What you need to open the account
The non-negotiable requirement is the NIF, the Portuguese tax identification number. Without it, almost no bank will process the opening. The bank will then ask for a valid passport or identity document, proof of address (bill, rental contract), proof of income (payslip or start of activity, even if from Spain) and an initial deposit that varies by institution, for example around 300 euros at some banks.
The account is opened in person by appointment, and requirements vary between banks and even between branches. If you are an EU citizen you do not need prior residence, but some banks in practice require a residence card to open an account for foreigners.
Traditional banks and their fees
The main institutions are Caixa Geral de Depósitos (the state-owned one), Millennium BCP, Novo Banco, Santander and Bankinter. Many charge account maintenance of around 5 euros per month, although they usually waive it with a salary domiciliation (conta ordenado) or from certain balances, such as 20,000 euros.
The options with no maintenance fees are ActivoBank (Millennium's online bank) and Moey!, Caixa Geral's neobank. With them, opening is quicker and mobile-oriented, with the card and MB Way from day one.
Options if you are not (yet) a resident
Without a residence permit the options are reduced, because anti-money laundering regulations require knowing the customer. In practice, the banks that most often open accounts with a passport and NIF are Novo Banco, Banco Atlântico, Bankinter and Santander, although the final decision depends on the branch and the account manager.
A tip that works: request an appointment, bring complete documentation and clearly explain what the account will be used for. Arriving with the NIF already processed and the activity defined speeds up the bank's decision.
Business account for your LDA
For the company you need an account in the name of the legal entity: the bank will ask for the company's NIPC (the company's tax number), the partners' NIFs, the deed of incorporation and the management minutes, and will carry out a deeper KYC check. With the documentation ready, the business account is usually operational within one or two weeks.
Remember that Portugal does not require a minimum capital to incorporate (from 1 euro per partner), but the bank will ask for a reasonable deposit to activate the account and most accountants recommend not leaving it empty.
Digital alternatives: N26, Revolut and Wise
Neobanks allow you to open an account with a European IBAN (N26 and Revolut provide a Portuguese IBAN) in minutes, with low fees and without visiting a branch. They are useful as a secondary account, but have clear limits: they do not accept cash deposits, they do not use the MB Way payment system and some merchants, especially outside large cities, only accept Portuguese cards.
They are also not valid for procedures that require a local account, such as certain visas, nor do they replace the LDA business account when the bank requires it to direct debit Social Security or tax payments.
