Banks

According to the answers to our questionnaire, only 7% of the respondents considered it difficult to open an account in Lisbon. The majority of people who claimed that it was not easy said that a lot of documents were requested, here are some tips to easily process with your bank account.

Using your bank account in Portugal without fees

Depending on your bank, you can use some accounts and credit/debit cards in Europe without fees. We advise you to check with your bank first, so you might not have to create a new account.

Choosing a Bank in Lisbon

According to the questionnaire, the most used bank by Lisbon residents is Activo Bank, since it’s free of charge and you need only a few documents to open it.
NIF, residence declaration are required. 

Some popular banks in Lisbon where you can open an account include:

• Caixa Geral de Depósitos (CGD): One of the largest and most reputable banks in Portugal.
• Banco Santander Totta: A well-known international bank with a strong presence in Portugal.
• Millennium BCP: Another popular choice with good options for expats.
• Novo Banco: Known for competitive offerings, particularly for digital banking services.
• Banco BPI: Offers a wide range of services and branches across Portugal.

Types of Accounts

Most banks offer the following types of accounts for personal use:

• Current Account (Conta à Ordem): Most common type of account for daily banking, receiving payments, and making withdrawals.
• Savings Account (Conta Poupança): Ideal for saving money with interest.

If you’re looking for more flexible options, some banks also offer online accounts that can be managed via apps and websites.

Documents Needed

To open a bank account in Portugal, you will typically need the following documents:

• Proof of identity: A passport, residence card, or national ID (if you’re from the EU) is usually required.
• Proof of address: A utility bill, rental agreement, or any official document showing your name and address in Portugal.
• Taxpayer number (NIF): This is essential to open an account and can be obtained at the Portuguese tax office (Autoridade Tributária).
• Proof of income/employment (optional): Some banks may ask for proof of income or employment, especially for more specialized accounts or loans.
• Portuguese mobile number: This may be required for online banking services.

Fees

The fees can vary widely depending on the bank and type of account. Here’s a general breakdown of what to expect:

• Account maintenance fees: These can range from €0 to €5 per month for basic accounts. Premium accounts or accounts with added benefits (e.g., higher withdrawal limits, access to better credit services) may charge higher fees.
• ATM withdrawal fees: Domestic withdrawals from the bank’s own ATMs are often free, but withdrawing from other banks’ ATMs can incur a fee of around €1 to €2 per transaction.
• International transactions: For transfers outside of Portugal, fees can range from €5 to €15 or more, depending on the service provider.
• Debit/credit card fees: Cards are typically issued for free with the account, but some banks charge fees for additional services or cards, around €10 to €20 per year.

Some banks may waive monthly fees if you maintain a minimum balance or use your account regularly.

Online Banking Options

Portugal has a strong digital banking system, and many banks offer online account management via apps and websites. Some digital banks, like Revolut, Wise or N26, are also available for expats and allow you to manage accounts easily without having to visit physical branches.

Opening the Account

While you can open an account at a branch, most banks also allow you to open accounts online, especially if you’re a resident. You may need to schedule an appointment to meet with a bank representative in person to finalize the process, especially if you’re a foreigner without a Portuguese address history.

Banking Hours and Language

• Most banks in Lisbon operate from 9:00 AM to 3:00 PM on weekdays. Some may close for lunch between 12:30 PM and 2:00 PM.
• While Portuguese is the official language, most bank staff will speak English, especially in Lisbon and other large cities, so language shouldn’t be a major barrier.

Tips:

• Compare options: Take the time to compare different banks and account types to find the one that best suits your needs.
• Ask about student accounts: If you’re a student, some banks offer student accounts with lower fees or benefits like free cards or ATM withdrawals.
• Consider a mobile bank: If you don’t need to visit the branch often, a mobile-first bank like N26 or Revolut can be an easy and cost-effective option.