Why open a bank acount in Portugal ?
Opening a bank account in Portugal can be beneficial for several reasons.
- Firstly, having a Portuguese bank account can make it easier to pay bills, rent, and other expenses locally.
- Secondly, it can help you avoid high currency exchange fees when transferring money from your home country to Portugal.
- Thirdly, it can be useful when applying for a mortgage or other loan to buy a property in Portugal.
- Fourthly, it can help you build a credit history in Portugal, which may be helpful if you plan to live or work in Portugal long term.
Additionally, some Portuguese banks offer attractive interest rates on savings accounts and other financial products, which can be beneficial for your financial planning.
How to chose the best Portuguese bank ?
To choose the best Portuguese bank for your needs, consider several factors.
You must look for a bank that is secure, reliable, and has a good reputation. After that, in Easy Relocate, we recommend to consider the products and services offered by the bank, such as online banking, mobile apps, and ATM locations.
It's also well to check the fees and charges associated with maintaining the account, including ATM withdrawal fees, international transfer fees, and monthly account fees .
Finally, you should consider the network size of the bank, as larger banks may have more branches and ATMs available nationwide.
Additionally, language barriers may be a concern, so look for banks that offer their services in multiple languages, including English or French. Lastly, consider the customer service provided by the bank, as it can be helpful to have a bank that is easy to deal with and provides good customer support.
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How to open a bank account in Portugal ?
If you're an expat living or working in Portugal, opening a bank account can make your life much easier.
To open a bank account in Portugal, you'll need to provide proof of ID, tax number and card, residency card, and proof of address.
The minimum deposit to activate the account is usually around 250,00€ , and many banks offer online banking options, with some even providing their website in English. Types of accounts available include current accounts, instant-access savings accounts, and time-deposit accounts.
However, before choosing a bank, it's important to consider the fees and charges associated with maintaining the account and ATM operations, as they can vary from bank to bank.
Opening a Portuguese bank account is not a legal requirement, but it can be beneficial for expats settling down in Portugal.
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In conclusion
- An identity card or passport
- Proof of address (water, electricity, gas or telephone bill)
- The NIF (tax identification number or taxpayer's number) obtained at the administrative service of the Financias
- The Certificado do Registo de Cidadão da União Europeia, more commonly known as CRUE, is one of the most important official documents to have as an expatriate in Portugal.
- Proof of your situation (work contract, company certificate, student certificate or unemployment certificate obtained from the Employment Center)
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