Opening a bank account in Portugal

There are two ways to open a current account in Portugal. The first is an ordinary account: each bank decides whom it accepts and on what terms, within the customer identification rules. The second is the basic bank account (conta de serviços mínimos bancários), which the law sets up as a right for people who meet the conditions. This guide uses the legal texts and Banco de Portugal material and does not compare or recommend banks: each institution’s conditions and fees are in its own price list and, for basic services, in the Fee Comparator on the Banco de Portugal’s Bank Customer Portal.

What the bank must collect

The rule comes from the anti-money-laundering law (Law no. 83/2017), and applies to every bank. Under article 24, for an individual the bank collects and records:

• a photograph, full name, signature and date of birth;
• the nationality shown on the identity document, and that document’s type, number, expiry date and issuing body;
• the tax identification number or, where you have no NIF, the equivalent number issued by a competent foreign authority;
• occupation and employer, where they exist (Notice no. 1/2022 adds the last occupation held, for people who are unemployed or retired);
• the full address of your permanent residence and, if different, of your tax domicile;
• place of birth and any other nationalities not shown on the document.

The text of the law does not say a Portuguese NIF is mandatory for the account to exist. It says the bank records the NIF or, failing that, the foreign equivalent. In practice, banks may have additional policies. To get a NIF, see the NIF guide.

How you prove your identity

Under article 25, the bank always requires a valid identity document showing photograph, name, signature, date of birth, nationality and the document’s details. The law allows several ways of verifying it, depending on the case:

• the State’s electronic identification and qualified signature means, available at autenticacao.gov.pt, where the customer has them and chooses to use them;
• a reproduction of the original document, on paper or in electronic form, or a certified copy;
• other forms of electronic access to information of equivalent value, under the law’s requirements.

Notice no. 1/2022 adds that the bank may use videoconference as an alternative, under its Annex I. Which channel each bank offers is the bank’s decision. The law does not guarantee that you can open an account from another country.

For details the identity document does not prove, such as occupation, employer or address, the Notice (article 21(1)) allows the bank, depending on risk, to rely on reliable sources of information or on the customer’s written statement. So what a bank asks for beyond your passport or permit depends on its risk assessment and policy, not on a fixed list in the law. If you are asked for more documents, ask which identification detail they are meant to support.

As a complement, the bank also obtains information on the purpose and intended nature of the business relationship and, where the risk profile or the operation justifies it, on the origin and destination of funds (article 27). Answer accurately and keep a copy of what you hand over.

Deferred verification

As a rule, identity is verified before the relationship with the bank begins. Article 26 allows it to be completed after the start, in low-risk situations and with measures limiting operations. Under Notice no. 1/2022 (article 26), the bank starts the relationship only when it has all the identification details and the proof for some of them, may not allow debits until verification is complete, and has 60 days to receive the supporting proof. If verification is not completed in that time, the relationship ends immediately. In practice this is for people who do not yet have a particular document: ask the bank whether it applies this regime to your case rather than assuming it.

The basic bank account

What it includes

According to the Banco de Portugal brochure, it includes opening and maintaining a current account, the debit card, access to the account at ATMs in the European Union, through home banking and at branches, and operations such as withdrawals and deposits, payments for goods and services, direct debits and intra-bank transfers with no limit on the number of operations. Inter-bank transfers made at ATMs are also unlimited in number. For those made through home banking or the bank’s own apps, the legal limit is 48 per calendar year (article 3(2) of Decree-Law no. 27-C/2000, as worded in the version in the brochure). In addition, third-party payment apps (the brochure gives MB WAY as an example) allow five transfers a month of 30 euros or less each, on top of the 25 transfers of up to 30 euros each and 150 euros a month allowed to all customers. Beyond the 48 transfers, the bank may charge a fee for the extra ones, which must appear in its price list.

What it can cost

According to the brochure, charges and expenses for the package may not exceed 1% of the value of the social support index (IAS) per year, which is 5.37 euros with the 2026 IAS. The IAS changes over time, so the euro figure does too. Other products or services outside the package follow the bank’s price list. You cannot take an overdraft facility, and you can only spend beyond your balance on debit card payments if the bank accepts it.

Who has the right, and on what conditions

The brochure says individuals who hold no current accounts, or only one, which can be converted into a basic account, can have access. There are special co-holder rules for people over 65 or with a permanent disability of 60% or more.

Decree-Law no. 27-C/2000 (article 1(2)(g), in the version annexed to the brochure) defines the person concerned as any consumer with the right to reside in a European Union Member State under Union or national law, including consumers with no fixed address, asylum seekers and people who have no residence permit but cannot be removed for factual or legal reasons. Whether you fit that definition is something to clarify with the bank.

Main conditions:

• Single account: you must declare in writing that you have no other current account, or that you have been notified your account will be closed. If the bank later finds you hold another account, it may close the basic account and charge the fees and expenses.
• Activity: you must carry out at least one operation included in the basic services over 24 months, or the bank may close the account.

What the bank may not do

Under Decree-Law no. 27-C/2000 (article 4-D), the bank may not:

• require documents, forms or proof beyond those needed to open an ordinary current account;
• make opening conditional on a minimum deposit or on buying other products or services;
• offer overdraft facilities or allow credit overruns on this account.

After receiving a complete request, the bank opens the account or refuses it without undue delay and, at the latest, 10 working days after receipt. Before asking for the single-account declaration, it must give you information, on paper or another durable medium, about the consequences of holding another account. Branches must publish the terms and state that no other products or services need to be bought to get access.

The bank may also end the contract in certain cases, including use of the account for unlawful purposes, incorrect information given to obtain it and 24 months of inactivity. The notice is free of charge, in writing, with the reasons and with information on complaints and alternative dispute resolution. In several of those cases, termination takes effect 60 days after notice, and the bank must return the balance.

If the bank refuses

1. Ask for the refusal in writing. For basic services, article 4(7) of Decree-Law no. 27-C/2000 requires the bank to tell the person concerned immediately, free of charge and on paper or another durable medium, the reasons for refusing and the means of redress available (a complaint to the supervisory authority and alternative dispute resolution), with contact details for those purposes. The bank is exempt where the law forbids that information or it would run counter to public order or security.
2. Check what was asked of you. See whether you were required to provide documents or a deposit beyond what is permitted.
3. Complain. According to the Banco de Portugal brochure (question 11), someone who meets all the requirements and is refused can complain in the institution’s complaints book (paper or electronic) or to the Banco de Portugal (by post or through its branch network), or use the alternative dispute resolution means the institution provides, listed on the Bank Customer Portal. Article 4(7)(b) of Decree-Law no. 27-C/2000 provides for a complaint to the supervisory authority.

Before you go to the bank

• A valid identity document (passport or residence permit), and your NIF if you already have it.
• Your address, occupation and employer details, and a way to show them if the bank asks.
• A clear statement of the purpose of the account and, if asked, the origin of the funds.
• If you are asking for basic services: confirm that you have no other account, and have that declaration in mind.

If you plan to take out a home loan, the guide to buying a home explains the FINE and the Banco de Portugal limits.

For the rest of the route, see First steps, the residence permit guide and the Path assistant. The glossary explains terms used in these processes.