What Documents Do I Need To Open A Bank Account – Individuals living and working in Portugal, as well as non-residents and foreign business owners, can open Portuguese bank accounts for a variety of purposes, from generating income to paying bills and for new businesses. To open a bank account in Portugal, applicants will need to select a bank and submit a set of documents. Our legal team in Portugal highlights the key steps and issues to consider when deciding to open a bank account in Portugal.
Choosing a bank in Portugal can be based on many factors and personal preferences. Some banks offer lower fees, while others may have more branches and ATMs around the country. Non-residents may wish to open a bank account at a branch of an international bank that is also located in Portugal. Generally, most banks will require the following documents from individuals who open a bank account:
What Documents Do I Need To Open A Bank Account
Some Portuguese banks may offer special types of bank accounts for non-residents. We recommend that foreigners and investors examine the available options and choose the option that best suits their interests. For foreign workers, our team of lawyers in Portugal can provide detailed information on the conditions for doing business and opening a bank account in Portugal in 2023. Here’s an infographic that explains all the nitty-gritty:
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Even though you have to be at least 18 years old to open a bank account in Portugal, some institutions also offer options for minors. However, one parent or guardian is responsible for the bank account and must be present to sign the relevant documents.
Newly established legal entities require a company bank account in Portugal. This will apply to a corporation (SA), limited liability company (Lda) or other forms of business. One of our lawyers in Portugal can provide additional information on corporate banking matters and other company formation steps.
Many banks in Portugal offer the option of opening a bank account online. Although the launch process is online, a physical presence is also required to complete the paperwork.
Portuguese banking law is integrated with international and European laws for banking institutions and financial markets. The Bank of Portugal is the country’s banking regulator and the body that determines the governance of credit institutions, financial companies and banks. Our Portuguese law firm’s team of experts can assist with all matters related to the Portuguese banking and financial model and the specific supervisory regulations of these institutions.
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Freelancers in Portugal can easily open bank accounts with the necessary documents, just like natural persons. The difference is that the legal status of the company requires additional documents. One of our Portuguese lawyers can help you with all the procedures involved.
The main issues addressed by the Portuguese Banking Law include, but are not limited to, the country’s monetary and exchange policies, the issuance of banknotes and other issues related to payment systems. The main legal source of activity of banks, credit and financial institutions is the general legal framework of credit institutions and financial companies. A different targeting system applies to payment institutions. In addition to the main legal resources, the Bank of Portugal may issue additional instructions, notices or regulations. A separate legal framework applies to credit institutions and financial companies in Portugal. It covers licensing and registration issues for this type of business, supervisory procedures, qualifications of board members and managers, transparency and customer behavior rules.
One of our lawyers in Portugal can offer detailed information on the legal framework of the country’s banks, as well as credit and financial institutions. Here is a video presentation on the topic:
Yes, opening a bank account from abroad is quite easy without traveling to Portugal. It is a simple process that can be carried out by one of our Portuguese lawyers who can help foreigners easily open a bank account for personal or business purposes.
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SEPA is a common euro payments area that allows foreigners in Portugal to use their bank accounts for free and make money transfers anywhere in the EU. SEPA covers 19 EU states and another 10 territories and countries. For more information about SEPA and bank accounts in Portugal, you can ask our Portuguese lawyers for help.
No, most banks do not charge a fee for opening new accounts, but special fees may apply for other services. Some banks do not charge fees for ATM withdrawals, POS use or SEPA transfers. In recent years, banking institutions have changed their policies on fees and other expenses, so most banks offer a lot of benefits in this regard. Once you have decided which bank you want to work with, you will receive all the information about the fees requested.
It is quite easy to use your bank account for various payments. Utility bills can be easily paid, but you need to pay attention to the fees. Some banks make payments for free, while others charge certain fees. In any case, such information is usually provided by the bank, or you can simply check your account online and see the information provided. If you want in 2023 to open a bank account in Portugal, do not hesitate to discuss it with our advisors.
International entrepreneurs wishing to invest in real estate or start a business in Portugal must obtain a “Golden Visa”. This means that a bank account is mandatory. The Golden Visa program offers many benefits to foreign investors, such as low taxes or even exemptions, but with certain conditions that must be fully adhered to. For example, an investment of 500,000 euros in the real estate sector provides residence permits for investors and their families. Since the investment is made in Portugal, it is necessary to open a bank account. Please note that our legal team in Portugal can help you obtain a Golden Visa and can also help you open a bank account. For more information and advice, do not hesitate to contact our specialists.
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Investors worldwide can open offshore business bank accounts in Portugal. Such bank accounts are for global companies with ownership or operations outside of Europe. International funds transfers can be made relatively quickly with online banking services tailored to the needs of business owners. Currency diversification, a private relationship manager contact point, transfers within and outside the EU, the ability to settle and receive funds in euros are among the services provided by financial institutions that offer offshore business bank accounts.
There are many benefits associated with offshore bank accounts such as borderless account opening, no political risk, best foreign exchange rates, lower transfer costs and other premium services. Any business entity can have offshore bank accounts. Contact our team for more information.
The Euro is the best currency in Portugal and is the main currency in this country. Most transactions are done in euros, but bank account holders in Portugal can use any currency as long as it is accepted by the bank or financial institution.
Changing or closing a bank account in Portugal involves several important steps, mainly related to documentation. Each bank in Portugal has different rules and procedures. Transfer services can be a good option for those looking to switch bank accounts. It is important to consider opening a new bank account before closing your old one to avoid a time when you will not have access to such an account. This way you can also transfer money completely safely.
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It is then recommended to obtain a written confirmation from the bank where you wish to close the account, to check whether there are any charges for our outstanding payments. The whole process of changing bank account does not take much time and can be done in a few days. Such procedures can be fully explained by one of our Portuguese lawyers who can organize and manage the formalities and requirements. If you are interested in opening or changing a bank account as a foreign citizen or business owner from abroad, we invite you to speak with our team.
Most financial transactions can be carried out online, fully secured, using the wide range of services provided by Portuguese banks. Both individuals and companies can access online banking services in Portugal for money transfers, payments, currency exchange, balance checks, money transfers between accounts, and more.
Customers can request special bank services, such as setting a withdrawal limit or requesting a specific type of card. Most of the services offered by the bank are free of charge, but it is recommended to check all opening conditions and rates.
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