How to Open a Bank Account in Portugal

If you are moving to portugal, make it official by opening a bank account in the country. Although expats are not legally required to have.A portuguese bank account, having one will make it easier for you to pay taxes. Earn your payroll if you work for a portuguese company, and establish your permanent residence. Although the process may seem somewhat complicated if you have just arrived there. We will explain how to open a bank account in portugal properly. And what you need to know before doing so.

Fundamentals of portuguese banking

Portugal is home to more than 150 banks, including international banks. National private banks, regional banks and online banks. When evaluating your options. Be sure to compare the commissions. Of each of the banks that you are evaluating as a candidate to open your account. Check if there are monthly Latest Mailing Database commissions for maintenance or the use of a debit card, or. The use of atms machines that are not yours (something very common there and in other countries). It is best to make sure that the bank you choose has. A significant number of atms or offers commission-free cash withdrawals at atms owned by other banks.

Traditional portuguese banks offer 3 main types of bank accounts:

Current account – the most common type of bank account in portugal. This type of account can be used to make daily purchases. Withdraw cash at atms, pay utilities, etc. Many banks offer special checking accounts, for example. Accounts for students and non-residents, each with its own particular benefits.

What type of account should you open

Instant access savings account – if you want to save money during your stay in portugal. A savings account will make it easier for you. This type of account offers high lot B2C Fax depending erest rates while. Allowing easy access to cash in case you need to make a withdrawal.

Fixed term accounts. These types of savings accounts offer higher interest rates. But at the same time it has more restrictions regarding the term of permanence of the funds in the account.