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Chapter 5 of 21

Banking & Finance

Opening accounts & transferring money

Banking & Finance

Opening an Account & Transferring Money

This chapter is for informational purposes only. Always consult a professional.

Sources: bportugal.pt | gov.pt

Opening a Portuguese Bank Account

A Portuguese bank account is essential: rent, utilities, taxes — everything goes through a local account. Most banks require: NIF, passport, proof of address, proof of income.

BankTypeNote
Millennium BCPLargest bankWide network, also English
Novo BancoLargeGood online banking
SantanderInternationalEasy for expats
CGDState bankMost conservative
ActivoBankDigitalFree account, modern
BankinterModernPopular with expats

ActivoBank = Free

ActivoBank (subsidiary of Millennium) offers free accounts with no monthly fees. Fully digital, English-language app. Popular choice for new residents.

Transferring Money

  • Wise (TransferWise) — Best exchange rates, low fees
  • Revolut — Multi-currency, good app
  • SEPA transfer — Free within EU (eurozone), 1-2 business days
  • Avoid traditional international transfers (high fees)

Common Mistakes

  • Closing Dutch account — Keep your NL account open as a backup.

  • Not comparing bank fees — Monthly fees vary from EUR 0-15.

  • Not using Wise/Revolut — Save on exchange fees and international transfers.

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Glossary
  • NISS (Social Security Number)

    The Portuguese social security number. You need your NISS if you plan to work in Portugal or start as a freelancer. It is also required for access to certain social benefits and allowances.

  • SEF/AIMA (Immigration Service)

    The former Portuguese immigration service SEF was replaced by AIMA in 2023 (Agency for Integration, Migration and Asylum). AIMA handles residence permits, visa applications and all immigration matters. Wait times can be long, so start your application early.

  • IRS (Personal Income Tax)

    Portuguese personal income tax. The IRS return is filed annually between April and June. Rates range from 14.5% to 48% depending on income. Tax residents must declare their worldwide income.

  • ISV (Vehicle Registration Tax)

    Tax when registering or importing a vehicle in Portugal. The ISV amount can be substantial, especially for older or polluting vehicles. EU citizens who relocate may be eligible for exemption under certain conditions.

  • CPCV (Promissory Purchase Agreement)

    The preliminary purchase contract when buying property in Portugal. Upon signing you typically pay a 10-20% deposit (sinal). If the buyer withdraws, they lose the deposit; if the seller withdraws, they must repay double the amount.

  • CertidĂŁo de Teor (Property Registry Extract)

    An extract from the Portuguese property registry at the ConservatĂłria. The CertidĂŁo de Teor shows who owns a property and whether there are mortgages or liens on it. Always check before purchasing a property.

  • Junta de Freguesia (Parish Council)

    The local administrative body at neighborhood level, comparable to a Dutch district council. At the Junta de Freguesia you can request an Atestado de ResidĂŞncia (proof of residence) among other things. It is often your first point of contact for local matters.

  • ConservatĂłria (Registry Office)

    The Portuguese registry office for property and civil status. At the ConservatĂłria, property transfers, marriages and births are registered. For property purchases, registration at the ConservatĂłria do Registo Predial is mandatory.

  • TĂ­tulo de ResidĂŞncia (Residence Permit)

    The Portuguese residence permit card, comparable to a Dutch residence permit. After approval of your visa application, you receive a TĂ­tulo de ResidĂŞncia allowing you to legally live and work in Portugal.

  • Multibanco

    The Portuguese payment network and ATM system. Multibanco is not only used for cash withdrawals, but also for paying bills, taxes and even concert tickets. It is an essential part of daily life in Portugal.

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