Opening a Bank Account in Portugal

Portuguese banks offer a wide range of accounts and financial services including current and savings accounts, joint accounts, business accounts, online banking, and special interest bearing accounts for paying taxes such as IRS (Income Tax) and IVA (Value Added Tax). There are also accounts aimed at children and young savers, students and pensioners. Most banks offer pension top-up schemes, and other services.

Note that temporary visitors and newly arrived residents in Portugal may use any foreign card with a Visa sign: Barclaycard, Connect Card, Switch (Visa), Carte Bleu, Visa Electron, Master Card, American Express etc. Some non-electronic cards cannot be used.

How to open a Portuguese Bank Account

Each bank has its own forms – usually between two or three that the prospective client must fill out. The forms (Formulários) can usually be downloaded online and handed into the nearest branch. Applicants will have to sign the following:

• A General Application Form (Identificação de Títulares e Ficha de Assinaturas)
• Client Details & Adherence to Products and Services (Dados de Cliente e Adesão a Productos e Serviços)
• Acceptance of General Conditions and Terms (Condições Gerais)

EU Citizens

To open a bank account in Portugal the following documentation is required from an EU citizen:

• Passport or Identity Card (Passaporte/Bilhete de Identidade)
• Tax Number and card (Numero Fiscal de Contribuinte)
• Residency Card (Cartão de Residencia)
• Proof of Residence (Comprovativo de Morada em Portugal). Any document which has proof of name and address such as utility bills, driving licence

Non-EU Citizens

People from outside the EU will need the following documents:

• Passport (Passaporte) and other valid document proving identification with a colour photograph
• Proof of home address in country of origin (Comprovativo de Morada no Pais de Origem)
• Tax Card (Cartão de Contribuinte)
• Proof of profession or contract of employment and company details (Comprovativo de Profissão e Entidade Patrona)

Using a Portuguese Bank Account

The most common and convenient way to use a Portuguese bank account is through the Multibanco system. The Multibanco system (Caixa Automático MB) was set up with the co-operation of all the banks in Portugal in 1985, and is now widespread throughout the country, with ATM (cashpoint) machines on just about every commercial street in the country.

The Multibanco system

Once a bank account has been opened in Portugal a Visa Electron card/Multibanco Card (Cartão Multibanco) will be sent within three weeks to the home address. A PIN code will arrive separately some days later. The PIN number can be changed (Alterar Código) in the bank or at a Multibanco machine. Cards are typically valid for one year.

As well as being used in cash machines most shops, restaurants, supermarkets, cafés, airports, stations, garages and commercial places accept Multibanco cards and have special swipe machines where the purchaser simply keys in their personal PIN number and presses the green OK button. The amount is debated automatically and instantly from the card holder's bank account. Sometimes at peak periods the transaction may take a few minutes. If there are not sufficient funds in the account the transaction will be rejected. If the card is suspected stolen or registered lost or stolen the shopkeeper or retailer has the duty to retain the card. 

Normally the minimum purchase value for Multibanco use is five euros.

Using the Multibanco card at an ATM

The card can be used at any ATM machine to access a range of services, including:

• Withdrawals (Levantamentos)
• Payments (Pagamentos) (Some of the latest machines enable the client to pay in cash and credit the account)
• Paying in cheques (Many banks have machines that enable cheques to be paid in electronically)
• Transferral of funds between accounts in the same bank (Transferências da primeira conta para segunda conta)
• Transferrals from one bank account to an account in a different bank (Transferências Interbancárias)
• Paying utility and telephone bills (Pagamentos de Contas/Facturas Correntes)
• Charging credit to a mobile phone (Carregamentos)
• Paying Income Tax and Value Added Tax (Pagamentos dos Impostos IVA/IRS)
• Paying National Insurance Contributions and Social Security (Pagamentos do Segurança Social)
• Paying Municipal Taxes (Impostos Municipais)
• Paying for goods and services (Pagamentos dos Compras e Serviços)
• Paying for concert tickets, plane, bus and train tickets
• Paying motorway tolls (Portagens)

What to do at the ATM machine

• Key in the four-digit PIN number
• For withdrawals press Levantamentos
• For payments select Pagamentos then several boxes will appear: Entidade (key in number of the entity the payment is for), Referencia (key in the reference number on the bill),  Montante (key in the amount) then press Confirmar (Confirm). If a mistake is made press Anular (Cancel)
• For mobile phone credits press Carregamentos – telemóveis then choose between TMN, Optimus, Vodafone
• To transfer money select Transferências
• To pay taxes or social security: select Pagamentos ao Estado whereupon several options will appear such as Segurança Social (Social Security) etc.

Joint debit/credit card

A bank account holder can apply for a joint Multibanco card and credit card. When using this card the client must state if the transaction is against the credit card account or direct debit from a bank account.

Using Multibanco cards abroad

A Portuguese Multibanco card with a Visa Electron sign can be used in most ATMs abroad using the personal PIN code. A transaction fee will usually be charged by the entities in both countries.

Cheques

Cheques are now rarely used except in business payments. Unlike some countries where banks issue a cheque book automatically, in Portugal a customer must order cheques separately. They come loose but numbered in a plastic wallet or paper envelope (Livrete de Cheques), and include a transaction record sheet. They are written out in the same way as in most countries – to the order of/pay (à ordem de). They must be signed and dated.

Cheques will contain the following information: Account Number (Conta Numero), Cheque Number (Cheque), Name (Nome), Signature (Assinatura), payable to (à ordem de) amount (à quantia de). At the bottom of the cheque is a 10-digit cheque number (Número de Cheque), 11-digit account number (Número de Conta) and an 8-digit Interbank number (Z.Interbancária)

Note: The Portuguese are extremely strict about bouncing cheques. If more than three cheques are written without sufficient funds in the account to cover them, the client will be charged and will be prohibited from ordering cheques for two years. The client's name will also appear on a Bank of Portugal blacklist and be circulated to all other banks in Portugal.

Opening Hours

Portuguese banks are usually open from 08:30-15:00 Mondays to Saturdays. They typically are open-plan with a central counter (Balcão) and a number of staff. Queues at lunchtime and on Fridays are long. The quietest times to carry out business are between 10:00 and 11:30.

Taxes

• Current account interest (Juros de Contas à Ordem) and savings account interest (Juros de Contas Poupança) are automatically liable to twenty percent tax which is deducted at source
• Interest accrued on shares (Acções) is taxed automatically at twenty percent
• Interest on Futures and Options (Futuros e Opções) is taxed at ten percent

Major Portuguese Retail Banks

• Millennium BCP (in Portuguese)
  Tel: 707 502 425 (Blue Line)
• Banco Espírito Santo (BES) (some English)
  Tel: 707 247 365 (Blue Line)
• Banco Bilbao e Vizcaya (BBVA) (in Portuguese)
  Tel: 213 117 201/2
• Banco Português de Investimento SA (BPI) (in Portuguese)
  Tel: 808 200 500 (Blue Line)
• Santander Totta (in Portuguese)
  Tel: 217 807 130
• Barclays Bank (in Portuguese)
  Tel: 707 505 050

Banking Terminology Guide

Further Information

• See AngloINFO INFOrmation Page: Lost/Stolen Bank/Credit Cards, Cheques, Mobile Telephones in Portugal

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