Before you start

A Portuguese NIF (tax number) - required by every bank before they open anything
A valid passport or national ID card
Proof of address (a utility bill or rental contract; non-residents can use a home-country address for a non-resident account)
Often proof of income or employment (recent payslip or work contract) for a full resident account

Step-by-step

1
Get your NIF first
No NIF, no bank account - this is the hard gate. Obtain the NIF free at a Financas office or via an online service before you approach a bank. Non-EU non-residents need a fiscal representative to get the NIF until they are resident.
In personWho: You (with a fiscal representative if non-EU and non-resident)Same day at Financas; 1-2 weeks via an online serviceFree at Financas; online services charge a fee
2
Choose the bank and account type
Decide between a high-street bank with branches (Millennium BCP, Caixa Geral de Depositos, Novobanco) and an app-first option. ActivoBank (owned by Millennium BCP) is a favourite among expats and nomads for its English-friendly app and low fees. Pick a non-resident account if you are not yet living in Portugal, or a resident account once you have a residence document - non-resident accounts tend to carry more restrictions.
OnlineWho: YouAn hour of research-
3
Open in branch or remotely
Many people open in person at a branch in under an hour with passport, NIF, and proof of address. Several banks (e.g. Santander, Novobanco) also let you open certain accounts online; non-residents opening remotely are typically asked to complete a short video call to verify identity after uploading documents.
In personWho: You (or a lawyer with power of attorney for fully remote opening)Same day in branch; a few days online with the video-call stepAccount is free to open; monthly maintenance typically around EUR 5-8.60
4
Activate, fund, and get your cards
Make any required initial deposit, set up your Multibanco/debit card and the mobile app, and link MB WAY (Portugal's ubiquitous instant-payment app) for everyday transfers and payments. Switch a non-resident account to resident status once you have your residence permit to lift restrictions.
Mobile appWho: YouCards by post within ~1-2 weeksCard and maintenance fees vary by account and bank

Documents you’ll need

Passport or national ID card
NIF (Portuguese tax number)
Proof of address (utility bill or rental contract; home-country address accepted for non-resident accounts)
Proof of income / employment (payslip or work contract) - often required for resident accounts
For fully remote opening: a video call or a lawyer holding power of attorney

Things most newcomers don’t know

No NIF, no bank - get the NIF first.

Every Portuguese bank requires a NIF before opening an account. Sorting the NIF first turns a multi-trip ordeal into a single branch visit.

Source: Wise / bank onboarding consensus

ActivoBank is the go-to for app-first newcomers.

Owned by Millennium BCP, ActivoBank is widely recommended among expats and nomads for an English-friendly app and low or no maintenance fees, versus the more paperwork-heavy traditional branches.

Source: expat/nomad community + provider consensus

You can often open before you arrive - remotely with a video call.

Non-residents with a NIF can open certain accounts online and verify by video call, so your account is ready for rent and deposits the moment you land.

Source: Wise / bank onboarding consensus

Set up MB WAY - it is how Portugal actually pays.

MB WAY (linked to your account and phone number) is used everywhere for instant peer-to-peer transfers and many online and in-store payments; without it you will feel out of step locally.

Source: provider/community consensus

Common mistakes to avoid

Trying to open an account before you have a NIF - you will be turned away
Opening a non-resident account and forgetting to convert it once resident, leaving restrictions in place
Overlooking monthly maintenance fees that some packages waive only with a regular salary deposit
Assuming every bank opens remotely - some still require an in-person branch visit

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.