bank is best for American expats?

ActivoBank is most popular for remote opening and no fees. Millennium BCP and Santander are great for in-person service and English support. Caixa Geral de Depósitos (CGD) is preferred if you need government-backed stability. We'll recommend based on your specific needs.

Are there monthly fees for Portuguese bank accounts?

It varies. ActivoBank has no monthly fees. Traditional banks (Millennium BCP, Santander, CGD) charge €5-15/month but often waive fees if you maintain a minimum balance (€1,000-5,000) or set up direct deposit. Digital banks tend to have lower or no fees.

Can I use my Portuguese bank account for US tax purposes (FBAR/FATCA)?

Yes, but you MUST report it. If your combined foreign accounts exceed $10,000 at any point during the year, you must file FBAR with FinCEN and potentially FATCA Form 8938 with your US tax return. Failure to report can result in severe penalties ($10,000+). See our Tax Consultation Service.

How long does it take to open an account?

Remote opening: 1-2 weeks for approval. In-person opening: Same day to 5 business days. You'll typically get a temporary debit card immediately (in-person) or within a week by mail. Full debit/credit card arrives in 1-2 weeks.

Can I keep my US bank account after moving to Portugal?

Yes, most Americans keep both. Use your US account for US income/expenses and Portuguese account for local expenses. This avoids foreign transaction fees and makes money management easier. Just ensure you report both to the IRS.

Ready to Open Your Portuguese Bank Account?

We'll help you choose the right bank and guide you through the application process—whether you're opening remotely or in-person.

Expat-friendly banks • Remote & in-person options • English support