In Portugal you can find over 150 banks including a range of private national retail banks, public and cooperative banks, international banks, and mobile banks.
Portugal’s banking system is modern and advanced. Many of their banks are linked up to its Multibanco system.
As a resident (and even non-resident) of Portugal, you are able to open a bank account with relative ease. This is great news for expats and foreigners. Many countries make it difficult to open a bank account as one. In Europe today, it is difficult to get a loan as a non-resident or even as a resident if you can’t show adequate income in the country where you’re residing.
Banks in Portugal will lend to non-residents for up to 30 years (or until age 75) and offer up to 80% LTV in some cases.
Current interest rates are excellent—in the range of 2.2% to 2.7%, depending on the length of the mortgage and whether the rate is fixed or variable.
At the time of writing the U.S. dollar still relatively strong against the euro, standing at $1.21 to 1 euro.
Opening A Portuguese Bank Account
The process of opening a bank account in Portugal is pretty straightforward. You’ll have to show up in person at a local branch, but some banks have the option of opening up an account online for non-residents.
You’ll need the following documents:
- A passport or identification;
- A mobile phone number;
- A Portuguese NIF or Número de Identificação Fiscal;
- Proof of Portuguese address or foreign address such as a utility bill;
- Proof of income (it should ideally state your job or profession).
Most banks in Portugal offer a variety of services to individuals and businesses, including: current accounts, loans and overdrafts, mortgages, savings and investments accounts, insurance, online banking, business banking, and services tailored to expats and foreign residents.