Banking in Portugal

Straightforward once you have a NIF, though foreigner-friendly options and fee structures vary a lot between legacy banks and app-first challengers.

What you need to open an account

Every Portuguese bank requires a NIF before anything else — get that sorted first. Beyond the tax number, expect to provide a passport or EU ID card, proof of address (a rental contract or utility bill), and proof of income or an employment contract. Non-residents can open accounts at some banks, but the paperwork is heavier and a handful of institutions now insist on an in-person visit to a branch.

Which banks work well for newcomers

Milennium BCP is Portugal’s largest private bank and has the most experience onboarding foreign residents through its branch network, though English-language support varies by branch. ActivoBank (a Milennium subsidiary) is digital-first, has lower fees, and is popular with remote workers and digital nomads. Revolut, while not a full Portuguese bank for every purpose, is widely used by EU residents for day-to-day spending, no-fee currency conversion, and getting paid — many newcomers use it for the first few months while a traditional account is being set up, though a Revolut account alone won’t satisfy every landlord or visa requirement that asks for a Portuguese IBAN from a licensed bank.

Building credit as a newcomer

Portuguese banks report to the Bank of Portugal’s central credit registry (Central de Responsabilidades de Crédito), but there is no imported credit score — your history from home doesn’t transfer. A local mortgage or car loan will typically require several months of visible salary deposits and, for non-residents, a larger down payment (often 30–40% of property value versus 10–20% for residents with a Portuguese income history). Starting with a basic current account and a debit card, and paying utility bills through direct debit from it, is usually enough to establish a track record for future lending.