If you’ve decided to establish your home in beautiful Portugal, make it formal by establishing a bank account there. While having a Portugal bank account isn’t strictly needed, it will come in handy to submit taxes, compensate a Portuguese firm, and acquire resident status. The method, on the other hand, can be a bit confusing for non-residents.
Over 150 banks, notably multinational banks, small local banks, provincial banks, and internet banks, are located in Portugal.
Kinds of Portuguese bank accounts:
Portuguese banks provide bank accounts. They are as follows:
- Time-deposit accounts
These bank accounts pay greater profit returns. However, the deposits must be kept in the bank for a certain amount of time.
Savings account with quick access: If you’re trying to preserve funds while in Portugal, a savings profile will assist you in maintaining your budget. This sort of account pays greater return levels while still enabling you to retract money quickly if necessary.
- Current account
This wallet can be utilized for everyday expenditures, Cash withdrawal, utility payments, and so forth. Several banks have customized current accounts, like the student and non-resident profiles, all with their own set of advantages.
To create a bank profile in Portugal, what are the required documents?
Collect the below-mentioned documents:
- Proper picture identification,
- evidence of residency,
- evidence of job (salary receipt or job agreement),
- your NIF number.
- Present documentation of your overseas residency if you’re establishing a non-resident bank account.
- If possible, carry multiple papers for every item, like an electricity payment and an authorized statement from a government organization, to be cautious.
What is the procedure for opening a bank account in Portugal as a non-resident?
The following stages should be simple once you’ve picked a bank and gathered the appropriate documents. If you want to use a conventional brick-and-mortar institution, bring your paperwork and the required minimum amount in cash to your nearest bank. Although most banks in Portugal know English, you should accompany a Portuguese-speaking acquaintance or interpreter with you anyway. Alternatively, phone beforehand to confirm that someone who speaks English is on duty.
You’ll be required to complete basic documentation and make a required deposit. Several banks will provide you with your debit card right away. In certain cases, you will get your card in the mail after a week.
Occasionally, a request is refused if you cannot present all papers or fulfill the bank’s requirements. Suppose your request is denied, a check-up with the institution to see how it might be rectified. If you run across a snag, you can file a protest with the Banco de Portugal.
Opening a bank account in Portugal as a non-resident
Setting up a bank account in Portugal as a non-citizen is quick and straightforward. Creating an account in many large cities and towns is difficult and time-consuming. Although it is not impossible, the lengthy procedure and tight prerequisites appear to be a difficult long task. However, for persons who are not actively residing in Portugal, opening a bank account is relatively simple.
Even though several banks in Portugal have begun to impose a rising number of charges in recent times, most do not charge any continuing charges at all.
Documents required from an expat:
- A traveling document and identification card
- Proof of residence in Portugal
- Evidence showing that you are employed by any Portuguese company
- Details of your residence in your own homeland
- Your past tax records
