{"id":18742,"date":"2022-07-07T12:40:57","date_gmt":"2022-07-07T12:40:57","guid":{"rendered":"https:\/\/madeira.estate\/?p=18742"},"modified":"2025-03-31T16:51:50","modified_gmt":"2025-03-31T16:51:50","slug":"portuguese-bank-account","status":"publish","type":"post","link":"https:\/\/madeira.estate\/en\/portuguese-bank-account\/","title":{"rendered":"The process of opening a bank account in Portugal"},"content":{"rendered":"\n

Whilst having a Portuguese bank account is not a legal requirement for Portuguese residents and ex-pats, the benefits of having one can be particularly helpful for those who spend time abroad and manage their international finances.<\/p>\n\n\n\n

If you permanently reside in Madeira or Portugal, a Portuguese bank account will make life much easier for you, saving you time and money during your daily financial transactions, paying household bills, receiving income, and gaining access to lines of credit with Portuguese lenders.<\/p>\n\n\n\n

Opening an Account Before You Move to Portugal<\/strong><\/p>\n\n\n\n

If you move to Madeira before setting up an account, you can still manage your money and conduct transactions with an international card provider, such as Visa, Mastercard and American Express. These can prove to be expensive, so we\u2019d advise opening an account in Portugal as soon as possible.<\/p>\n\n\n\n

There are a few options available before you move.<\/p>\n\n\n\n

Opening a \u2018non-residents account\u2019. Some Portuguese banks have options for non-residents to open an account from their home country, and then upgrade to a full account once residency has been obtained.<\/p>\n\n\n\n

Some international banks have branches in Portugal, as well as your home country. Opening an account in your home country can be quick and straightforward, then simply change your address when you move to your new home in Madeira.<\/p>\n\n\n\n

Online banks, such as Wise, Revolut and N26 can provide an online account with low fees, especially when converting your currency to Euros. Most of these banks offer all the functionality of a standard Bank account, with zero monthly fees and access to digital a Mastercard that can easily be connected to Apple or Google Pay.<\/p>\n\n\n\n

Types of Accounts Available in Portugal<\/strong><\/p>\n\n\n\n

There are three types of accounts offered by Portuguese providers.<\/p>\n\n\n\n

Current Account – <\/em><\/strong>A standard account, perfect for day-to-day transactions, receiving your salary and paying household bills. Typically, a \u20ac5 monthly fee is levied for Portuguese Current Accounts and a minimum deposit is required when you open one.<\/p>\n\n\n\n

Instant Access Savings Account – <\/em><\/strong>A savings account offering higher interest rates, but still easy to access your funds. Some providers have the option to merge your Instant-access Saving Account with your Current Account so that a pre-defined positive balance will automatically move to your savings account and start earning interest.<\/p>\n\n\n\n

Time-deposit Account – <\/em><\/strong>Savings Account with higher interest rates, but stricter conditions on withdrawals, minimum deposits, and time periods for funds to remain in the account.<\/p>\n\n\n\n

What is Required to Open an Account in Portugal?<\/strong><\/p>\n\n\n\n

Most banks require you to visit the branch in person and have all your documents with you, although some allow you to open an account online. Some banks procedures to opening an account vary, but generally they follow the following steps:<\/p>\n\n\n\n

Research your local banks and find a local branch. If you\u2019re not fluent in Portuguese, ask a member of the team if there is an English (or your native language) speaker available to help you.<\/p>\n\n\n\n

The required documentation you will need to bring are:<\/p>\n\n\n\n