How to Open and Keep a Bank Account in Portugal: An Expat's Guide

If you are moving to Portugal or if you simply have a second home there, you will want to familiarize yourself with what steps are to be taken to open up a bank account and how you can keep that account from being closed. Banking regulations in Portugal are the same for residents and non residents.

As a foreigner, you may be interested in doing your banking and keeping all of your money with an overseas bank. You are not prevented or discouraged from using an overseas bank, but you will still need to have a bank account with a Portuguese bank. You will have to have a Portuguese bank account in order to pay for your utility bills and your tax bills because they are done by auto debit from a Portuguese bank account only.

When you are ready to open up your Portuguese bank account you will need to do so in person. While you can do it from abroad, it is frowned upon as the bank officials generally like to see you in person when first opening a new bank account. If you are unsure of which bank to choose for your new bank account you should ask neighbors or coworkers for references before you pick your financial institution. You will need to be at age 18 to open up an account. You will also need to have proof of your identity like a passport, your fiscal number and proof of your address in Portugal.

If you need to open up your Portuguese bank account from abroad you can do so by getting an application. You can do this either by getting one directly from the bank in Portugal or from a foreign office of a Portuguese. Typically you can find foreign branches of banks in big cities like New York City and London. Once you have your application form completed you will need to send it by mail along with a reference letter from your current bank. Minimum deposits to open accounts are typically around 250 Euros.