How do I open a bank account in Portugal ?

When you decide to move to Portugal, one of the first things you need to do is open a bank account. This will make it easier for you to make the various payments you'll need to make, whether for taxes or other day-to-day transactions. If you don't already have one, it's time to set one up. This article will help you do just that.

What documents do I need?

To open a bank account, you need a number of documents. One of the most important is your NIF, which stands for "Número de Identificação Fiscal". If you don't have it, don't wait any longer to request it. Learn more on this page about this personal number on this page. 

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In addition to the NIF, you'll need to provide valid identification with a clear photo. A passport will do. You'll also need to provide proof of address and proof of employment. 

Choosing your bank and account type

Once you've gathered all your documents, you'll need to choose your bank. In Portugal, there are around 150 banks to choose from. Choose the one with an online banking facility to make things easier for you later. 

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Once you've chosen your bank, choose the type of account you'd like to open. You can opt for a current account, a demand savings account or a term account. Each of these account types has its own characteristics. Make sure you know what they are before choosing your account.

Where to go to open your bank?

To set up your bank, you naturally need to go to the physical address of the bank you've chosen. However, some modern banks allow you to start the registration process online. That said, when it comes to finalizing, you'll need to visit the physical branches in person. If, however, the bank is entirely online and has no physical branch, everything will be done online.