Opening a Portuguese bank account

To open an account with any physical bank, you will need to visit a local branch with the following required documents (Please keep in mind that specific document requirements may differ slightly for each bank):

For EU citizens

  • Proof of identity
  • Portuguese NIF number
  • Evidence of your home country income tax number (most recent tax return)
  • Proof of address (municipal/utility bill, bank statement or an official document issued by a local or national governing body that is not older than three months) 
  • Proof of employment (your last three months of payslips or a contract of employment / proof of retirement/proof of position in business, issued on a formal company letterhead confirming salary and tenure (not older than three months))
  • Evidence of identity (social security number, national insurance number or National Identity Card)

For non-EU citizens

  • Identity document (passport and any other documentation proving identity with a colour photo)
  • Portuguese NIF number
  • Evidence of your home country income tax number (most recent tax return)
  • Proof of your home address from your country of origin (municipal/utility bill, bank statement or an official document issued by a local or national governing body that is not older than three months)
  • Proof of employment (last three months of payslips or a contract of employment / proof of retirement / proof of position in business, issued on a formal company letterhead confirming salary and tenure (not older than three months))
  • Evidence of a social security number or national insurance number

Opening a bank account with Millennium BCP

Millennium BCP is the largest private bank in Portugal. Both residents and expats can open an account with them. 

As part of your Portugal relocation service, we will introduce to our affiliate at Millennium BCP. From there, the on the ground team can open your bank account prior to your arrival in Portugal. This allows you to make any necessary money transfers before you have even left the country.

We highly recommend opening a Millennium BCP Prestige account, which has minimal monthly account fees, debit card and credit card options, internet banking, and access to a custom manager – a reliable and dedicated professional who is Portuguese and English speaking and available around the clock. Millennium BCP also boasts many partners and representation offices around the world, including offices across the USA, South America, Europe and in key destinations such as London and Johannesburg.

A bank account with Millennium can be opened in one of three ways:

  1. At a Millennium BCP branch in Portugal
  2. At the Millennium BCP representative office in Bruma, Johannesburg
  3. Completely remotely from any location outside of Portugal and Johannesburg

Document requirements for a Millennium BCP bank account:

  • A valid passport (for non-EU nationals)
  • Portuguese NIF number*
  • Proof of physical address – a PO Box address will not be accepted. The proof of address should not be older than three months and should be in the form of a municipal bill, utility bill, bank statement or an official document issued by a local or national governing body
  • Evidence of your home country income tax number (most recent tax return)
  • Proof of employment (last three months of payslips or a contract of employment / proof of retirement / proof of position in business, issued on a formal company letterhead confirming salary and tenure (not older than three months))
  • Email address and contact telephone number
  • Confirmation of marital status and marital regime (community of property/antenuptial contract)
  • Confirmation of tertiary and professional qualifications
  • Confirmation of the full names of your parents

* If you have not already been issued with a NIF number by the Tax Office, Millennium BCP will still be able to proceed as they will organise for you to be issued with a temporary NIF number to facilitate the opening of your account. This temporary number can only be used for this purpose and will need to be deactivated by the Tax Office prior to you being issued with your permanent NIF number.

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