British citizens can open a bank account in Portugal, as a resident or non-resident.
You’ll need a Portuguese tax number (NIF) to open a bank account.
Banks will usually require proof of ID, address and employment.
If you’re thinking about making the move to Portugal, you’ll need to know how you’ll manage your finances there. We’ve written this guide for you to understand more about opening a bank account in Portugal as a British citizen.
Can a British citizen open a bank account in Portugal?
Yes, British citizens can open a bank account in Portugal. In fact, you can be a resident or non-resident to open an account in Portugal, though for the former there might be a few more restrictions.
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
When you first arrive in Portugal, you're going to need to transfer money from pounds into euros to get yourself set up. If you forgot to plan ahead and still need to open a local account, you could use a finance app like Revolut to help you manage your money. It allows you to transfer money around the world, so having a Revolut account in Portugal would make it easy to send money back home to the UK and vice versa. While you won't be able to do all your banking with it, just being able to take cash out at a decent exchange rate and pay using a debit card built for overseas spending is a good start when you first arrive.
Pros
Low overseas fees
Quick sign-up
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Linked 'Junior' account available for one child
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fees
£0
Overseas card transactions
0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up to £200 per month
The key requirements of opening a bank account in Portugal
To open a bank account in Portugal, you’ll need proof of identity, address and employment. You could use a passport to prove your identity, a utility bill or rental agreement to prove your address and a letter from your employer or pay slip to prove employment. If you’re applying as a non-resident, you’ll need to prove your address in the country you’re living in and there might be some additional documentation required, so check with the specific bank.
The other thing you’ll need to open an account is a Portuguese tax number (NIF). It’s possible to apply online, though it’ll be through a third-party agency and cost around €100. It’s free to apply in-person in Portugal and can be issued on the spot, so if you’re already in the country that’s one way to save you money.
You might have to deposit some money in an account when you open it, but every bank is different.
Popular banks in Portugal that you can open an account with
Below is a list of some of the most popular banks in Portugal:
Novo Banco
Caixa Geral de Depósitos (CGD)
Millennium BCP
Banco Santander
Atlantico Europa
ABanca
Credit Agricole
Banco Best
Activo Bank
Are there fees?
There are bank accounts in Portugal that charge no monthly fees, but they can be more basic and limited than other accounts. They’re also likely to have minimum transaction requirements to stay free. If you do opt for an account that charges a monthly fee, you could be looking at paying around €5–€10 a month.
Bottom line
Residents and non-residents can open bank accounts in Portugal. It’s usually quite straightforward to open an account online, so if you’re moving there then you could plan ahead. You’ll need to have an NIF to open any account, but they’re easy enough to get.
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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money. See full bio
Taking a travel card is less stressful than taking a regular bank card and there’s also savings to be had. Find out if a prepaid travel card is right for you before booking your trip abroad.
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