How to Open a Bank Account in Portugal

If you’re thinking about buying a home in Portugal, one of the first things you’ll need to do is open a Portuguese bank account. It’s a simple but very important step that makes everything else—like paying for your new home or setting up utilities—much easier.

If you’re new to the idea of buying abroad, you might want to start with this complete guide for Canadians buying property in Portugal. It explains each step in the process and what to expect when you begin your search.

Why You Need a Bank Account in Portugal

In Portugal, most payments related to buying a home must be made through a local bank account. You’ll need one to:

• Pay the deposit or purchase price of your new home

• Pay property taxes and legal fees

• Set up water, electricity, and internet

• Receive rental income if you plan to rent out your property

Having a Portuguese bank account also helps you avoid extra international transfer fees and long waiting times. When you have an account in euros, payments are faster, and you’ll get better exchange rates than if you send money from Canada every time.

Many buyers also find it helpful for everyday things, like paying for renovations or insurance, and it can make your life easier once you spend more time in Portugal.

If you’re wondering what life in Portugal feels like for Canadians making the move, take a look at A Canadian in Portugal: Diary Entry 01 — a great personal story that walks through the first steps of settling in.

What You Need to Open a Portuguese Bank Account

Most banks in Portugal will ask for a few important documents:

• Your passport or photo ID

• Your NIF number (this is your Portuguese tax number—you can get it through a lawyer or accountant)

• Proof of address, either in Portugal or in Canada

• Proof of income, such as a job letter, pension, or investment statement

If you’re not living in Portugal yet, that’s okay. Many banks let you open an account remotely with the help of your lawyer or a bank representative. Some even have English-speaking staff who work with international buyers every day.

Choosing the Right Bank

Portugal has many well-known banks that work with both local and foreign clients. Some of the most popular options include:

• Millennium BCP

• Santander Portugal

• Novo Banco

• Caixa Geral de Depósitos

Before you choose, it’s a good idea to compare:

• Banking fees and transfer costs

• English-language support

• How easy it is to use their online banking and apps

• Whether they have experience with Canadians or non-residents

Many Canadian buyers prefer banks that offer strong online banking, since they’ll be managing their accounts from overseas at first.

If you’re still deciding where to buy, you may want to read about the best areas in Portugal for Canadian buyers. It can help you choose a location before setting up your local banking.

Helpful Tips for Canadians

Here are a few things to know before you start:

• You’ll need a Portuguese phone number for most online banking apps, but your lawyer or agent can help set this up.

• Some banks require a minimum deposit, often around €250 to €500.

• If you’re transferring money from Canada, use a foreign exchange company (like Wise or your bank’s FX service) to save on transfer fees.

• It’s okay to have more than one account. Some people open a second one later for property expenses or rental income.

Fun fact: In Portugal, most people pay bills through “Multibanco,” an ATM network that lets you pay everything from taxes to phone bills. Once your account is active, you can use this system easily, even as a foreigner.

Making the Process Simple

Opening a bank account in Portugal might sound like a big task, but it’s really quite easy once you have your NIF and paperwork ready.

If you already have a lawyer or real estate agent helping you, they can guide you through the process or even help open the account for you. Once your account is ready, you’ll be able to transfer funds safely and move forward with buying your new home in Portugal.

If you’re still learning about the benefits of investing abroad, check out Why Invest in Portugal — it explains why so many Canadians are choosing Portugal for lifestyle and long-term property value.

Key Takeaways

• You need a Portuguese bank account to buy or manage property in Portugal.

• Have your passport, NIF, proof of address, and income ready before applying.

• You can open an account even if you’re still living in Canada.

• Compare banks for fees, language support, and online tools before choosing.

• A local account makes paying bills, taxes, and fees faster and cheaper.

Frequently Asked Questions About Opening a Bank Account in Portugal

Can I open a Portuguese bank account from Canada?

Yes, many banks in Portugal let you open an account from Canada before you move. You can usually do this through your lawyer, real estate agent, or by contacting the bank directly online. Some banks have English-speaking staff who work with international clients every day, so the process is simple even from abroad.

Do I need a NIF number before I open a bank account?

Yes. The NIF number is your Portuguese tax identification number, and you’ll need it to open a bank account. You can get a NIF with help from a lawyer or accountant in Portugal, and sometimes they can apply for it on your behalf before you arrive.

What documents do I need to open a bank account in Portugal?

Most banks will ask for a few key documents: your passport or photo ID, your NIF number, proof of address (in Portugal or abroad), and proof of income such as a job letter, pension, or investment statement. It’s best to have digital copies ready before you start the process.

Can foreigners or Canadians open a bank account in Portugal?

Yes. Canadians and other foreigners can open accounts with no problem. Many Portuguese banks are used to working with international clients and offer services in English. You don’t need to be a resident to open a basic account, though you may have to show proof of your plans in Portugal, such as buying property or moving there.

Is it safe to open a bank account in Portugal?

Yes. Portugal’s banking system is safe and well-regulated by the Bank of Portugal and the European Central Bank. Major banks like Millennium BCP, Santander, Novo Banco, and Caixa Geral de Depósitos follow strict European financial laws.

How long does it take to open a Portuguese bank account?

If you have your NIF number and all your documents ready, it can take as little as one or two business days. If you’re opening an account remotely, it may take a little longer depending on the bank’s verification process.

Do I need to deposit money right away?

Most banks require a small first deposit when you open your account. This amount can vary, but it’s often between €250 and €500. You can transfer this from your Canadian bank once your Portuguese account is active.

Can I use online banking in English?

Yes. Most major banks in Portugal offer online and mobile banking in English. Before choosing a bank, check that their app and website have full English-language options—it makes managing your account from Canada or abroad much easier.

What is “Multibanco” and will I use it?

Multibanco is Portugal’s national ATM and payment network. It’s one of the most advanced systems in Europe. Once your bank account is active, you can use Multibanco machines to pay bills, taxes, and even buy event tickets. You’ll use it often, whether you’re living in Portugal full-time or visiting.