A Portuguese bank account makes life much easier. Most employers pay salaries by bank transfer. Landlords, phone companies and utility companies usually want a Portuguese IBAN. Finanças also sends tax refunds to your bank account. This guide explains how to open a bank account in Portugal: which documents you need, how to choose a bank and how to use the low-cost basic account called conta de serviços mínimos bancários.
Why you need a Portuguese account
- To receive your salary.
- To pay rent, electricity, water, internet and phone bills by direct debit.
- To receive IRS tax refunds and social security payments.
- To use MB WAY and Multibanco, the payment systems used everywhere in Portugal.
- To build a financial history, which helps later if you want to rent a flat or ask for credit.
Documents you need
The Bank of Portugal (Banco de Portugal) sets out the information banks must collect when you open an account. You must give your identification details and documents that prove them. In practice, bring:
- A valid identity document with photo and signature. For immigrants this is usually your passport or your Portuguese residence permit (autorização de residência).
- Your NIF, the Portuguese tax number (or an equivalent foreign tax number). Most banks in Portugal will ask for a Portuguese NIF.
- Proof of address, such as a rental contract, a utility bill or another official document with your address. Banks ask for your permanent address and your tax address if it is different.
- Proof of profession and employer, if you have a job. A work contract, a recent payslip or a letter from your employer usually works.
Banks must also follow anti-money-laundering rules. Because of this, they may ask more questions, for example about where your money comes from or why you want the account. This is normal. Answer honestly and bring extra documents if you have them.
Tip: Some banks are stricter with people who do not yet have a residence permit or who only have a foreign address. If one bank refuses, try another branch or another bank.
Which bank should I choose?
Portugal has many banks. Well-known ones include Caixa Geral de Depósitos (the state-owned bank), Millennium bcp, Santander, Novo Banco, BPI and Crédito Agrícola. There are also banks that work mostly online or through an app.
Before you choose, compare:
- Monthly fees (comissão de manutenção). Many standard accounts charge a monthly fee. Some banks remove it if your salary is paid into the account.
- Card fees for the debit card.
- Transfer costs, especially for sending money abroad.
- Branch locations near your home or work.
- Language. Some branches and apps can help in English.
The Bank of Portugal has a free fee comparison tool (Comparador de comissões) on its Bank Customer Portal. Before you open an account, the bank must give you standard information documents, including a fee information document. Ask for them and read them.
The basic minimum services account
Portugal has a special low-cost account called the conta de serviços mínimos bancários (minimum banking services account). It is set by law (Decree-Law 27-C/2000) and supervised by the Bank of Portugal. It can be a very good option if you only need the basics.
What it includes
- opening and keeping a current account;
- a debit card;
- using the account at the branch, through online banking and at ATMs in the European Union;
- deposits, withdrawals, payments for goods and services and direct debits;
- transfers inside the same bank;
- up to 48 transfers per year to other banks (in Portugal or the EU) through online banking or the bank’s app;
- up to 5 transfers per month, each up to €30, through payment apps run by third parties (for example MB WAY).
How much it costs
The yearly fees for these services cannot be more than 1% of the Social Support Index (IAS). In 2026, that is €5.37 per year, according to the Bank of Portugal. Extra products or services outside this list are charged at the bank’s normal prices.
Who can open one
- You must not have another current account (conta de depósito à ordem) at any bank. There are some exceptions, for example for accounts shared with a person over 65 or with a high level of disability, and for people whose account is being closed by the bank.
- If you already have a normal account, you can convert it into a minimum services account for free, or close it and open one at another bank.
- You must sign a declaration saying that you have no other current account.
According to the Bank of Portugal, a bank can close this account (with 60 days’ notice) if, for example, the holder stops being a legal resident in the European Union. So a valid residence status matters.
What the bank cannot do
- It cannot make you deposit a minimum amount to open the account.
- It cannot force you to buy other products, such as insurance or a credit card.
- It must answer your complete request within 10 days.
- If it refuses, it must tell you in writing, explain why and tell you how to complain.
To keep the account, you must make at least one operation every 24 months.
How to ask for it
Go to any bank branch and say clearly: “Quero abrir uma conta de serviços mínimos bancários.” (“I want to open a minimum banking services account.”) Banks must show a poster about this account in their branches. The account documents should clearly say “Serviços mínimos bancários”.
If the bank refuses or treats you unfairly
- Ask for the reason in writing.
- Write a complaint in the bank’s complaints book (livro de reclamações), available on paper and online.
- Complain to the Bank of Portugal through the Bank Customer Portal.
- Use alternative dispute resolution services. The bank must tell you which ones are available.
Stay safe with your account
- Never lend or rent your account to anyone. Criminals sometimes pay people to receive and forward money. This is illegal, and you can get into serious trouble.
- Never share codes that the bank sends by SMS. Banks do not ask for them by phone.
- Be careful with messages that say your account is blocked and ask you to click a link.
Quick checklist
- Passport or residence permit.
- NIF.
- Proof of address.
- Work contract or payslip, if you work.
- Compare fees, or ask for the minimum services account (maximum €5.37 per year in 2026).
Official sources
- Banco de Portugal – Minimum banking services brochure, January 2026 (PDF)
- Banco de Portugal – Bank Customer Portal: minimum banking services
- Banco de Portugal – Opening a current account
- Banco de Portugal – Fee comparison tool
- Diário da República – Portaria 480-A/2025/1 (IAS value for 2026)
This guide is general information, not legal advice. Rules change often; check with the official body before acting. Last updated: 28 September 2026.
.jpg){kind=link}