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Portuguese Bank Account

An Overview of Touchdown's bank account opening service

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Written by Semyon Germanovich
Updated over 6 months ago

Introduction

A Portuguese bank account is essential for managing finances, receiving income, and a requirement for any visa. It is also a prerequisite for renting property, setting up utilities, and complying with local financial obligations.

Opening a bank account in Portugal can often be time-consuming, particularly for expats. Touchdown simplifies the process by offering a fully remote bank account setup service. You won’t need to travel to Portugal—we’ll handle all the paperwork and communication with the bank on your behalf.

Eligibility

To open a Portuguese bank account, you must:

  • Have a valid Portuguese NIF (Tax Identification Number)

  • Provide a valid passport

  • Provide us with some basic information

  • Provide proof of your current address (utility bill, lease agreement, or bank statement)

  • Sign a Power of Attorney (PoA) authorising us to open the account for you

What is a Portuguese Bank Account?

A Portuguese bank account that allows you to:

  • Fulfill visa requirements for residency

  • Manage payments like rent, utilities, or taxes

  • Receive income from employment or passive streams

  • Simplify transactions while living in Portugal

Touchdown’s Process

Here's a breakdown of Touchdown's bank account process:

  1. Purchase the Bank Account Service

    1. Visit our Bank Account Service Page and complete your purchase securely online

  2. Submit your documents

    1. Upload the following documents:

      1. A valid Portuguese NIF

      2. A clear, scanned copy of your passport

      3. Proof of address (utility bill, lease agreement, or bank statement)

      4. Proof of income (e.g., payslips, invoices, or financial statements if requested)

  3. Sign a Power of Attorney (PoA)

    1. Touchdown generates a pre-filled PoA, which you’ll sign digitally or physically

    2. The PoA allows us to liaise with Portuguese banks on your behalf

  4. We'll open the account

    1. Our legal team works with trusted Portuguese banks to open your account

    2. We ensure all compliance and anti-money laundering (AML) requirements are satisfied

  5. Receive your account details

    1. Once your account is active, you’ll receive:
      a. Online banking credentials
      b. Debit/credit cards (if applicable), delivered to your preferred address

Frequently Asked Questions

  1. Do I need a NIF to open a bank account?

    Yes, a valid Portuguese NIF is mandatory.

  2. Can I open a bank account without visiting Portugal?

    Yes, Touchdown’s remote service eliminates the need for in-person visits.

  3. How long does the process take?

    Accounts are typically opened within 1-2 weeks, depending on bank processing times.

  4. What documents do I need?

    A NIF, passport, proof of address, and proof of income (if required).

  5. Can I choose the bank?
    At the moment we work with NovoBanco, our preferred expat-friendly banking partner.

  6. Is this service available for non-EU nationals?

    Yes, this service is available to all nationalities.

  7. Are there fees for maintaining the account?

    Most Portuguese banks charge small monthly maintenance fees.

  8. Can I open a joint account?

    Yes, we can assist with opening joint accounts upon request.

  9. What if my application is rejected?

    We’ll resolve issues with the bank or offer a refund if unsuccessful.

  10. Do I get access to online banking?

    Yes, online banking credentials are provided as part of the service.

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