How do I open a Portuguese bank account?

A Portuguese bank account makes daily life much easier: landlords, utilities and the tax office collect by transfer or direct debit, and almost everyone pays friends with MB WAY. Every bank will ask for your tax number (NIF) first.

Resident or non-resident account

Portuguese banks distinguish between residents and non-residents. DECO, the consumer association, says a Portuguese NIF is essential to open a bank account, so get it first (see how). Rankia, a finance site, says most large banks open non-resident accounts at a branch, often without an appointment, and that besides your passport and NIF they may ask for proof of your address in your home country, such as your latest tax statement. Expect questions about your job, income and where your money comes from: banks must check this. Some digital banks open accounts fully online.

Once you have your residence permit and a Portuguese address, ask the bank to change the account to resident status and update your tax residence.

What to bring

• Your passport, and your AIMA residence permit once you have it
• Your NIF
• Proof of address: in the UK while you are a non-resident, then in Portugal (your lease or a utility bill)
• Proof of income or work, such as a contract, payslips or pension statements
• A mobile number for app codes (see How do I get a SIM, internet and call home?)

Some banks may want certified copies or translations of UK documents. Ask your bank for its current list before you go.

Fees and choosing a bank

Portugal has large banks with branches everywhere, smaller banks and online-only banks. We don’t recommend any. Compare:

• The monthly account fee, and what you must do to avoid it (for example paying in your salary)
• Fees to receive money from the UK, and the exchange rate on card payments abroad
• Whether you can open and manage the account in English
• Whether it supports MB WAY and has a branch near you, if you want face-to-face help

The Banco de Portugal runs an official comparison of bank fees (comissões) on its customer site.

The minimum banking services account

Every bank must offer a minimum banking services account (conta de serviços mínimos bancários) to anyone who has no other current account, or who converts their only one. In 2026 the maximum fee is €5.37 a year, 1% of the IAS. It includes a debit card, direct debits, unlimited transfers within the same bank and up to 48 transfers a year to other banks through online banking. Savings, term deposits and credit are not included. The bank has 10 working days to accept or refuse a conversion, with reasons.

MB WAY and Multibanco

Multibanco is Portugal’s shared cash machine network. Besides cash, Portuguese use it to pay bills and taxes with a payment reference: GOV.UK notes, for example, that the annual car tax (IUC) can be paid through online banking or at a cash machine using codes from the Portal das Finanças.

MB WAY is the mobile payment app linked to your Portuguese card. You can send money to contacts instantly, split bills, pay in shops and online, and take cash out without a card. MB WAY itself charges no fees, though your bank may charge for some transfers. It lists 29 member banks covering over 95% of Portuguese banks. You can join with a UK mobile number at a Multibanco machine or in the app, if your UK network has an agreement with Portuguese operators.

Online banks and IBAN discrimination

Under EU rules, a company that accepts SEPA transfers or direct debits can’t refuse your account just because it is in another EU country. This covers bills, online shopping, taxes and benefits. The rule protects accounts in EU countries only: a UK account is not covered.

Is my money protected?

Deposits at Portuguese banks are covered by the Fundo de Garantia de Depósitos up to €100,000 (about £84,700) per depositor, per bank, whether or not you are resident. It works like the UK’s FSCS.

Credit history

Your UK credit record is unlikely to help much with Portuguese lenders, so a credit card or loan can be harder to get at first. Read How do I build a credit history in Portugal?