bank account opening process

Choose a Bank: Portugal has several banks, including both domestic and international ones. Some of the popular banks in Portugal are Caixa Geral de Depósitos, Millennium bcp, Novo Banco, Santander, BPI, and CGD (Caixa Geral de Depósitos). Research their offerings, fees, and locations to choose the one that suits your needs. DRP Advisers can help you with that.

Required Documents: When opening a bank account in Portugal, you will typically need to provide the following documents:
- Valid passport or identity card
- Proof of address (utility bill, rental agreement, or similar document)
- Tax identification number (NIF - Número de Identificação Fiscal)
- Proof of income or employment status
- Residency Status: Your ability to open a bank account may depend on your residency status. Some banks may offer accounts for non-residents, while others may require you to be a resident in Portugal.

Online Banking: Many Portuguese banks offer online banking services that allow you to open and manage your account without visiting a physical branch. You can apply online and provide scanned copies of the required documents.

Visit a Branch: If you prefer in-person service or your bank requires it, visit a local branch with your documents. The bank staff will assist you in completing the account opening process.

Choose Account Type: There are various types of accounts available in Portugal, including savings accounts, checking accounts, and time deposit accounts. Select the one that meets your financial needs.

Initial Deposit: Be prepared to make an initial deposit when opening your account. The minimum deposit requirement can vary from bank to bank.

Fees and Services: Review the fees associated with the account, including monthly maintenance fees, ATM fees, and transaction charges. Choose an account with fees that align with your banking habits.

Manage Your Account: Once your account is open, you can manage it through online banking or by visiting the bank's branches and ATMs.

Pay taxes easily

A bank statement is sufficient documentation for a tax agent when you need to show them your final address in the country where you reside in order to pay your taxes. This agent, who is responsible for paying the tax, must be a Portuguese national.

DRP Advisers can help you open a bank account and pay taxes in Portugal. We assist you in determining the best bank for you, taking into account online banking options, foreign banking services, and fee-free bank accounts.

Access Consumer Loans

Create a consumer credit account in order to borrow money for specific expenses. To obtain a loan, you must carefully evaluate the product's qualities. The Central Credit Register contains information about the loans for which you are liable.

Consult our DRP consultants about the TIN you should use. Open an account easily with our preferred bank. Obtain installment loans and make regular, low-interest payments.

Access Low interest mortgage

It's an excellent time to obtain a mortgage loan for your purchase because banks are resuming lending as a result of the economic recovery and the strong real estate market. A mortgage loan also provides you with certain benefits.

A mortgage loan also provides you with certain benefits.
  • Getting Mortgages at incredibly low interest rates.
  • Obtaining a mortgage from a Portuguese bank for non-resident   foreigners.
  • Renting out a property purchased on credit as is not prohibited.

Enjoy Good banking Security

The Multibanco system, a sophisticated banking system that allows you to conduct multiple transactions through your accounts, is linked to the major banks in the country. You can use the location services provided by MasterCard, Visa, and American Express to find the nearest ATMs in Portugal.

ATM advisors at DRP in Portugal can help you with a variety of tasks, such as paying bills on a regular basis, recharging mobile devices, purchasing banknotes, completing bank transfers, paying taxes and social security contributions, and more.

Get quality brokerage services

Your investments are actively managed to ensure the highest possible return. With a Portuguese bank account, you can create a flexible investing strategy that meets your objectives and preferences. You can choose to be more involved in daily decisions or have your account managed by an investment manager.

Shop online

Make online payments at reputable retailers using your checking account. A prepaid debit card is more expensive and less practical than a checking account. It eliminates the hassle and high cost of obtaining a card.

Get a bank account in Portugal with DRP