Opening a bank account in Portugal
What you need to open a Portuguese current account, how the low-cost basic banking services account (serviços mínimos bancários) works and what it costs in 2026, and how to compare fees and complain through the Banco de Portugal.
- Applies to
- Newcomers who want a Portuguese account for salary, rent, utilities and Social Security payments.
- Effort
- Medium effort
- Time needed
- One branch appointment or an online application; the bank has up to 10 days to decide on a basic account
- Cost
- Ordinary accounts have monthly maintenance fees set by each bank. A basic banking services account may not cost more than €5.37 a year in total in 2026 (1% of the IAS).
- When
- In your first weeks, once you have a NIF and an address.
On this page
Portuguese banks are supervised by the Banco de Portugal, which also runs the Bank Customer Portal (Portal do Cliente Bancário) with consumer information, a fee comparison tool and a complaints channel.
Banks need to identify you and know where you live and what you do. In practice you will be asked for your identity document, your NIF, proof of address and information about your job or income. Requirements vary by bank and by your residence status, so ask before you go.
Documents you need
- required
Passport or national ID card
- required
Portuguese tax number (NIF)
- required
Proof of address
In Portugal or abroad; banks set their own list.
- optional
Proof of income or occupation
For example an employment contract
- optional
Residence document
Non-EU nationals; banks may ask for the residence visa
Step by step
Step 1: Get your NIF first
Banks ask for your Portuguese tax number. See the guide on NIF and NISS: you can get it in person at a tax office or Citizen Shop, or from abroad through a representative.
Step 2: Compare accounts and fees
Compare monthly maintenance fees, card fees and transfer costs in each bank's price list (preçário), available at branches, on the banks' websites and through the Bank Customer Portal. Check whether the bank accepts your type of identity and residence document before you start.
Step 3: Consider the basic banking services account
Every credit institution that takes deposits in Portugal must offer the basic banking services account (conta de serviços mínimos bancários). According to the Banco de Portugal's June 2026 brochure it includes:
- opening and keeping a current account and a debit card usable across the EU;
- deposits, withdrawals, payments, direct debits and unlimited transfers within the same bank;
- transfers to other banks without limit at ATMs, and up to 48 a year via online banking or the bank's app;
- five transfers a month of up to €30 each through third-party payment apps.
The total yearly cost may not exceed 1% of the social support index (IAS) — €5.37 in 2026. You may hold only one current account in Portugal to use it (with limited exceptions), and banks cannot make opening it conditional on buying other products or on a minimum deposit. The account cannot go overdrawn.
Step 4: Open the account
Bring the documents the bank asks for to a branch, or apply in the bank's app if it supports your nationality and document. Opening an account means signing account-opening forms that become your contract with the bank; ask for the standardised information sheet (ficha de informação normalizada) beforehand.
For a basic banking services account, the bank must open it or refuse it within 10 days of receiving a complete request, and explain a refusal in writing, including how to complain to the Banco de Portugal.
Step 5: Share your IBAN and set up payments
Give your IBAN to your employer for your salary, to Social Security for any benefits and to your landlord or utility companies for rent and direct debits. Keep your contact details and residence document up to date with the bank.
When a basic account can be closed
The bank can close a basic banking services account with 60 days' notice if it has had no movements for at least 24 consecutive months, if you stop being a legal resident in the EU, or if you open another current account in Portugal. It can close it immediately if the account was used for illegal purposes or obtained with false information.
Complaints
Complain first to the bank. If the problem is not solved, you can complain to the Banco de Portugal through the Bank Customer Portal or use the alternative dispute resolution bodies listed by the bank.
Watch out
Never pay anyone to "guarantee" a bank account; banks open accounts themselves.
A basic account cannot have an overdraft; plan for rent and deposits accordingly.
Common mistakes
Opening an account before having a NIF and then having to update it. Assuming all banks accept every residence document; ask about yours first.
Tips
If you already have a current account, you can convert it into a basic banking services account free of charge. Keep the bank's standardised information sheet; it lists the fees that apply to your account.
Frequently asked questions
Editorial answers written by our team, based on the sources below.
Can I open a basic banking services account as a non-EU national?
The scheme is designed for people with the right to reside in the EU. The bank can close the account if you stop being a legal resident in the EU, so bring proof of your residence status.
How much does a basic account cost in 2026?
At most €5.37 a year in total for the included services (1% of the 2026 IAS). Some banks charge less.
Official links
In your plan
Open a Portuguese bank account Get your Portuguese tax number (NIF) Estimate your Lisbon budget, including move-in costs
Sources
Written and checked by HomiStart editorial against the official sources below. Next scheduled check: 6 Apr 2027.
- Banco de PortugalOfficial sourceServiços mínimos bancários (17.ª reedição, junho de 2026)
(Opens {{site}} in a new tab) Accessed 8 Oct 2026Services included, €5.37 annual cap in 2026, 10-day decision, closure rules.
- Autoridade Tributária e AduaneiraOfficial sourceNúmero de Identificação Fiscal para cidadãos estrangeiros – não residentes (folheto, julho 2025)
(Opens {{site}} in a new tab) Accessed 8 Oct 2026NIF described as essential for opening bank accounts.