Opening a bank account in Portugal can be very practical and time saving. Here is some information on related procedures.
Foreigners moving to Portugal may wish to open a bank account in the country in order to proceed with their financial transactions. Opening a bank account on the spot is very practical and will allow you to save time. Note that it is not compulsory to have a job in Portugal to be able to open a bank account there. In fact, anyone wishing to settle there for more than six months is eligible to open a bank account, free of charge.
Note that some Portuguese banks have subsidiaries abroad. You can thus inquire on conditions related to opening a bank account before traveling to Portugal.
To open a bank account in Portugal, you can just call at any bank of your choice or take an appointment by phone with an agent. Documents to be produced are:
- proof of residence
- your identity card or passport
- your tax code or 'contribuinte'.
You will then receive a debit card and a credit card, or even a checkbook upon request. But you may have to wait for a few days. You are however advised to compare different bank offers before choosing.
Unlike many European countries, Portugal has definitely implemented the online banking system. You can thus proceed with numerous bank transactions such as online payments, bank transfers, etc., on your bank's website.
Good to know:
You are advised to maintain your bank account in your home country in case you might have to move back there. You will then avoid starting bank account opening formalities all over again.