Opening a local bank account in Portugal can save you time, money, and a lot of confusion. Whether you need to pay rent, register your kids for school lunches, or use MBWay for everyday purchases, having a Portuguese account makes daily life smoother.
At a Glance: Opening a Bank Account in Portugal
| Typical Cost | €250–€300 initial deposit (varies by bank) |
| Timeline | Same day to 1 week, depending on the bank and completeness of documents |
| Apply from Abroad? | Possible with some banks or relocation services |
| Required Documents | Passport or EU ID, NIF, Proof of address, Portuguese phone number, POA (for relocation services) |
Best banks for expat families: Our real experience
ActivoBank
✅ Great for digital banking, low fees, fast setup
Millennium BCP
✅ English-speaking staff, wide branch network
Caixa Geral de Depósitos
✅ Traditional but trustworthy. The staff speak limited English, but we had only good experiences.
Banco CTT
⚠️ Low requirements, but inconsistent service — wasn’t ideal for us.
How to open your account: Step-by-step
Get your NIF
Apply in person or via a relocation service.
👉 Read our full guide to getting a NIF in Portugal
Gather your documents
Make sure all are recent. Each bank may have small variations — double-check before you go.
Choose your bank
Compare fees, support in English, and digital tools.
Apply
Some banks like ActivoBank allow online applications; others require a visit.
Make the initial deposit
€250–€300, depending on the bank.
Do children need their own bank account?
Short answer: No.
Many relocation services will try to upsell this — but there’s no real reason a child needs a bank account in Portugal.
If your child wants to make purchases, Revolut Junior or similar services work perfectly. That’s what we plan to use when our son becomes more independent.
Can you open an account remotely?
Yes, in theory. But in practice?
- Most banks offering remote setup have poor reviews
- For visa purposes, it may be smarter to go through a trusted relocation agency
- For peace of mind, we recommend sticking with big Portuguese banks
Pro Tips
- Choose a bank with solid app support (MBWay compatibility is essential)
- Don’t be fooled by ease of opening — prioritize long-term service quality
- Open just one account per family to begin with
- Prefer established Portuguese banks for peace of mind
❓ Frequently Asked Questions (FAQ)
Can I open a Portuguese bank account without a NIF?
No — the NIF (Portuguese Tax Number) is mandatory for opening a bank account in Portugal.
What’s the easiest bank to open an account with as a foreigner?
ActivoBank is very popular among expats because of its low fees and digital setup.
Personally, I started with Banco CTT, but I’m planning to switch to Caixa. My reason? Customer service — it was disappointing at Banco CTT, even though they have low entry requirements.
Do I need to be physically in Portugal to open an account?
Not always. Some banks and agencies offer remote setup, but results vary. For peace of mind, opening the account in person is best.
Is Revolut enough for daily life in Portugal?
It’s fine for casual spending, but not accepted for rent, school payments, or MBWay. A local bank account is highly recommended for long-term living.
Take the Next Step
Opening a bank account is a simple but important move toward feeling at home in Portugal. If you come prepared, the process is smooth — and even pleasant.
📘 Want more help with your move?
Download our full family relocation guide
