How to Open a Bank Account in Portuguese for a D7 VISA

One question on your mind might be how to open a bank account in Portuguese for a D7 visa. The D7 visa is one of the popular options for moving to Portugal without making massive investments. This is the visa that only requires you to receive passive income that is at Portugal’s minimum wage. 

Opening a bank account is critical to reside and establish yourself in Portugal. No matter the visa type you want to apply for, you’ll need a bank account as a non-resident in Portugal. This bank account handles your finances, receives payments, or conducts various transactions.

This guide will provide every important detail on how to open a bank account in Portuguese for a d7 visa.

Two ways to open Portuguese bank accounts

Generally, there are two ways to open a Portuguese bank account. You may either open a bank account online from abroad or in person at a bank in Portugal. 

1. Open a bank account with an international bank with branches in your country and Portugal.

This usually only requires creating an account naturally in your country before moving and then updating your account address after you move. That said, not all countries are allowed to use this route. Most banks from China, Angola, Brazil, and other countries fit this picture. 

2. Open an account with a Portuguese bank with a branch in another country:

Some national banks in Portugal also have branches in other countries. A good example is Millennium BCP, which has a branch in London. 

3. Use an online service to open a bank account:

It’s only possible to open a Portuguese bank account online when you are already a resident of Portugal. People who are residents and eligible would generally do this by using a lawyer or online relocation company like Bordr or NovoMove. 

4. Choose a bank account in person at a Portuguese bank:

Non-residents can open a Portuguese bank account by visiting the branch directly. Still, the process needs to be more straightforward. You may have to visit multiple banks before choosing the best bank for yourself. Alternatively, non-residents can still use a relocation company like Anchorless, NovoMove, or Bordr to open their bank accounts. Bank accounts regularly take as much as 3 to 4 weeks. You must pay €300-€350 to use any services. 

Moving to Portugal before opening a bank account 

It’s possible to move to Portugal before opening a Portuguese bank account. This works if you already have an international bank card like Visa or Mastercard. However, this option may mean higher fees and challenges, including transfer delays, interest rates, foreign exchanges, and more. You may also need help paying for goods with your card at local shops and restaurants. 

You should get a Portuguese bank account as quickly as possible or before moving there. That way, you can make it easier and cost-effective. 

Step-by-step: How to open a bank account in Portuguese for a D7 visa

Step 1: Getting the NIF number

Before applying to get your bank account, you need to get a Portuguese Tax identification number. This is otherwise known as Numero de Identificacao Fiscal or NIF. This number is essential for all kinds of financial activity. It’s your first step before you can rent or buy real estate and then open a bank account in Portugal. 

In the future, the NIF will be valid for many things, from browsing the internet to making a doctor’s appointment. EU citizens can quickly apply and get the NIF. But if you are a non-EU citizen, you need to go through a Tax representative in Portugal. By doing this, you won’t have to be in Portugal. 

Step 2: Gather your documents

Now, you can open a bank account using the taxpayer number and your international passport. You’ll also have to provide documents confirming the legal origins of your finances. Hence, the following documents will be necessary to open your Portuguese bank account:

• Portugal NIF document 
• Valid passport
• Proof of address in your country of residence: This would be a recent utility bill or letter you’ve received in the previous three months in your name with an address clearly stated. If you open an account at a Portuguese bank in person, this address must be your new one there. If you’re opening one from your country of residence, you also need proof of your foreign address.
• Proof of employment (not required if you’re retired): if work is in the picture, you must submit your recent employment letter or evidence of registration with the Portuguese employment center. If you’re not using employment, you will need a pension slip for pensioners or a tax return if you are self-employed. 
• Portuguese mobile phone number: Some banks may ask you for a Portuguese mobile phone number. This is only sometimes required at the beginning. But once you begin using online banking, you will need one for login codes. Using international and/or virtual numbers like Google Voice is also possible. As long as that phone number can receive SMS, you can use it to open your account. 
• Initial deposit: Next, you’ll need to make a bank deposit of about €250

That said, you can always change the official address on your account later, but it must be done in person. 

Step 3: Choose the bank you want

As said earlier, you can use a relocation company or go to the bank directly as a non-resident. If you do it alone, you may visit multiple banks before choosing. Nevertheless, Portugal boasts over 150 banks in the country, including private national banks, savings banks, public retail banks, investment banks, international banks, and regional cooperative banks. 

It would help if you considered a few things to choose a bank in Portugal. First is the location. It’s best to pick a bank with a branch at your destination. Also, check what kind of banking services they offer, such as savings accounts, mortgages, health insurance, etc. 

List of some banks in Portugal

To get started on your search, here are some banks you can consider: 

Caixa Geral de Depósitos(CGD)

This is the largest bank in Portugal, with headquarters in Porto. The Spanish company, CaixaBank, also operates this bank. Their services include corporate banking, private banking, retail banking, and insurance. CGD has branches in 23 countries, including Mexico, China, India, the UK, Brazil, and Canada.

Novo Banco

NovoBanco is one of the largest banks in Portugal. They have branches all over mainland Portugal, but there needs to be a branch in the Azores. This bank also offers savings accounts, mortgages, insurance, and more services. NovoBanco also provides online banking and apps that you can use. 

Millennium BCP

Millennium has more branches across Portugal than NovoBanco. You’ll also find their branches in the Azores. They are headquartered in Porto and have over 458 branches all over. Like NovoBanco, they offer savings accounts, mortgages, and insurance alongside online banking apps and platforms. Furthermore, Millennium BCP has a branch in London. Hence, UK residents may open an account without visiting Portugal. You may also find Millennium BCP in countries such as Poland, Angola, Switzerland, Mozambique, and France. 

Banco Atlantico Europa

Banco Atlantico is a Portuguese bank headquartered in Lisbon and has branches in other Portuguese cities. They offer services such as savings accounts, investment solutions, and more. 

Banco Santander Totta

Banco Santander Totta is a Portuguese subsidiary of the Spanish banking group Banco Santander. The bank is headquartered in Lisbon and has over 400 branches across Portugal. Some of their services include loans, savings accounts, investment funds, and corporate accounts. 

Other Indigenous banks with a decent amount of branches across Portugal include:

• Banco Montepio
• Banco BPI
• Activo Bank

If you wish to use an international bank, you can benefit from any of these:

• Barclays
• Atlantico Europa
• Abanca
• Banco do Brasil
• Euro Bic
• BNP Paribas
• Deutsche Bank
• BBVA
• Credit Agricole
• Citibank
• ING Bank

Step 4: Pay attention to the bank charges before selecting your Portuguese bank account 

It’s about more than how to open a bank account in Portuguese for a D7 visa. Banking in Portugal can be more costly than in many other countries. We also recommend asking questions about additional costs such as maintenance charges and internet transfer fees. 

Keep in mind that many banks in Portugal charge a monthly fee. You must still figure out how much you’ll use your Portuguese bank account. We recommend you ask for the basic bank account or conta de servicos minimos bancarios. This bank account provides a debit card, direct debit, and online banking. Its annual fees are also about €5-7 and will keep your costs down. 

However, using your bank account for regular activities like ATM withdrawals, transfers in the eurozone, or cards used for POS is free of charge.

The bank charges you need to consider include:

• Monthly maintenance – €5-7 plus stamp duty.
• Overdrafts and credit cards – €15-50 per year
• International money transfers (less than €50,000) – €15

Step 5: Make your minimum deposit 

Because you’ve set your sights on applying for the D7 visa account, you must also pay in your proof of funds. For D7 visa applications, you should place about €9,120 (required minimum passive income for 12 months) for singles and € 13,680 (applicant + dependent) for couples.

Remember, as of 2023, the minimum passive-derived income must equal 100% of the Portuguese minimum wage, which is presently €760. Dependents must have 50% of the Portuguese minimum wage, which is €4, 560 for 12 months. You won’t be able to withdraw this money during your application period. It’s your proof that you are capable of taking care of yourself.

More tips to open a bank account in Portugal

Always ask questions and learn basic Portuguese.

Although most banks have English-speaking staff, knowing basic Portuguese can help improve communication and rapport. This will ensure you ask the right questions about fees, services, and account terms that apply to you. Understanding those details helps you to make informed decisions.

Consider using online wallets for international transfers.

Portuguese banks charge a fee for sending money abroad. There are no transfer size restrictions. But suppose you wish to send more than €50,000. In that case, you must inform the Portuguese central bank, Banco de Portugal. Alternatively, foreigners in Portugal use wallets like CurrencyFair, Remitly, Moneycorp, and Wise for international transfers.

Be patient!

One of the most fascinating things about Portugal is its painstaking bureaucracy. It will take you much longer than expected to open or update your bank account. We recommend booking an appointment ahead and arriving as early as possible. And remember to take your time and compare options before choosing a Portuguese bank that meets your needs and situation. 

The bottom line 

Now that you know how to open a bank account in Portuguese for a D7 visa, you can take steps to get one. Having a Portuguese bank account is critical for your D7 visa application. By following these steps, you can navigate the process smoothly and confidently. With a Portuguese bank account, you can simplify your finances, embrace your new life in Portugal, and confidently embark on your D7 visa journey.”