Portuguese Bank Account

What Is It?

A Portuguese bank account is a local current account opened with a bank operating in Portugal, used to manage payments related to a property purchase and ongoing ownership costs.

While it is technically possible to buy property using a foreign account, in practice a Portuguese account becomes almost essential to complete the process smoothly.

Why Is It Important?

Most financial operations involved in buying property in Portugal are designed to work through the national banking system.

A Portuguese bank account is typically required to:

• transfer funds for the property purchase

• issue a certified bank cheque (cheque visado) for the Escritura

• pay property taxes such as IMT and Stamp Duty

• receive and manage mortgage funds

• set up direct debits for utilities and condominium fees

• pay annual taxes such as IMI

• manage insurance linked to the property or mortgage

Without a local account, payments often become slower, more expensive, or administratively complex.

Is It Mandatory?

Legally, no.
Practically, almost always yes — especially if:

• you are applying for a mortgage in Portugal, or

• you intend to own and manage the property long term.

Portuguese banks will require a local account before releasing mortgage funds.

How Do You Open One?

Most banks require:

• Passport or identification document

• Portuguese NIF (Número de Identificação Fiscal)

• Proof of address

• Proof of income or professional activity

• Source of funds documentation (in some cases)

Some banks allow remote account opening for non-residents, although in-person verification is still common.

Costs

Typical banking costs include:

• Account maintenance fees: €5–€15 per month

• Debit card fees (may be included depending on the bank)

• International transfer fees (if funding from abroad)

Conditions vary significantly between banks.

Timing

Account opening can take:

• Same day to a few days for residents

• Several days to a few weeks for non-residents, depending on compliance checks.

Practical Tip

Many buyers underestimate how early a bank account is needed.

Taxes must be paid before the Escritura, and last-minute international transfers frequently cause delays.

Best practice:
Open your Portuguese bank account shortly after obtaining your NIF — not when the purchase is already agreed.