Banking has become one of the most needed means in the world in this century. A lot of competition in banking, because of the increase number of clients that are in search of a good bank to store their cash safe and secured from thieves.
And so, in this article, we will be bringing to you some short ways by which you can create a bank account in Portugal. And so, we will show how you can do that is you are not yet a resident of Portugal or even if you are a resident and live in Portugal.
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How to Get a Portuguese Bank Account as a Resident and as a Non Resident | Online
If you’re planning to live in Portugal, you will need a Portuguese bank account. Even if you are already in Portugal, you could still be in search of a way by which you could open a bank account. You’ll need it for your transactions, storage, payment of bills and may be to receive money from another person. If you’re moving to Portugal on a visa you may need to show evidence of a Portuguese bank account before you are there in Portugal.
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As we said above, we will be showing you in this article how you can open a bank account in Portugal may be if you’re opening it from abroad or if you’re opening it from within Portugal, we have that for you.
What is a Bank | Bank Account
A bank is a building, or institution that helps individuals store money for future use to send or receive from someone. When we say bank, we say money and this is because banks deal with the transfer and receival of money from one person or account to another.
And after a bank, is a bank account which involves an individual or company that opens a transaction store with the bank to his name and he or she does his or her transactions using this store called an account.
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List of Banks in The Portugal
Below, we have the list of all the major banks that are located in Portugal. Though there are some other major banks that are in Portugal, but these are the banks opened in Portugal with main branch in Portugal.
- Abanca
- ActivoBank
- Banco Angolano de Negócios e Comércio
- Banco BAI Europa
- Banco EuroBIC
- Banco BIG
- Banco Bilbao Vizcaya Argentaria
- Banco Carregosa
- Banco CTT
- Banco Comercial Português
- Banco de Negócios Internacional
- Banco do Brasil
- Banco Efisa
- Banco Finantia
- Banco Internacional do Funchal
- Banco Invest
- Banco Popular
- Banco Português de Gestão
- Banco Português de Investimento
- Banco Primus
- Banco Privado Atlantico Europa
- Banco Santander Totta
- Banif Mais
- Barclays Bank
- Best Bank
- Caixa Geral de Depósitos
- Caja Duero
- Crédito Agrícola
- Deutsche Bank
- Montepio Geral
- Novo Banco
Though these are some of the major banks, there are other branches around the world and also in Portugal itself. With the Banco de Portugal being the oldest and biggest bank in the Portugal.
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Opening a Portuguese Bank account from abroad for non Residents
There are several things that could be pushing someone to open a bank account in Portugal as a non resident. Some of them are;
- For Students, who will need an account to receive money
- Could be a future resident that will love to go to Portugal in the Future
- But the most common reason is that more and more consulates are asking people moving to Portugal to have a Portuguese bank account before they move to Portugal in order to get their visa approved.
If you’re applying for a Portuguese residency visa (such as the D7) this may be something that you come up against. Unfortunately, it has to be a Portuguese bank account and not just a Euro bank account like those offered by Revolut or N26.
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And so, let's get started with this way you can use and have a bank account in Portugal Remotely
First Way: Visit a bank with branches outside of Portugal
Some Portuguese banks have branches outside of Portugal and many people have been able to open a Portuguese bank account this way. Also, there are some European banks that have branches in the Portugal and in many other places around the world like HSBC, SEPA, you can open a bank account from SEPA in another country like Germany, Spain, UK or many others if they have a branch in Portugal and you get to Portugal and keep on using the same bank account.
SEPA Bank for example is a good European bank, and has branches accross almost all European countries. You can follow the link by clicking HERE and knowing all the valid SEPA Countries. SEPA has a branch in all the countries listed in the article above. You can follow the link below and learn how to create a SEPA Bank Account online.
MUST READ: How to Open a SEPA Bank Account Online Easily
Also, there are other banks with a lot of branches accross the world and accross Europe mostly like HSBC Bank and many others. You could also use them as another option.
Note that, you can use this method only if you are in a country where either one of these banks are there or in a country where one of the branches of that Bank is there.
Second Way: Power of Attorney
It is rather unfortunate that Portuguese banks that offer creation of accounts remotely from around the world are very rare and not easy to find or to spot them. At times, you will only have to do this with the use of a high personality like a Lawyer that will help you get an account for you(Power of Attorney). And obviously, you will have to pay the lawyer depending on the amount of money you discuss with him or her.
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Bordr.io is a good site where you could find lawyers to grant this service for $350 and will open the account with Millenium BCP(another good bank for non residents), one of the most popular and most recommended banks in Portugal.
Third way: Atlántico Bank
Atlántico Bank is one of the best options for non residents who will want to open a bank account in Portugal from abroad. Many people will doubt that there are no banks that do that but you have to know that it is quite rare to see it, but there are banks that do offer these options. And Atlántico is one of those exceptional banks that offer accounts for those abroad.
This isn’t a very well-known bank, but many people moving to Portugal have used it, particularly to meet residency visa requirements. And it has worked as a very good option for those abroad.
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To open an account with Atlántico, you’ll need to download the MyAtlantico app, submit the required documents, and then do a video interview to confirm your identity. Once you’ve completed the interview there can be a long waiting process for up to a month or two waiting for your account to be opened, but at least this option can be done remotely.
Note that this account opening service also isn’t available in every country. And if you try this method very well step by step and it fails, try the second time. And if it fails three times, you have to know that your country does not permit you to use this service.
And so, these are the three ways we have in our sleeves that will help you as a non resident of Portugal to be able to open your bank account in Portugal. We have named several banks found in Portugal above, and you could search on them and see how secured and easy to use they are. And with that, you can know which bank to use and where to use that bank.
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Below, we will continue with the aim of this article and show you a means by which you can create a bank account when in Portugal(from within).
Opening a Bank account in Portugal
If you’re already physically in Portugal, you can open a bank by visiting your nearest branch, or the nearest bank. You don’t always need to be resident to do this, you could just open a bank account as a foreigner while visiting Portugal.
These things below are the things you will need them and are;
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- A NIF – A 9-digit number used in Portugal when you make financial transactions.
- A Portuguese mobile number.
- Passport (or European ID card)
- Residency card (if resident in Portugal)
- Proof of address – Utility bills (gas or electric or a mobile phone contract).
- Proof of income – Payslips (that ideally state your profession) or a letter of employment for employees, pension slips for pensioners, and a tax return for the self employed.
- Initial deposit – some banks (like ActivoBank) require an initial deposit. In the case of ActivoBank, it’s currently €250.
Some banks may ask you for your recent payslips or proof of earnings. It’s a strange requirement that some Portuguese banks have. If you’re a pensioner, your pension slips should suffice and if you’re self-employed, show your tax return.
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What are you waiting for? Go check the list quite quick above, make some researches online and go for the bank you see as a preference and apply for a bank account.
Free Euro bank accounts
If you’re just staying for a short amount of time, it may make sense to get some form of Euro bank account, especially if you’re being charged to withdraw money. A free bank account, like the one offered by Activobank, could be ideal for this. Alternatively, many people find that N26 and Revolut are fine for day-to-day transactions (although some shops won’t accept non-Portuguese bank cards). There are plenty of app-based accounts like:
Many people also ask questions like; How do you open a bank account in Portugal for non residents online? How can a non-resident open a bank account in Portugal? How do I open a bank account in Portugal from abroad? How can I open a bank account in Portugal?
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We have answered all of these questions above by showing you how you can open a bank account in Portugal from abroad or as a non Resident. Even if you are already in Portugal, but not yet a certified resident of Portugal, you can still open a bank account.
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Activo bank open account online
Follow the link below by clicking here and learning how you can open an activo bank account online
Millennium bank open account
Millenium bank is also one of the most recommended banks for non residents of Portugal. They permit easy access to those abroad and even those that are in Portugal. And is one of the most popular banks in Portugal.
The International Banks in Portugal
Some international Banks in Portugal, we have banks like SEPA, N26, Revolut, Banco de Portugal, HSBC and many others that have branches all over the world.
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N26 bank Portugal
Being one of the international banks in Portugal, it is one of the most popular banks in Portugal and around the world. It is also one of the most recommended banks for anyone opening an account from abroad.
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Conclusion on How to create a Portuguese Bank Account
There are different ways to create a Portuguese bank account either Physically by going to a specific bank of your choice physically with all necessary documents and the customer service will help you create the account, Or you can do it online by choosing a bank that grants online creation of accounts like Activobank, N26, Revolut, Wise, SEPA, and many others.
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Frequently Asked Questions(FAQs)
Best Banks in Portugal for Foreigners?
Always looking for the best Portuguese banks for foreigners, above we have given some banks that are the best banks in Portugal for foreigners. But we can also name some of them, like Atlantico Bank, Activobank, N26, and Revolut. With some other banks ranking in this list but have not been spotted out yet.
How to open a bank account in Portugal for non residents
We have provided three different ways in which a non-resident or a person from abroad can open a bank account in Portugal. These three methods or ways are: a power of attorney with the use of a lawyer; using a bank with a branch of that bank in your country; and using the Atlantico Bank.
What Documents are Needed to Open a Bank Account in Portugal
What about the Documents needed to open a bank account in Portugal? Going back above, we have provide the necessary documents if you are in Portugal and you will want to open your bank account. Though the most necessary ones are; identification documents like ID card, Passport, or Driving License, and other ones like NIF, Proof of residence, and many others. Just return back and read them on how to open a bank account in Portugal.