Remote Banking in Portugal

## Banking in Portugal: A Comprehensive Guide for Expats

Portugal, with its beautiful landscapes, rich culture, and welcoming people, has become an increasingly popular destination for expatriates looking to live, work, or retire in Europe. If you are planning to move to Portugal, setting up a bank account is essential for managing your finances and daily transactions. This guide will provide you with all the information you need to know about banking in Portugal as a foreigner.

### Banks Accepting Foreigners

Most major banks in Portugal welcome foreign residents and offer a range of services tailored to their needs. Some of the popular banks that accept foreigners include:

1.

Millennium BCP

One of the largest banks in Portugal, Millennium BCP offers a variety of banking services, including current accounts, savings accounts, and investment products, to foreign residents.

2.

Novo Banco

Novo Banco is another well-known bank in Portugal that caters to expatriates. They provide a range of banking solutions and have English-speaking staff to assist you.

3.

Santander Totta

Santander Totta is part of the global Santander Group and is known for its international banking services. They have branches across Portugal and offer online banking facilities in English.

### KYC Requirements

When opening a bank account in Portugal, you will need to comply with Know Your Customer (KYC) requirements. This involves providing the following documents:

- Valid passport or national ID card - Proof of address (utility bill or rental agreement) - Tax identification number (NIF) - Proof of income (such as pay slips or tax returns)

The bank may also ask for additional documents depending on your residency status and the type of account you are opening.

### Wise/Revolut Availability

Wise (formerly TransferWise) and Revolut are popular digital banking solutions that offer multi-currency accounts and low-cost international transfers. Both Wise and Revolut are available in Portugal and can be a convenient option for expats looking to manage their finances efficiently.

You can easily sign up for Wise or Revolut online and use their services to send and receive money in multiple currencies at competitive exchange rates.

### ATM Fees

In Portugal, most banks charge a fee for using ATMs that belong to other banks. To avoid these fees, it is advisable to use ATMs that belong to your own bank or opt for digital banking solutions like Wise or Revolut that offer fee-free withdrawals up to a certain limit.

### Multi-Currency Options

Some banks in Portugal offer multi-currency accounts that allow you to hold and manage funds in different currencies. This can be beneficial if you receive income in multiple currencies or frequently make international transactions. Check with your chosen bank to see if they offer multi-currency account options.

### Opening Process

To open a bank account in Portugal as a foreigner, you will typically need to visit a branch in person and provide the required documentation mentioned earlier. Some banks may allow you to start the account opening process online, but you will still need to visit a branch to finalise the process and collect your bank cards and access details.

It is recommended to make an appointment with the bank in advance to ensure a smooth and efficient account opening experience.

### Currency Exchange Tips

When exchanging currencies in Portugal, it is important to compare exchange rates and fees offered by different providers, including banks, currency exchange offices, and online platforms. Avoid exchanging money at airports or tourist areas, as they often have higher fees and less favourable rates.

Consider using online currency exchange platforms like Wise for competitive rates and transparent fees when converting currencies.

### Tax Residency Clarification

If you plan to live in Portugal for an extended period or become a tax resident, you will need to obtain a tax identification number (NIF) and comply with Portuguese tax laws. It is advisable to seek advice from a tax advisor or accountant to understand your tax obligations and ensure compliance with local regulations.

In conclusion, banking in Portugal as a foreigner is a straightforward process, with a variety of banking options available to meet your needs. By understanding the requirements, fees, and services offered by different banks, you can choose the best banking solution that suits your lifestyle and financial goals in Portugal.