Best bank accounts for non-residents in Portugal

Opening a Portuguese bank account as a non-resident can seem daunting at first, but there are several options designed to make the process smoother. Banks offer full-service accounts with in-branch support, while digital and specialist providers such as Wise allow you to open and manage your account remotely, as well as handle multiple currencies from one place. The best choice depends on your personal needs, so it’s important to compare fees, features, and accessibility before deciding.

Can I open a Portuguese bank account as a non-resident?

Yes, you can open a Portuguese bank account as a non-resident. Nowadays, many Portuguese banks, including novobanco, BPI, and Millennium bcp, accept non-resident clients. Alternatively, specialist providers like Wise and Revolut offer simple and fast options that are often easier to open remotely. 

Importantly, if you are a legal resident in another EU country, no bank can refuse your application for a basic payment account – which covers standard transactions like deposits, cash withdrawals, and sending or receiving payments – simply because you don’t live in Portugal.

Can I open a Portuguese bank account online before moving?

Yes, it is possible to open a Portuguese bank account online before moving, but your options are limited. To open an account remotely, most banks require you to have a Portuguese authentication service called Chave Móvel Digital (Digital Mobile Key). Non-resident foreigners can access it using their passport, but they must register for the service in person at a Portuguese consular post.

Alternatively, some banks allow customers to open an account via video call, although this is usually only available to those with a Portuguese identity card or residence permit. Certain banks, such as Crédito Agrícola, allow you to start the process remotely, but final approval may require additional documentation or an in-person step, depending on your circumstances. Appointing a legal representative in Portugal may facilitate the process.

By contrast, specialist providers like Wise and Revolut allow you to open an account fully online from abroad and are often the easiest way to set up a EUR account (alongside other currencies) before arriving in Portugal.

Can I open a bank account in Portugal without an address?

You can open a bank account in Portugal without a Portuguese address in some banks, but you must always provide an address, even if it is abroad. Portuguese banks are required to verify your identity and residence for compliance reasons, so you will need to submit valid proof of address (such as a recent utility bill, bank statement, or official document) showing your name and the address you declare, whether in Portugal or in another country.

What is the best Portuguese account for expats?

There isn’t a single best Portuguese account for expats: the ideal choice depends on what you prioritise. Factors to consider include monthly fees, minimum opening amounts, branch access, cards included, and additional perks.

Here are some providers and account options:

• Wise multi-currency account: with no opening or maintenance fees, this account allows you to hold and manage 40+ currencies from a single account;
• novobanco +351 account: designed specifically for non-residents, this complete account offers premium perks and comprehensive services;
• BPI Citizen account: offers a combination of banking services and insurance benefits, suitable for both residents and non-residents;
• Millennium+ Frequent Client account: a premium option at a medium-range price, offering 2 debit and 2 credit cards, as well as additional assistance services;
• Crédito Agrícola current account: a simple, low-cost option for those who want just the essentials, including a debit card;
• ABANCA Value account: offers 2 debit cards and 2 credit cards at a competitive cost, though branch access is limited across Portugal.

Wise multi-currency account

This account has no opening or monthly maintenance fees and can be opened fully online, even before you arrive in Portugal. It allows you to manage and hold 40+ currencies and order a debit card to spend and withdraw cash in 140+ countries. Wise is not a bank, it is a payment institution. Wise has no branches, so it is not ideal if you prefer in-person banking, but it provides flexibility and ease of use for managing money across borders.

novobanco +351 account

This account is specifically designed for non-residents in Portugal, making it a convenient option for those living abroad or relocating. It must be opened in person at a bank branch and requires a minimum initial deposit of 250 EUR. The account includes 2 debit cards and 2 credit cards, and offers exemption from shopping commission fees on purchases made abroad. It also provides additional benefits such as medical and technical assistance at home, making it an all-in-one solution. The monthly maintenance fee is 10.30 EUR.

BPI citizen account

This account is available to residents and non-residents in Portugal and has a minimum opening amount of 100 EUR, with a monthly maintenance fee of 10.39 EUR. Like the novobanco +351 account, it includes 2 debit cards and 2 credit cards, along with several insurance benefits such as home assistance, travel assistance, and theft protection. It also provides access to the Citizen Living Solutions programme, offering a range of non-financial support services 24/7 in Portuguese, English, French, and German. As a non-resident, the account must be opened in person at a branch.

Millennium+ Frequent Client account

With a 250 EUR minimum opening deposit and an 8.32 EUR monthly maintenance fee, this account is available to both residents and non-residents in Portugal. It includes 2 debit cards, 2 credit cards, free urgent medical assistance at home, and family liability insurance, offering a combination of everyday banking and added protection. As a non-resident, you’ll need to open your Millennium bcp account at a branch, so factor this into your plans.

Crédito Agrícola current account

A straightforward option for those who want essential banking services without paying for extras. With no minimum opening deposit and a 5.20 EUR monthly maintenance fee, it provides a debit card and access to everyday banking services. You can begin the account opening process remotely by completing an online form, which can make the initial steps more convenient.

ABANCA Value account

With a 250 EUR minimum opening deposit and a 5.20 EUR monthly fee, this account includes 2 debit cards and 2 credit cards. It is a particularly competitive option for non-residents given its relatively low cost compared with similar accounts. It must be opened in person at a branch, so you’ll need to factor in an in-person visit. As ABANCA has a more limited presence in Portugal, particularly outside larger cities, access to branches may be less convenient depending on your location.

How to open a Portuguese bank account as a non-resident?

As a non-resident, you can open either an account with a Portuguese bank or with a specialist provider. Banks usually require an in-person appointment and more paperwork, while specialist providers often allow remote verification through video identification and a simpler online process. The right choice depends on factors such as whether you need a full Portuguese banking relationship (for example, for mortgages) or just a flexible account for everyday use.

The exact steps to open an account with a Portuguese bank vary, but generally include:

1. Obtain a Portuguese tax identification number (Número de Identificação Fiscal, NIF) – some banks can handle this on your behalf;

2. Gather the required identification and proof documents;

3. Book an appointment if required by your chosen bank;

4. Submit documents and complete identity verification;

5. Make the minimum initial deposit, if required.

Required information and documents

To open an account with a Portuguese bank, you usually need the following:

• Passport or national identity card: A valid government-issued photo ID.

• Proof of address (comprovativo de morada): A recent utility bill, bank statement, or official document showing your name and address.

• Proof of employment and employer (comprovativo de profissão e entidade patronal): An employment contract, payslip, or a letter from your employer. If you are self-employed, you may need to provide proof of activity. If you are not currently working, studying, or retired, some banks may require documentation confirming your status.

• Tax identification number (Número de Identificação Fiscal, NIF): Banks require you to have a Portuguese NIF. Some banks can obtain it for you, or you can apply for one online through a relatively straightforward process.

Requirements can vary slightly by bank, so it’s advisable to confirm the exact list with your chosen provider before applying.

Do you need a local bank account in Portugal?

Legally, you do not need a Portuguese bank account. Under the SEPA (Single Euro Payments Area) rules, an IBAN issued in any of the 41 participating European countries must be accepted for EUR transfers and direct debits on the same terms as a national IBAN. 

In other words, if you already have a European IBAN, it should be sufficient for receiving a salary, paying rent, or setting up utilities, and you should not be required to open a local account solely for that purpose.

However, in practice, having a Portuguese bank account can make everyday life easier. One major reason is MB WAY, a very popular Portuguese mobile payment system that allows you to make instant transfers via phone number, pay in shops and online, generate virtual cards, and even withdraw cash without a physical card. MB WAY is linked directly to Portuguese bank accounts, meaning you can only use it if you hold an account with a Portuguese bank. In addition, if you do not yet have a European IBAN, opening a local bank account in Portugal will almost certainly be necessary in order to receive payments, set up contracts, or handle routine financial matters.

Strong alternatives such as Wise can be particularly useful if you move between countries, need to send money home, receive income in different currencies, or travel frequently. Wise is a multi-currency account and uses the mid-market exchange rate for conversions, which can be more transparent and competitive than some banks. In addition to EUR, it provides local account details in 8+ other currencies, making it a flexible option for people living an international lifestyle. 

How to move your money to Portugal

Moving your money to Portugal for the first time can feel complicated, but there are a few straightforward options depending on your needs, the amount you want to transfer, and how often you plan to move money.  Some of the factors to consider include transfer fees, exchange rates (if you are converting from another currency into EUR), and processing times.

You can usually choose between the following options:

• Bank transfer: This is the traditional method. You instruct your current bank to send money directly to your Portuguese (or European) bank account using an IBAN and SWIFT/BIC code. Within the SEPA area, transfers are typically straightforward and low-cost. If you are transferring from a non-SEPA country, your bank will convert the money into EUR, often applying its own exchange rate and fees, which can become quite expensive.

• Specialist provider: Companies that specialise in international transfers can sometimes offer better exchange rates and lower fees than banks. You send money from your home bank account to the provider, and they transfer it to your Portuguese account. This option is sometimes faster and often more transparent in terms of fees, particularly for regular transfers.

• Multi-currency account: A multi-currency account allows you to hold, send, and receive money in different currencies within the same account. For example, with Wise, you can receive money in one currency, convert it to EUR at the mid-market exchange rate when it’s more convenient, and then spend it when you need it. This can be especially useful if you still have financial ties to another country, such as income, savings, or family expenses abroad.

FAQ

Can I open a bank account in Portugal if I am not a resident?

Yes, you can open a bank account in Portugal as a non-resident. Some banks allow non-residents to open an account, but you will always need to provide proof of address (even if it’s abroad) and other identification documents. Non-resident accounts may have different requirements and features compared to resident accounts.

Do I need a NIF to open a bank account in Portugal?

Yes, a NIF – Portuguese tax identification number – is required to open a bank account. It is used to identify you for all financial transactions and is essential for compliance with Portuguese regulations.

What is the best bank in Portugal for non-residents?

There is no single “best” bank for non-residents, as it depends on your individual needs and priorities, such as how much you are willing to pay and whether you want credit cards or premium benefits. Banks such as novobanco, Banco BPI, and Millennium bcp have extensive branch networks across Portugal, making in-branch support easy to access. Digital providers like Wise can be a good option if you are looking for flexible, multi-currency solutions. It is advisable to compare features, fees, and services carefully to find the account that best suits your situation.

Useful resources:

• Wise – Landing page for Wise Portugal (last checked 15th February 2026)
• novobanco +351 account – An account specifically for non-residents in Portugal (last checked 15th February 2026)
• BPI Citizen account – BPI account for residents and non-residents (last checked 15th February 2026)
• Millennium+ Frequent Client account – Millennium bcp account for residents and non-residents (last checked 15th February 2026)
• Crédito Agrícola current account – Crédito Agrícola  account for residents and non-residents (last checked 15th February 2026)
• ABANCA Value account – ABANCA account for residents and non-residents (last checked 15th February 2026)
• Autoridade Tributária e Aduaneira – Obtaining a NIF (last checked 15th February 2026)
• Portal of public services of the Portuguese Republic – Activate the Digital Mobile Key (last checked 15th February 2026)
• MB WAY – FAQs about the primary mobile payment system in Portugal (last checked 15th February 2026)