Banking & money in Portugal
From opening your first account to moving money internationally without losing a fortune on fees — here’s how banking works for newcomers to Portugal.
Opening a bank account
You’ll need a NIF, ID, proof of address and sometimes proof of income. Traditional banks and digital EMIs both serve expats.
Traditional banks vs digital EMIs
Traditional banks offer full services and mortgages; digital options are faster to open and great for day-to-day spending and transfers.
Moving money internationally
Use a specialist transfer service rather than your home bank to avoid poor exchange rates on larger transfers.
Frequently asked questions
Can I open a Portuguese bank account before I arrive?
Often yes — several banks and EMIs allow remote or assisted opening once you have a NIF.
Do I need a NIF to open a bank account?
Yes, in almost all cases. Get your NIF first, then open your account.
The complete Portugal relocation checklist
Every step, document and deadline — from NIF to residency — in one printable guide.
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