Assistance with the opening of an account in Portugal

If you have recently decided to make Portugal your home, give legality to this status by opening a bank account in the country, hand in hand with Regulated United Europe. Portuguese legislation does not require opening an account for emigres, but it will ease paying taxes, working with Portuguese businesses, and speed up the procedure of a permanent residence permit. Read on to discover how opening a bank account in Portugal can be done with the help of Regulated United Europe.

With over 150 banks, Portugal offers international options, private locals, regionals, and online. Comparing the monthly service fees, the fee for using the debit card, and charges for using an ATM other than your bank’s branch is one of the most important things to do at the same time you consider your options. Make sure that your bank has either easy-to-reach ATMs or permits no-fee third-party withdrawals under advisement and regulation of Regulated United Europe.

Requirements for Account Opening

United Europe regulated can assist foreigners in opening an account in Portugal, both as a resident or a non-resident. Of course, the latter is more document-heavy and may entail a number of additional restrictions. In either case, step number one will be to get a Portuguese NIF number. You need the number when filing your taxes, creating phone contracts, and naturally, opening a bank account.

Documents Required for Opening an Account

For both the resident and non-resident accounts, collect the following documents:

• Valid photo ID – passport
• Proof of address – utility bill
• Proof of employment – Salary Statement or Employment Contract
• NIF number
• For a non-resident account, bring along the proof of your foreign address; consider bringing various documents under each category.

While most Portuguese banks are keen on opening an account personally, some allow online procedures, and Regulated United Europe can guide you through them. Some traditional banks will start the online registration but require a visit to a physical branch to finalize the registration. Fully online banks, for their part, offer more flexibility, including money transfer and deposit insurance, without necessarily going physically in person.

If you would like to open a bank account in Portugal, it will be a pleasure for us at Regulated United Europe to assist you, with eight years of great experience. By capitalizing on their extensive network of trusted partners in the European financial services industry, they provide appropriate and cost-effective solutions that enhance functionality for the businesses they serve.

What Type of Account Can I Open?

There are, in general, three basic types of bank accounts in traditional Portuguese banks. They are:

A current account is the most common bank account in Portugal. This account can be used to cover everyday purchases, ATM withdrawals, utility payments etc. Many banks have specialized current accounts for students and non-residents among others; all these accounts have their own advantages.

A savings account is an immediately accessible savings account. In this regard, a savings account comes in handy for those who might have a goal of saving some money while in Portugal. This account accrues higher interest, although it provides unlimited access to cash, should you need to withdraw anytime.

Term deposit accounts: this type of savings account is provided with higher interest rates, but with some limitations on the period that funds are to stay in an account.

Opening of Corporate Account in Portugal

Main Features:

• loyal bank rates;
• opening an account remotely is possible;
• providing services in English;
• modern, multifunctional Internet banking.

Documents required to open an account:

• Corporate documents of the company – all corporate documents, including the declaration of trust are to be apostilled and certified, documents should be translated into Portuguese;
• Full description of the business and intended activities, business plan in English;
• Forms to be signed and certified at the Consulate of Portugal;
• Passport, proof of residence, source of origin of funds, resume for the beneficiary.

What Do I Need to Open a Bank Account in Portugal?

Foreigners are allowed to open an account with Portuguese banks, both as a resident and as a non-resident. Non-resident accounts do require more documentation and may have a greater number of restrictions than does a resident account, but this is an option if you don’t already have an address in Portugal.

Whichever option you choose, your first step will be to get your Portuguese NIF number, or “Número de Identificação Fiscal”. Obtaining the NIF from the Portuguese tax authority is an essential step when moving to Portugal. You are going to need that number to pay your taxes, obtain a phone contract, and, of course, open a bank account. Take your passport and proof of address to the local tax office in order to get the NIF number.

What Documents Do I Need to Open an Account?

What documents do I need to open a bank account in Portugal? Gather the following documents:

• Valid photo ID – passport;
• Proof of address – utility bill;
• Proof of employment – salary statement or employment contract;
• Your NIF number.

If you are opening a non-resident bank account, bring in proof of your foreign address. When possible, it is always best to take a few different documents for each category with you, such as a utility bill and an official letter from a government agency.

Steps to follow in Opening of Bank Account in Portugal

Once you have selected a bank to use and have gathered the necessary documentation, the following process should be relatively easy: If you go for services offered by the traditional conventional bank, just visit the local branch with documents and a minimum cash deposit, if needed. Although many bank employees in Portugal speak English, you can take a Portuguese-speaking friend or translator with you, just in case. Alternatively, call ahead to make sure there is an English-speaking person on staff.

You will have to fill out some forms and make the minimum deposit requirement in case of your account. Most banks you will be able to walk out with your debit card in your hands; some will mail them to you.

Such a situation may result in certain cases of refusal if you can’t provide all the documentation, or the other case – you don’t fit the criteria of the bank. In this latter case, if it is a case of refusal, you call the bank asking how that can be sorted out. In case of an obstacle, the user might address his complaint to Banco de Portugal – a country’s central bank.

Is It Possible to Open an Online Bank Account in Portugal?

While some of them do allow online application, most Portuguese banks require you to apply in person to open a bank account. Some traditional banks may allow you to begin the process online but make you stop at a physical branch before finally opening an account.

With a fully online bank, you can even receive traditional banking services, such as the ability to transfer money and deposit insurance, without ever having to come physically to a regular bank. Online banking can offer greater flexibility in options to access your finances or talk to a customer service specialist from wherever you are.

If you are looking to open a bank account in Portugal, then our team here at Regulated United Europe will be able to assist you in doing so. With a near eight-year history of opening bank accounts across the continent for our clients, we have developed an extensive network of trusted partners throughout the European financial services industry. This enables us to provide the most fitting and cost-efficient solutions, thus enhancing the performance of the businesses we serve.