Portugal Bank Account Opening Assistance
Immigrant Invest provides help with opening bank accounts in Portugal and ensures guidance at every stage of the process. For many applicants, travel is minimal.
Who can open a bank account in Portugal
A Portuguese bank account can be opened by individuals and companies, subject to the bank’s internal compliance checks and onboarding rules. It is essential for paying rent, utilities, taxes, social security, and receiving salary.
Individuals
Both residents and non-residents can open a Portugal bank account. Depending on the bank, the opening process may be completed in person or through distance communication channels. A Portuguese tax identification number, or NIF, is generally required.
Before opening an account, banks commonly review the following:
- source of funds and overall financial profile of the person;
- country of residence and tax status;
- purpose of opening the account;
- expected transaction activity;
- professional background;
- supporting identification and address documents.
Companies
Corporate accounts are usually opened by authorised representatives of the company, with the final process depending on the bank’s own onboarding rules.
When considering an application banks usually review the following:
- company’s legal structure;
- beneficial ownership;
- business activity;
- expected transaction profile;
- supporting corporate documents before approving onboarding.
Request assistance from migration experts
After sending your request, our migration expert will contact you to confirm the details and outline the next steps.
Zlata Erlach, Head of the Austrian office
Types of bank accounts available
Portuguese banks offer several common account formats, including current accounts for day-to-day banking, as well as savings and deposit products for holding funds over time.
Current account
A current account is used for everyday banking operations, such as receiving income, making payments, and transferring funds. They usually include online banking, a debit card, and access to domestic payment infrastructure. Fees and balance requirements depend on the bank and the product.
Current account fees: overview
Savings account
Savings products are available in Portugal for clients who want to hold funds separately from daily spending. The structure, return, access conditions, and any notice requirements depend on the bank and the specific product.
Some savings products have no account maintenance fee, while others may require a linked current account or regular funding conditions. Entry thresholds can be relatively low. For example, Millennium BCP offers savings products starting at €25, while some Novo Banco savings solutions are linked to a current account and regular transfers starting at €50.
Fixed deposit account
Fixed-term deposit products are commonly offered by Portuguese banks for clients who want to place funds for a defined term in exchange for a fixed return. Terms, minimum amounts, withdrawal rules, and rates vary significantly by bank and by product.
Minimum deposit amounts typically range between €50 and €500 for entry-level products at banks such as Novo Banco and Millennium BCP, to €5,000 or more at institutions like BNI Europa.
Terms range from a few months to several years, and early withdrawal is usually restricted or may result in loss of interest.
Documents required to open a bank account in Portugal
The exact document list for the Portugal bank account opening depends on the bank, the client’s profile, and the onboarding format.
For individuals
Residents must usually submit the following documents:
- residence permit or visa;
- Portuguese tax identification number, NIF;
- proof of Portuguese address;
- documents relating to profession, income, or source of funds.
Non-residents usually provide the following:
- valid passport;
- Portuguese tax identification number, NIF;
- proof of address — home country address is accepted;
- proof of income or employment.
For legal entities
Corporate clients are typically asked for documents such as:
- certificate of the company’s incorporation or equivalent registration documents;
- information on directors, shareholders, and beneficial owners;
- authorisation for the person opening the account on the company’s behalf;
- identification documents for relevant parties;
- information on business activity and expected account use;
- source of funds information.
Bank account opening process with Immigrant Invest
The process and timing depend on the bank, the applicant’s profile, and whether the onboarding is completed in person or remotely. On average, the process takes at least 2 weeks.
When opening an account with Immigrant Invest, applicants receive support at every stage.
1 day
Initial assessment
Immigrant Invest analyses the client’s profile, including residency status, source of funds, and the intended use of the account. At this stage, potential compliance risks are identified and an appropriate strategy is defined.
1+ days
Bank selection
Immigrant Invest provides a list of established Portuguese banks and helps the client select the most suitable option, taking into account onboarding format, fees, minimum balance requirements, and the client’s profile.
Some of the Portuguese banks we work with include:
- Millennium BCP,
- BNI Europa,
- Novo Banco.
1—2 weeks
Document preparation
Lawyers provide the applicant with a list of required documents and help prepare them for submission. Special attention is given to the source of funds, tax position, and supporting documentation.
1 day
Application submission
The application is submitted according to the bank’s procedures, either remotely or in person. In some cases, an initial remote submission may be followed by additional verification steps.
1+ weeks
Bank review
The bank carries out its internal compliance and Due Diligence checks. The client may be asked to complete video identification, attend an appointment, or provide further documents or clarifications.
Up to 1 week
Account opening
After approval, the account is opened and activated. In straightforward cases, this may take a few business days, while more complex applications take longer.
Why choose Immigrant Invest
Immigrant Invest is a licensed investment migration company with experience in cross-border client support and compliance-driven processes. We work strictly in accordance with Portuguese legislations, including the Aliens Act Law No. 23/2007 amended by Act 29/2012 and Act 56/2023.
The Investment Migration Council certificate confirms that we operate in line with recognised professional and ethical standards.
Your Immigrant Invest team
Our legal and compliance specialists ensure that the bank account opening process is handled smoothly and efficiently.
Our clients’ reviews
Names and photos of investors have been changed to comply with non-disclosure agreements.