A Portuguese bank account is not optional when buying property in Lisbon. You need one to receive your mortgage (if applicable), pay IMI (annual property tax), settle condominium fees, manage utilities and receive rental income if you let the property. The good news is that opening one as a non-resident foreigner is straightforward if you know which banks to approach.
Why you need a Portuguese bank account
- Property purchase: The purchase price is usually transferred via Portuguese bank cheque or bank transfer from a Portuguese account
- Mortgage: Any Portuguese mortgage will be drawn down into and repaid from a Portuguese account
- IMI (property tax): Paid directly to the tax authority — easiest via a Portuguese account with direct debit set up
- Condominium fees: Usually paid by direct debit from a Portuguese account
- Utilities: Electricity, water, gas and broadband providers all prefer Portuguese bank mandates
- Rental income: If you let the property, rental payments typically go to a Portuguese account
Can non-residents open a Portuguese bank account?
Yes. Most major Portuguese banks offer accounts to non-residents, though the process varies. Some banks are more international-friendly than others.
Which banks are most accessible for non-residents?
Millennium BCP The largest private bank in Portugal and the most experienced with international clients. Has dedicated English-speaking advisers in Lisbon and a non-resident account offering (Conta Bancária para Não Residentes). Generally the most straightforward for buyers.
Novo Banco A strong option particularly popular with French and British buyers. Has branches with international-facing staff in central Lisbon.
Santander Portugal If you already bank with Santander in the UK, Spain or elsewhere, existing relationships can sometimes ease the account-opening process. Useful for buyers from Santander markets.
Caixa Geral de Depósitos (CGD) Portugal’s largest state bank. More traditional but reliable. Less international-focused than Millennium BCP.
BPI (owned by CaixaBank) A solid option, particularly for Spanish-connected buyers or those who bank with CaixaBank.
What documents you need
Requirements vary slightly by bank, but expect to provide:
- Valid passport (original)
- NIF (Número de Identificação Fiscal) — you must have your NIF before you can open a bank account (see our NIF guide)
- Proof of address from your home country — a recent bank statement, utility bill or official letter (usually dated within 3 months)
- Proof of income — payslips, pension statement, tax return or equivalent
- Purpose of account — banks are required to understand why you need the account (buying property is a completely normal and accepted reason)
- Some banks also request a reference from your existing bank
The account-opening process
Option 1: In person in Lisbon The most straightforward approach. Book an appointment with the bank in advance. Bring all documents. The account is typically opened within 1–2 working days of your documents being accepted.
Option 2: From abroad (limited banks) Some banks — notably Millennium BCP — have processes for opening accounts from abroad through their international branches or via a broker/introducer. This is possible but typically takes longer and requires more documentation.
Option 3: Via your buyer’s agent or lawyer We can introduce you to relationship managers at the banks we work with regularly. This often accelerates the process significantly — they know us, they know the context, and the account tends to open faster.
Online banks: useful but not sufficient
Online banking apps like Wise (TransferWise), Revolut and N26 can be useful for moving money to Portugal and for day-to-day spending. However, they have limitations for property buyers:
- They typically do not offer Portuguese IBAN accounts that satisfy all the requirements above
- They cannot receive a Portuguese mortgage drawdown
- Some Portuguese institutions will not accept mandates from online-only banks
Use them as a complement to a Portuguese bank account, not as a substitute.
Timing: when to open the account
Open your Portuguese bank account as early as possible in your property search — ideally before you start making offers. This means:
- You can receive your NIF (which is required to open the account)
- You can demonstrate to sellers and agents that you are financially organised
- When you need to move a deposit payment quickly at CPCV stage, you are ready
We guide all our clients through the bank account process as part of our onboarding. Book a free call and we will give you a clear sequence for getting everything set up.