Opening a Bank Account

A Portuguese bank account is a financial account held at a bank in Portugal.

You should go to a branch of your choice and ask to open an account. It's preferable that it's a branch near your home, as it's the branch designated for you.

Some well-known banks in Portugal include: Caixa Geral de Depósitos, Millennium BCP, Novo Banco, Santander Totta and Activo Bank.

Bank scams — Remain vigilant against fraudulent bank messages, cloned websites, and calls impersonating your bank that attempt to obtain your login credentials or security codes.

Banco de Portugal advises the public not to send money, not to share personal or banking information, and not to install any applications requested by unknown contacts.

NEWS TO BE AWARE OF?

Bank account restrictions — Applicants from jurisdictions classified as high‑risk or non‑cooperative under EU anti‑money‑laundering rules may face stricter verification when opening a bank account in Portugal. Citizens from countries subject to EU sanctions, such as Russia, can encounter significant limitations, including account freezes for individuals listed under sanctions. Caixa Geral de Depósitos, as the state‑owned bank, is often the most consistent option for complex compliance cases. However, any foreign citizen with legal residence in Portugal is legally entitled to open a Conta de Serviços Mínimos Bancários at any retail bank.