LoanNest Editorial
Mortgage Intermediary
⟳Last updated: 4 July 2026
DRAFT PLACEHOLDER
Key topics to cover:
- Why you need a Portuguese bank account (property, mortgage, utilities)
- Non-resident vs resident account: differences
- Major bank comparison (Millennium BCP, Novobanco, BPI, CGD, Santander)
- Remote account opening process step by step
- Documents required and common rejections
- Fees to watch out for (monthly, ATM, international transfers)
- Using UK/US/EU fintech (Revolut, Wise) as a bridge before opening local account
- How the bank account interacts with mortgage application
Frequently Asked Questions
Do I need a Portuguese bank account to buy property in Portugal?
While not a legal requirement for the deed, in practice you will need a Portuguese bank account to pay IMT, stamp duty, and notary fees, and it is required by most banks if you take a Portuguese mortgage. Opening an account early in the buying process is strongly recommended.
Can I open a Portuguese bank account remotely without visiting Portugal?
Yes. Several Portuguese banks — including Novobanco and Millennium BCP — offer non-resident account opening services that can be initiated remotely. You will typically need a notarised or apostilled copy of your passport and proof of address.
Which Portuguese banks are most expat-friendly?
Millennium BCP, Novobanco, Caixa Geral de Depósitos, and BPI all have dedicated non-resident or expat banking services with English-speaking support. The best choice often depends on which bank offers the most competitive mortgage for your profile — LoanNest can advise.
What documents do I need to open a Portuguese bank account?
You typically need: valid passport, NIF, proof of foreign address (utility bill or official letter), and proof of income or employment. Some banks require a Portuguese contact address or fiscal representative address.
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