2026 Banking in Portugal

Starting your new chapter in Portugal is an exciting milestone. At IDN Portugal (Imobiliária das Nações), we understand that setting up your financial foundation is one of the first and most critical steps of your relocation journey. In 2026, while the banking sector has become increasingly digital, the "compliance first" approach remains. Navigating the requirements smoothly ensures you can manage your property, pay utilities, and handle your visa-related expenses without delay.

The 2026 Essential Checklist

To open a bank account in Portugal as a new resident, you generally need to provide the following documents. While some digital-first banks allow remote opening, traditional branches will require physical copies or certified digital uploads:

1. NIF (Número de Identificação Fiscal): This is the single most important document. You cannot open an account without your Portuguese tax number.

2. Valid Identification: A valid Passport for non-EU residents or a National ID card for EU citizens.

3. Proof of Residency Application (AIMA): In 2026, banks are accustomed to residents in transition. If you do not have your final residency card yet, your AIMA appointment confirmation or application receipt is often accepted to open a "non-resident" or "resident-in-process" account.

4. Proof of Address: A recent utility bill (water, electricity, or internet) or a signed rental/purchase contract. Some banks may accept a bill from your home country if you are in the very early stages of moving.

5. Proof of Employment or Income: A recent payslip, an employment contract, or, for digital nomads and retirees (D7/D8), proof of passive income or self-employment tax returns.

6. Portuguese Phone Number: While not strictly a "document," having a local (+351) number is highly recommended for receiving SMS security codes for online banking.

Comparing Portugal’s Major Banks

Choosing a bank depends on your specific needs, such as proximity to your home in Lisbon or Cascais, or the need for English-speaking managers. Here is an overview of the most prominent institutions in 2026:

• Caixa Geral de Depósitos (CGD): The state-owned bank. It has the largest network of branches and ATMs in the country. It is highly stable but can have more traditional, rigorous bureaucratic processes.

• Millennium BCP: Portugal’s largest private bank. It is well-regarded for its robust mobile app and has dedicated "International Desks" with English-speaking staff tailored to expats and investors.

• Santander Portugal: Part of the global Santander group. This is an excellent choice for those who want a bank with a strong international presence and specialized packages for mortgage seekers.

• Novo Banco: Known for its strong focus on corporate and investment banking, it also offers competitive products for private residents, particularly those looking for integrated insurance and savings options.

• ActivoBank: A digital-first subsidiary of Millennium BCP. It is a favorite among digital nomads because it typically has no monthly maintenance fees and a modern, user-friendly interface. However, it has fewer physical branches for in-person support.

IDN Portugal’s Expert Advice

• Compliance Timelines: In 2026, "Know Your Customer" (KYC) checks can take anywhere from a few days to two weeks. Plan accordingly and don't wait until your rent is due to start the process.

• The Initial Deposit: Most banks require a minimum initial deposit (ranging from €100 to €500) to activate the account.

• Digital Keys: If possible, activate your Chave Móvel Digital (Digital Mobile Key). It is increasingly used in 2026 to verify your identity across both government and banking platforms.